The buying and selling of assets are not only limited to stocks and bonds; with the rise of digital currency, trading platforms have also begun to increase to make transactions more seamless and easier for crypto users. These platforms are used to generate profit from the financial market, and for crypto exchange platforms, the volatility of the market is what’s being taken advantage of. Selecting an exchange platform can be complex, especially if you are a beginner.
So we have compiled some pointers for you in this article to choose the platforms that will work best for you.
Ease of Use
For a beginner, a lot of things may still be unclear to you. So if you are looking for a place to start, you should look at a platform that is simple and easy to understand. Since apps are used here, have a look at an app that has a user-friendly feature, offers a free wallet upon signing up, offers basic guides with regards to crypto, and has a feature where you can see price notifications or where you pay using different cryptocurrencies.
Transparency and Authenticity
One way or the other, you may have to contact your exchange platform, so you have to look for one that offers customer care or support and one that is open to revealing the names of the company owner and their company team. You should also pick a platform that’s very responsive to inquiries.
Fees and other Charges
Beware of platforms that have hidden charges. It is good to compare the fees from different platforms, and you should know that most platforms charge fees.
In some countries like Australia, conversion fees may apply before you can do the exchange or before you can trade especially when it comes to known crypto such as Bitcoin. For this, we recommend that you see this review to know how much certain trading platforms charge for conversion fees in Australia.
But wherever you are in the world, just remember that a platform should include knowledge of any fees that may apply before you sign up.
With thousands of digital currencies out there, choose a platform that should have a vast selection of crypto coins.
This should be seen as a paramount indicator of an exchange platform since you are dealing with notable prized assets. For this, choose a platform that offers cold storage or a cold wallet, especially if you have a substantial amount of digital currency. Also, look for KYC or the Know Your Customer policy — a secure platform should have this together with a web address that starts with HTTPS instead of HTTP. Lastly, look for a multilayered verification process, especially when withdrawing crypto.
With all the things mentioned that you should consider when looking for an exchange platform, the best thing you can do is do your research, and nothing beats that. Compare the platforms and check the reviews from good to bad. Read more on trading platforms so that you can be educated enough before trying a few exchanges. Plus, you can also try to do a few exchanges before you commit to one. Choosing wisely can help you achieve the best cryptocurrency experience.