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Podcast: “How to chose an exchange platform?” Luc van Hecke

With the growing popularity of cryptocurrency and blockchain, the number of new exchange platforms is also growing.

There are so many exchangers, but how to choose a suitable one?

And what to look for when choosing an exchange platform?

All these questions will be answered by our invited guest – Luc van Ecke. Luc has been a professional trader for over 20 years and has gained a myriad of valuable experience during his career.

And in today’s interview, Luc will tell us about his experience and how not to be mistaken when choosing a suitable exchange platform.

Alex: Hi, Luc! My name is Alex. I represent the Binaryx exchange platform. It’s #1 global exchange and trading platform. We also have Academy courses for newcomers, and we just started our new podcast series. We want to ask professional traders about different strategies, tactics, and information about cryptocurrencies. And that’s our interview on the topic “How to choose a suitable exchange?” First of all, Luc, can you tell us a little more about yourself? How many years are you already in trading, and which markets do you like to work with?

Luc: Thank you very much for having me.

I’m trading now for almost 20 years and 15 of them as a professional.

I started trading with stocks in Europe, and I worked with the most prominent brokerage firms. After that, I shifted to physical commodities, gold trading, and Forex trading.

Five years ago, I started with cryptocurrency trading. In the past, I traded almost everything, but nowadays, I got into crypto.

Q: So, what was the final decision to start working on the crypto market? 

Luc: The final decision was based on the novelty of the market. It has a lot of opportunities in the trading space at the moment. Moreover, it’s easier to trade yet, so that the crypto market is a great start to make an additional profit.

Alex: Do you usually keep your money on exchanges or wallets?

Luc: To be honest, I do both. Depending on how much I trade, I have a few assets on the exchange. Further, I hold other currencies on the cold wallets for security reasons.

Alex: When do you start working with a new exchange or platform, how long do you test the platform’s operation before you begin creating the capital?

Luc: First of all, I study all the new things.

So, before I start trading, I analyze the market cap rate for 24 hours, every week, every month, etc. After that, I compare it with different exchanges, also looking at the spread, of course.

Moreover, I am always starting with small to check the interface. Many people forget about an excellent interface, so everything needs to work quickly and accurately. If I like the platform, I start to trade on it. 

Alex: OK, thank you. Maybe there are a few frequent or annoying problems that are very popular for newcomers and professional traders?

Luc: I think it’s always good to have functional layouts of some crypto exchanges. There are some advanced trading models on the platforms. Moreover, many things are going on the desktop. Sometimes it’s too much for beginners.

So, platforms need to make trading interfaces more straightforward for beginners and professional traders because it makes more sense to me.

Alex: Do you work from USDT or Bitcoin rates?

Luc: I do both, but at present, I switch to USDT, because I trade some leverage coins. I see some opportunities at the moment. It depends on the Bitcoin performance on the market and other altcoins, how I will build the trading strategy for the next 2-3 months. Most of the time, I use USDT, but if it’s necessary, I will switch. So, I do both.

Alex: Have you ever traded on your mobile, or you prefer to trade on your PC?

Luc: It’s a good question. I prefer to trade on my mobile. But with existing apps, which are running crypto, I have to choose the desktop.

Most mobile crypto exchange apps aren’t stable yet, so it’s a bit annoying sometimes.

I think there’s some space for improvements for new exchanges, which will like to step up and make it more comfortable to trade. I always encourage exchanges to have an excellent mobile app, because, in 5 years, most traders will trade on mobile.  

Alex: Thank you very much. Could you name your favorite mobile app?

Luc: At the moment, I trade with a couple of exchanges, but the mobile app I like the most is TradingView. It’s swift, and I use it to check rates.

Most of the time, I trade on the desktop.

Alex: When you are using an exchange, where do you pay the most attention?

Luc: First of all, liquidity is essential, and then you can separate good exchanges from the platforms with too little liquidity. The second one is the layout. If there are functional layouts, it should be easier to trade. Of course, exchanges need to have proper trading functions. I don’t need to use 200 different things or too many graphs; just a trading base should be perfect. I have seen a lot of trading interfaces in the last 20 years, especially stock trading. It gets better and better, but too much is going on inside the interfaces. People need to have some easy stuff. 

Alex: Thank you. What recommendations can you give managers of exchange platforms to improve their performance?

Luc: I think it’s reasonably good to see your positions and your last trades and your open trades. And nowadays I see a lot of graphs, and news feeds. There are all kinds of stuff you can see on different websites like the TradingView. Trading should be perfect to be simple. You should have an excellent trading cockpit with your last trades and your open trades and your history.

It’s relatively essential to have a couple of trading tickets so you can trade fast.

Alex: Thank you for your advice. What can you say about Telegram channels? Do you use or read any Telegram channel?

Luc: Yes, I read them because I’m curious. It can help, but there are only a few good ones. There are a lot of wrong channels also, so it’s vital to understand that there are a lot of Telegram channels that are lying. Crypto traders don’t have to believe everything they read on Telegram channels. You can also look at YouTube and Twitter, of course. So, I think it’s cool to combine three of them to pick up the influencers’ information. 

Alex: Thank you. Talking about YouTube, are you interested in watching the news or in reading?

Luc: I like to watch the news, especially the background details and some extra information. If you use YouTube, you can put it and watch it everywhere. 

Alex: So, the video is saving time. What about the resources which you use for searching for news or updates in the crypto world? Maybe you have your favorite resources or news websites?

Luc: Yes, I use Twitter a lot. I follow a couple of people who are influential and know what they are doing. I follow some big news websites too. There are so many of them in English or my own language. But, in my opinion.

It’s best to follow the 10 most prominent sites. Five of them need to be worldwide, and others with the content from your own country.

Then, combine the information. You also need to do your own research after reading. It’s good to understand if that information makes sense to you. 

Alex: OK. Have you ever heard about the Binaryx exchange platform before I contacted you for an interview?

Luc: Yes, I’ve heard about this platform.

Alex: Thank you. We have an idea to make a marketplace for experienced traders, where you could provide your own services. How do you think you would take advantage of this on the exchange?

Luc: Yes, of course. If there’s an excellent new exchange, I think I will take advantage of it. If you started, you need to make a lot of effort to be the best for the potential customers. So, it’s always good to be with a new exchange. So, I still like to see what new platforms are doing. When they are built from scratch, it’s always an advantage.

Alex: And finally, if there’s such an excellent service, would you mind switching to another exchange? 

Luc: I am always open to switching to exchanges because I’ve done it before and still looking around. I changed platforms a couple of times to the ones which were better with usability. I will switch again in the future, but we will see 

Alex: Thank you, Luc. Can you give a little advice or tips for newcomer traders on how to choose the exchange platform and where to start? 

Luc: Of course.

It’s crucial to look for exchanges, which have a proper license in your country. Some countries are more strict, so be careful. After, you can always check reviews for an exchange. And the last thing is the market cap rate. You need to choose the asset to deal with.

If the platform has a good reputation, you can move on and subscribe to it.

Alex: Thank you so much, Luc. Today I heard essential and useful answers to the questions, and I thank you for all of this information. I guess this information would be beneficial for our listeners and readers. I hope maybe someone will start doing well on his first steps just because of your answers and your help.

Luc: You’re welcome.