So Many Exchanges out there

[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.