So Many Exchanges out there

[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.

[1714666873]

1714666873

[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