How to choose the right exchange to trade BTC and other coins

[Upsilon]

So I have seen bunch of people struggling to decide on which exchange to use to a list of things that matter in my opinion while choosing the right bitcoin or altcoin exchange to buy, trade and sell crypto currencies

1. Country Laws: The country of your residence matters a lot. Make sure to check rules and regulations along with the legality of Bitcoin and other crypto currencies in your country. Some exchanges only work in certain countries and you may not be able to use certain exchanges in certain countries. For example coinbase only operates in certain countries so if you dont live in a country where they operate then they are useless for you. Make sure to check if the exchange you plan to use allows operation from the country you live in.
2. Security: Security of your hard earned money is important, be sure to check if the site operates a secure connection via HTTPS, also supports 2 Factor Authentication. Other safety matters are also important. Some sites allow you to only whitelist your home IP preventing other IPs from logging into your account and stealing your money.
3. Importance of Anonymity to you: If you are the type who dislikes sharing your details with governments then using a centralised Exchange like Bittrex, Binance, Bitfinex, etc might not be useful since due to government regulations you would need to submit documents for Know your Customer (KYC) purposes. There are occasionally some decentralised exchanges which do not demand for KYC but be sure the exchange you use is compliant with the Anti-Money Laundering (AML) rules and regulations of the place of your residence
4. Trade Volume: This one is a big one, trade volume simply speaking is the BTC/ETH/Dollar amount of trades (buying and selling) that happens every day at said exchange. More the trade volume generally the better. High trade volume means you have a high chance of selling your coins. Selling your coins in low volume exchanges can often take ages and more obscure coins may end up never selling. To check the volume most reputed trading sites with a sizable number of traders will prominently display their trade history which to  put into simpler words a rundown of purchases and sales on the site for the coins that are being traded. A large trade volume is an clear factor that the site has an active userbase which is putting the exchange to use increasing the liquidity of your funds. 
5. Reputation of the Exchange: Another question you must make sure, try searching up Reddit, BitcoinTalk and other forms of social media and avoid exchanges that have a large number of hate from the community (though be sure to check if it's just paid counter shilling or valid complaints). Be sure to confirm the site of your choice has great rating from fellow patrons of the site. 
6. Fees: The bane of every bitcoiners, one would want to confirm that the website's transaction fees and cut on the trading are under reasonable limits and match up the fees charged by rest of the industry, Fees tends to vary with time and load on the bitcoin block chain and different exchanges may have differing fees. 

These are some things I found useful 

[barbaris]

Now find the exchanger you need is not a problem. There was a lot of services with ratings and reviews, pluses and minuses of those or other exchangers and for me it is easy to choose the exchanger that is convenient for me and the direction of exchange with a minimum commission. But for those who encounter this for the first time, it will be very useful information not to be deceived.

[wilberthh]

Uplison thank you for this awesome thread! I actually read all of it lol.  

This is indeed a nice information for those who still confuse of choosing an exchange. Gj Uplison!

[akki785]

Those are some nice pieces of information you've collected @Upsilon

What I want to add is some good exchange names- they are- poloniex, bittrex, coinbase, localbitcoins, bitfinax etc.

I'm using poloniex at present.

[Upsilon]

1 hour ago, barbaris said:

Now find the exchanger you need is not a problem. There was a lot of services with ratings and reviews, pluses and minuses of those or other exchangers and for me it is easy to choose the exchanger that is convenient for me and the direction of exchange with a minimum commission. But for those who encounter this for the first time, it will be very useful information not to be deceived.

Fair point but the thing is many people dont plan in advance for example some people run after extremely low fees but get wrecked hard in other places like Bittrex has much lower fees than other exchanges as far as I have seen but they wrecked people hard when they dropped the limit of withdrawal to zero straight on without notice. So people who didnt want to verify got hurt. On the other hand Cryptopia doesnt need any documents but oh god the fees are simply looting people. 200k satoshis to withdraw your BTC, thats just looting people

1 hour ago, wilberthh said:

Uplison thank you for this awesome thread! I actually read all of it lol.  

This is indeed a nice information for those who still confuse of choosing an exchange. Gj Uplison!

Thanks man

1 hour ago, akki785 said:

Those are some nice pieces of information you've collected @Upsilon

What I want to add is some good exchange names- they are- poloniex, bittrex, coinbase, localbitcoins, bitfinax etc.

I'm using poloniex at present.

Will add them, if people can give me suggestions then I'll add them. I have only used around four/five or so of them (Bittrex, Binance, Bitfinex, Cryptopia and Bleutrade). So it would be better IMO if I people vouch for exchanges from experience instead of me just going by clauses and technical details

[barbaris]

3 minutes ago, Upsilon said:

Fair point but the thing is many people dont plan in advance for example some people run after extremely low fees but get wrecked hard in other places like Bittrex has much lower fees than other exchanges as far as I have seen but they wrecked people hard when they dropped the limit of withdrawal to zero straight on without notice. So people who didnt want to verify got hurt. On the other hand Cryptopia doesnt need any documents but oh god the fees are simply looting people. 200k satoshis to withdraw your BTC, thats just looting people

Yes you are right from these crazy fees can not get anywhere and we are trying to find where the commission is the least.

