How do you define a good exchange?

[Lugdunex]

Hello to all the Bitcointalkers!

Because it is my first post, I have, at least, to present myself in several words. I am a coins/tokens dev and web developer full stack.
After several years of crypto experience, I decided to create my own project. It is not a coin, nor a token (there is already plenty of ERC20 tokens and coins), it is a cryptocurrency exchange.

There is already some exchanges available on the web, but I would like to build one which may fit to Bitcointalk users, it's why I opened this thread, and ask you today what do you like the most in crypto exchanges, as well as the things that you dislike. It can be specific features, themes, properties...
I want to build a good exchange, and for that I need to know your preferences.

Waiting for your replies
Lugdunex

[1714698539]

1714698539

[1714698539]

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[1714698539]

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[fudster]

A thousand more exchange will be good.  

We all have different preferences though so it sure varies because mostly will want privacy like no KYC will be required or whatsoever which is why they also like the DEX. Centralize however has more volume, obviously we all want to be there. If you can create a DEX with a volume like binance has, it will be good.

[BitMaxz]

I think much better to check this thread https://bitcointalk.org/index.php?topic=3028322.0;viewResults
So that you can see all the votes what people wanted from an exchange.

For me, what I want is an exchange which is secured with costumers privacy protection and add the no KYC verification which is already mentioned above. Another thing that I want is that the withdrawal limit should be unlimited without asking for KYC verified and support 150+ assets.

I don't like the KYC verification and I will never send my personal data online except for local KYC and that is why I used bitcoin is that you don't need to exchange your BTC to local fiat without verification. However, the problem these days almost all exchanges are now asking for KYC even claiming ICO requires KYC which is not fair.

[erikalui]

Insurance is the only thing currently that I want and expect from an exchange. It could be hacked anytime but if it has an insurance, there is a possibility we could get back our investments. KYC is not such a problem if the exchange does have an insurance.

[Lugdunex]

Interesting point of views, thank you for these first (very fast) replies!
I notice a great desire of increased anonymity and security, and decreased withdrawal fees.

I think much better to check this thread https://bitcointalk.org/index.php?topic=3028322.0;viewResults

Oh what a gold mine! Thank you for the share, I will write down these infos as well.

[Slow death]

I believe that an exchange to be good it should show the face of its owner.

- Show the exchange headquarters. ( No, Panama and UK )

- Provide good support services

Preferably, the exchange must have a telephone number to solve very serious problems that some client has that involve a lot of money. It has been a great headache to use new exchanges and exchanges where the owners are anonymous.

[Annalise24]

A good exchange to me is one that has a user friendly interface.
It must have a considerable low feefor transactions.
Withdrawal should not take time before reflecting on my wallet address.
The exchange must have professional support staffs.
It must have measures in place to secure users funds and data against hack .

[harizen]

There is already some exchanges available on the web, but I would like to build one which may fit to Bitcointalk users, it's why I opened this thread, and ask you today what do you like the most in crypto exchanges, as well as the things that you dislike. It can be specific features, themes, properties...
I want to build a good exchange, and for that I need to know your preferences.

Waiting for your replies
Lugdunex

Themes, designs, interface or overall being a user friendly is a basic requirements. It's obvious what should be the approach here of the owners.

Most people concerned about; how safe is our funds there? what legal actions you take to make your exchange/business an official and registered company? can you or your staff able to keep up with people's minor and major problem all the time? any many more...

Establishing an exchange is not a joke. We, as a trader, newbies or not, should only deal with the professionals.

[Sled]

snip~

Themes, designs, interface or overall being a user friendly is a basic requirements. It's obvious what should be the approach here of the owners.

Most people concerned about; how safe is our funds there? what legal actions you take to make your exchange/business an official and registered company? can you or your staff able to keep up with people's minor and major problem all the time? any many more...

Establishing an exchange is not a joke. We, as a trader, newbies or not, should only deal with the professionals.

It is more attractive if it have a huge volume exchange, this is some indications that many traders came along in this site.
Yes, legitimacy will be our main concern as we feel secured but it turns me off also when there is delays of deposits and withdrawals.

The competition among exchanges are getting strong and we should be careful cause some of them looks attractive but they have that black intention to us.

[jossiel]

Welcome in bitcointalk.org!

What if you create an exchange that certainly dedicated for bitcointalk traders. A buyer can look for available sell orders and choose the escrow that he wants to avail with that deal, there's an option to have no escrow if the buyer/seller is reputable. And of course, it will go automatically, how's that? and the amount will be sent directly to the escrow and you just have to wait for their response and validation.

[annango]

snip~

Themes, designs, interface or overall being a user friendly is a basic requirements. It's obvious what should be the approach here of the owners.

Most people concerned about; how safe is our funds there? what legal actions you take to make your exchange/business an official and registered company? can you or your staff able to keep up with people's minor and major problem all the time? any many more...

