• Вс. Май 28th, 2023

Best Cryptocurrency Exchange: 10 Features to Consider

In 2009, the first Cryptocurrency was developed by an anonymous person under the alias “Satoshi Nakamoto,” and the world of Cryptocurrency has been popular since then. Throughout the years, the Cryptocurrency world has attracted millions of individuals and firms to engage in over 6,000 Cryptocurrencies worldwide.

Best Cryptocurrency Exchange

Choosing a cryptocurrency exchange is not as easy as it sounds; there are several factors that you should consider to ensure choosing the right one that aligns with your current knowledge, needs, and goals in Cryptocurrency. With the hundreds of platforms in the market that gives investors access to thousands of digital currencies, it might be challenging to choose, especially for newbie investors.

As of this writing, there is already a long list of Cryptocurrency trading platforms to choose from, including Coinbase, Robinhood, Gemini, and a lot more. Other platforms specialise in connecting newbie traders to trusted brokers like Bitcoin Motion which you can access through the official Bitcoin Motion website. So, with a wide array of choices in the market, how do you narrow down your list and find the right one to invest in? Fortunately, there is a way to select a platform efficiently. This article will guide you on what features and perks you should look for in a Cryptocurrency exchange.

Top 10 Features to Consider in a Best Cryptocurrency Exchange

1. Number of Cryptocurrencies

Each Cryptocurrency exchange contains a specific number of currencies that they allow investors to trade. So, when you’re thinking of investing in different Cryptocurrencies, it’s best to choose a platform that permits the trading of your chosen Cryptocurrencies. Some exchanges offer a limited amount of currencies, some that offer hundreds of choices.

If you’re a newbie investor, your first choice would probably be investing in Bitcoin and other well-known currencies, so a bigger platform may be right for you. However, for experienced investors that love to research, it’s probably a good idea to choose an exchange with a big selection that contains lesser-known coins if you plan to diversify your investment.

2. Security

Unlike traditional currencies that are associated with banks and governments, cryptocurrencies are not constantly regulated and are not associated with a third-party agent. This paved the way for scammers and hackers to enter the market and steal people’s investments. Due to this, it’s very important to choose a platform with high-end security to avoid losing your profits in just a blink of an eye.

Most major platforms take precautions seriously to keep their investor’s personal information safe and protect their assets from theft. When choosing a crypto exchange, make sure to check for security features such as encryption, two-factor authentication, and offline storage.

3. Charges

There’s no denying that everything comes with a price, meaning it is also applicable in the cryptocurrency world. However, as the competition increases and the risk decreases, charges in the market will likely drop. You need to find an exchange with lower charges and potential extra commission costs.

4. Customer Support

Some situations can’t be avoided, such as encountering issues, so it’s important to choose an exchange that can help you when you encounter these issues. Normally, you put up a huge amount of money in your account, so encountering these issues can be alarming, and you would need assistance from customer support immediately. Choosing a crypto exchange with good reviews on its customer support can seriously help you in the long run.

5. Availability

Choosing a platform that gives you access no matter where you are in the world is also important. You should consider if you can use the exchange while in your country and state, and when you’re far away. However, companies are regularly expanding, so if an exchange isn’t available in your state now, you should keep an eye out to stay updated.

6. Buy and Trade Options

There are several ways to deposit funds in your account, including choosing to connect your bank account so you can transfer your assets. Another way is using credit or debit cards. It’s important to choose a platform that allows these options so you can efficiently transfer and deposit funds to your account when needed. In addition, some platforms also allow crypto-to-crypto trades, while others don’t.

7. Cryptocurrency Wallet

When investing in Cryptocurrency, the thing that can equally fight the chances of being scammed and hacked is using a Cryptocurrency wallet. Newbie investors usually make the mistake of just leaving their funds in the exchange that they choose, but long-term investors would not recommend this since this is prone to hacking online.

To keep your assets safe and secured, it’s a good idea to choose a platform that offers a wallet to store your crypto assets. A Cryptocurrency wallet stores your funds that can be accessed through a key, which means you have sole access to your funds. There are two main types of wallets — hot and cold wallets. Hot wallets store your crypto online, but if you plan on storing huge amounts, a cold wallet would be the perfect choice as it is safer because it stores your funds offline, leaving hackers no access to your account.

8. Mobile Applications

Cryptocurrency might be the currency of the future, but unfortunately, not every platform has caught up to the advancement of technology right now. For convenience, it would be good to have a mobile application that could help you track and manage your crypto account and perform transactions on the go without the need to visit a mobile website. So, when choosing a crypto exchange, look for the ones with mobile apps.

9. Rewards

Similar to traditional banks, there are Cryptocurrency platforms that offer rewards on investors’ accounts to encourage them to store money on their platform. Some platforms provide up to a 10% supply on specific coins when a minimum balance is reached. However, unlike a traditional bank account, your Cryptocurrency assets aren’t FDIC-insured. This means that if your chosen Cryptocurrency platform fails, there’s no chance that you’ll get your money back.

10. Cards

Some platforms offer a debit card for investors to make transactions directly from their Cryptocurrency account without the need to convert it for traditional currencies first. If you’re looking for a convenient and efficient way to utilise your funds, look for a crypto exchange that provides debit cards.

There are hundreds of crypto exchange platforms around the world that give you access to thousands of Cryptocurrencies. With several factors to consider when choosing an exchange, newbie investors should prioritise security. With the cases of cryptocurrency scams, it’s important to keep your account secured and protected from the hands of scammers.

Добавить комментарий

Ваш адрес email не будет опубликован. Обязательные поля помечены *