You’re probably embarking on your journey to join the crypto industry and start trading, but you’re perhaps cautious to not take any risk and find a relevant platform to exchange currencies. Crypto exchanges are the platforms that act as intermediaries between users and sellers so that the exchange of cryptocurrencies is as seamless as possible. However, with a myriad of platforms, it often gets confusing to choose the right one. With this blog, we will discuss the factors that can help you evaluate and identify the right exchange platform.

Should people opt for crypto exchanges?

Crypto exchanges offer a range of functions that facilitate secure storage and seamless exchange of valuable digital assets. These platforms ensure a smooth process by matching buyers with suitable sellers. Transactions can be conducted using cryptocurrency alone or by trading fiat currency, such as dollars, for popular cryptocurrencies like Bitcoin or altcoins. Depending on the platform chosen, crypto exchanges provide a reliable and practical solution for managing transactions in a professional manner.

Don’t ignore the reviews

It is extremely vital for you to check the mass’s opinions and perspective of a particular platform before you choose a crypto exchange. Pretty much like when you check the comments for any product while online shopping, you need to make sure that you know the pros and cons of that platform. A company will always market its best features, so you need to remove the curtain and take a look at the disadvantages as well.

Assess the experience

The popularity of an exchange platform should be taken into consideration, however, it should not be the only factor. If you find it difficult to familiarize yourself with its features and functions, then that might gradually become an issue. You need to first consider your expertise: Are you a beginner, intermediate or expert in the crypto field? Then find the relevant platform that can accommodate your needs the best.

There are some platforms that can show you the features in accordance with your expertise or selected options, while others are solely created for only one level of expertise. It all comes down to which platform you find the most comfort to operate in. 

Security

Since you’re dealing with multiple currencies digitally, security is not something to be compromised. You need to have a look out for the crypto exchanges which are best known for their control measures, and those who guarantee prevention of malicious activities like hacking or frauds.

Start with creating an account with a strong password and using 2 factor authentication. You can also store your digital assets offline in a hardware wallet to avert any illicit activity. Biometric login and cold storage also ensure that there are a number of withdrawal options available to mitigate the chances of any fraud.

It is better to have an intricate process to ensure the security of your data rather than facing the loss of your money and struggling to get it back. The best crypto exchanges will also cooperate with you if you face any malicious attacks.  

Offering a range of crypto currencies

Most of the prominent and best cryptocurrency exchanges have a diverse collection of digital currencies. Making sure that your chosen platform is not confined to the basic currencies but also offers other options. Similarly if you’re into the fiat- crypto transactions, then another obvious factor you need to look for is whether the platform supports fiat currencies such as USD.

Cooperation and guidance

It is normal for individuals to face problems while using a new platform. Therefore there should be guiding statements for you at the beginning so that you can make yourself familiar with the design and operations of the crypto exchange. Communication such as emails or chat through which you can clear your queries is a beginner-friendly and vital feature. Every prominent platform might offer that, so make sure that you opt for an exchange that is trusted globally.

Trading fees

The transaction that you will carry out will require a certain amount for fees, though the amount varies from platform to platform. If you’re a beginner, it would be better for you to choose an exchange that has a low transaction fee.

Roundup!

Keeping the above points in consideration, we cannot simply label an exchange as the ‘best cryptocurrency exchange in the world’, as it boils down to your usability needs and prior experiences with crypto dealings. With efficient research and a bit of skimming through reviews, you can choose the exchange for yourself easily.