How do you define a good exchange?

[mersal]

Everyone have different opinion about different exchanges and everyone doing it on different sides but I will go with only with the ratings and trust with that because if I was new to this I will go only with the trust from the others were getting confident about their exchanges and I make a decision with that.

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[Kevin77]

I believe the best exchange is the one that works with trust and experience on top of its volume. When an exchange gets too big than the worrisome things start to happen, later withdrawals, KYC requirements, hacking attempts. It all comes down to one thing, how well is the exchange is run, do you think hacking attempts will be futile and nothing will happen? Do you think they will not bow down to governments and ask for your KYC ?

Do you truly believe that they are charging fair and reacting quickly to your withdrawals? If any of those things are done a bit worse than you expect than its not a good exchange however if they achieve to do all of those three things than you can consider the exchange as good. This of course is after volume because without volume none of it matters.

[The Seller]

At this time there have been so many new exchanges that have sprung up, but even they have missed a number of important things that are really needed by users. If you want to make a good exchange then at least prioritize customer service that is ready at all times and also has good security and is easy to use.

[HellDiverUK]

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

Welldone with your project, good exchange combine with good volume with a lot of trading pair, low fees for withdrawal, and more important is security level..

[D ltr]

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

in my opinion, there are several criteria for good exchange
1. Service by the support team is very good, able to handle all the problems of the members
2. Full time service, without knowing the time limit
3. The transaction process for deposits and withdrawl is fast
4. Providing various trading pairs
5. The trading volume is very large
6. For member account protection is very good
7. Organizing various events including trading competitions, IEO or launchpad that can provide profits to members
8. Fee for trading and withdrawal transactions is quite cheap
9. There is a referral bonus system
10. Give special awards in the form of rewards to the best traders
11. There is no delay when trading in buy and sell orders
12. Don't use bots in all the trading pairs they serve
13. Very easy to use the trading platform

[Pearls Before Swine]

A thousand more exchange will be good.  

Just like we need another thousand altcoins, right?

list a lot of coins, I suggest above 500 coins

This is a good idea in my opinion, and its one of the reasons why Binance is so popular.  Not sure if they have 500 coins listed but they do offer a lot, and I prefer to use an exchange like theirs as opposed to one like Kraken which only offers a handful of coins. 

The KYC issue is a big one, and depending on what country op is operating in he may not have a choice as to whether his exchange needs customer documents.  Exchanges don't implement KYC practices because they enjoy making their clientele annoyed and paranoid; they do it because they have to.  But ideally if a new exchange can get away with letting its customers remain anonymous it should do that.

An intuitive user interface to me is one of the most important features.  This is one of the reasons why I refuse to trade on Kraken.  Exchanges like Binance and Yobit have excellent sites that are very easy to understand and use.  There is also easy access to research information about coins on both of those exchanges and I think that's a great feature as well.

Op, you'll be creating an exchange in an environment that seems fairly saturated with them, so good luck because it isn't going to be easy to break into the market.

[Distinctin]

At this time there have been so many new exchanges that have sprung up, but even they have missed a number of important things that are really needed by users. If you want to make a good exchange then at least prioritize customer service that is ready at all times and also has good security and is easy to use.

We can't stop them, they will try to operate because of the potential in this market.
Binance which is the most popular exchange now are making huge money because their trading volume is so high, for sure new exchange's goal
is to maximize their income but it needs time to build reputation and people now are wiser, they will ensure they trade in a liquid and reputable exchange.

[samcrypto]

For me, a good exchange should have a simple yet nice website design, fast respond to customer support, friendly staff, secured wallet, and low trading/withdrawal fees, I'm a small-time trader so I want to save any profit I got from my investment.

Everything is here already and one thing that i want to add is that, they must be more transparent so the trading volume is real and not just a fake volume. Many big exchanges are being hacked so security must be there top priority since millions of money are on their exchanges. They don't need to become the best exchange, they just need to be consistent on delivering a good and quality system thru their exchange.

[Asmonist]

I think the best thing is to test it at your tolerable price. There are many reviews of that particular exchange that may also help you decide. I prefer to something that has good reviews.

