So Many Exchanges out there

[SatHunter]

This is newbie talk, so don't kill me. I want to learn, but it seems so complicated.

I want to  - sell BTC for ETH, and then sell that ETH for more BTC than I started the trade with. Sounds like a simple way to start, yet I know it won't be.

My biggest concern is that there are so many exchanges. How the heck do I know which ones will pay me after I make an exchange? I know I have to check their reserve balance, but what else should I look for?

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[passwordnow]

Just trade on popular and reputable exchanges then. For centralized exchanges, there's a lot of them: https://coinmarketcap.com/rankings/exchanges/
And for the decentralized exchanges: https://coinmarketcap.com/rankings/exchanges/dex/
Well, I guess the other factor that you have to check is about the feed back of the others on how good or bad they are.

[Oshosondy]

You can use instant exchange like changenow or changelley, but you can be asked for KYC at anytime.

You can use centralized exchange like Binance or Coinbase but they are centralized and you will have no privacy, I will not advise this though but it can be used.

You can use decentralized exchange like localcryptos if you only want to trade bitcoin and ethereum but if you want to trade more, you can use hodlhodl.

[ololajulo]

How the heck do I know which ones will pay me after I make an exchange?

If I got the question right, U want to know exchanges that will release your token when u make trade? This has not been problem on most and top exchanges and not a major problem. Have not had that problem except on decentralised exchange when I trade scam token that might withdrawal other tokens.

[Johnyz]

My biggest concern is that there are so many exchanges. How the heck do I know which ones will pay me after I make an exchange? I know I have to check their reserve balance, but what else should I look for?

Go for the top option, Binance and other top exchange will give you a good guarantee that your money will be safe and this is also advisable to every newbies to just use a good platform for their trading activities. Not all exchanges are worth it but sometimes if you have altcoins that is not listed on top exchange you have no choice but to deal with it or wait for the moment that tokens can be listed on major exchange.

[DoublerHunter]

You can use instant exchange like changenow or changelley, but you can be asked for KYC at anytime.

You can use centralized exchange like Binance or Coinbase but they are centralized and you will have no privacy, I will not advise this though but it can be used.

You can use decentralized exchange like localcryptos if you only want to trade bitcoin and ethereum but if you want to trade more, you can use hodlhodl.

^ This instance exchanges are expecting there is a huge fee to them so I think this is not good advice at all.
Binance is my first pick because they are trusted for how many years of holding the fund and they are also the cheapest withdrawal fees in all exchanges.
This is very risky to a newbie because this is like trading, just apply the basic technique in trading, just buy when the price is low and sell when the price goes up, this is probably a safe method of making a profit than the trading which is very risky.
However, CEXs is prone to hacking just be careful, if you will not trade on the exhcnage that you have chosen, move right away your coins to the non-custodial wallet.

[goaldigger]

My biggest concern is that there are so many exchanges. How the heck do I know which ones will pay me after I make an exchange? I know I have to check their reserve balance, but what else should I look for?

Looking at your post history looks like you already have the knowledge about this but for the benefit of this question and since you’re considering yourself as a newbie, I can only suggest to you Binance platform since you’re talking with the top coins, I’m sure its available of Binance exchange and you can trade it though I think KYC is already needed on Binance. If you are not ok with KYC, then Kucoin is also a good alternative.

[Hypnosis00]

My biggest concern is that there are so many exchanges. How the heck do I know which ones will pay me after I make an exchange? I know I have to check their reserve balance, but what else should I look for?

If you are using a legitimate exchanger like Binance, Kucoin, and many more...you can really expect better trade and certainly receives your money after.
You may also consider these things as your preferences upon choosing;
 * volume
 * market review/feedback
 * transactions fees

For me, it was not necessary to know their reserve balance for as long as they are legit as this never be an assurance that they can pay us back or sends our money to us.

[crzy]

Choose the best and choose what’s convenient to you.
If Binance is not available in your place, try other options that is also on the top exchange list. Consider the KYC as well, some exchanges are already asking for this one. If you can’t trade yet, that’s ok its better to hold those good coins for now while you are still learning how to do this properly.

[Smartvirus]

This is newbie talk, so don't kill me. I want to learn, but it seems so complicated.

I want to  - sell BTC for ETH, and then sell that ETH for more BTC than I started the trade with. Sounds like a simple way to start, yet I know it won't be.

My biggest concern is that there are so many exchanges. How the heck do I know which ones will pay me after I make an exchange? I know I have to check their reserve balance, but what else should I look for?

Just a thought and a question to suit it...
Are you truly a newbie? Like, its a Sr.member account that dates back to 2015 and have got probably all the merits airdroped upon the launch of the merit system. In fact, you zero out in the last 120 days! Well  that isn't the issue here so, let's get to the exchanges.

I still like yo count you to be experienced and as such, you should know that the most popular onces often goes. Binance is the most recommended but, you ought to watch out for KYC and T&C as the exchange might have a restriction on your nation and as such, you might be bridging a policy by mare opening an account and withdrawals might be unsuccessful.

[sheenshane]

Ask yourself first before picking an exchange that you want.
First,

• Are you willing to go KYC compliance?  then, a centralized exchange is good to go
• Is the exchange allowed in your place?

Choosing an exchange platform where to entrust our fund is quite hard to do, always prefer the legitimate exchange that supports various coins to trade.
Check always the minimum balance that they allow to withdraw because there are some exchanges that required a quite big amount before you can initiate a withdrawal.

[logfiles]

You can use instant exchange like changenow or changelley, but you can be asked for KYC at anytime.

Not good advice for a newbie. Changelley and changenow can easily block funds, and they have quite a number of scam accusations, not forgetting he will incur huge fees when using instant exchanges. So profits would be ripped apart.

It’s better if he can use on exchange, let's say he buys and sell ETH on Binance using the ETH/BTC trading pair. So he won't have to worry about withdrawal fees and transaction fees. All he would care about are the trading fees.

[Wexnident]

If you're willing to go past the KYC requirements, then I'd suggest going for well-known exchanges such as Binance. Check beforehand though if the exchange is allowed in your country, then feel free to try it out imo. Binance themselves has a guide afaik on how to start trading so you can easily get info on how to trade and stuff like that. As for the legitimacy, I'm pretty sure a lot of users here can vouch for it and there haven't been that many issues about them afaik. Just make sure the Binance siter you're visiting is the right site and not some bogus site made by others.

[VanityWallets2015]

You can see at the right side of the trading panel the greens and reds, green prices are the prices and volume that wanted to buy and red are the offers and the value of what they wanted to buy and you can try to look at this https://coinmarketcap.com/rankings/exchanges/ to look for good exchange in terms of volume.

[Jawhead999]

https://coinmarketcap.com/rankings/exchanges/ to look for good exchange in terms of volume.

I don't think the good exchanges determined only from the volume, because if you sort the exchanges only looking by the volume, you will see bunch of unknown exchanges appeared. They might use manipulation in order to get a high volume trading, it's better for looking the exchange score and do your own research to gather more informations about the reputation, pairs, features, fees etc.

[Crypto Library]

You can do this by using any good exchanger. You can use Binance as the best exchanger or I will personally suggest to use FTX exchanger. The FTX Exchanger has the lowest transaction fees. You can easily do this by going from these centralized to trading options.

[danherbias07]

This is newbie talk, so don't kill me. I want to learn, but it seems so complicated.

I want to  - sell BTC for ETH, and then sell that ETH for more BTC than I started the trade with. Sounds like a simple way to start, yet I know it won't be.

