Things to Consider when Choosing a Crypto Exchange

Things to Consider when Choosing a Crypto Exchange

During these uncertain times of a widespread pandemic, the emergence of the blockchain presents investment opportunities to people staying at home. Bitcoin’s digital and decentralized qualities make it accessible to almost anyone who owns a smart device with an internet connection. If you’re planning to invest in digital currency, it’s essential to find a safe crypto exchange. Here are the most important factors to consider when choosing the right platform:

Availability in Your Country

It’s best to choose an exchange from where you live, given the regulations governing the crypto market and the convenience of buying directly in your currency. There are two things you’d need to ensure- one is if the exchange currently supports your fiat currency, and if it accepts deposits from your country. 

Trading Fees

Investors and traders would be surely concerned about fees, which must be low and competitive for higher profitability. High fees can eat up your funds as they add up over time, since a percentage is taken every time you buy, trade or sell. No wonder the amount can likely accumulate without the high frequency day trader knowing. You should also dig deeper into possible hidden charges, such as from spreads or currency conversion fees that are typically applied on top of the trade fee. 

Cryptocurrency Options

Bitcoin isn’t the only selection nowadays as you may know, with Ethereum, Ripple and Litecoin in the mainstream among thousands of altcoins that can be purchased. Most crypto exchanges like Bitcoin Trader allow investors to buy, sell and trade these major coins. If you want access to innovative new coins beyond the popular ones, check out what cryptocurrencies different exchanges have to offer which are often listed on their site. 

Authenticity

Given the relatively new crypto space, investors and traders must be wary of scams, hacks and thefts. Before you sign up, do a thorough Google search for company info. Transparency is a must for any crypto exchange. Read reviews or user testimonials, forums and feedback on social media. 

Safety and Security

Upon investing crypto, the funds will be stored on the platform. A cryptocurrency exchange with security measures in place would have a KYC policy, cold storage wallets, the option to quickly transfer to your hardware wallet, 2FA and SSL. Security is paramount for the protection of your assets. It’s a best practice for the majority of funds to be kept in your personal hardware wallet. 

Customer Support

Newcomers in the crypto space may need to contact support and would like questions answered. Choosing a local crypto exchange can also mean having quality customer service, with locally based, active team members who’ll gladly guide you with crypto information. 

Buying and selling crypto is a big step with so much to learn, but it shouldn’t get too complicated. Careful research with these things in mind will help with better decision making when it comes to finding a platform that meets your requirements. The right online exchange can greatly impact your overall experience and you can rest easy on investing your crypto assets.

Cristina Macias
Cristina Macias is a 25-year-old writer who enjoys reading, writing, Rubix cube, and listening to the radio. She is inspiring and smart, but can also be a bit lazy.