Sometimes Smaller is Bigger in a lot of Aspects. Let's talk about Smaller Exchanges like Cryptopia ,CoinExchange, etc. Most of us would like to stay away from these but these Small exchanges have their own benefits too. There are plenty of benefits to be experienced through the use of smaller Exchanges, and in some cases, they might just be your Optimal Choice.
1. Better Feedback
How many Times have you had to wait for Days just to get a Reply from Customer Support for Bigger Exchanges? I know I had to wait for Months. Do you guys still remember the whole Bittrex Identification Fiasco, it was a Bloodbath of Requests. Smaller Exchanges have an Upside in this Situation. Since their Userbase is low they are able to Provide Support quite fast.
2. Traders Paradise
Since the Volume that goes through a Small Exchange is Quite Low compared to other Larger Exchanges you could swoop in exactly where you want and get out where You want without having to fight Thousands of other Traders.
3. Protection against Hackers
It's no new News that there have been some apparent Hacks on Exchanges and I know the safest Bet would be to get a Hardware Wallet but the fact is Hardware Wallets doesn't support all the Coins. So you do have to rely on some Exchanges and it's better to put your Eggs in Many Baskets just to be safe from a Hack.
These are three Reasons I think Smaller Exchanges have their Own Charm.
What do you guys think about it?
Comment Down below.
And see you Guys in my Next Post.
Betting on several currencies gives us financial security.
Yeah now a days it is very difficult to trade online. The companies frod sometimes or sometime trade beautifully..
Thanks for the guidance and information
indeed i agree with all your points but the most important one is to diversify no matter the size of the exchange that's the safest bet.
The safest bet would be a Hardware Wallet but then again they can't store all Your Cryptocurrencies.
its like a small wallet
there will always be pros and cons like you said , Coming to cryptopia I had one experience - I wanted to buyPACcoin and it could be bought through BTC ,LTC.. , As the charges are very low for LTC to LTC wallet transfer I thought of buying Pac with LTC but I Cant as they closed the market and are even reluctant to provide a time frame
so eventually I again had to transfer BTC to buy PACCoin and I ended up loosing some amount for just wallet transfers only .
Except this the trading experience was pretty smooth !
Just wanted to share with you @arunava!
Why didn't you just Convert the LTC you transferred to BTC in Cryptopia rather than Transferring BTC again.
I prefer LTC when I transfer from one Exchange to another and then I convert it back to BTC it's very Convenient.
this is my strategy from now on :-D Thanks a ton @arunava !
Your think is nice but i think the last(hacking) is strong than others.
So true. I had to chase Bittrex to access my own money. One day they suddenly blocked me out. I could only trade but no sell. Pathetic experience.
Yes, I remember you said something about it.
That's why I have my Funds scattered around Various Exchanges.
Nice post
Please help vote me
Sorry, @isramulya that is not how things work around here.