My biggest concern is that there are so many exchanges. How the heck do I know which ones will pay me after I make an exchange? I know I have to check their reserve balance, but what else should I look for?

Any known exchange will pay up or they will be in big trouble if you have the proof that they don't.
You are trying to do the trading method to make a profit or accumulate more Bitcoin using the pair ETH/BTC and vice versa. That's a problem, imo.
The most popular method used now is BTC -> USDT or a Stablecoin that you prefer -> ETH then backward. It makes easier for them to identify if there are profits made because it's in whole numbers while with the BTC/ETH pair you will be looking at a lot of decimal points that may become confusing for a newbie.

[Potato Chips]

Check their reputation. How much money you should entrust also depend on this.

1. The longer they have been in business the better.
2. Plus points if their team and where are they located are publicized.
3. Make use of the forum when researching, learn who is reputable or not (post history, trust history) cause they are unlikely to write fake feedbacks (not meant to say you should blindly trust anyone). Try to look if the exchange has an account in the forum as well to see if there's any scam accusation about them.
4. A reputable exchange would also be mentioned by reputable news outlets.

Lastly, make sure to read the TOS and privacy policy. I know you feel lazy to read it but it's important to know the risks before getting into something. You can check https://kycnot.me for a list of no mandatory to no kyc at all exchanges.

[maydna]

As the other said, look at https://coinmarketcap.com/rankings/exchanges/ and check one by one from the top 50 exchanges list. We can't suggest one exchange because that will relate to your feeling of comfortably using the exchanges. Perhaps, we can suggest Binance, Bisq, FTX, Changelly, Changenow, or else but if you don't feel comfortable using the exchanges, that will not work for you. It will be no problem if you register on many exchanges just to check what is inside the exchange and get a comfortable feeling.

[Yamifoud]

As the other said, look at https://coinmarketcap.com/rankings/exchanges/ and check one by one from the top 50 exchanges list. We can't suggest one exchange because that will relate to your feeling of comfortably using the exchanges. Perhaps, we can suggest Binance, Bisq, FTX, Changelly, Changenow, or else but if you don't feel comfortable using the exchanges, that will not work for you. It will be no problem if you register on many exchanges just to check what is inside the exchange and get a comfortable feeling.

It is time-consuming checking all of the top 50, I think checking only at least out of the top 10 we already found good and trusted exchanges.
But I suggest for OP to consider first those exchanges that are very popular in the market like Binance and Kucoin. And besides, we don't need to use different exchanges for a trader, 1 exchanger is good enough for as long as we are already satisfied with their fees and services. Having an active customer support is a big factor when choosing them.

[CaVO32]

As the other said, look at https://coinmarketcap.com/rankings/exchanges/ and check one by one from the top 50 exchanges list. We can't suggest one exchange because that will relate to your feeling of comfortably using the exchanges. Perhaps, we can suggest Binance, Bisq, FTX, Changelly, Changenow, or else but if you don't feel comfortable using the exchanges, that will not work for you. It will be no problem if you register on many exchanges just to check what is inside the exchange and get a comfortable feeling.

It is time-consuming checking all of the top 50, I think checking only at least out of the top 10 we already found good and trusted exchanges.
But I suggest for OP to consider first those exchanges that are very popular in the market like Binance and Kucoin. And besides, we don't need to use different exchanges for a trader, 1 exchanger is good enough for as long as we are already satisfied with their fees and services. Having an active customer support is a big factor when choosing them.

The activity that the OP wants to do is not worth if he is talking about small funds. Because he will be eaten by the fees alone. But if he has big budget, better use the reputable exchanges like binance and kucoin. Don't be tempted by small exchanges with wide gap of prices because he is after for the possible profit. Because for one, his order may not be fulfilled according to his timeline and then, afterwards, you don't know if you can ever withdraw your funds as they may look for loopholes on not to release your funds.

[awik p]

As the other said, look at https://coinmarketcap.com/rankings/exchanges/ and check one by one from the top 50 exchanges list. We can't suggest one exchange because that will relate to your feeling of comfortably using the exchanges. Perhaps, we can suggest Binance, Bisq, FTX, Changelly, Changenow, or else but if you don't feel comfortable using the exchanges, that will not work for you. It will be no problem if you register on many exchanges just to check what is inside the exchange and get a comfortable feeling.

It is time-consuming checking all of the top 50, I think checking only at least out of the top 10 we already found good and trusted exchanges.
But I suggest for OP to consider first those exchanges that are very popular in the market like Binance and Kucoin. And besides, we don't need to use different exchanges for a trader, 1 exchanger is good enough for as long as we are already satisfied with their fees and services. Having an active customer support is a big factor when choosing them.

The activity that the OP wants to do is not worth if he is talking about small funds. Because he will be eaten by the fees alone. But if he has big budget, better use the reputable exchanges like binance and kucoin. Don't be tempted by small exchanges with wide gap of prices because he is after for the possible profit. Because for one, his order may not be fulfilled according to his timeline and then, afterwards, you don't know if you can ever withdraw your funds as they may look for loopholes on not to release your funds.

in using large funds, the most important thing is the safety we put the funds on an exchange. indeed it will cost money, but at least this avoids losing funds due to no fault of our own. therefore exchanges such as Binance and Kucoin are indeed the main choices. logically this exchange is trusted by big investors, why should we just go with the flow. especially if we do long-term trading, of course it will be dangerous to choose an unfamiliar exchange

[Beparanf]

As the other said, look at https://coinmarketcap.com/rankings/exchanges/ and check one by one from the top 50 exchanges list. We can't suggest one exchange because that will relate to your feeling of comfortably using the exchanges. Perhaps, we can suggest Binance, Bisq, FTX, Changelly, Changenow, or else but if you don't feel comfortable using the exchanges, that will not work for you. It will be no problem if you register on many exchanges just to check what is inside the exchange and get a comfortable feeling.

It is time-consuming checking all of the top 50, I think checking only at least out of the top 10 we already found good and trusted exchanges.
But I suggest for OP to consider first those exchanges that are very popular in the market like Binance and Kucoin. And besides, we don't need to use different exchanges for a trader, 1 exchanger is good enough for as long as we are already satisfied with their fees and services. Having an active customer support is a big factor when choosing them.

The activity that the OP wants to do is not worth if he is talking about small funds. Because he will be eaten by the fees alone. But if he has big budget, better use the reputable exchanges like binance and kucoin. Don't be tempted by small exchanges with wide gap of prices because he is after for the possible profit. Because for one, his order may not be fulfilled according to his timeline and then, afterwards, you don't know if you can ever withdraw your funds as they may look for loopholes on not to release your funds.

The OP didn’t define the time frame of his trading. Maybe he will do a trade long term just to increase his BTC holdings using ETH/BTC pair but base on his statement he might do arbitrage trading and he is using significant amount since he is very cautious on choosing the exchange he wants to trade. Honestly speaking this question is from newbie and the OP rank is already Sr Member it’s very alarming that he is a user here for more than a year without any knowledge about exchange.

[palle11]

Honestly speaking this question is from newbie and the OP rank is already Sr Member it’s very alarming that he is a user here for more than a year without any knowledge about exchange.

This doesn't matter. There are difference here, trading is a different thing entirely and being an active poster. He is seeking an enquiry about trading and if you get through with his post history, the Op is not been active, probably one of those that got default merit  haha
However for the question from OP, I don't think binance can't do what you are asking for. Start with binance as one of the popular exchange and you can get help easily when you need one. Binance is a centralized exchange but I don't think anyone complained of not getting service from order they made from profit to losses.