[suresh]

Although seeing ratings or reviews etc are bullshit for me. Baht I seen in Bitcointalk forums is most of the reputable members are scams and they run scam ICO's Exchanges etc. I don't think it is easy to sell using nay exchange site.

[Kargai]

I'll add HitBTC as exchange, but only because it's one of the exchanges who list little coins who bring lots of profits.

Usualy exchange like Bittrex wait for a while before adding some coins and when it's the case the price are already less interesting. HitBTC like cryptopia have coins faster, but again not all of them so you need to have multiple exchanges to cover the most large panel possible.

[Upsilon]

9 hours ago, barbaris said:

Yes you are right from these crazy fees can not get anywhere and we are trying to find where the commission is the least.

Yeah,though the commission across exchanges are pretty much the same lately. Like most exchanges charge between like 0.25% to 0.5% but the bigger issue me will always remain the withdrawal fees for BTC. Other alts are still more reasonable. I think there are a bunch of smaller exchanges which lets you set the fees to withdraw yourself without the exchange taking any commission. Bu the issue is that the exchange failed in other places like it was in Chinese so using it was hard for me since I couldn't use it that well

8 hours ago, suresh said:

Although seeing ratings or reviews etc are bullshit for me. Baht I seen in Bitcointalk forums is most of the reputable members are scams and they run scam ICO's Exchanges etc. I don't think it is easy to sell using nay exchange site.

Well paid shilling is common af but the thing is you can get a rough idea. Most top exchanges are pretty decent to sell with. I mean there isnt much of a choice to exchange alts without exchanges. Unless you want to literally sit and trade with people manually wasting money on transaction fees every single time which will be definitely over what the exchanges charge you and even less safer as the risk being scammed is much higher

3 hours ago, Kargai said:

I'll add HitBTC as exchange, but only because it's one of the exchanges who list little coins who bring lots of profits.

Usualy exchange like Bittrex wait for a while before adding some coins and when it's the case the price are already less interesting. HitBTC like cryptopia have coins faster, but again not all of them so you need to have multiple exchanges to cover the most large panel possible.

Yeah, I think I will make a separate since people are recommending so many at this point lol

2 hours ago, dreramon said:

Nicely put together piece of information you posted here Upsilson i found it to be very informative and helpful. The 3rd and 6th points that you made are a big concern to me from the first time i started dealing with bitcoins. The fees are way too high and the anonymity factor is also a pain. Wish there was a way around the sharing of personal information but there isnt much options available out there. 

I think you could try Binanace or Bitfinex. If I'm not wrong then one of them has a 1/2 BTC daily withdrawal limit without verification and the other has no restrictions on withdrawals and verification is only required for depositing or withdrawing flat. But again I might be wrong and it's best to confirm before hand by reading terms and conditions on the exchange's site itself before making a deposit.

[skillex]

A very useful information there Upsilon, thank you for this.

Yeah I consider Hitbtc too as what kargai suggested, Ive been using it since then from trading my ethereum to btc from etherdelta with my sold tokens, its very accurate and just so fast.

[Upsilon]

48 minutes ago, skillex said:

A very useful information there Upsilon, thank you for this.

Yeah I consider Hitbtc too as what kargai suggested, Ive been using it since then from trading my ethereum to btc from etherdelta with my sold tokens, its very accurate and just so fast.

I plan to try Hit BTC since a lot of people are recommending it to me lately. How much is the fees to use them by the way? Also could you tell me is there is verification required or is there any limit on withdrawing my funds from there?

[ktfor57]

5 hours ago, Kargai said:

I'll add HitBTC as exchange, but only because it's one of the exchanges who list little coins who bring lots of profits.

Usualy exchange like Bittrex wait for a while before adding some coins and when it's the case the price are already less interesting. HitBTC like cryptopia have coins faster, but again not all of them so you need to have multiple exchanges to cover the most large panel possible.

 I use Bitfinex. I am hearing a lot about HitBTC these days. Will try. Thanks @Kargai

[Kargai]

7 hours ago, Upsilon said:

I plan to try Hit BTC since a lot of people are recommending it to me lately. How much is the fees to use them by the way? Also could you tell me is there is verification required or is there any limit on withdrawing my funds from there?

Directly from their website :

 

Trading fees

An order which will not be executed immediately will be granted a 0.01% rebate on execution. 
Orders executed immediately will incur a 0.1% execution fee.

There are no fees for deposits. 

The full list of withdrawal fees is available in your Account. Here follows the brief overview on some of our fees for popular currencies.

