Which unique factor makes crypto exchange a reliable choice to start trading?

[jessicalea]

What is the key reason for the success of top cryptocurrency trading exchanges like Binance, Coinbase, Coinmama, Kraken, and Bitrex? What are the unique factor which make them each other competitors?

[leowonderful]

I like to trade on Binance because the site doesn’t require me to verify my account to start trading, unlike many other major exchanges, and the exchange also has a decent Android app that I use to make a few trades on the go. Nothing extremely noteworthy besides that, as the desktop UI for the site is pretty average,  but no verification alone is excellent and that’s the main reason why I use Binance so often.

[mk4]

I don't think it's the case of these exchanges having one "unique" factor. It's mostly a mixture of a few things:

• Security(as far as I know these services are secure enough)
• Ease-of-use
• Uptime
• etc

As for Binance though, like what leowonderful said, it's mostly because of Binance not requiring KYC unless you're withdrawing huge amounts of crypto, because most exchanges require KYC. I really can't speak for the others, as I've only used Binance(and Bittrex for a few times years ago).

[Bitinity]

Frankly speaking, I do not use those mentioned sites regularly as I'm not an active trader. I used to use Bitrex long time ago but I do not use it anymore since they blocked many accounts few years ago and my account is one of the blocked account.
Currently I use local exchange only for trading purpose although the available markets is not that much compared to other exchange site but I feel more comfortable than using other exchanges. I used binance sometime ago because my friend recommended it to me and I can say binance is a great exchange. Starting from its UI, its feature, and its support, those are the keys for success of exchange imho.

[LimLims]

What is the key reason for the success of top cryptocurrency trading exchanges like Binance, Coinbase, Coinmama, Kraken, and Bitrex? What are the unique factor which make them each other competitors?

First of all i want to ask you that,  for what you need to know about it? Okay let us consider you need to trade your coins there? Okay so here to the community.
There are many features that all the exchanges provide also there are some unique features which make them completely different from each other.
Features like fast deposits and withdraws along with less fees for doing the both are the most dependable ones.
Also the user interface of the exchange means a lot for the traders.
Hope you understand now.

[BitHodler]

I prefer to avoid exchanges without a trackrecord of solidity. Coinbase is such an exchange, Bitstamp and Kraken. These are the main exchanges I would recommend people around me to use.

Below these exchanges you have Binance, and below Binance there isn't anything else for me to recommend. The gap between Binance and everything below it is similar to the distance between earth and mars.

I would say that Binance being soft on KYC makes it the most popular exchange, but I honestly don't know how much longer they can keep this up with regulators slowly but surely waking up.

[Gozie51]

Features like fast deposits and withdraws along with less fees for doing the both are the most dependable ones.
Hope you understand now.

Yes before I use any exchange for trade, I try as much to know the withdrawal process, if they have any limitation amount for withdrawal. Fast withdrawal is far more important for me than fast deposit 

[[btc]YSG]

Features like fast deposits and withdraws along with less fees for doing the both are the most dependable ones.
Also the user interface of the exchange means a lot for the traders.
Hope you understand now.

In addition this features, I also look for exchanges that has no restriction for users in certain countries and there is an allowed withdrawal process without the need of KYC Verification.

[Kemarit]

I like to trade on Binance because the site doesn’t require me to verify my account to start trading, unlike many other major exchanges, and the exchange also has a decent Android app that I use to make a few trades on the go. Nothing extremely noteworthy besides that, as the desktop UI for the site is pretty average,  but no verification alone is excellent and that’s the main reason why I use Binance so often.

Correct, as far as I know their minimum withdrawal is 2 BTC without any KYC so for mid-level traders, that is a win-win. Plus Binance is known for having a good security, they are immediately alarm is something trading looks fishy and investigate if there is a potential hack, and this one, Binance Foils Cryptopia Hacker by Freezing Stolen Crypto and ‘All Funds Are Safe’: Binance Denies Crypto Hack Rumors. So security is one and for me this is the most important factor that can make or break an exchange.

[Haunebu]

Among the exchanges that you mentioned, Binance is my favorite primarily due to the no KYC requirement when compared to other exchanges. Some exchanges actually take months to approve your KYC.

You should have mentioned LocalBitcoins too which is an excellent P2P platform and also does not require KYC majority of the time.