[Alert31]

This is newbie talk, so don't kill me. I want to learn, but it seems so complicated.

I want to  - sell BTC for ETH, and then sell that ETH for more BTC than I started the trade with. Sounds like a simple way to start, yet I know it won't be.

My biggest concern is that there are so many exchanges. How the heck do I know which ones will pay me after I make an exchange? I know I have to check their reserve balance, but what else should I look for?

Look for exchange with a lot of investors. Better to choose the top exchange to avoid problems in terms of deposit and witdrawal of your funds. It is important to learn first about a certain exchange before using it because there are exchange that always give you a problem and headaches and sometimes ypur funds suddenly lose to them. I always use binance, bitcoin exchange and bithumb which is so far so good and I didn't encounter any problem.

[hyudien]

I want to  - sell BTC for ETH, and then sell that ETH for more BTC than I started the trade with. Sounds like a simple way to start, yet I know it won't be.

Don't sell your BTC for any coin pair, all you need to do is sell altcoins to continue to grow BTC.

Therefore, always divide the reserve value portfolio into several parts. 50% for BTC and the rest you play a role in altcoins as much as possible to take a position when BTC is experiencing a correction and then enter little by little from the profits of the altcoin. Sounds complicated but this kind of concept is much more effective than you selling BTC for altcoins and then exchanging them back into BTC. This means that there will be automatically lost BTC value when you buy it at a low price.

[Cling18]

This is newbie talk, so don't kill me. I want to learn, but it seems so complicated.

I want to  - sell BTC for ETH, and then sell that ETH for more BTC than I started the trade with. Sounds like a simple way to start, yet I know it won't be.

My biggest concern is that there are so many exchanges. How the heck do I know which ones will pay me after I make an exchange? I know I have to check their reserve balance, but what else should I look for?

Look for exchange with a lot of investors. Better to choose the top exchange to avoid problems in terms of deposit and witdrawal of your funds. It is important to learn first about a certain exchange before using it because there are exchange that always give you a problem and headaches and sometimes ypur funds suddenly lose to them. I always use binance, bitcoin exchange and bithumb which is so far so good and I didn't encounter any problems.

Always check the exchanges' feedback and reviews. That will help you determine if they're trusted and reputable. Yes, Binance is a reputable exchange and it's also user-friendly and is advisable for newbies. Just be skeptical because there are exchanges that have a bad reputation and be sure to do research before so you'll never have regrets in the end.

[feelideb]

I will advice you to just follow the leader! Binance is very popular with top traders and though binance is centralized, you can still see their commitment best trading experience. Another exchange I found reliable over the year is Kucoin! The response time of kucoin is almost immediate. I have never had any problem with these two exchange!

[teosanru]

This is newbie talk, so don't kill me. I want to learn, but it seems so complicated.

I want to  - sell BTC for ETH, and then sell that ETH for more BTC than I started the trade with. Sounds like a simple way to start, yet I know it won't be.

My biggest concern is that there are so many exchanges. How the heck do I know which ones will pay me after I make an exchange? I know I have to check their reserve balance, but what else should I look for?

I am a bit confused here, are you confused about the credibility of the exchanges? You doubt that after you deposit your money on the exchanges they won't pay you back? If you are worried about this thing I would just make you slightly relieved that such things are rare, Atleast with the top 100 exchanges you won't really face this issue, they will always pay you back. Also checking reserve balance which I assume you are checking by searching the address of that exchange in bitcoin explorer isn't really a very smart idea, I mean even if there is reserve balance there is no guarantee that you would be paid after you make an exchange.

[so98nn]

No need to complicate things. Just go for higher volume, lively support, secured exchange with 2FA etc and you will be good to go.

Mostly Binance has well reputed angle in almost all countries so do check if it is running in your country and just enrol to the same. I dont think you will need to go anywhere else if you trade on it.

However, its my suggestion go for the local exchanger (but with volume / reputation etc.) because they are faster to work with your banks, multiple payment options and if you get in trouble then you have in persons contact.

[Silberman]

My biggest concern is that there are so many exchanges. How the heck do I know which ones will pay me after I make an exchange? I know I have to check their reserve balance, but what else should I look for?

Looking at your post history looks like you already have the knowledge about this but for the benefit of this question and since you’re considering yourself as a newbie, I can only suggest to you Binance platform since you’re talking with the top coins, I’m sure its available of Binance exchange and you can trade it though I think KYC is already needed on Binance. If you are not ok with KYC, then Kucoin is also a good alternative.

It seems this is the best option, while it is true there are a significant number of exchanges it is also true that it is easy to find the most reliable exchanges that we have in the market  as long as we are willing to make a quick research, and since it seems the one that started this thread is only interested in trading mainstream coins like bitcoin and ethereum then he could make exclusive use of them for the time being, as he does not need to take a risk and put his money in exchanges with a dubious reputation while trying to buy a new and most likely useless coin.

[nurilham]

pretty simole actually. first if all, in what exchange or wallet your Bitcoin?
You can choose too exchanges in Coinmarketcap.com
I personally always use Binance, that's legit.
or you can also use other trusted abd reoutable exchanges such as coinbase, Okex, Kucoin, Kraken, Bitmart.
after regustrating in the exchange and doing verification, you can deposit your BTC to the wallet in the exchange. then you can do trade in the Spot market with BTC/ETH

[kawetsriyanto]

This is newbie talk, so don't kill me. I want to learn, but it seems so complicated.

I saw some of your previous posts and mostly about exchanges. I think that you had a bad experience with some exchanges in the past.

Yes, you are right that there are so many exchanges that we can find.
I see that you live in Canada, right?
I think that you can choose one of the best and top exchanges based on the lists on Coin market Cap:
https://coinmarketcap.com/rankings/exchanges/
The top lists are the preferred and recommended use.

You can choose one type of exchange as what @Oshosondy said above.
Just register in one of the exchanges, for example, https://www.binance.com/
You can read some guidance for beginners in Binance here
https://www.binance.com/en/support/faq/c780097f75dd450a82d17f1e84153276
and also some other crypto information here
https://academy.binance.com/en

But, the most important thing is that never trust anyone who want to help you trade the Bitcoin, ask your private key or phrase to access your wallet, or as you to send your Bitcoin first to him and he will send you the ETH. Never trust this because most of them are scams.

[adaseb]

There are a lot of exchanges for different reasons. For seasonal traders they generally don’t use an exchange like Coinbase or Gemini which is very user friendly but charges like 1-2% trading fees. They generally use something like FTX with very low fees.

Regarding security most exchanges have robust security these days. If you follow the recommended guidelines of getting 2fa, white listing addresses, etc you will almost never get your funds stolen. And exchange hacks these days are very rare compared to 5 years ago.

[LeGaulois]

@adaseb

Two things are incorrect:

There are more exchange platforms hacked compared to 5 years ago. Just look on the web, there is a hack every 3 months and it includes more millions $. But we could say it's something normal since more platforms are online compared to 5 years ago.


That is 28x jump in average hack value from the pre-Gox era

and despite all the changes they make (2fa, etc...)

Hack severity has dramatically increased and will continue to get worse as the ecosystem grows

Finally,Crypto exchanges keep getting hacked

We shouldn't really be surprised because a lot of exchanges are pretty bad with their security (it's not only a matter of 2fa and other stuff). The serious ones spend literally millions of dollars on security while some don't bother to apply basics, so that's why they get hacked soon or later.

I posted to show how weak they can be. Yes, it's long ago but not a lot has changed since.

