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Author Topic: for beginners, how do you decide which crypto exchange to use?  (Read 140 times)
dothebeats
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July 18, 2018, 02:32:52 PM
 #21

Personal location comes first since you have to deal with KYC and other legal prerequisites before you can fully use an exchange. To me, KYC is the most painful process of getting verified into an exchange and after that everything is smooth. Next is to see whether there is a significant volume of trades happening in an exchange. Basically, if there's none, there's a huge chance you might not get decent profits in trading on their platform. Lastly is the trading platform itself: this is where your personal preference on an exchange comes. Almost all exchanges have the identical set of basic features so I'm sure it will only boil down to the trade lag and the Ui for the end-user.

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July 18, 2018, 08:15:16 PM
 #22

Apart from the factor of reliability, security, stability. Another important factor is to know the exchange the tokens you have will be listed on.

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July 20, 2018, 06:12:34 AM
 #23

certainly there are a few big names, but there are also smaller, boutique exchanges, some more localized too. how do you decide which exchange to use and what factors are most important for you? (if possible, rank them)

I suppose most people are drawn to tge big names as they are to the forefront and are
mentioned more but there are indeed less well known and newer exchanges offering
competitive features, and benefits like nexybit who offer a referral program.
I would state that FEES are a big consideration along with security

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July 20, 2018, 08:47:11 AM
 #24

I need secury.
1. Check domain, org, team, social,....
2. check info exchange on coinmarketcap
3. check volume exchange 24 hour
4. check trust on social media
5. Exchange need fees, warning with exchange no fees

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July 20, 2018, 09:12:13 AM
 #25

As a beginner, I think ETH is more convenient to convert, first because ETH is trading faster than Bitcoin! Secondly, because 80% of the coins in the market are now developed on the Ethereum!
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July 20, 2018, 11:40:33 AM
 #26

certainly there are a few big names, but there are also smaller, boutique exchanges, some more localized too. how do you decide which exchange to use and what factors are most important for you? (if possible, rank them)

I'm looking for a platform to buy btc and eth with the help of a bank card. It should be a reliable platform with good reputation and work without problems.
If you know any, please, share your suggestions. 

Love this. We have constructed a tool just for you - we call it the Exchange Finder (here: https://www.cryptowisser.com/) There are many different exchanges claiming to be the “best and most trustworthy”. There is no single one-fits-all answer to this question. To find the right exchange for you, you need to answer the following questions (set out in the Exchange Finder):

Is it important for you that your exchange accepts card deposits? (Yes/No)
Generally I would avoid making credit card deposits, but if you want to do that not all exchanges do not offer that option.

Is it important for you that your exchange accepts deposits of cryptocurrencies? (Yes/No)
If you currently have cryptocurrencies and just want to change your exchange, the new exchange must accept deposits of cryptocurrencies. Some exchanges only do Fiat-to-crypto and those exchanges are then not available to you.

Are you a US-based investor? (Yes/No)
Many exchanges prohibit US-investors.

What’s the highest fee you can accept to be charged?
Trading fees range from 0 to 20.00% (yeah you read that right, 20.00%). The lower fee you require, the fewer exchanges are available to you. Industry average is arguably around 0.25%.

Which cryptocurrencies do you want to trade?
A very important question of course.

So, my suggestion to you would be to complete the Exchange Finder-test, and then choose the highest rated exchange that matches with your answers (on the results page after having completed the test). I know Changelly are considered to be user-friendly also for newer investors.

Good luck with your investments!
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