So Many Exchanges out there

[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.