I made this graphic using some data from Sqreen. (Yeah, I know it's not a professional one I am usually able to do better but I never tried to use bar graphs or histograms  so I was just playing around)

140 cryptocurrency exchanges have been checked one by one for basic security issues. It doesn't mean these exchanges have vulnerabilities but they should improve some basic security controls

out of the 140 exchanges we analyzed less than 40% of them are using headers like the Strict-Transport-Security header or the X-XSS-Protection header. 20% expose server information which isn’t a security vulnerability in itself but that clearly shows the low level of security best practices implemented. And 26% of them use frontend libraries with known vulnerabilities. Only 2% implemented a Content-Security-Policy that, if done well, can offer powerful protection against clickjacking or XSS

[maydna]

~snip~

It is time-consuming checking all of the top 50, I think checking only at least out of the top 10 we already found good and trusted exchanges.
But I suggest for OP to consider first those exchanges that are very popular in the market like Binance and Kucoin. And besides, we don't need to use different exchanges for a trader, 1 exchanger is good enough for as long as we are already satisfied with their fees and services. Having an active customer support is a big factor when choosing them.

It could be done by @OP. What was clear, he needed to check the exchanges at the top of the list to find the exchange he wanted. Yes, I agree to consider Binance and KuCoin because I see Binance as one big exchange with a good reputation among other exchanges. Meanwhile, KuCoin is also trying to get a good position and get more traders to trade in their place. One exchange is enough for beginners, so they don't get confused about managing their trades.

[LastKiss]

This is newbie talk, so don't kill me. I want to learn, but it seems so complicated.

I want to  - sell BTC for ETH, and then sell that ETH for more BTC than I started the trade with. Sounds like a simple way to start, yet I know it won't be.

My biggest concern is that there are so many exchanges. How the heck do I know which ones will pay me after I make an exchange? I know I have to check their reserve balance, but what else should I look for?

Simple, just check their trading activities the more they have liquidity the more you can exchange at ease. Right now there are a lot of exchanges that use bots rather than real people, you will see the difference if an exchange that uses a bot or many real traders if you have some experience in many exchanges. The other thing is the security if an exchange provides a low security then just forget it, it's better to go to the top exchange.

[Luzin]

It could be done by @OP. What was clear, he needed to check the exchanges at the top of the list to find the exchange he wanted. Yes, I agree to consider Binance and KuCoin because I see Binance as one big exchange with a good reputation among other exchanges. Meanwhile, KuCoin is also trying to get a good position and get more traders to trade in their place. One exchange is enough for beginners, so they don't get confused about managing their trades.

Having a lot of exchanges will make beginners dizzy and I agree with you. Use one exchange that you think supports you to grow. In this case of course security, trading volume, even the web interface also has an influence when you trade. But if later you have become proficient then it is not wrong to have many trading accounts, because you can make a profit by utilizing price margins by making purchases and selling in different exchanges. I used to love poloniex, but because the volume dropped then moved to Bittrex and now I use Binance and I like the old web interface.

[YOSHIE]

My biggest concern is that there are so many exchanges. How the heck do I know which ones will pay me after I make an exchange? I know I have to check their reserve balance, but what else should I look for?

If i may suggest that you trade BTC and ETH on your local exchange site, it's better if you know about it, don't trust the exchanges out there too much, a lot of exchanges these days lead to scams.

Exchange sites, generally the same as buying and selling and profit, there are different systems such as: Margin, Futures, Spot, fiat and so on, the point is: you must have trading knowledge.

Before you trade on the exchange site, try to visit here: https://bitcointalk.org/index.php?board=223.0, You will know the exchange's good and bad reputation, before you proceed to trade.

[maydna]

~snip~

Having a lot of exchanges will make beginners dizzy and I agree with you. Use one exchange that you think supports you to grow. In this case of course security, trading volume, even the web interface also has an influence when you trade. But if later you have become proficient then it is not wrong to have many trading accounts, because you can make a profit by utilizing price margins by making purchases and selling in different exchanges. I used to love poloniex, but because the volume dropped then moved to Bittrex and now I use Binance and I like the old web interface.

Managing one exchange would be easier than two or even three exchanges, especially if he was a beginner who didn't use all the facilities in each exchange. Even if he is proficient, still using one exchange will be easier to manage, and he can focus on analyzing and profiting from each coin on the exchange. Poloniex, to me, is a legend because it was a good exchange and could give me a lot of profit at the time, but now I use Binance more because it offers more features to earn profit.

[tvplus006]

Don't sell your BTC for any coin pair, all you need to do is sell altcoins to continue to grow BTC...

The goal of the OP is not just to hold bitcoin, but to increase its quantity. It is for this reason that he chose the second most popular Ethereum coin, paired with which he plans to trade. Accordingly, in order to achieve his goal, he needs to choose a reliable SEC, such as Binance, kuCoin or Huobi, so as not to lose his money.

[ice18]

Binance, Kucoin, MEXC, FTX this are only some of the top exchanges I used many times and never had any problems, from deposit and withdrawals are all smooth don't waste your time trying new exchanges which is not trusted and popular only reliable one like mentioned by many comments above.  

[Tahsin Kabir Kollol]

In fact, it is a concern of every exchanger user and many have encountered such problems all the time. In this case, users should always consider the popular and trusted exchanges. There are several top-rated cryptocurrency exchanges that have the best reputation and the security system is strong and secure. Binance, Kucoin, and Coinbase are the top exchanges and you can use all these exchanges.

[Myleschetty]

This is newbie talk, so don't kill me. I want to learn, but it seems so complicated.

I want to  - sell BTC for ETH, and then sell that ETH for more BTC than I started the trade with. Sounds like a simple way to start, yet I know it won't be.

My biggest concern is that there are so many exchanges. How the heck do I know which ones will pay me after I make an exchange? I know I have to check their reserve balance, but what else should I look for?

It all depends on what you mean by what you said "which ones will pay me after I make an exchange" but I personally select an exchange base on
1) Reputation
2) How fast is their withdrawal service and cost: You can not request a withdrawal on Binance and don't want to pay a huge transaction fee which is unfair.
3) Customer support.
4) Geographical area restriction.

[milewilda]

This is newbie talk, so don't kill me. I want to learn, but it seems so complicated.

I want to  - sell BTC for ETH, and then sell that ETH for more BTC than I started the trade with. Sounds like a simple way to start, yet I know it won't be.

My biggest concern is that there are so many exchanges. How the heck do I know which ones will pay me after I make an exchange? I know I have to check their reserve balance, but what else should I look for?

If you do have plans on dealing or making fiat conversion then stick with CEX.
https://coinmarketcap.com/rankings/exchanges/

Binance is on the top which i could assure you since its one of the most famous.

If you dont like to touch up centralized platforms then you could opt in DEX.
https://coinmarketcap.com/rankings/exchanges/dex/

So its your choice to make!

[Ludmilla_rose1995]

There are hundreds of DEX or CEX exchanges currently circulating, but only a few can be trusted and have a good reputation, it's all business competition. so far I only use binance and kucoin (for CEX) and pancakeswap (for DEX).

[Serco]

You can do this by using any good exchanger. You can use Binance as the best exchanger or I will personally suggest to use FTX exchanger. The FTX Exchanger has the lowest transaction fees. You can easily do this by going from these centralized to trading options.

if we talking about lower transaction fees , maybe Woo exchanges has lower fee than FTX. as new exchange WOO network provide us good feature especially about fees in trading or withdrawl. even if we stake some amount of WOO we will get speciall feature that feeless in any services. in future it could competitors of Binance and FTX.

