what are the things to consider when looking for a good exchange?

[NeoMyHero]

I am a trader or at least that is how i see myself. I trade on binance, okex, idex, mercatox, bittrex, houbi and some other exchange. Lately i notice a lot of new crypto exchange popping here and there. And as much as i know and safe guard my password and secure my account with 2fa, I am still curious of the factors other traders consider when they are signing up on a new exchange. Would love to know some of your key factors so i might look into those too.

Reputation and security are always on top of the list of what to check out for when you’re choosing an exchange. Any exchange with no good reputation (or should I say without much good reputation) shouldn’t be considered. Why going for exchanges with reputation is because you will be rest assured that they are safe. Cryptocurrency market is not a place to mess around cause there are lots of scammers, any single mistake and you will be in their trap.

[Kiweikoo]

I am a trader or at least that is how i see myself. I trade on binance, okex, idex, mercatox, bittrex, houbi and some other exchange. Lately i notice a lot of new crypto exchange popping here and there. And as much as i know and safe guard my password and secure my account with 2fa, I am still curious of the factors other traders consider when they are signing up on a new exchange. Would love to know some of your key factors so i might look into those too.

There are a lot of things that you can consider but reputation is one thing that matters a lot. So you should always talk about those exchanges with good reputation and after that you can then choose which one of them is suitable for you based location, security and a lot of other things.

Team support is also another good thing, there are good sites with poor team support and when you encounter problem in using their site, it’s always difficult to get through to their support.

[Sihab76]

A successful exchange having a lot of unique features firstly it has a lots of popularity, security, team and management, withdraw and deposit fees rate, centralization.

[Lynks]

There are several security features one needs to consider..of which involves if the exchange supports  2fa extra security features which will help keep your tokens safe. You need to also check trade volume of the exchange

[hahay]

The main thing I consider in choosing an exchange is the crowd, the completeness of the coins listed, and the lightweight website with a simple look. With an exchange that has a high level of volume, then at least I have been convinced if the exchange has good security and support, so just how do we use it and secure our own security, if all works well then at least that is enough for us to feel comfortable and safe to use it.

[burnside]

I lost bitcoins and investments on GLBSE (https://en.bitcoin.it/wiki/GLBSE) when it closed.

Then I had my own exchange, BTC Trading Corp, which was forced to close due to regulation. (Though I kept it online long enough to process withdrawals and generate tax reports!)

Then I lost a whole bunch of LTC when BTC-e (https://en.wikipedia.org/wiki/BTC-e) was forced to close due to failing AML regulation.

So now when I look for an exchange I try to figure out:

• Is it secure?  Do they have per-trade 2FA and experienced developers and system administrators?
• Is it in a jurisdiction with good legal structure?  If they run with my money - are the local police even going to care?
• Is it legal?  Do they follow the laws of not just their own country, but also all countries around the world that might seize them?  This applies to AML, KYC, Securities, etc.
• Is it transparent?  Can I easily find out who they are and where they are located?  (important if I have a legal dispute with them)
• Is it properly registered?  Can I easily look up their business registration and licenses on the internet?
• Do they have low trade fees without me having to hold one of their special tokens?  I don't care if they profit share or any of that gibberish - just give me a low trade fee in the first place!
   Profit sharing will never give me as much back as I give in over-priced trade fees - that is WHY they do it!
• In their jurisdiction do they have a fiduciary duty to protect me?  This means - do they legally have to put me first?  Or can they put themselves first?  This is important if something happens and they lose your money or if a hacker takes your money using flaws in their exchange.

I've been around in the cryptocurrency space since 2012 and I've seen a lot of bad things happen to good people.  I hope that helps!

Cheers

[St4yInTh3D4rk]

Simply every trade look for its fee structure over any other features on that exchange because it helps them to make more money and then the security of the wallets and customer support quality from them will also takes place in picking the exchange.Maybe number of trading pairs on the exchange will attract some traders.

[shield132]

OP everyone has it's own customers, that's the reason why they exist and have impact on bitcoin's price. To be fair it doesn't matter how others choose exchangers, btw common that everyone has to consider is safety, good support and fast transactions. Other factors have to satisfy you and exchanger's functions have to suit your requirements.

[mwaqar17]

In addition to these exchanges I use HitBTC, GBX and QUOINE, sometimes yobit whenever there is a currency that is not available on any other exchange. Points to consider an exchange for trading is
1. Customer support response
2. Availability of more crypto pairs
3. Fee needed for each transaction
4. Time to process trade request

[Lanatsa]

OP everyone has it's own customers, that's the reason why they exist and have impact on bitcoin's price. To be fair it doesn't matter how others choose exchangers, btw common that everyone has to consider is safety, good support and fast transactions. Other factors have to satisfy you and exchanger's functions have to suit your requirements.

Correct, each one of us do have our own preference on using up an exchange and some of us do make use of multi-exchange depending
on our needs but as said we do have our common reasons on choosing up which one and I agree on the things you do have mentioned about
those factors that most people do seek of.

[Kayum10029]

Many things are taken to consideration choosing a good exchanges. A good exchanges have extra ordinary security systems, email verification,one time password (OTP), fund password, phone number verification, Google authentication, and withdrawals and deposits security.

[BlueStackz]

I am a trader or at least that is how i see myself. I trade on binance, okex, idex, mercatox, bittrex, houbi and some other exchange. Lately i notice a lot of new crypto exchange popping here and there. And as much as i know and safe guard my password and secure my account with 2fa, I am still curious of the factors other traders consider when they are signing up on a new exchange. Would love to know some of your key factors so i might look into those too.