Establishing an exchange is not a joke. We, as a trader, newbies or not, should only deal with the professionals.

It is more attractive if it have a huge volume exchange, this is some indications that many traders came along in this site.
Yes, legitimacy will be our main concern as we feel secured but it turns me off also when there is delays of deposits and withdrawals.

The competition among exchanges are getting strong and we should be careful cause some of them looks attractive but they have that black intention to us.

Yep, the number of exchanges is going to increase every single day, but not all of them get success. Hence, it's no easy to create an exchange which can attract the attention of  many members here, unless you are professional enough to do it. Personally, i believe that all of us have a common idea for a good exchange, that's is highly-secured. Because most people are afraid of being attacking by hackers, generally they are afraid of losing from being attacked. Therefore, security is on the top priorty. Next, it can serve fast with an affordable fee. Themes and designs both play an important role. Honestly, you should learn experience from some successful exchanges. Then creating an exchange which is much impressive than others.

[Lucius]

I see most users want to get around KYC procedure and trade / withdraw completely anonymous. It is less and less possible, so there is no choice but to adjust to changes if we want to trade on centralized exchanges.

Problem with KCY is that on some exchanges that procedure takes too long, or that exchanges ask for too much documents. There is also a great deal of concern for security and privacy of such data, this must be one of the top priorities of any exchange.

In addition, users are expecting that their funds / coins are secured in the best possible way, and that means that exchange should keeps most of coins in cold wallets, and that is have some insurance policy in the case of hacking. Also another important thing is user support, what is the weak point of some crypto exchanges. It must be fast and available 24 hours a day, 7 days a week.

[Woodie]

A good good exchange should:

1. Allow users to use the exchange without KyC for low amounts
2. Process withdraws and deposits fast
3. Process problems swiftly

[monalia]

If you are wish to start trade please follow your own strategy and follow the exchange's telegram community find the instant growth and fall of specific cryptocurrency.
Please check what you are investing
Coins circulation over the multiple exchanges
Liquidity
Demand and supply

[LeGaulois]

I can resume like this: a good exchange is the one that I never need to create a support ticket. I just want what is advertised on the site

But real points are:
- Always working as it should be, no bug, downtime, etc...
When a website is slow or freezes I'm pissed off

- No problem with their bank(s)
I want an "always working solution" I don't want to wonder each time if my SEPA will be successful

- Easy and intuitive to use.
I like simple things that go straight to the point.

- Fees average.
It's something I don't care much if I get what I want, of course, I have a limit

[Hamphser]

Insurance is the only thing currently that I want and expect from an exchange. It could be hacked anytime but if it has an insurance, there is a possibility we could get back our investments. KYC is not such a problem if the exchange does have an insurance.

Dont expect for these exchangers to give out some insurance.If it does then they would comply heavily when it comes to legality and as an exchange owner it wont really be an easy thing.

When we do talk about good exchange is something that doesnt give out any headaches when it comes to their service. Good UI, Fast support,Low Fees etc.

[akamit]

Well, much can be added to an exchange if you are a good dev.
But the main factor of an exchange is the security of user funds because exchanges are the target of hackers nowadays. Make sure you have security knowledge at the highest level.

And the second option I would say is to add both functions > Stop Loss and Take Profit. So that we can set both the features at a time for a single trade.

[traderethereum]

To be honest, when I am new in crypto trading, I try to register on every crypto exchanges no matter I know how to trade or not. Then I will see the interface, trying to look at the order buy and sell, try to figure out the volume and the order, and if I feel comfortable with the exchanges, then I will try to send some bits to try trading.
But if in the middle of my trade my feeling says that is not good to stay or there is something wrong with the site, I will move all of my balances to the other sites. Gladly, in the past, KYC is not already applied so that I can move the balances with easy. And after that, I only try to stick on the website that I feel comfortable with them and do KYC if necessary.

[Ailmand]

Each of us has different pteferences when speaking of exchange. I prefer secured and accessible exchange. What I mean by accessible is, it doesn't require you to do KYC to be able to use the whole function of the exchange such as withdrawal. If possible an exchange with almost major altcoin is listed and of course a trouble free, fast, and cheap deposit and withdrawal.

[Cherylstar86]

Insurance is the only thing currently that I want and expect from an exchange. It could be hacked anytime but if it has an insurance, there is a possibility we could get back our investments. KYC is not such a problem if the exchange does have an insurance.

Dont expect for these exchangers to give out some insurance.If it does then they would comply heavily when it comes to legality and as an exchange owner it wont really be an easy thing.

When we do talk about good exchange is something that doesnt give out any headaches when it comes to their service. Good UI, Fast support,Low Fees etc.

  We have different perspection on how we distinguish a good exchange and I think it is about how we experience it on our own work. You can't determine a good exhange when you don't have enough knowledge on trading. In fact, experiencing mistake will lead you to become a great exchanger. And when you are skillful we are able to choose and deliberate an accurate outcome.