[GeorgeJohn]

You can do this by using any good exchanger. You can use Binance as the best exchanger or I will personally suggest to use FTX exchanger. The FTX Exchanger has the lowest transaction fees. You can easily do this by going from these centralized to trading options.

If i should recommend exchanges that is fifty (50) percent trustworthy. I will not hesitate to make mentioned of binance exchange, because it's the purest and we'll known exchange across the world everyone can recommend for any cryptocurrency exchange and speed transaction procession..so i give support of using binance as your recommendation

[Dr.Osh]

just use popular exchanges like binance, kucoin, and others, or you can have a look at CMC. other than that, avoid using new exchanges. if you've been in this for a long time, and seeing as you're already a senior member on this forum, it doesn't seem like this is anything new to you. I suspect you have been trading for a long time or at least you have. if you are still confused about choosing your main exchange, then just use binance. it is more than enough.

[Benefactor]

This has not been issue on most and top trades and not a significant issue. Have not had that issue besides on decentralized trade when I exchange trick token that could withdrawal different tokens. Not all trades are worth the effort however here and there in the event that you have altcoins that isn't recorded on top trade you must choose the option to manage it or hang tight for the second that tokens can be recorded on significant trade.

[justdimin]

Simple, just check their trading activities the more they have liquidity the more you can exchange at ease. Right now there are a lot of exchanges that use bots rather than real people, you will see the difference if an exchange that uses a bot or many real traders if you have some experience in many exchanges. The other thing is the security if an exchange provides a low security then just forget it, it's better to go to the top exchange.

There isn't really "one way" to make sure that you could see if it's bots or real traders. I mean they have improved the bots so much so that we are talking about real looking stuff that gain a lot of volume and that gives people a ton of returns.

If you really want to succeed then you need to make sure that you are looking at the trustable places that we all know. Like for example if you are trading at binance, do you really worry that they would try to trick you into thinking there is a volume there but actually do it with bots? I mean there are bots that trade, but not for volume. Binance wouldn't let it fly, they want legit stuff so they can make a profit.

[Cryptoababe]

This is newbie talk, so don't kill me. I want to learn, but it seems so complicated.

I want to  - sell BTC for ETH, and then sell that ETH for more BTC than I started the trade with. Sounds like a simple way to start, yet I know it won't be.

My biggest concern is that there are so many exchanges. How the heck do I know which ones will pay me after I make an exchange? I know I have to check their reserve balance, but what else should I look for?

Most exchanges will verified badge on twitter will surely pay you.
Just check top 5 exchanges on coingecko.com and choose your preferred one due to withdrawal fees. Although, i will recommend FTX exchange because they have lesser withdrawal fees

[el kaka22]

Picking any exchange would be hard, I will give you that much. Even if you are dealing with places like Binance or Coinbase, it could become a difficulty because they require KYC and they could still get hacked in a way that your KYC could be shared with the world.

It's not always the money that gets stolen, the hackers would steal anything they could find, even if it is just staff names type of simple stuff. This means that we need to be careful when picking them. This is why I have suggested my friend who got in recently to use p2p, then use DEX and when he wanted to get out, use p2p again. This is the best method for your own privacy to stay intact.

[TheClownSong]

Picking any exchange would be hard, I will give you that much. Even if you are dealing with places like Binance or Coinbase, it could become a difficulty because they require KYC and they could still get hacked in a way that your KYC could be shared with the world.

KYC should be serious problem for us, and why we have to worry about this policy ? isn't we want to maximize our security layer to protecting our account. and passing KYC could help to protect, maybe hackers will have trouble when withdrawing our assets but have different name on bank account and receiver. honestly i am feel comfort if asked to pass this stagge, beside for security reason my account limitation could increase.

[sklopan]

I advise you to carefully read the reviews. Usually, if the exchange has any noticeable technical or reliability problems, information about this can be found.

[DanWalker]

Picking any exchange would be hard, I will give you that much. Even if you are dealing with places like Binance or Coinbase, it could become a difficulty because they require KYC and they could still get hacked in a way that your KYC could be shared with the world.

It's not always the money that gets stolen, the hackers would steal anything they could find, even if it is just staff names type of simple stuff. This means that we need to be careful when picking them. This is why I have suggested my friend who got in recently to use p2p, then use DEX and when he wanted to get out, use p2p again. This is the best method for your own privacy to stay intact.

The exchange on DEX exchanges does not require KYC, but I think doing the steps on it is more complicated than CEX and the gas fee will also be much higher. As a newbie to the market, perhaps CEX is still a safer and easier to use option. Binance can be considered as the best and most reliable CEX exchange but if you are afraid of KYC then you can use Kucoin, they don't require KYC but if it doesn't KYC then you will be limited per transaction.

[Lexurdania]

The exchange on DEX exchanges does not require KYC, but I think doing the steps on it is more complicated than CEX and the gas fee will also be much higher. As a newbie to the market, perhaps CEX is still a safer and easier to use option. Binance can be considered as the best and most reliable CEX exchange but if you are afraid of KYC then you can use Kucoin, they don't require KYC but if it doesn't KYC then you will be limited per transaction.

except Uniswap, another decentralized exchanges have cheap transaction fee or swap. Decentralized exchanges on BSC, Solana , Cosmos or another chain could be considered as transaction place. maybe it step easy for us, only connect wallet and swap our token. Binance or other top Exchanges have most secure security layer and our fund guaranteed on there , so it should not worry anymore if using CEX.

[ethereumhunter]

To get more of what you want, you need to compare the prices of each exchange so you can see the difference. But in my opinion, almost all exchanges don't have such large margins that your focus is on which exchanges you can use to sell BTC.

If you are okay with KYC, you can just register on Binance, deposit your BTC, and sell it when the BTC price rises again. But if you don't want to go through detailed KYC, maybe you can look for an exchange that is less strict about KYC. Possibly KuCoin or Hotbit could be your choice, as I see both exchanges are not very strict regarding KYC.

[Lanatsa]

Picking any exchange would be hard, I will give you that much. Even if you are dealing with places like Binance or Coinbase, it could become a difficulty because they require KYC and they could still get hacked in a way that your KYC could be shared with the world.

It's not always the money that gets stolen, the hackers would steal anything they could find, even if it is just staff names type of simple stuff. This means that we need to be careful when picking them. This is why I have suggested my friend who got in recently to use p2p, then use DEX and when he wanted to get out, use p2p again. This is the best method for your own privacy to stay intact.

The exchange on DEX exchanges does not require KYC, but I think doing the steps on it is more complicated than CEX and the gas fee will also be much higher. As a newbie to the market, perhaps CEX is still a safer and easier to use option. Binance can be considered as the best and most reliable CEX exchange but if you are afraid of KYC then you can use Kucoin, they don't require KYC but if it doesn't KYC then you will be limited per transaction.

Not that really too technical yet there are  YT vids which you could really make it as a guide which it isnt really that hard but if you do really ask me when it comes to fees then its really something high and it would

be better if you do really deal off with centralized exchange yet it is way more faster and easy access or wont really be that too technical but somehow you would be needing to sacrifice anonymity.

Its up to someones choice whether they would be dealing with DEX or CEX, depending into their preference.

[Findingnemo]

This is newbie talk, so don't kill me. I want to learn, but it seems so complicated.

I want to  - sell BTC for ETH, and then sell that ETH for more BTC than I started the trade with. Sounds like a simple way to start, yet I know it won't be.

My biggest concern is that there are so many exchanges. How the heck do I know which ones will pay me after I make an exchange? I know I have to check their reserve balance, but what else should I look for?

