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Cryptocurrency

6 Things to Consider When Choosing a Crypto Exchange

Everyone everywhere seems to be talking about cryptocurrencies: Financial analysts are talking crypto, investors are talking crypto, Elon Musk is talking crypto, even self-declared gurus on social media are talking crypto.

And there is a Reason for That: cryptocurrency is an innovative new form of currency that takes control out of the hands of the institutions and puts it in the hands of the user. This is done through decentralization where the transactions are processed on a blockchain ledger. A blockchain is a database spread across many computers around the world. So, no single institution has control over the currency, democratizing the market. Also, a data loss or breach in one computer, will not affect the database as a whole. These advantages are prompting many major companies to accept payments in cryptocurrencies like Bitcoin and Ether further strengthening them.

Considering this ongoing trend, it is no surprise that many people, seasoned investors, and newcomers alike, are looking to invest in cryptocurrencies. For trading and investing in cryptocurrencies, you need to use a digital crypto exchange. A digital crypto exchange is like a stock exchange that allows you to buy and sell cryptocurrencies like Bitcoin, Ether, XRP online.

Desired Characteristics in Crypto Exchanges:

Finding the best crypto exchange can be quite challenging considering the large number of digital crypto exchanges that have sprung up in a short amount of time. You need to look for these things in a crypto exchange to see if they are reliable or not:

1. Decentralization

Generally, decentralization provides better protection of data, in this case, your money, as the decentralized network is spread over many computers and thus hackers and others trying to steal this data do not have a single point of attack. The loss of a single computer and its data has little effect on the entire blockchain. Though cryptocurrencies are decentralized by default, if the exchange stores its transactions at a single point, then that point can become a target.

That said, the exchanges that are centralized in their transactions usually have a secure vault to store your data whose keys are not shared with any user. This provides an additional layer of defense against data loss.

2. Customer Details:

Some digital crypto exchanges will ask for Know Your Customer (KYC) documents from their users. This ensures transparency and deters the entry of miscreants into the platform.

3. Variety:

Bitcoin and Ether are the two most popular and valuable cryptocurrencies in the world today. But they are not the only ones, many other cryptocurrencies exist and new ones are constantly being launched. Depending on whether you wish to invest in just the more common cryptocurrencies or try out other promising ones, the best crypto exchange for you will also depend on the variety offered by the exchange.

4. Security:

You are going to hand over your hard-earned money to these digital crypto exchanges, so be sure to check their track record for scams and data breaches.

5. Transfer Facilities:

The best crypto exchanges usually have exchange facilities where they allow you to change your crypto into fiat currency. Some also have wallets that allow you to directly withdraw your money.

6. Transaction Fees:

Crypto exchanges typically charge a percentage of your trades as fees. While low fees can be a lucrative aspect of exchange, keep in mind that other aspects like security are also very important.

Best Crypto Exchanges to Consider:

Following are some of the best digital crypto exchanges you can consider using to trade in cryptocurrencies:

1. Coinbase:

  •  Provides strong security.
  •  Is transparent
  •  Offers trading in 64 different cryptocurrencies
  •  The user interface is very simple
  •  Has a wallet
  •  Good for beginners

2. Binance:

  •  Has many cryptocurrencies
  •  Fees are low.
  •  Easy user interface
  •  Has good security
  •  Has an asset fund as insurance

3. Bisq:

  •  Has 63 cryptocurrencies.
  •  More than 25 different payment methods
  •  Decentralized platform
  •  Has a wallet

4. Kraken:

  •  Has good security features
  •  Has many cryptocurrencies
  •  7 fiat currencies are accepted

How to Choose the Best Digital Crypto Exchange

• Conduct your own Research

Do not depend on what is trending or what celebrities or others on social media are talking about. Be wary of taking advice from investment gurus on YouTube and Instagram. Always conduct your own research about the history of the exchange you are considering. Look at news and research articles, put your data together, study it before you decide.

• Read Customer Reviews:

Read the reviews previous customers have left on their website or app page. Look at the pros and cons these customers are talking about. This will give a pretty good idea about the platform.

• Take Advice From Certified Experts:

If you do decide to take someone’s opinion, make sure that the person is a certified expert or a publication dealing with certified experts. At the end of the day, your discretion matters above all else.

Choosing the right digital crypto exchange is vital to your success as a crypto investor. This article aims to give an overview of how to find the best crypto exchange but always do thorough research before you commit to any platform.

 

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