BTC: 0.00085 BTC

BCC: 0.0018 BCC

ETH: 0.00215 ETH

ETC: 0.002 ETC

USDT: 2 USDT

STRAT: 0.01 STRAT 

LTC: 0.003 LTC 

DASH: 0.03 DASH

XMR: 0.09 XMR 

BCN: 0.1 BCN 

ARDR: 1 ARDR 

STEEM: 0.01 STEEM

Limits

There are no limits on cryptocurrency deposits and withdrawals.

[wilberthh]

19 minutes ago, Kargai said:

Directly from their website :

 

Trading fees

An order which will not be executed immediately will be granted a 0.01% rebate on execution. 
Orders executed immediately will incur a 0.1% execution fee.

There are no fees for deposits. 

The full list of withdrawal fees is available in your Account. Here follows the brief overview on some of our fees for popular currencies.

BTC: 0.00085 BTC

BCC: 0.0018 BCC

ETH: 0.00215 ETH

ETC: 0.002 ETC

USDT: 2 USDT

STRAT: 0.01 STRAT 

LTC: 0.003 LTC 

DASH: 0.03 DASH

XMR: 0.09 XMR 

BCN: 0.1 BCN 

ARDR: 1 ARDR 

STEEM: 0.01 STEEM

Limits

There are no limits on cryptocurrency deposits and withdrawals.

 

Should we verify ourselves in order to be able to trading? 0.00085 for bitcoin withdrawal is awesome. Not as expensive as cryptopia and bittrexx I see.

 

[barbaris]

2 hours ago, Kargai said:

Directly from their website :

 

Trading fees

An order which will not be executed immediately will be granted a 0.01% rebate on execution. 
Orders executed immediately will incur a 0.1% execution fee.

There are no fees for deposits. 

The full list of withdrawal fees is available in your Account. Here follows the brief overview on some of our fees for popular currencies.

BTC: 0.00085 BTC

BCC: 0.0018 BCC

ETH: 0.00215 ETH

ETC: 0.002 ETC

USDT: 2 USDT

STRAT: 0.01 STRAT 

LTC: 0.003 LTC 

DASH: 0.03 DASH

XMR: 0.09 XMR 

BCN: 0.1 BCN 

ARDR: 1 ARDR 

STEEM: 0.01 STEEM

Limits

There are no limits on cryptocurrency deposits and withdrawals.

You have not bad fees in comparison with other exchange points and stock exchanges.

[barbaris]

5 minutes ago, dreramon said:

I tend to disagree because while you pay a one time fee for a single transaction on the stock exchange we tend to pay  multiple fees when dealing with cryptocurrencies and their fees tend to skyrocket on a moments bases. Because the fees arent stable it tends sometime to deter me from doing any transcations. 

I do not like trading on the stock exchange. It is more profitable for me to exchange money in exchangers. This is certainly my opinion. Maybe you have a different situation.

[ivanaudris]

Very nice information and newbie like me will need this in the future... All of the information are detailed written. Thank you 

[Upsilon]

18 hours ago, ktfor57 said:

 I use Bitfinex. I am hearing a lot about HitBTC these days. Will try. Thanks @Kargai

Bitfinex is pretty good being one of the top 2-3 exchanges volume wise but if it werent for their USDT tether drama, that sucks.

12 hours ago, Kargai said:

Directly from their website :

 

Trading fees

An order which will not be executed immediately will be granted a 0.01% rebate on execution. 
Orders executed immediately will incur a 0.1% execution fee.

There are no fees for deposits. 

The full list of withdrawal fees is available in your Account. Here follows the brief overview on some of our fees for popular currencies.

BTC: 0.00085 BTC

BCC: 0.0018 BCC

ETH: 0.00215 ETH

ETC: 0.002 ETC

USDT: 2 USDT

STRAT: 0.01 STRAT 

LTC: 0.003 LTC 

DASH: 0.03 DASH

XMR: 0.09 XMR 

BCN: 0.1 BCN 

ARDR: 1 ARDR 

STEEM: 0.01 STEEM

Limits

There are no limits on cryptocurrency deposits and withdrawals.

0.1% trading fees and 85k sats for BTC withdrawals? Whoa. They would need to spend more on sending the BTC than what they charge you lmao

12 hours ago, wilberthh said:

 

Should we verify ourselves in order to be able to trading? 0.00085 for bitcoin withdrawal is awesome. Not as expensive as cryptopia and bittrexx I see.

 

Doubt it but I suggest reading the terms

 

9 hours ago, dreramon said:

I totally get your point just wish there was a way to decrease the fees associated with bitcoins etc. or even to find a way to navigate around these fees. 

Try alts, most alts have low fees

7 hours ago, ivanaudris said:

Very nice information and newbie like me will need this in the future... All of the information are detailed written. Thank you 

No problem