No exchange is going to pay you are create coins for you they are simply a marketplace where people list their cryptocurrencies and find the buyers basically something like eBay.

There are lot of exchanges are here, for beginners Binance maybe good so all you need to do is just register there and deposit funds or cryptocurrency to start trading.

[adzino]

This is newbie talk, so don't kill me. I want to learn, but it seems so complicated.

I want to  - sell BTC for ETH, and then sell that ETH for more BTC than I started the trade with. Sounds like a simple way to start, yet I know it won't be.

My biggest concern is that there are so many exchanges. How the heck do I know which ones will pay me after I make an exchange? I know I have to check their reserve balance, but what else should I look for?

If it's not a lot, and if you are comfortable using a centralized exchange, then use a centralize exchange to make the trade. There are some exchanges that you can use without verifying or passing KYC as long as you don't deal with fiat currency. Or you can try using an instant exchange. The rates are usually the worst though, but faster and easier to use. If you don't feel comfortable using a centralized exchange, use a DEX but you will have to know somethings which are simple but might sound complicated. Google some exchanges and read their reviews.

[Kelvinid]

My biggest concern is that there are so many exchanges. How the heck do I know which ones will pay me after I make an exchange? I know I have to check their reserve balance, but what else should I look for?

The number of exchanges is growing but only a few went legit and trusted. And to ask which one is legit, that seems to be your judgment.
But I was been certain of their feedback which is why we need to check the legality of the exchange first personally before dealing with them, not because the other member said it.

-If we have concerned about KYC, then choose decentralized exchanges
-But if not, you may choose the leading exchanges on the market

[Issa56]

There are lot's of exchange currently and we are having some that are more reputable which I will advise you to trade on and some and not really reputable which I won't advise you to trade on. So if you want to trade always make sure you get a more reputable exchange like binance, kucoin, coinbase and many more. Which you can check Coingecko for more information about different exchange and their ranks.

[AicecreaME]

I use binance whenever I'm selling my slp, eth, and Bitcoin. I always use their service because of their very active customer service. I accidentally sent my UTK (old one) to their UTK (new address) and they retrieve it for me instantly, it didn't take a week, which for me is very important. Their trading fee is reasonable, that's why I never use any exchange ever since. But it's up to you OP, you can explore them if you want.

[Ararbermas]

My biggest concern is that there are so many exchanges. How the heck do I know which ones will pay me after I make an exchange? I know I have to check their reserve balance, but what else should I look for?

what do you mean can pay you?  Actually if you created an account in exchanges and you trade, all your profits and entire balance will be displayed in your account, and no one can manage it only you. So it's all up to you if you want to cash out or if you want roll your money again.

Btw fyi every exchanges had different fees, and i suggest better to choose a trusted exchange to prevent scam platforms.

[zidanw]

Look for their trust and reputation. You can check Binance as it is the top exchange site for cryptocurrency users, don't go the unknown site since after you transfer your  money you can consider it as lost as most of them are scam. You don't have to worry about the money in the exchange as Binance is a top exchange site based on trading volume.

[Zanab247]

Choose the best and choose what’s convenient to you.
If Binance is not available in your place, try other options that is also on the top exchange list. Consider the KYC as well, some exchanges are already asking for this one. If you can’t trade yet, that’s ok its better to hold those good coins for now while you are still learning how to do this properly.

I think binance will be a good choice for you because is safe and secure for holders to hold their coins for future purpose. If you can't sell at this moment, you can hold until you are satisfy to trade your coins in the market to make a good income. Considering your KYC in the exchange market is very important to both learner and professional traders to observe before choosing their exchange that will bring joy to them at the end of the transaction.

[el kaka22]

Picking any exchange would be hard, I will give you that much. Even if you are dealing with places like Binance or Coinbase, it could become a difficulty because they require KYC and they could still get hacked in a way that your KYC could be shared with the world.

KYC should be serious problem for us, and why we have to worry about this policy ? isn't we want to maximize our security layer to protecting our account. and passing KYC could help to protect, maybe hackers will have trouble when withdrawing our assets but have different name on bank account and receiver. honestly i am feel comfort if asked to pass this stagge, beside for security reason my account limitation could increase.

There is a double edge sword in that situation. If you give your KYC and then report to the exchange that your account is hacked then they could stop the account and then ask you your KYC and you give it to them and they will open it to you only and you will get your account back that way.

This is the great part, which happened to me (sort of) where I forgot my password and didn't had access to my email, so they asked my KYC and I sent them a new picture and they accepted it and I got access. But the downside is the one that I talked about, it is risky because we may not be the ones that get hacked, it could be them that gets hacked as well, which is a problem.

[Mpamaegbu]

OP, it's indeed a newbie kind of question you raised here. However, no one truly knows it all. There are so many pointers from other users above which already should've answered your question. So, I won't belabour it

You can use instant exchange like changenow or changelley, but you can be asked for KYC at anytime.

Oh, I remember how Changelly have me my first start in crypto exchange. The site was user friendly and transactions were speedily done. Then, there wasn't any need for a KYC. Just an email for registration, that was all. I used to exchange my earned BTC from campaigns to Dogecoin on the site. There were few cryptos I knew back then and I felt those penny coins would explode like Bitcoin was doing at the time in 2017. Dogecoin and Lisk were among them. I later got onto centralized exchanges and began real trading and almost forgot about Changelly. Fast forward, a few years later I tried using Changelly again and discovered that it had added requirements that made privacy meaningless.

[retreat]

<.>
My biggest concern is that there are so many exchanges. How the heck do I know which ones will pay me after I make an exchange? I know I have to check their reserve balance, but what else should I look for?

if you really want to focus on trading then choose an exchange that does have real liquidity. binance, FTX, coinbase, kucoin, gate.io are examples of exchanges that have real liquidity with transaction volumes of billions of dollars per day. don't trade on new exchanges that have no real liquidity and only offer nonsense.

[Dr.Osh]

I use binance whenever I'm selling my slp, eth, and Bitcoin. I always use their service because of their very active customer service. I accidentally sent my UTK (old one) to their UTK (new address) and they retrieve it for me instantly, it didn't take a week, which for me is very important. Their trading fee is reasonable, that's why I never use any exchange ever since. But it's up to you OP, you can explore them if you want.

For international exchanges, I also prefer Binance or Kucoin to other exchanges. However, if you are new to crypto or exchange, choosing the best exchange is highly recommended because it can reduce the risk of scams, or mistakes in choosing exchanges. there may be many exchanges out there, but choose binance, or kucoin, it's the best. I also see a lot of people suggesting to choose Binance over other exchanges.

[death69]

I trust BInance and Remitano. I have made many transactions already. Used to love Remitano but currently, I only use Binance. It is the biggest crypto trading platform that is loyal and trustworthy. Therefore, I would trust Binance to become the middleman for all of the buying/selling stuff I want to perform. Beside, it offers a really tempting rate which I believe no exchange can do that

Well, Binance may be blocked in some regions. Check whether they are available in your location. If not,  try these options:

• Coingecko Cryptocurrency Exchanges Ranking does provide a country filter for you.
• Bitcointalk Currency exchange also a reputatble place for newbie. Remember to check the trust of the member first

[Bushdark]

This is newbie talk, so don't kill me. I want to learn, but it seems so complicated.

I want to  - sell BTC for ETH, and then sell that ETH for more BTC than I started the trade with. Sounds like a simple way to start, yet I know it won't be.

My biggest concern is that there are so many exchanges. How the heck do I know which ones will pay me after I make an exchange? I know I have to check their reserve balance, but what else should I look for?

