The good exchange I think is very simple..
- responsive customer service
- cheap fee (maker, taker & withdraw)
- high level of security
- have a lot of pairs (BTC/ETH, ETH/LTC or others)
- have very few complaints (minimum 0.3% of total users)
We do have the same wants on an exchange in order to define them as a good exchange, Everyone of us has a different qualification to define an exchange as a good exchange, Some of us rely on the feedback from the recent users of a certain exchange, Some are trying it themselves to know what kind of exchange they are dealing with. Of course exchange today are battling with their good quality to fight other exchange especially if the exchange is a new one. Some users preferred established exchange over new ones with a good offer or promotion because sometimes users only need a good service on there trading activities.