As cryptocurrencies are gaining popularity by the day, there is a lot of interest around them. This article helps you choose the best cryptocurrency exchange out there. We have enlisted some ideas to help you choose the best one for yourself.
It will be quite difficult to sort all cryptocurrencies available today but among these, Bitcoin remains as the most popular for now. However, there are lots of other cryptos that are making their place in the market every day and it is important for us to find out which cryptos can be purchased with ease and which exchanges provide access to those cryptos. Here I am going to share some points you should consider while you looking for any exchange for the forex or crypto trading
1 – Exchange Reputation
Exchange reputation is crucial to find out about the transparency and security of any exchange like fxcm. You Should read the fxcm review on our recommendation. Credible exchanges will obviously have better credibility among their customers as compared to those that are not that transparent or secure.
2 – Trading Volume
The trading volume of the exchange must also be considered. This can be measured by how many currencies they exchange on a daily basis and the types of cryptocurrencies these exchanges offer their services for.
3 – Fees
As we know, fees play an important role in choosing the best cryptocurrency and forex exchange, so it is better if you first check its fee structure before starting with your selection process. A low transaction fee needs to seem attractive but keep in mind not all low fees mean the same thing when it comes down to cryptocurrency trading.
4 – Account Verification
It is advised to go for an account verification process that is easier and less time-consuming as it will save both your time and energy in the long run. While checking out for an exchange, check whether they offer their services with complete anonymity or not. Remember , the more info you provide to them about yourself, the more you are prone to attacks from hackers.
5 – Visit Community Page & Social Media Channels
Before you proceed any further, make sure that you visit their community page (Facebook/Twitter) and check out what other customers are saying about the exchange on social media channels like Twitter, Reddit etc.
6 – Number of Crypto Coins Offered
The more the number of crypto coins like bitcoin, gigecoin, litecoin, etherium and so on available on an exchange, the better it is. However, this does not mean that you will be able to purchase or sell all cryptos available in the market through your exchange.
7 – Crypto Wallet Option
The ability to store private keys in a separate wallet which supports multiple cryptocurrencies is advised. This will help avoid any sort of compromise over your account and will also save you time in transferring funds from one exchange to another for purchasing different cryptocurrencies.
8 – Security Features
You need to ensure that there are enough security safeguards present at the exchange so as to protect your investment from hackers who may want to steal your sensitive data like email ID, password etc. There are various secure elements provided by an exchange such as 2-factor authentication, P2P currency transfer etc.
9 – Number of Supported Countries
As we know that cryptocurrencies are not available for everyone out there, so varied range of countries supported by the exchange is necessary. Make sure that you check what countries can be accessed by the exchange and which ones cannot before signing up on an exchange.
You need to keep all these factors in mind while making your decision and it will help you find a suitable cryptocurrency exchange according to your needs and conditions .