I can see that you are very interested in trading your Bitcoin for Ethereum but you are skeptical whether you are going to get what you will apply for or not. Well there are good exchanges out there from centralized ones to decentralized ones. Since you intend to trade your Bitcoin for Ethereum and you are not really for the headaches from exchanges, you can make use of individual exchanges here on the forum. We have reputable members here that can accept your Bitcoin and give your Ethereum based on escrow.

If you insist on using an exchange then you can use exchange like Binance and it there exchanges. Although Binance is centralized so you will have to prepare for KYC cause it's very necessary using the exchange.

[alik111]

If you want to use centralized exchanges then you can choose Binance exchange which is the biggest and secured exchange. And out can also use Kucoin, Bitmart and many others which are top ranked exchanges.

[Mahanton]

If you want to use centralized exchanges then you can choose Binance exchange which is the biggest and secured exchange. And out can also use Kucoin, Bitmart and many others which are top ranked exchanges.

Binance and Kucoin which are platforms that i do really trust up as of todays although there are other platforms but you could really compare about real user experience and accessibility
in between these platforms which is noticeable even though Binance had become a full KYC platform but still cant resist on the options that you could really have on dealing or using this
platform which other exchangers couldnt able to give on but if you do really value out your anonymity or privacy then you could opt out on using Kucoin which they do have
considerable limit for unverified accounts but i wont be surprised if there would be sudden changes in the future just like on what happened on binance.

[nur rochid]

I use binance whenever I'm selling my slp, eth, and Bitcoin. I always use their service because of their very active customer service. I accidentally sent my UTK (old one) to their UTK (new address) and they retrieve it for me instantly, it didn't take a week, which for me is very important. Their trading fee is reasonable, that's why I never use any exchange ever since. But it's up to you OP, you can explore them if you want.

For international exchanges, I also prefer Binance or Kucoin to other exchanges. However, if you are new to crypto or exchange, choosing the best exchange is highly recommended because it can reduce the risk of scams, or mistakes in choosing exchanges. there may be many exchanges out there, but choose binance, or kucoin, it's the best. I also see a lot of people suggesting to choose Binance over other exchanges.

the two exchanges are indeed highly recommended, this is related to the continuation of our trading later. maybe there are many exchanges that offer certain promotions, and if compared, they will have lower gas fees, but when they get hacked, is there any responsibility, or will they be released. therefore the need for an early understanding of everything related to crypto will be better

[lixer]

I remember how Changelly have me my first start in crypto exchange. The site was user friendly and transactions were speedily done. Then, there wasn't any need for a KYC. Just an email for registration, that was all. I used to exchange my earned BTC from campaigns to Dogecoin on the site. There were few cryptos I knew back then and I felt those penny coins would explode like Bitcoin was doing at the time in 2017. Dogecoin and Lisk were among them. I later got onto centralized exchanges and began real trading and almost forgot about Changelly. Fast forward, a few years later I tried using Changelly again and discovered that it had added requirements that made privacy meaningless.

I do believe that there is a good case to be made about the "newbie" part of it just yet, I am not saying that it is not a good or bad question but at the end of the day there are so many exchanges that it is impossible to decide which one is the best one.

It kind of depends on where you are getting it from as well, that would be a hard decision, because if you are from the USA then it’s different but if you are from another nation then it’s different. Changelly was one of the first I used as well, I can remember as further back as mt.gox using as well and it wasn't that bad, then cryptsy was there, and so forth, it turns out all the "big" ones could go down under one day.

[Webetcoins]

the two exchanges are indeed highly recommended, this is related to the continuation of our trading later. maybe there are many exchanges that offer certain promotions, and if compared, they will have lower gas fees, but when they get hacked, is there any responsibility, or will they be released. therefore the need for an early understanding of everything related to crypto will be better

It can be recommended for those who don't care about their privacy because quality exchanges like that are usually heavily regulated and can ask for our KYCs before we can use them and not all people are willing to do a KYC because for them their privacy is much more important and besides there are still alternatives out there that is secure but not as strict as the two.

Not just KYC but gas fees (like you said) or trading/withdrawal fee is also what matters the most to some. Those type of users that go for non mainstream platforms, already know the risk and they know that it was their own/full responsibility whatever happens to their funds or to the platform that they are using.

[MiF]

This is newbie talk, so don't kill me. I want to learn, but it seems so complicated.

I want to  - sell BTC for ETH, and then sell that ETH for more BTC than I started the trade with. Sounds like a simple way to start, yet I know it won't be.

My biggest concern is that there are so many exchanges. How the heck do I know which ones will pay me after I make an exchange? I know I have to check their reserve balance, but what else should I look for?

I think the best choice is to use the proven and trusted exchange,example is houbi and kucoin or binance, there are a lot of new crypto exchange today and the only way to avoid being scam is to use the trusted one, because we dont know if the new exchange is scam so i prefer to choose good exchange for good.

[Desscount]

This is newbie talk, so don't kill me. I want to learn, but it seems so complicated.

I want to  - sell BTC for ETH, and then sell that ETH for more BTC than I started the trade with. Sounds like a simple way to start, yet I know it won't be.

My biggest concern is that there are so many exchanges. How the heck do I know which ones will pay me after I make an exchange? I know I have to check their reserve balance, but what else should I look for?

I think the best choice is to use the proven and trusted exchange,example is houbi and kucoin or binance, there are a lot of new crypto exchange today and the only way to avoid being scam is to use the trusted one, because we dont know if the new exchange is scam so i prefer to choose good exchange for good.

The safest is to use a trusted exchange as you mentioned above,
the exchange is unquestionable and it is a popular exchange too,
from the level of security it is also safe and has been proven to be better to minimize risk by choosing a trusted exchange like Binance and others

[Nrcewker]

This is newbie talk, so don't kill me. I want to learn, but it seems so complicated.

I want to  - sell BTC for ETH, and then sell that ETH for more BTC than I started the trade with. Sounds like a simple way to start, yet I know it won't be.

My biggest concern is that there are so many exchanges. How the heck do I know which ones will pay me after I make an exchange? I know I have to check their reserve balance, but what else should I look for?

There are many exchanges which are legit and which actually pays you, whenever you do an exchange of assets or coins.
All depends on your requirements.
If you want to go for centralized exchange, then go for Binance or coinbase.
Now if you want to exchange P2P without and KYC, then you can try localcryptos.com .
And yes you need to understand that most of the centralized exchanges requires KYC , so if you are comfortable with that then go for Binance.
All the above mentioned sites/exchanges are used by me and till now they haven't gave me any single problem. Rest is up to you mate which you gonna choose.
Wish you good luck for your long awaited trading journey OP.

[tvplus006]

...My biggest concern is that there are so many exchanges. How the heck do I know which ones will pay me after I make an exchange? I know I have to check their reserve balance, but what else should I look for?

You should not forget that in addition to centralized exchanges, there are also decentralized ones, using which you will receive your coins to your wallet immediately after making a transaction. Since there is nothing more reliable than storing coins on your wallet, therefore, using DAX is preferable for medium-term trading.

[LUCKMCFLY]

...My biggest concern is that there are so many exchanges. How the heck do I know which ones will pay me after I make an exchange? I know I have to check their reserve balance, but what else should I look for?

You should not forget that in addition to centralized exchanges, there are also decentralized ones, using which you will receive your coins to your wallet immediately after making a transaction. Since there is nothing more reliable than storing coins on your wallet, therefore, using DAX is preferable for medium-term trading.

