How to choose an exchange for trading?

When choosing an exchange, select 2-3 options for work at once. This is done to distribute the total bank between different exchanges. Unfortunately, it happens that exchanges go bankrupt and scam. So you minimize the risk of losing the entire budget.

Choosing an exchange to work with is one of the most important parts of your peaceful future. To pick up an exchange, check it on several services, I use:

Coinmarketcap is one of the popular services for tracking projects in the cryptocurrency industry. Here you can view the volume of trades, the number of available trading pairs and most importantly, exchange liquidity.

Сoingecko is an equally popular site that performs the same functionality.

Coincodex is perhaps the oldest tracking service that carries a lot of data about exchanges; if you wish, you can find all the projects that the exchange launched on it (it is convenient in tracking old exchanges on scam projects).

The exchange with which you want to work should be on 1 of these services, and preferably on all 3. The requirements for each service are different, and if the exchange is present on all services, then this is a very nice plus.

• Next, you need to check the license of the exchange in the public domain. Each exchange is required to provide access to a license, which must necessarily indicate the owner of the exchanges, the director and the AML officer who oversees the project (if possible, check it right away).

After checking the license, I recommend to look at the social networks of the exchange, pay attention to how they interact with the audience (if the exchange does not maintain social networks, this is not a very good exchange, also look at the comments, there are a lot of interesting things about the project). But we are stronbly recommended Binance. If you want to download Binance for Windows, you can visit install.download website.

• Look at those who are already working with these exchanges. You can search YouTube bloggers, I also recommend using the tradingview service .

• I recommend including 2 mastodons in your list of exchanges. Exchanges that have been operating for more than 7 years definitely have their own audience and liquidity.

• Check out the projects they are running additionally.
For example, an exchange token, almost all exchanges make an exchange token, see how the token is issued, how the roadmap is updated, what liquidity the token has, view the social networks of the token, white paper, etc. (this will show you their approach to projects, if the exchange and token are 3 years old, and the roadmap was last changed 2 years ago, then the approach to business is not very good).

• Pay attention to the latest listings of the exchange, this is very important, the listing is one of the most important sources of income for the exchange, which can cost from $25,000, if the exchange lists projects of dubious quality, then do not expect anything else from you.

For example the Bitforex exchange lists everything it can and does not hesitate to add an outright scam. For this and many other unpleasant things, it has acquired a very dubious reputation in the market. For example, they have 19,000 subscribers in telegrams, and 11,000 in the Bitfirex Scam telegram channel. This is certainly an indicator.

• Chat with the local audience, write to 3-4 people and talk to them, they will answer all your questions, and at the same time check social networks for cheating.

• Be sure to complete full verification on the exchange, enter your data in advance and fulfill ALL the necessary KYC requirements.

• After all, test the exchange on small amounts.