Plenty of exchanges look polished on the surface, so a few things worth digging into before moving meaningful volume onto one:
- Proof of reserves or third-party audits. Not a perfect guarantee, but the absence of any transparency at all is a bad sign.
- How long they've operated through a bad market cycle. Surviving a downturn without freezing withdrawals says a lot more than marketing during a bull run.
- Withdrawal reliability, not just deposit ease. Test with a small withdrawal before trusting an exchange with a large balance.
- Regulatory status in your region. Doesn't guarantee safety, but a total lack of oversight anywhere raises the risk profile.
- Community sentiment beyond the exchange's own marketing - independent forums and long-time users tend to surface real problems faster than official channels.