What I don't like about decentralized exchanges is that they don't have the tools of centralized exchanges, for example I like the tools that bitfinex has because bitfinex has to place at the same time:

1.-Stop Loss,
2.-Take profit,

This allows me to totally make my commercial decisions and not be aware of the market, that is, if I win fabulous, then I hit the take profit and take profits, but otherwise I lose, I assume my loss and study what I failed, but the exchanges that I have operated are not like that, it is all very manual.

[CaVO32]

...My biggest concern is that there are so many exchanges. How the heck do I know which ones will pay me after I make an exchange? I know I have to check their reserve balance, but what else should I look for?

You should not forget that in addition to centralized exchanges, there are also decentralized ones, using which you will receive your coins to your wallet immediately after making a transaction. Since there is nothing more reliable than storing coins on your wallet, therefore, using DAX is preferable for medium-term trading.

What I don't like about decentralized exchanges is that they don't have the tools of centralized exchanges, for example I like the tools that bitfinex has because bitfinex has to place at the same time:

1.-Stop Loss,
2.-Take profit,

This allows me to totally make my commercial decisions and not be aware of the market, that is, if I win fabulous, then I hit the take profit and take profits, but otherwise I lose, I assume my loss and study what I failed, but the exchanges that I have operated are not like that, it is all very manual.

There are pros and cons when it comes to using DEXs or CEXs. But for the OP, as he is just starting here. He may want to check the features of a centralized exchange and start with the reputable one like Binance. If he doesn't want to undergo KYC, I think Kucoin is still not requiring KYC to their level 1 traders. However, what he is asking about the reserve balance of the exchange, this is hard to find. But if you are dealing with binance, for sure, they have more than enough liquidity for your coins. And being one of the reliable CEXs, you have the assurance that you will always get your money out. For years that I am this using exchange, I never had any problem with them, staking, trading and withdrawing my funds.

[martyns]

There are many exchanges which are reliable interms of transactions of USDT and other coins. For me, I prefer Binance because it's one of the safest and easy exchange to understand. It's simple to understand and the charges, more like gas fees are cheap when you use the right network to transfer coins. For TRX network, their main charge us usually 1 usdt, despite the bulky transactions done. Exchanges are top priority when trading a coin, traders needs good exchanges that don't charges high gas fees for transactions. Exchanges that would stored long term investments for future purposes.

[Anders_Bitcoin]

This is newbie talk, so don't kill me. I want to learn, but it seems so complicated.

I want to  - sell BTC for ETH, and then sell that ETH for more BTC than I started the trade with. Sounds like a simple way to start, yet I know it won't be.

My biggest concern is that there are so many exchanges. How the heck do I know which ones will pay me after I make an exchange? I know I have to check their reserve balance, but what else should I look for?

Some of the best centralized exchanges are binance, kraken, bybit. They have an advantage in liquidity, but the disadvantage is that the funds stored on the exchange do not belong to you. Some of the best decentralized exchanges are dydx, mango markets, wowswap. There is not so much liquidity here, but you have full control over the management of your assets, because it works through connecting your wallet w/o having to make a deposit and go through the KYC procedure for trading or staking

[sklopan]

After I got caught on a not the most honest exchanger, I try to be as careful as possible with this. This plays a pretty important role.

[milewilda]

After I got caught on a not the most honest exchanger, I try to be as careful as possible with this. This plays a pretty important role.

Why you do let yourselves put into trouble if top tier exchange or popular platforms had already been existing but still lost up your way on making use of these unpopular ones?
Havent you have that small time on making out some research at least before  making further step? Making out some simple google search would really be
saving up your ass on losing money if you have done just right on dealing with the right platform which it wasnt really that hard for you to spot out.

[Slow death]

Don't forget things like:

1 - Exchanges may ask you to KYC so it's best that you choose to use reliable and reputable exchanges, I know this is something difficult in this cryptocurrency market. but binance is a good exchange

2 - You have to observe the withdrawal fees of each exchange, the volume of each exchange and the withdrawal waiting time of each exchange

[Mahanton]

After I got caught on a not the most honest exchanger, I try to be as careful as possible with this. This plays a pretty important role.

Why you do let yourselves put into trouble if top tier exchange or popular platforms had already been existing but still lost up your way on making use of these unpopular ones?
Havent you have that small time on making out some research at least before  making further step? Making out some simple google search would really be
saving up your ass on losing money if you have done just right on dealing with the right platform which it wasnt really that hard for you to spot out.

This is indeed precise on which people do really get too confident or just too careless whenever they are using up something without even checking if it does have some issues or simply just new.If you are really that
mindful about your money then you would really be that keen on using up platforms which arent that known or simply you would come into some community asking out whether its good or bad.It is just people doesnt really find out ways for lessening the risk involved  whenever you do make out investment decisions.Exchange business or industry is big and once its owner do make a good hit then expect revenue
would really be that high.

[worle1bm]

...My biggest concern is that there are so many exchanges. How the heck do I know which ones will pay me after I make an exchange? I know I have to check their reserve balance, but what else should I look for?

You should not forget that in addition to centralized exchanges, there are also decentralized ones, using which you will receive your coins to your wallet immediately after making a transaction. Since there is nothing more reliable than storing coins on your wallet, therefore, using DAX is preferable for medium-term trading.

That is more feasible option but don't have much options in them and majority is having account on centralised exchanges as they are reputed and most widely used such as Binance and customer prefer to use them but its risk factor can't be ignored at any cost.So if you are into trading you need to use them but follow security steps or DEX.

[tvplus006]

What I don't like about decentralized exchanges is that they don't have the tools of centralized exchanges, for example I like the tools that bitfinex has because bitfinex has to place at the same time:

1.-Stop Loss,
2.-Take profit

Now the development of decentralized exchanges is proceeding at a rapid pace, as the team understands what CEX still has advantages over DEX and is working on it. After all, until recently there were no such tools as Take profit and margin trading on DEX, today we take this for granted.

[RealMalatesta]

Some of the best centralized exchanges are binance, kraken, bybit. They have an advantage in liquidity, but the disadvantage is that the funds stored on the exchange do not belong to you. Some of the best decentralized exchanges are dydx, mango markets, wowswap. There is not so much liquidity here, but you have full control over the management of your assets, because it works through connecting your wallet w/o having to make a deposit and go through the KYC procedure for trading or staking

Why do you think it doesn't belong to you? Binance says that it is yours, and they credit it to your account, and it is yours, if you want to trade it then you can, if you want to stake it then you can, if you want to withdraw it, then you can.

Basically, you can do anything with it, certainly more than what you can do if it was in some wallet on your PC, plus you can reach it anywhere you go around the world, with just your email and password (plus 2fa probably which is on your phone anyway so it’s with you). So, I have to say that it is not a big deal, it is certainly an issue that people created out of their mind, binance account is yours, so the money there is yours, do not listen to others who say otherwise.

[sklopan]

What I advise you to do right away is to read reviews about exchangers. Do not forget that very often they can cheat, and then the "commission" for the operation will be too high.

[Natalim]

What I advise you to do right away is to read reviews about exchangers. Do not forget that very often they can cheat, and then the "commission" for the operation will be too high.

Then we have to use well-known and reputable exchanges for we are sure that our funds are safe but I'm very certain that we can't escape from KYC. Most of these centralized exchanges asking for it, decentralized gives us an option not to do it but somehow, many of dexes can't be trusted which is an issue and risk of using them.

Well, commission fees and transaction fees really matter upon choosing an exchange. Will, of course, we have to choose those who have small fees and can provide higher security level as well.