[sujonali1819]

I think exchanges mentioned by on the OP are more popular today not only for a unique feature. Because most of the exchanges feature is similar but A popular exchanges feature is more strong than others. such as:-

1. Security [ all exchange has security but not like binance, bittrex,coinbase / popular exchanges]
2. Volume  [ Many exchange use bot for increasing 24 hours volume but the popular exchange has real volume]
3. Liquidity [ Most of the exchange is now lack of liquidity except some large exchange ]
4. Transaction speed [ Obviously a large exchange have criteria of fast deposit and withdrawal speed.]
4. Design and browsing speed [ Design and browsing speed will be good of a popular exchange ]
5. Mobile application [ Now many people find a user-friendly mobile application for trading when out of the home. And most of the popular exchange has the feature IMO.]

[andymarker]

Hello Everyone!

I am a frequent crypto trader and I have used numerous exchanges to trade multiple coins. According to me there are certain factors which make an exchange reliable, such as:
1. KYC should only be used for huge transactions
2. Trading bots
3. Reliable and Secure App
4. Coin recovery
5. Easy deposit and withdrawals
6. Easy payment modes like- buy crypto with credit or debit card or via other cryptocurrencies

Recently I have trade with BitBNS, Binance, and ZedXe and I found them very reliable. I hope the information will help you out for searching the best and reliable crypto exchange.

[moynul2050]

some of my interest in an exchanger is,
Security, where they guarantee the security of assets that I have with several security features.
Easy to use and easy to understand, (friendly to users)
easy to make a deposit or WD
Can be used in various hardware, such as PCs, tablets or smartphones.
Fast trading and a large volume of sales.
that's one of my interests in choosing an exchanger.

[rizkyhiw]

As far as I trade and only use it has its own advantages where security is very strict and without having to provide personal data to them to be able to trade comfortably, it's just that there are limits that can determine KYC for everyone, I personally prefer Binance on every day of use because I thought it was comfortable with myself and not complicated for me, the success they achieved was that they built a very good and right team where they were very good at utilizing any situation with the most important extraordinary promotions they could maintain all their users and always consistent that's the basis of success.

[akram143]

What is the key reason for the success of top cryptocurrency trading exchanges like Binance, Coinbase, Coinmama, Kraken, and Bitrex? What are the unique factor which make them each other competitors?

when we are the success from the other people to get success in trading then it will make the tune in our mind to enter into this and the good exchanges always giving the confidence about trading this is the main point that I start trading job.

[LimLims]

Features like fast deposits and withdraws along with less fees for doing the both are the most dependable ones.
Also the user interface of the exchange means a lot for the traders.
Hope you understand now.

In addition this features, I also look for exchanges that has no restriction for users in certain countries and there is an allowed withdrawal process without the need of KYC Verification.

Yeah i forgot to mentioned that also lol.
But to be honest, i can see most of the exchanges are available in many countries. I mean they do have restrictions in some underdeveloped countries.
But they are trying their Best to make their exchanges available in all places.
This is no doubt an exclusive feature of a popular exhcnage.

[jessicalea]

Thank you for sharing your views, they will genuinely help me in future trading. I still have a doubt please help me out in this- What you are expecting from a crypto trading exchange which you are still missing in your current exchange?

[el kaka22]

What is the key reason for the success of top cryptocurrency trading exchanges like Binance, Coinbase, Coinmama, Kraken, and Bitrex? What are the unique factor which make them each other competitors?

Volume is the biggest thing that makes all these exchanges work and not the unique factors.

If you look at the "big name" exchanges you will see that they were or are the biggest exchanges in volume one time or another, binance is big right now, poloniex used to be big, bittrex too and now bitmex is huge as well so if you think about the exchanges the number on the volume chart is the thing that made them so famous.

I started to use binance early on because they had the option of affiliate work and I was interested in that since I have a wide network of people I can send links to and maybe I could have made some money with that, I didn't made much probably around 100 bucks total but it was worth a shot and I suppose many people did that and that is why they got so famous so quickly which could be an unique factor for them.

[Genemind]

What is the key reason for the success of top cryptocurrency trading exchanges like Binance, Coinbase, Coinmama, Kraken, and Bitrex? What are the unique factor which make them each other competitors?

I seldom use an exchange for trading as I only trade whenever I have a specific altcoin to trade. I prefer binance since it has a huge volume and it's really convenient and easy to access since KYC is not really required for you to withdraw funds.

Our local wallet is convenient enough to trade from fiat to either btc, xrp, eth and bch. As time goes by they add more currencies as option, so I think this is more convenient and cost friendly since I will not have to pay for transaction fees and exchange fee.

[dothebeats]

Liquidity and security are the ones I always consider as top priority in choosing an exchange platform. An intuitive UI is to be expected yet I always feel that exchanges already have these things covered. Customer support doesn't bother me at all as long as the platform is working well, and I can also wait for their replies as long as they come up with a resolution/answer to my questions. If an exchange have those things covered, I might go ahead and give them a try.