cryptocurrency forum

Intermediate Guide Choosing a Cryptocurrency Exchange

Discussion in 'Intermediate Level' started by xyzzy, Jul 30, 2017.

  1. Arpit

    Arpit Moderator Premium Member

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    I think those reviews are excellent and helpful.
    However, Coinbase does have some problems with support. It's not very effective with the support.
    I agree with @jitenrajput on this one!

    One should consider these factors as well when choosing an exchange.

    There might be other factors too:

    1) Purpose: Choosing for investment, short term/long term or margin trading.
    2) Types of coins you are looking to invest/diversify in.
    3) In case of margin trading, which are the ones and what kind of leverage do they provide for your money.
     
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  2. russel123456

    russel123456 Contributor

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    ok it will be good topics for new comer.
     
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  3. robertlava

    robertlava Beginner

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    yeah thanks for discussing this topic here after investing in ICO the major hype is where the cryptocurrency will be listed on which exchange so whats your point how to get that how to trade (buy or sell)
     
  4. Marco

    Marco Contributor

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    CoinDeal is good exchange? I read a lot of information on blockchain24 about it and seems interesting. What's your opinion?
     
  5. Novaplanet

    Novaplanet Contributor

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  6. Loki11

    Loki11 Contributor

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    I think that these guys nailed with this list and reviews for getting on board with cryptocurrency exchanges, because they do not have any silly aff links and ads and they are reliable and trusted source: https://cryptolinks.com/cryptocurrency-exchange
     
  7. EarthLover

    EarthLover Beginner

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    Tringularfx. It’s like having an expert traders in your pocket... Yup the best auto trade bot I have ever invested on.
     
  8. GuardianofCrypto

    GuardianofCrypto Master of Trolls Staff Member Super Admin

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    Bots make things easier but I personally get annoyed of them so much lol
     
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  9. kangaexchange

    kangaexchange Beginner

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    There are many different exchanges. I think you have to choose where there are no unnecessary fees and your token is listed :) You can always check something new :)
     
  10. coinologist

    coinologist Contributor

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    With so many exchange platforms out there, it can be difficult to choose which one is the right fit for you. Not all platforms are created equal, and sometimes even when they are the right for you, they won’t be available in your country or won't offer the payment method you need. Exchanges are essential for both new and existing users, so it is vital you do your research to optimise your experience and make sure you’re staying safe.


    What is a cryptocurrency exchange? - A platform that allows its customers to trade cryptocurrencies into other assets (i.e. fiat or other currencies). There are different types of cryptocurrency exchange platforms. The standard is a trading platform, they will allow you to buy and sell between traders and will charge a small fee. A direct trading platform is direct between peers; there is no fixed market price, the individuals mark the exchange rate, this is similar to an ‘over the counter’ exchange. Finally, there is brokers exchange, they preset a price for the exchange, this is similar to foreign exchange dealers.


    You should always consider what you want to get from the platform. Do you want to trade specific altcoins? Do you want coin to fiat or coin to coin? There are several factors that should be considered when choosing an exchange. Here are some of the most important aspects you should be considering: security, reputation, payment methods, fees, transparency, and customer support.


    What security do they offer? Research their security practices and monitoring. What level and type of mechanisms do they offer? How are your coins stored? This is essential in ensuring your coins are safe and out of reach from hackers. The data-intensive nature of opening cryptocurrency accounts can discourage users. Because a large amount of focus in cryptocurrency is on security it can be very easy to become locked out of platforms, potentially leaving your assets at risk. With an estimated 3 million bitcoins going missing (14% of bitcoins finite supply), it is essential to be able to ensure that your crypto is in safe hands. Is there 2-factor-authentication and/or email encryption and verification for every transaction? What is their data security like? Do they check their user's information with a KYC - this will save you lots of time and worry.


    Check the reputation! Research reviews on specific industry websites, ask questions on forums. What are user experiences like? Is the platform easy to navigate? Many providers are seemingly uninterested in providing customer care or transparency, despite receiving complaints such as “It took two weeks to get a response and the response was generic and obviously had not been read in depth by a person who understood English.” Their reviews should tell you what type of platform they are and allow you to grasp the sentiment around them. This is also very helpful in allowing to decide which one is the best fit for you and if they are trustworthy.


    What payment methods do they offer and will you need to convert your fiat to crypto first? You will always want a wide range of payment methods. Too many however can be confusing. Credit and debit cards will always require personal information, so you will not be able to be fully decentralised on platforms which offer these. However, they are trackable so you will know if the money has left your account or been received. There are some methods you should also try to avoid; Paypal allows you to cancel payments but be marked as complete, cash by mail can result in theft and assault, Wire transactions take a very long time, and Western Union does not allow you to dispute a transaction if something goes wrong.


    What are their fees? Some companies have extremely high limits and fees, as an example, Coinbase has a 4% for credit/debit card transactions. Some platforms you also have to make a minimum deposit, some reaching £5,000. Make sure that you understand if there is a deposit involved and what it is. Can you have your fee adjusted to specific high transaction volume?


    How transparent are they? What is their customer support like? So many platforms fail to offer this, with the bull rush in 2017 so many platforms were created but we're so focused on catching up they didn't think about the user's experience. Responsive support is essential, especially when handling your funds and each step in your verification process, deposit/withdrawal. Some platforms are now offering this, a new platform - XCH4NGE with 24/7 human support. Essentially every step of the way you should have a quick resolution to your problems, handled by someone who is just as concerned as you to fixing them. This allows you to grasp their transparency as a whole and if you can trust them
     
  11. Max_Steal

    Max_Steal Beginner

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    Elegro wallet works great. That is what I was looking for a long time. This is an easy way to manage your crypto currencies, change it to fiat and so on. Highly recommend.
     

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