How to Choose the Best Crypto Exchange
Both seasoned and beginner crypto traders often find themselves beating their brains out trying to pick a reliable crypto exchange. In crypto industry, choosing the right exchange is akin to choosing the right bank to keep fiat money. Crypto exchanges go a long way towards helping you establish a successful trading business, since they serve not only as mediators between buyers and sellers, but also storehouse for your hard-earned coins. That is why it’s critical that you choose a reliable exchange that can help you buy, sell, and trade Bitcoin, Ethereum, Ripple, or any other digital coin you may want to give a shot. Following are the criteria by which you may pick a trustworthy exchange that may assist in taking your crypto venture to the next level.
Take Your Location into Consideration
If goes without saying that not all exchanges are available and operating in your country. So, prior to entrusting your money to a selected exchange, make sure you can use it legally. It’s not a secret that in lots of countries, digital currencies remain a gray area. Thus, in North America, some states deem all crypto operations illegal, which may come in the way of exchanges’ registration process, as well as the entire crypto trading process. But don’t get frustrated. If you do research on exchanges operating in your country’s jurisdiction, chances are you’ll find a good exchange.
Take Advantage of Price Comparison Platforms
Picking the exchange with the best rate possible is a challenging task. And busy crypto traders don’t usually have much free time to search the web for the right options. That where price comparison platforms come in and save the day. Such platforms are designed to query and compare real-time prices for the most popular digital coins and thus help their clients locate the best exchanges. Changevisor is one of the long-standing and reliable price comparison portals for cryptos. It helps traders pick the right Bitcoin to PayPal exchange or choose the service offering the best Ethereum to Dogecoin rates for the time being. So, it would be a wise decision to start from crypto price comparing platforms.
Authenticity and Reputation
Nowadays putting together a crypto exchange is a no-brainer. And because of that so many people are now falling victim to different sorts of scams and frauds. Scams are everywhere online, so you need to be vigilant and careful not to blow your money. First of all, check if your preferred exchange has the official registration. As any company, it needs to operate legally, which is impossible if the exchange is not registered with the official revenue or business services. Ideally, a crypto exchange should have a physical address, not just a random PO box number. Also, look for real people’s feedback on the exchanges you’re planning to use. Don’t just trust – verify! Inquire about the founders and managers of your exchange and don’t be afraid to ask for more information if needed. Never use exchanges that have just emerges out of nowhere and hasn’t earned any reputation.
If don’t want to cooperate with an exchange that don’t respect their customers. Make no mistake, those exchanges that don’t provide adequate customer support simple don’t respect their users and thus cannot be trusted. Once you decide on an exchange, check what kind of customer support they offer, what languages they use to communicate with customers, and how you can reach if need be. Once again, you want to do quick research on the preferred exchange’s customer support. If there are some problems with it, chances are you’ll come across a couple of complaints.
Ease of Use
As with any web resource, an exchanger should feature a user-friendly and intuitive interface not cluttered with unneeded panels, tabs, distracting ads, etc. As a beginner, you may prefer “less-is-more” options, while seasoned traders may look for candlesticks charts of different types and other sophisticated features to increase their chances of successful trading.
Fees and Rates
It’s greed that makes newcomers seek for the least expensive options when it comes to picking an exchange. It’s not a secret that each and every exchange charge maker and taker fee, which allows it to remain afloat. Beware of the exchanges that charge suspiciously small fees for transactions, since they may turn out to be a scam. That being said, there are some long-standing pocket-friendly exchanges, such as Binance and Bittrex that won’t rob you of your savings.
Below are only some criteria you can avail yourself of when choosing a crypto exchange. Remember to pay attention to customer ratings and reviews, an exchange’s legal registration, the quality of its customer support, and their website usability, which is also important for your smooth user experience. If you exercise due diligence on the service you’re intending to use, the odds are good you’ll manage to get the most out of your crypto trading venture.