How do you define a good exchange?

[Andrews193]

There are actually so many exchanges existing in the crypto space already, the successful ones are the ones which got the features of what the crypto users wants. Tho people's choice varies you know, but at first everyone would love an exchange with an easy user interface especially the newbies, secondly! Security,  everyone wants an exchange which is very secured because no one would wants to loose his or her funds to hackers and this is why so many people in the crypto space prefers a decentralized finance, lastly I think people in crypto space doesn't like KYC because there like being anonymous.

KYC reveals too much identity but if members don't participate in that process, the chances of them being able to withdraw money every day will be much less, this is also the point that many people are interested in choosing an exchange, they need an exchange that can withdraw pretty well every day without KYC. And that exchange's asset protection should be good enough as you said, no one wants to lose money, and when the exchange and the user lose money unreasonably, the exchange should have a suitable settlement, instead of letting the user accept the fate

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[livingfree]

all traders said trading volume ,,security and support system be first thing to identify in good exchange. and i have one more point to add it, good exchange will have best research team to choose which project will listed, its about company income from trading fee. good project will attract high volume trading so exchange will have more source to expand and developt .

That is another factor.

There are too many exchanges that are listing any random project that's looking for an exchange to list it and don't care about the research. They don't mind if the project is useless or no use case at all, as long as they earn from the listing fee.

I think you're right with that. They should take the example of Binance.

Binance is indeed a reference for traders to put their money in, I have personal experience, where I chose Hitbtc and I made a deposit, but when I wanted to make a withdrawal, I had to go through verification, I verified it but up to 1 month there was no news, I didn't know the asset what I have how it will be, this has become an experience for me personally

Hitbtc is known for being shady and what's the reason that you've chosen it as your exchange to deposit? They have a bad history about the same issue that you've been through.

That experience of yours should also be consider by other traders that keeps on going into those shady exchanges. Despite that they don't have any experience, it's possible to happen to them at a time.

[blackened515]

Hitbtc is known for being shady and what's the reason that you've chosen it as your exchange to deposit? They have a bad history about the same issue that you've been through.

That experience of yours should also be consider by other traders that keeps on going into those shady exchanges. Despite that they don't have any experience, it's possible to happen to them at a time.

Hitbtc is the worst exchange when it comes to charges, they also have a bad interface and very dull sometimes and the  mobile version of the exchange is not smart,

[seramania]

In my opinion, the definition of a good trade is one that has good facilities, for example, a direct connection to a bank account. this will make it easier for everyone to be there and make transactions. besides that, good volume and safety are the main factors

[desmodiAN]

connectivity
coin pairs
currency deposit
security
good communication
UI

[livingfree]

Hitbtc is known for being shady and what's the reason that you've chosen it as your exchange to deposit? They have a bad history about the same issue that you've been through.

That experience of yours should also be consider by other traders that keeps on going into those shady exchanges. Despite that they don't have any experience, it's possible to happen to them at a time.

Hitbtc is the worst exchange when it comes to charges, they also have a bad interface and very dull sometimes and the  mobile version of the exchange is not smart,

That's why they're popular in the forum with that label and many have been avoiding them already.

But there are still some newbies that gets on that exchange because somebody has introduced it to them. Newbies should research first which exchange they're going to use so that every single cent of the fees that they pay are worth it and satisfying.

[sumant]

A good exchange should have easy interface with high security level. Exchanges have problems in their security and traders fund is at risk. Good exchange should have a high security guard to save trader's fund. As professionals we should prefer fund protection then exchanges should have good deposit and withdrawal fees. These are things we should look at these points.

[karungbitcoin]

I prefer to use really decentralized exchange that offer all different high cap coin to trade with low trading fee. And this exchange possible to connect all order book from others big exchange. Just like stock trading platform so the liquidity will be high with lowest spread. Also provide feature of OCO for stop loss and trailing stop. With low withdrawal fee and Fast customer support will be more excellent.

[Dadan]

In my opinion, a good exchange depends on the service and also the trading volume. The main thing that I pay attention to in choosing an exchange is the trading volume because this is an important thing to be able to get the trades I want. some exchanges perform trade manipulations and that is something you should avoid. now there are many exchanges that you can choose from and also security options are things that should be considered next

I agree support service and big volumes is must required to be a good exchange. It means a lot of people are using this exchange. The thing I want in exchange is a low fee, considering that I'm small traders only. The fee right now is huge, and I only trade for a hundred bucks. I can't afford the 20 dollars fee per transaction. That's why I choose Binance, which has lowered the fee.

