How do I find bitcoin exchanges?
How do I know if the exchanges can be trusted?
For finding Bitcoin exchanges, check here (exchanges are ordered by volume): https://www.cryptocompare.com/coins/btc/markets/USD
There are two types of Bitcoin exchanges to consider:
With decentralized exchanges, users keep their assets local, and so there is no need to trust a central authority. At the present time, it is harder for decentralized exchanges to build up liquidity. This means that the trading volume is lower and the bid/ask spread is wider.
Here are couple of resources regarding decentralized exchanges:
Now, with centralized exchanges, the central authority running the exchange must be trusted. The process of deciding who to trust is less straight forward. Here are some attributes to consider when evaluating a centralized exchange:
- The people running the exchange or company
- The country where the exchange is subject to regulations
- The security practice the exchange uses to protect customer assets
- The insurance policy offered by the exchange
- The history of customer issues at the exchange, reviews etc.
- The transparency the exchange offers
- The communication facilitated by the exchange with its customers
I have put together this YouTube playlist discussing some of these attributes with respect to GDAX, Coinbase's exchange: GDAX and Coinbase cryptocurrency exchange - Overview
I've come to realize over the years it's a good practice if you have a decent amount of value sitting on an exchange and you want to go long.. it's best to take the time to download the blockchain for your investments, Then encrypt the wallet files and backup to multiple places (including a cloud account).
Taking the coin off the exchange gives you a peace of mind and mitigates "impulse trades".
If you are trying to find the best exchange to short a coin, click the coin on coinmarketcap.com and look for the exchange with the most volume.
I prefer Poloniex, Kraken, hitbtc, and liqu I've lost coin on mtgox, bitfinex, btce
Good luck trading!
Personally I've used the following Bitcoin Exchanges without any issue:
https://exchange.bitcoin.com – New exchange that supports SLP Tokens, Bitcoin, Bitcoin Cash, Eth, Dash, and more.
https://coinex.com – Simple interface, margin trading and more
https://kraken.com – Simple interface, margin trading, lots of fiat off ramps to sell crypto for USD, CAD, etc and wire it back.
DYOR and always ensure you're using 2FA on any account tied to crypto. Remember not to hold lots on exchanges. Not your keys, not your coins.
I've been using Kraken and Binance for the past few years but recently I came across a new platform, called Bitvalex, and I decided to give it a try and see if it really is a one-stop-shop solution as it claims to be. I made a small deposit, which was approved quickly. The same goes for withdrawals. The KYC verification procedure was also swift. I'm looking forward to seeing their prepaid debit card. Let's see whether the good first impression will be kept.