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Author Topic: Why Do You Use The Exchange You Choose To Trade On?  (Read 66 times)
JollyGood
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January 08, 2020, 06:23:35 AM
Last edit: January 08, 2020, 07:03:33 AM by JollyGood
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 #1

For some of us we choose a particular exchange because they have a good reputation, no KYC policy, a competitive commission rate, excellent UI or something else...

Why do you use the exchange you do?

What would be the key issues that might or will make you choose an alternative exchange to start trading on?


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January 08, 2020, 10:05:47 PM
 #2

I use any cryptocurrency exchange that I can. Currently I am fairly limited in my options, due to racist exchanges illegally banning certain countries without the proper jurisdiction to do so. I agree that yobit is a scam, since they do not allow withdrawing of cryptocurrency coins to external addresses, as well as the support failing to fix withdraw issue resulting in the loss of funds.

Currently I am expanding my options by using smaller cryptocurrency exchanges such as https://exchange.thecoin.pw/ Although many do not trust exchanges like this one, I do trust them. Also, I have gotten some killer deals when someone has sold many coins for virtually nothing.

One day I WILL make my own really great exchange from scratch, it will host all my cryptocurrencies and many more. I will never delist coins, and It will become one of the largest and most trustworthy secure trading platforms on the planet... Someday.
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January 08, 2020, 10:56:47 PM
Last edit: January 08, 2020, 11:12:16 PM by LeGaulois
 #3

For its reliability, because I don't want to waste my time to 'monitor' an exchange because it can exit the market tomorrow or it can get in trouble easily with its weak security or the CEO is a bizarre person and he can disappear as fast as 1;2;3. (so many examples to give) Hell, I have better to do than wondering if it will still be here the next week, or if it will make a drastic change that I will dislike.

I don't really care about the fees, I have no problem to pay a little more and feeling me in a 'safe place'
No way I give my document to a small company launched not long ago <4 years, I have given it to Kraken and will never give it to another platform. I trust Kraken but for anything else, I have the DEXs and accountless exchanges as alternatives.

Its liquidity because I have no time to wait to see my order filled after a week, especially with the volatility.
Ugly UI, yep, I like ugly websites with '90s-2000s web design style it's good for mental focus. (Blogs news, boards discussions, etc it's my habit)

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January 09, 2020, 12:08:36 AM
 #4

For some of us we choose a particular exchange because they have a good reputation, no KYC policy, a competitive commission rate, excellent UI or something else...

Why do you use the exchange you do?

different exchanges for different purposes:
-coinbase pro for fiat gateway. they have ultra fast free bank transfers and i've been verified for years already.
-kucoin and binance because no-KYC accounts and low fees (0.1% or less on each side).
-bitmex for leveraged futures. i would prefer kumex (kucoin) because they openly allow USA customers but bitmex is necessary for the liquidity.

to hedge BTC/USD value i usually trade USDC on binance/kucoin. when i want to cash out, i transfer USDC to coinbase pro and convert to USD. that saves me 0.4% per trade.

What would be the key issues that might or will make you choose an alternative exchange to start trading on?

KYC implementation. coinbase pro is the only exchange i'm verified on. i would prefer to avoid it anywhere else. i don't trust exchanges to protect my data. plus, the less data they have to hand over to the IRS etc the better.

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January 09, 2020, 12:51:39 AM
 #5


Actually I just used those considered small to mid exchange because of some altcoins/tokens I got during their hype year. No choice but to trade these coins at these exchanges. After quite some time playing with these coins until I managed to get out, that's the end of my business on that exchange.

I only undergo verification at these exchanges, Poloniex last 2017, Bittrex and our local exchange since I actually put money here directly from my pocket. But I'm inactive now at those first 2 mentioned exchanges and switch to Binance due to their reputation, volume, popularity, and the no-KYC feature.

I've never been an enthusiast of using new exchanges unless they will offer something good that will catch my interest, of course, will still be based on my research about them.

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JollyGood
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January 09, 2020, 01:54:39 AM
 #6

Why not? I hope you make your exchange and hope it brings not only great reward and great profit to you but it also provides a great service to the end users (customers)

You did not state the reasons you trade on the your preferred exchange. Could you elaborate?


I use any cryptocurrency exchange that I can. Currently I am fairly limited in my options, due to racist exchanges illegally banning certain countries without the proper jurisdiction to do so. I agree that yobit is a scam, since they do not allow withdrawing of cryptocurrency coins to external addresses, as well as the support failing to fix withdraw issue resulting in the loss of funds.

Currently I am expanding my options by using smaller cryptocurrency exchanges such as https://exchange.thecoin.pw/ Although many do not trust exchanges like this one, I do trust them. Also, I have gotten some killer deals when someone has sold many coins for virtually nothing.

One day I WILL make my own really great exchange from scratch, it will host all my cryptocurrencies and many more. I will never delist coins, and It will become one of the largest and most trustworthy secure trading platforms on the planet... Someday.

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January 09, 2020, 06:40:33 AM
Last edit: January 09, 2020, 06:52:27 AM by logfiles
 #7

For spot trading

Binance and Kucoin;
1. High liquidity of most popular assets in there
2. No KYC for 2 BTC per 24 hour limits which is more than enough for me.
3. Currently, part of the most popular exchanges around.
4. Both not restricted in my country.
5. I love apps of both exchanges, i am sometime able to trade on mobile and the apps are even smoother compared to the web versions when the crypto price volatility goes crazy

For Margin Trading

Bitmex and Bybit
1. Bitmex for high liquidity of contracts especially XBT
2. Bybit in case i want to directly trade with Ether sent from my external wallet, I also love their mobile app... their big problem is low liquidity of perpetual contracts if want to be a maker rather than a taker.
3. No KYC
4. Not restricted in my country.



to hedge BTC/USD value i usually trade USDC on binance/kucoin. when i want to cash out, i transfer USDC to coinbase pro and convert to USD. that saves me 0.4% per trade.
Unfortunately, Binance recently delisted several USDC trading pairs and the trend may continue due to low trade volumes... i guess you are now going to stick with Kucoin in that aspect

https://www.binance.com/en/support/articles/360038120032



Why not? I hope you make your exchange and hope it brings not only great reward and great profit to you but it also provides a great service to the end users (customers)

You did not state the reasons you trade on the your preferred exchange. Could you elaborate?
I doubt he's interested in the discussion. He's just shilling his shit exchange on almost every post. Check out his post history

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figmentofmyass
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January 09, 2020, 07:18:53 AM
 #8

to hedge BTC/USD value i usually trade USDC on binance/kucoin. when i want to cash out, i transfer USDC to coinbase pro and convert to USD. that saves me 0.4% per trade.
Unfortunately, Binance recently delisted several USDC trading pairs and the trend may continue due to low trade volumes... i guess you are now going to stick with Kucoin in that aspect

https://www.binance.com/en/support/articles/360038120032

those are just low volume altcoin markets. they won't be delisting the BTC/USDC market anytime soon. remove the handful of fake volume exchanges listed at the top and you can see binance has the highest volume BTC/USDC market in the world: https://coinmarketcap.com/currencies/usd-coin/markets/

so naturally, binance is much better than kucoin when i need liquidity to dump into.

what i like doing on kucoin is placing low bids and high asks so i can profit from the slippage. one example: yesterday i was able to sell at $9000 on kucoin BTC/USDC even though the spot market never passed $8500. Wink

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