[Rexler]

It's sure and certain that people have their differences, so the other persons choice might not be same as mine.
A good exchange is an exchange which got a fair user interface! Meaning such exchange is supposed to be very easy to access, also a good exchange must have a very strong security which can't be hacked. Another factor people looks at is the trade volume of an exchange, to be able to swap their coin as fast as possible. Another thing here which should be looked out for is KYC, this one is based on choice tho, not every traders likes KYC.

[MIner1448]

First of all, on a good exchange, there is always a huge capitalization, this is the first thing you need to pay attention to in my opinion, then you need to look at the commissions and interface, I also look at the exchange coin, for example, BNB from binance, an excellent coin with excellent capitalization, and this is the face of the exchange and has a huge weight in the choice of the exchange. It is also necessary to always choose an exchange based on its security and safety.

[CryptoWebDirectory]

There are several things I look for when choosing an exchange. Honestly, I only use about 3 different exchanges and wouldn't even have to do that if Coinbase offered more coins and tokens.

First thing I look for is reputation. I want an exchange that is reputable with lots of reviews and details across the web. I want to see them advertising and I want to see them being used by lots of people. If I could out and Google "Coinbase" for instance, I would see enough information to make me feel comfortable using them. I would also probably start to see adds after searching them which tells me they are a profitable company and spend money to advertise their service.

Second thing I look at is the company. I live in the US, so I prefer a US company with a US address and at least registered with the BBB (Better Business Bearue). If your exchange is based in Panama or Nigeria or something, then nothing against you but it probably isn't an exchange I want to use.

Finally, I like to look at what tokens/coins are offered. I don't buy/trade just one crypto, so I want an exchange that offers several of them.

[retreat]

The criteria for a good exchange in my opinion are those that have a large real trading volume, active on social media, do not have many complaints, fast response to consumers, and have a pair to local fiat currency.

[Bitum]

My criteria listed by importance are the following:
- liquidity
- security and constant availability to trade
- quick and easy payment
- large selection of tradable coins
- fast and good support
- fees
Fortunately today there are many exchanges and a great selection. Everyone can find something for themselves

[Fatunad]

My criteria listed by importance are the following:
- liquidity
- security and constant availability to trade
- quick and easy payment
- large selection of tradable coins
- fast and good support
- fees
Fortunately today there are many exchanges and a great selection. Everyone can find something for themselves

And Binance do have it all...

The thing i dont like whenever the market is going up or even on crashes where these platforms are commonly not accepting deposits nor having trouble on logging in which do really sucks.
Good exchange is basically;
-Huge volume
-Good support
-Fast UI/UX
and the rest is same as above.

[lalabotax]

The thing i don't like whenever the market is going up or even on crashes where these platforms are commonly not accepting deposits nor having trouble on logging in which do really sucks.

The problem must be the full capacity or overload to deposits or withdrawals in such certain conditions of the market. And this really often happens. However, if it is good to exchange, so far, I really rarely face this condition on Binance. That is why I always use Binance for trading.
Additionally, this is a reputable exchange with many advantages.

[zanezane]

I would say that a good exchange has a lot of users and whenever I search for their reputation, I always see more positive reviews rather than the negatives. They also should have a really good customer relations. Also, there should be an array of coins to choose from that you can trade.

[Nrcewker]

Good exchanges can be defined by many ways and tbh it will differ from person to person.
I will choose the exchange which will have good background reputation and good history.
Moreover if there will be also no KYC then more people as me will like the exchange.
And yes the exchange should be legit and have good persons working in the backend.
Binance can be the best option to choose as a ideal Exchange in this scenario.

[shushu9977]

If you want to build a good exchange, then you should be know and observe the good quality exchanges which  they gave to the exchanger. A good exchange gives to their customer such as many facilities, few advantages,  fast transaction, security, good services and many other things.

[Mistafreeze]

I will choose the exchange which will have good background reputation and good history.
Moreover if there will be also no KYC then more people as me will like the exchange.

A good exchange must support KYC to reduce the high level of scammers infiltrating their site without proper documentation I personally don't invest in any site without KYC I feel more safer on sites where I had to pass through so kind of verification process. Scammers don't like using their documents so they avoid sites with KYC and that's what makes it more secured.