TheCryptoUpdates
Bitcoin News News

What to Consider When Choosing a Crypto Exchange

It’s been over a decade since the debut of blockchain technology, and its popularity rises day after day. Which is both exciting and intimidating.

We now have thousands of crypto services, from coins to wallets and even exchange platforms. Choosing the option that fits you best might seem overwhelming. But that doesn’t mean it’s impossible.

You can have a much clearer perspective if you exclude some platforms based on some characteristics. There are some key elements to which you have to pay attention to when choosing a crypto exchange platform – and we gathered them all here.

1. Authenticity

Before anything, it’s obvious that we need to check if the exchange platform is trustworthy. Besides the connection type and suspicious letters in the URL, you could also check:

  • How easy is it for you to find information about the parent company;
  • How clearly is the information presented on the platform;
  • How realistic their promises sound.

Remember that you can’t increase your income substantially after a single night. Those platforms that claim so are just run by malicious actors, and you need to stay away from them.

2.    The interface

If you don’t want to make a mistake and lose your savings just because you clicked the wrong button, then make sure to choose a platform with a friendly interface. The more organized, the better.

Pay attention to their FAQ section and see how the team explains the platform’s services. If it’s all too technical or too vague, then we recommend to avoid it – it’s not a good sign.

3.    The cryptocurrencies accepted

The decision, based on what cryptocurrencies are accepted, is mostly on you because it depends on your needs.

If you want great income, then stick with the platforms that accept cryptos with higher market-cap – so that you can buy Bitcoin, Ethereum, or EOS. If you value security, then choose a platform that accepts stable coins. 

And if you just want to experiment with crypto on Forex Trading, then you need those platforms that provide you with a lot of cryptocurrencies.

4.    Fees

It’s normal to pay fees because using the platform should benefit both you and the company, but you don’t have to underestimate yourself. 

After all, we chose crypto just to get rid of the huge costs of banks, right? The best cryptocurrency exchange platforms keep the fees at a range of just 0.1 – 0.2% of the trading value.

5.    Support

If you need help, it’s a good thing to have someone to help you. Companies that invest time and money to build a relationship with their customers are the ones you should look for because they put the customer’s needs first.

Thus, pay attention to how quickly they respond to requests, how they approach customers, and how qualitative their solutions are. You can find all of this information by reading reviews for example.

6.    How advanced is the platform?

Crypto is advancing rapidly, developers are always looking for the best features in order to expand crypto usability. It’s a good thing if an exchange platform uses the latest technologies, proving that they aim to achieve the goal of blockchain technology – to bring cryptocurrencies to the same power as fiat, and not just to feel comfortable.

Timex.io, for example, uses the Plasma hybrid technology to make transactions much faster and personal data more secure, while maintaining the transparency of a decentralized platform. This supports the growth of the crypto industry by scalability improvement.

Final thoughts

Choosing a crypto platform is not easy, but we hope that what we gathered here will help you to filter the results. In the end, you’ll see that it’s all worth it, being able to use the platform for forex trading, lending, or to change crypto into fiat as needed.

What are your favorite exchange platforms? Tell us in the comments! 

Related Articles

Ripple Price Analysis: Traders are buying XRP like crazy

Akansha Kesarwani

Bitcoin News | Nasdaq Confirms the Launch of Bitcoin Futures in Q1 2019

Akansha Kesarwani

Australian Crypto Holder Had to Pay 500% Tax on Digital Holdings

Akansha Kesarwani