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Author Topic: How to determine a good exchange site?  (Read 108 times)
aywing
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May 18, 2018, 02:29:26 AM
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Too many exchange sites..... Got no idea on how to start with the trading..
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May 18, 2018, 02:58:31 AM
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You better go with the most trusted, for me binance is the best exchange site because it is one of the most trusted among all exchanges.

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May 18, 2018, 03:20:48 AM
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A lot of exchanges are small and short lived. Lots of people recommend Binance, though I personally have not used it. BitTrex is another really good one which I use for most of my trading. Cryptopia is OK as well, though their customer support is a bit on the slow side. Poloniex is another one that has worked well for me, though I'd caution you about that one as there have been more and more odd complaints about it. If you would prefer a decentralized exchange--they are safer from hacking and such but at this time really clunky to use--you might give Crypto-Bridge a try. On Crypto-Bridge you have to first buy a small amount of BitShares as that is how you pay your trading fees. Then you trade on the markets as you would anywhere else. Withdrawals easily take up to several hours to process, so don't be alarmed.

Wherever you trade, start with small amounts until you're comfortable with the process from initial deposit all the way to withdrawal of your destination funds.

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May 18, 2018, 03:38:40 AM
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Go with the most trusted exchanges. To find them you could look at reviews or just ask people on a forum (just like you did Grin) Currently, I use BitTrex, Cryptopia, and YoBit. I haven't had any bad experiences with BitTrex or Cryptopia. However, YoBit is a different story. I would stay away from it because their withdrawal rates are pretty high and their customer service, for the most part, is nonexistent.

Also, since it sounds like you're new to trading I figured I'd tell you this. If you're going to try day trading, start with smaller trades until you get a good idea of what you're doing. $10 and $100 trades are pretty much the same thing, there's just more money at stake.

Good luck and I hope this helps!
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May 18, 2018, 03:55:35 AM
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Too many exchange sites..... Got no idea on how to start with the trading..

The best reference you can take is those exchanges who are still standing strong up to today and already built a good reputation on the crypto exchanges world. But remember that even how reputable exchanges is, still not an assurance that you will have a good experienced using them so take the reference mentioned to minimize your worries.

I don't want to suggest any exchanges because I want you to choose based on your own preferences. You can also take notes of the future suggestions here then test it on actual to see if it will meet your criteria.

Hitting your favorite search engine will also help you to choose. Goodluck.

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May 18, 2018, 04:26:31 AM
 #6

Here's my own case.

I started with the popular exchanges like Binance and Bittrex. These two includes many options between BTC and Altcoins. A month later I also opened account on Poloniex, after reading about reviews on online groups, and from my friends. Additionally, I also went to smaller exchanges like KuCoin for trading some new ICO tokens.

As new traders, I don't think we should trade on too many exchanges, especially when we have limited budget. So, just do your own research and pick up a couple that you like and trust (hopefully) the most. When getting more experience, you'll know which exchanges to participate or simply drop.

A couple of words, hope that gives you some clues.

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May 18, 2018, 05:23:00 AM
 #7

Yep there are lots of cryptocurrency exchange but not all of them has good volume of altcoins and bitcoins, take a look of that. Visit Coinmarketcap to see top 10 exchanges like Binance and UpBit.

Do you have enough trading capital worth $500 if you have then Binance is the best, if not earn some money here if you dont wan't to spend some bucks in your own pocket, you only need lots of leisure time.
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May 18, 2018, 05:33:44 AM
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For starting, you need to find good ones first, i recommended Bittrex or Binance. After registration, start with verify your account and linked to your mobile phone, since your acct are very important thing as your finances asset.
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May 18, 2018, 05:49:25 AM
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I would say that usually biggest exchanges are the most secure one's, but at the same time they are the biggest targets to hackers and phishers.

If you really want to find a secure exchange - you should follow the exchange's social media and you may see which exchanges care about their users and which do not.
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May 18, 2018, 07:58:15 AM
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Personally, I would first narrow it down to the long running ones, check out their reputation and scam accusations, and only then will I consider the fees and other factors. Even if I find one I'm quite happy with, there's no way I'm trusting it with a significant amount of coins.

But yeah, all you really need is some patience and Google. Plenty of exchanges have threads in Bitcointalk too, so I would also recommend checking them out to see how they interact with customers.

CryptAssist
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May 18, 2018, 08:45:03 AM
 #11

Too many exchange sites..... Got no idea on how to start with the trading..

I've had good experiences with Bittrex, Binance, Hit-BTC. And for me personally, etherdelta it's decentralized but has had some hack issues. I haven't had any security issues with any of them. Also, don't forget to use your 2 factor login. (2fa).
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May 18, 2018, 09:00:35 AM
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Wherever you trade, start with small amounts until you're comfortable with the process from initial deposit all the way to withdrawal of your destination funds.


Best advise! And read around, bad news and service travels very fast.
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May 18, 2018, 09:05:02 AM
 #13

Too many exchange sites..... Got no idea on how to start with the trading..

I've had good experiences with Bittrex, Binance, Hit-BTC. And for me personally, etherdelta it's decentralized but has had some hack issues. I haven't had any security issues with any of them. Also, don't forget to use your 2 factor login. (2fa).

Oh goodness etherdelta will be nightmare for for a newbie. I would suggest he/she first watch some youtube vid's because its really confusing in the beginning. Just my two cents  Wink
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May 18, 2018, 11:55:13 AM
 #14

I asked my friends which exchanges they use and why. Than I checked some of them on reddit and other forums, read reviews and than I choosed Binance. For first time avoid small ones, they tend to "disappearing"  Shocked
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May 18, 2018, 12:11:49 PM
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you can search for recommended exchange. after that you can search on youtube how to trade on that exchange. that's the first thing i do about exchange, every exchange has a different feature though its similar way

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May 18, 2018, 03:03:55 PM
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you can observe all sites, if there is the one that will help upu the most. then go ahead. you can search through Internet, and ask some friends if they have experince about this.God bless!
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May 19, 2018, 02:48:24 PM
 #17

All people have different proportion about good exchange.

for me, good exchange is

1. Huge trading volume
2. UI&UX website
3. Customer service
4. WD proccess
5. Secure


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May 19, 2018, 04:10:25 PM
 #18

If you want an exchange to trade, then I recommend Kukoin or binance. their interface is good for beginners,withdrawal and deposit with other crypto coins is very fast and they are reputable too.

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May 19, 2018, 05:42:00 PM
 #19

Too many exchange sites..... Got no idea on how to start with the trading..

THANK YOU aywing for this question. We've got one tip for you! Use the Exchange Finder here: https://www.cryptowisser.com/

It lets you answer 6 questions and then you are matched with the exchanges that suits your needs. Choosing an exchange will never be difficult again! Smiley

All the best,
Cryptowisser
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May 19, 2018, 06:49:55 PM
 #20

There are so many exchange, the most popular ones are Bittrex, Binance and poloniex. You can as well use the others ones to trade your token. Always remember, never leave your coin on exchange especially the not so known exchanges. Transfer your coin to your wallet.
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