in your opinion what would make you try to use a new cryptocurrency exchange?

[davidmafra]

which of these responses would be the most important?

a) total exemption from purchase, sale and withdrawal fees.
b) earn satoshis when creating your account
c) being part of a millionaire organization
d) be very secure in relation to users' funds
e) being able to use virtual money features to test

[batang_bitcoin]

d) be very secure in relation to users' funds

This is the most important thing that all exchanges should have. And for that new exchange, they should show how strong the security they have. We're talking about users fund and people don't want to be disappointed by hacks and loss of funds through exchanges.
Although we always advise that people shouldn't be keeping their funds on exchanges but this is the main asset of a new exchange should have.

[ohyeahhaha122]

My opinion is not in this answer, in my opinion, what I need most to choose is good liquidity because I am a trader, of course option d is also my second choice because of Confidentiality always takes precedence

[The Cryptovator]

The first thing your topic doesn't belong to the Bitcoin Discussion board, please move into Trading Discussion Board from the lower left. Back to the question, number (d) is most important for me to choose a cryptocurrency exchange. But as always, any centralized exchange has problems with security. So we can't say to any exchange 100% safe. But bad luck is decentralized exchange doesn't have enough volume & enough trading pairs. So by force, we have to trust centralized exchanges if wee needs to trading. We are hopeless, somehow we are using it.

[thesmallgod]

d) be very secure in relation to users' funds

This is the most important thing that all exchanges should have. And for that new exchange, they should show how strong the security they have. We're talking about users fund and people don't want to be disappointed by hacks and loss of funds through exchanges.
Although we always advise that people shouldn't be keeping their funds on exchanges but this is the main asset of a new exchange should have.

You will never how secure a platform is until it suffers hacking. All of them will tell you they implement the strongest security means to prevent attacks by hackers. Not until cryptopia got hacked nobody will believe such noble exchange could suffer such a devastating hacks. I consider low withdraw fee and higher withdraw limit to be more important since this are things that are more visible to everyone without being told

[Coyster]

I have a feeling you want to start your own crypto exchange, well, imo i think option 'a' is impossible, 'b' and 'c' are not important to exchange users, and the last two options are more of what can allure users to use a new crypto exchange, but that being said, you're not going to get quite a lot of users who will want to trust a new exchange with their funds.

[gentlemand]

Nothing. Unless I had some super obscure shitcoin and nowhere else to get rid of it.

I can't be bothered to do yet another signup, more 2FA etc etc. On top of that I see no reason to take a pointless risk on somewhere unproven. There are options with track record and that's what counts above all else.

[batang_bitcoin]

d) be very secure in relation to users' funds

This is the most important thing that all exchanges should have. And for that new exchange, they should show how strong the security they have. We're talking about users fund and people don't want to be disappointed by hacks and loss of funds through exchanges.
Although we always advise that people shouldn't be keeping their funds on exchanges but this is the main asset of a new exchange should have.

You will never how secure a platform is until it suffers hacking. All of them will tell you they implement the strongest security means to prevent attacks by hackers. Not until cryptopia got hacked nobody will believe such noble exchange could suffer such a devastating hacks. I consider low withdraw fee and higher withdraw limit to be more important since this are things that are more visible to everyone without being told

It is why I've said that it should be the main asset of that new exchange of what OP is telling on the title. Security for me is an asset for these businesses who are keeping our money. It's a matter of maintaining and dedicating an allocated budget to help maintain the website and free from hackers. A continuous update to their security sort of like that, I'm not aware of the term as I'm not a cybersec specialists.

[so98nn]

In my opinion all the options you gave are ok, but not the one where you get satoshi's for creating accounts. That's just a marketing strategy and it may cause blank death of your exchange since you are giving out free money and that would from your pocket!!

Well, an ideal exchanger now must get upgraded to new versions where they connect you to the bank accounts directly. However, this way of transaction shall be optional for each user since most of them might just wanna have privacy of their funds, hidden stuff etc.

But for me it would be amazing to have exchanger linked to international bank account and thus I could easily transfer my money there. It won't be prob for me if they track my transaction since i will pay the taxes anyway.

Crypto is now new passive income, it needs to be straight into my banks that's all.

[nelson4lov]

which of these responses would be the most important?

To be honest, none of these responses would make me try out a new exchange... Why's that? As a new exchange, It would take a while for me to be assured that my funds are safe just like option d says. To be considered secured, You've to be tested first. The reason why everybody likes binance isn't because it's the most secured exchange but because funds are safe (or SAFU by cz). A new exchange saying my funds are safe when they are yet to experience a major incident? It's just claims until proven otherwise.


I think there's 2 reasons that would spun anyone into trying out a new exchange:  

1. what they're bringing on the table. Is the service offering innovative?
2. Would they solve any of the problems currently being experienced in existing exchanges?

There are a lot of exchanges, to succeed in  a competitive industry like this, you just have to offer something others don't.   That's how Binance got popular after they launched back in 2017.

[tippytoes]

I have a feeling you want to start your own crypto exchange, well, imo i think option 'a' is impossible, 'b' and 'c' are not important to exchange users, and the last two options are more of what can allure users to use a new crypto exchange, but that being said, you're not going to get quite a lot of users who will want to trust a new exchange with their funds.

He should include if the cryptoexchange has license, I think that's one of the important things to consider when setting up a legit exchange. Every exchange can say that your funds are secure but they having nothing to prove it yet. Only time will tell about the reputation of the exchange, the longer it is operating without problems, the better.

[FlightyPouch]

Well, there are a lot of reasons to say not do that but I want to use some of it so some are stored in a local exchange wallet. Usually I am using it to pay for the internet, bill payments and mobile load. I am also playing some online games so I usually buy in-game currencies there as well.