There are some platforms that are really good and has every features you will ever need, but their only problem will be the support team, although they are not scam, but due to the poor support people will start to believe that they are scam.

I’ve experienced that before, a good exchange but you will find it difficult in reaching out to their customer support because they never get to reply. Best thing to do is to abandon them and look for another exchange. Some of them do have a responsive support, but they are never able to solve your problem.

[ellehcar]

Consider the history of the exchange and the transparency of its founders. They must be visibly active in social media, and it must be genuine appearances. In this way, you can judge how secured your funds in them or at least how reliable they are for you to entrust your funds with them. This will prevent you from being scammed and from turning your hard-earned money into real bubble.

[SwaVeR]

I am a trader or at least that is how i see myself. I trade on binance, okex, idex, mercatox, bittrex, houbi and some other exchange. Lately i notice a lot of new crypto exchange popping here and there. And as much as i know and safe guard my password and secure my account with 2fa, I am still curious of the factors other traders consider when they are signing up on a new exchange. Would love to know some of your key factors so i might look into those too.

There are lots of things to consider when choosing an exchange, best would be to consider everything. I wouldn’t like an exchange with a bad support. I have seen some good exchanges but what usually ruins everything is their bad support, they are never there to help you when you have problems and that’s really bad. Any exchange with bad support is not worth choosing.

[Panxora_COO]

This is a very thoughtful and reasonable post. I would add to it the security around withdrawal. Anytime an exchange can immediately act on your w/d request that means your private keys are sitting right there on the web. There are better ways to handle withdrawals but it does make the process slightly slower and a bit more cumbersome. I'll take that ANY DAY OF THE WEEK over the knee knocking fear that someone is going to hack an exchange. Which happens all the frickin-fracking time!

I lost bitcoins and investments on GLBSE (https://en.bitcoin.it/wiki/GLBSE) when it closed.

Then I had my own exchange, BTC Trading Corp, which was forced to close due to regulation. (Though I kept it online long enough to process withdrawals and generate tax reports!)

Then I lost a whole bunch of LTC when BTC-e (https://en.wikipedia.org/wiki/BTC-e) was forced to close due to failing AML regulation.

So now when I look for an exchange I try to figure out:

• Is it secure?  Do they have per-trade 2FA and experienced developers and system administrators?
• Is it in a jurisdiction with good legal structure?  If they run with my money - are the local police even going to care?
• Is it legal?  Do they follow the laws of not just their own country, but also all countries around the world that might seize them?  This applies to AML, KYC, Securities, etc.
• Is it transparent?  Can I easily find out who they are and where they are located?  (important if I have a legal dispute with them)
• Is it properly registered?  Can I easily look up their business registration and licenses on the internet?
• Do they have low trade fees without me having to hold one of their special tokens?  I don't care if they profit share or any of that gibberish - just give me a low trade fee in the first place!
   Profit sharing will never give me as much back as I give in over-priced trade fees - that is WHY they do it!
• In their jurisdiction do they have a fiduciary duty to protect me?  This means - do they legally have to put me first?  Or can they put themselves first?  This is important if something happens and they lose your money or if a hacker takes your money using flaws in their exchange.

I've been around in the cryptocurrency space since 2012 and I've seen a lot of bad things happen to good people.  I hope that helps!

Cheers

[rickadone]

There are some platforms that are really good and has every features you will ever need, but their only problem will be the support team, although they are not scam, but due to the poor support people will start to believe that they are scam.

I’ve experienced that before, a good exchange but you will find it difficult in reaching out to their customer support because they never get to reply. Best thing to do is to abandon them and look for another exchange. Some of them do have a responsive support, but they are never able to solve your problem.

Necessity of good and active support is mandatory for every business and you cannot be sure when you will be needing an active support from your exchange. I have been into crypto space for more than five years and in this five years I have rarely contacted support of my exchanges like just 2 to 3 times only. I mean to say when you are with a very good exchange then you will rarely need to contact their support. Also, it does not mean you do not need to measure an exchange in terms of their customer support activity.

Each and every aspects should be up to our satisfactory level so that we can conclude an exchange as a good exchange. But we cannot be sure that a good exchange will remain good for all the times. At the same time we cannot go for analysis each time before we start a new trade.

Staying well aware of this community opinion is the only solution in front of us to deal with a good exchange continuously.

[JMD07]

I am a trader or at least that is how i see myself. I trade on binance, okex, idex, mercatox, bittrex, houbi and some other exchange. Lately i notice a lot of new crypto exchange popping here and there. And as much as i know and safe guard my password and secure my account with 2fa, I am still curious of the factors other traders consider when they are signing up on a new exchange. Would love to know some of your key factors so i might look into those too.

Activating your 2FA with enhance the security features on your account. It's the best way to secure your account to the higher security level because those scammers will find hard to crack your account. Although it's not a full proof but at-least the security level is higher enough. Google authenticator is also a good features.

[LSt56]

To choose a good exchange I usually always pay attention to trading volumes and security, but sometimes customer support also greatly affects the interest of traders for exchanges.

[kenzawak]

If you wanna know the withdrawal fees each exchange charges, have a look here :

https://www.feexplorer.io/

[Akagum]

There are some many factors I consider while choosing a cryptocurrency exchange, factors such as : the platform interface, how smooth and fast it is.
The withdrawal and trading fees.
The support system: I look out to find out how professional the support team are, their attitude to solving issues and how passionate they are in doing that.
I look out for how fast their withdrawal system is etc.