[senne]

Any exchange with

• Quick withdrawals/deposits
• Less fee
• Decent volume
• easily accessible
• Secure
• Good Support

[qiwoman2]

I like exchanges that have an easy to use UI interface because I am older and need less techy stuff to park my funds on, an easy to use UI is very important to me. Other very important things are cybersecurity and also a very good support system. These two are paramount for me if I want to join or use any exchange for crypto trading or trading any assets or currencies for that matter. I already lost money on three exchanges due to hackers and the monies were never returned, so exchanges likes Binance for me feel safer than smaller exchanges without any insurance.

[coinplus]

I think if any exchange reads here we can honestly say almost everyone wants the same thing. First of all volume, if you have no volume than you will not be important, binance fixed that by giving money to affiliates (first %50 than 20% which is a shame but not much we can do about it).

Since volume is too general we can pinpoint as more coins and more withdraw quickness. If you have a lot of coins than there is a chance those people who own that coin will come to your website, even if its 5k+ dollars or something its still better than not having it and getting zero, have a thousand coins if you can as long as they are just making you 1 dollar profit its good. And if you can allow withdraws to be quick and cheap that will just put the cherry on top.

[SixOfFive]

You can rate an exchange on the basis of its service, trading volume,  variety of coins listed,  customer support,  user-friendly platform,  security in term of private and public keys, network security,  operating platform option(website or app) and last but not least login security.  These are some factors which encourage any investor or trader to get on that exchange.

[Karmakid]

A good exchange should have the following. First, a good exchange should have a user friendly interface where people can easily get into the basic things regarding to the usage of exchange. Second, a good exchange should have a responsive customer service where they will guide the confused users and resolve all of their problems. Third, a good exchange should have a high level of security to make sure that even though there will be a cyber attack, it can sustain itself and it will not let the hackers steal their money. Even with just those 3 qualifications of mine, it is enough for me to trust them with my money.

[guoyu78]

For me transparency is everything. Crypto exchange must safe and secure as well. The CEO of exchange must be trusted too  and prove that he is transparent.And most important the exchange should not much complain about their withdrawals too.

That is right. Transparency is the main thing which is the basic feature of the blockchain technology. In addition, I look for the kind of exchange which thinks about its users. They just do not list the coins or tokens that have a weak project because ultimately the investor gets hurt. Binance is great in this regard and has never listed a dubious token. The CEO is actually a man made for the tech stuff.

I think if any exchange reads here we can honestly say almost everyone wants the same thing.

You mean providing support through this forum ? I must agree on this. Yes, if an exchange has active support through this forum then we can be sure about at safer hands as we will be able to enforce them to be honest in all means. But, unfortunately most exchanges are not at all preferring to announce their services here.

[apolok]

I love to trade that site which exchager support is so good.Deposit and withdraws service fast.Friendly interface.Security should be best.So many sites have bad reputations for bad support behaviour.

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.

Yeah you are right.Nowdays exchangers hacked is the common problem.

[angel55]

I go with exchanges that have a large selection of coins and it is appealing to the eye.  I know it sounds petty but the color and layout of the website matters a lot to me.  I also like to have a large selection of trading pairs and good customer service.  

[Gatotare]

Security is the first important things for me, I think most of the investor like me also. Binance is most secure site from 1-1.5 years so it is first exchange for us. Then other things like design etc is important for me.

[jony35490]

In my opinion, a good exchange should have a nice and friendly interface and quick accessibility. Good support, High trading volume, Low trading fees, instant deposit and withdraw that's it.

[Supercrypt]

What I like best in crypto exchanges is low fee fees and fast transactions. Because each exchange has a different fee, and to make it easier not to allow KYC.

I don't think low fees and fast transactions are factors to determine a good exchange because I see a lot of exchanges have the same advantages but people still underestimate these exchanges when its advantages cannot compensate for the problems and risks it can bring. In my opinion, I think the factor to determine good exchange is probably the volume of transactions, quality of service and security, low cost is not so important, important is still safe and we can trade on a vibrant platform full of opportunities

Many people base it on volume but I don’t work with volumes that much but quality of services and other things you also mentioned in your point, some exchanges have really used volume to deceive and manipulated a lot of traders since it’s something they can tamper with easily.

I even prefer to see ones with low volumes, it is when they don’t have volumes at all that I overlook them, but provided they have volumes, whether low or not, I can still give them a try, most big exchanges started somewhere and since this volume factor too is what we use to judge them, they manipulate the volume and deceive people into checking it out.