[pixie85]

For me the most important feature would be no KYC. If the exchange could offer good security angd have no KYC i might try it out.

Some point don't matter to me at all like the millionaire organization or the exchange paying me to make an account. If you start paying people you can expect a lot of poor guys to come and make hundreds of accounts just to get some free money. The moment they get it they'll disappear.

No fees is nice but you have to make money somehow. I'd expect fees on an exchange just not crazy high ones.

[famososMuertos]

Hi!
For those of us who become "normal" traders, that is, we buy or sell due to market situations,  investment, etc. when we are used to an Exchange it is difficult to change it.

Well, surely we are very sure where we are, maybe those who like to do professional trade or pursue promotions, all theirs options they may like.

Consequently, just to support the statistic you are looking for with your question, the most important one is the "d".

PS: A survey would have brought you more participation and therefore better analysis.

GB.

[AjithBtc]

For all sort of bitcoin and top rated altcoins trading I prefer the leading exchanges in the market. Also I don't shift between the exchanges quite often. I prefer new exchanges only for the trading purpose of tokens that weren't listed to the exchange that I've been using. As users mentioned security is always important when it comes to cryptocurrency exchange, because funds won't be moved quite often between wallets.

[Darker45]

I would go for "be very secure in relation to users' funds." This is the ultimate feature I am looking for in a cryptocurrency exchange, very high security. However, and quite unfortunately, this is also something which may not be 100% guaranteed by any crypto exchange. We have seen large exchanges succumbed to hacking. We also have seen large exchanges suddenly locking up certain accounts.

If I may give my second most important feature among the choices provided, I would consider "total exemption from purchase, sale and withdrawal fees." This is quite attractive. But, again, I'm not sure if any crypto exchange would offer this.

[coolcoinz]

Probably the no fee option + an easy way to register and the ability to use the fiat currency of my choice would get me to join this new exchange, although I'd be a bit suspicious of the lack of fees, since running an exchange costs money. If they don't charge trading fees they have to be trying to make money somewhere else, like charging high withdrawal fees or preparing for an exit scam. You'll probably going to get the most real traders with total transparency and high volume on popular trading pairs like BTC/USD and BTC/ETH.

[The Sceptical Chymist]

As a new exchange, It would take a while for me to be assured that my funds are safe just like option d says. To be considered secured, You've to be tested first.

That's exactly why I'd be extremely reluctant to try out a new crypto exchange, even if I were looking to do so, which I'm not.  Since I don't actively trade crypto, there would be no reason for me to risk any amount of money on an unproven exchange.  This is also the reason why I wouldn't buy one of the newer hardware wallets that have come on to the market in the past year or so.

The whole crypto space is infested with scammers, and it doesn't matter whether an exchange has a slick-looking website and promises to deliver you the moon and stars; until they've proven themselves to be legitimate they should be looked at with extreme caution.  Scammers know there's a LOT of money to be made with crypto scams, so oftentimes they'll put in a lot of effort into gaining people's trust.  Just look at all those ICOs that turned out to be scams.  Many of them had whitepapers that were well written and websites that appeared completely legit.  My point is that it's often very hard to spot a scam, and people should be careful when they're offering to be guinea pigs for exchanges/projects/whatever.

But OK, let's assume this hypothetical new exchange is legitimate.  What would make me want to try it would be:
1) Zero-fee trades (much like Robinhood and TD Ameritrade do with stocks).
2) A large selection of altcoins, because even though I don't trade all that often, sometimes I get interested in some obscure altcoins from time to time, and often they're only for sale on crappy exchanges like Yobit and the like.
3) No KYC.

Right now, however, I don't think any exchange is going to be able to offer all three of those things and still be an honest exchange.  And frankly I don't think there's really a need for any more exchanges.  There are so many right now that some of them have to submit fake trading volume figures just to make themselves look popular.

[Yogee]

c) being part of a millionaire organization

What is this for? It sounds like MLM company.

All options points to a centralized exchange. This may sound rude but I suggest you drop this idea because competing with the likes of Binance, Kraken, Huobi will take a lot of resources and there's a slim chance you'll take away a portion of their users. Maybe this could work if you focus on your local market. Study the exchange and crypto regulations in your area and see if there's a market there. Check on exchanges like Indodax (Indonesia) and WazirX (India).

Perhaps you can also look into decentralize exchanges. There are plenty of rooms to explore in that area and there are only few out there to compete with. It's probably less costly to develop and maintain.

[TheUltraElite]

a) total exemption from purchase, sale and withdrawal fees.

How will the exchange run and make money then? Only from listing fees of coins? That would be a bad method to make money and probably such an exchange would only exist in a peasant dream.

b) earn satoshis when creating your account

Another peasant dream. Giving welcome bonuses is not very important for an exchange compared to a casino.

c) being part of a millionaire organization

No millionaire organization would keep an affiliation with crypto as long as it is publicly stated or as long as bitcoin remains a grey area in the market. If governments legalize bitcoin and its transactions in most countries then we might be surprised to see many mainstream companies actually having backed some of the exchanges already known to us. For example Coinbase is a pretty big organisation and its exchange is thus affiliated to it.

d) be very secure in relation to users' funds

There is nothing called "very secure". It is either secure or insecure. And that is an inherent risk of using an exchange.

e) being able to use virtual money features to test

Testing the exchange is not getting much importance to me if you use their virtual (like a faucet) currency which is non-redeemable.
If you have to stand out, create an exchange that is allowing fiat to crypto without forcing a KYC and see the flood of users in that. Alas the side effect is that money laundering would also become rampant there and law enforcement would track you down, a double edged sword indeed.