Tips on Finding a Cryptocurrency Trading Platform

Tips on Finding a Cryptocurrency Trading Platform

The first thing any interested crypto investor should do is look for a crypto trading platform.

A cryptocurrency exchange is a hub where people can buy and sell Bitcoin and other cryptocurrencies. There may be a dozen or so crypto trading platforms out there, but only a handful can be considered the best.

Here are 4 tips on how you can discern the best crypto exchange:

Review and Reputation

In order to protect your hard-earned money and capital, it’s imperative that you choose a trusted crypto exchange. The price to pay is too great, as you could lose all your money even before you make a trade.

Look for trade platforms that have been around the block longer, as chances are that they’ve built a good reputation. As an added bonus, you’ll be able to make a trade faster because there’s more people.

Doing research is much like doing research on a product before you buy online. Read up on reviews on people who’ve traded there before and see if there’s any type of scam going on. You can also take to social media or Reddit to get a better idea of what you can expect when you join a crypto exchange site.

Security Features

You definitely won’t put your money in a bank that doesn’t have adequate security measures, and it’s the same with a crypto exchange.

A good platform will offer up-to-date measures such as 2FA, or two factor authentication and encryption, among other things. They may even offer custodial storage services, back-ups and a type of insurance to go with your deposits.

No matter how secure the exchange platform you’ll always want some of your cryptocurrency to be stored in a wallet. Consider investing in a cold wallet so it won’t get hacked or stolen in the event of a security breach.

Payments and Fees

A crypto exchange will need to charge fees in order to continue operating, but then they shouldn’t be too greedy or else risk losing customers.

Fees in crypto exchange platforms are not set, and some will charge more than the others. The trick is to find a good balance between fees and functionality. If they’re going to be charging a fee then they better offer a slew of features that’s not on other exchange platforms.

The lower the fee per transaction, the better. Keep an eye out on withdrawal fees and similar costs.

Fiat Exchange Option

The most common barrier to cryptocurrency investment is the ability to purchase Bitcoin and other tokens to begin your foray into the world of crypto. It’s a hassle to buy Bitcoin from someone then have to look for a crypto exchange.

That said, most established crypto exchange companies offer fiat exchange, which means they can accept credit cards, debit cards and bank transfers in exchange for Bitcoin. This makes crypto investment easier and reduces the cost of entry.

After spending your capital to acquire Bitcoin it’s wise to get help from a reputable Bitcoin trading software. Go URL and you’ll have a better chance of making money with cryptocurrencies.

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.