The value of cryptocurrencies, such as but not limited to Bitcoin, has been steadily increasing since their inception. Today, more people are embracing digital currencies because of the numerous benefits they provide. For instance, they aren’t controlled by any central government. They’re also easy to acquire and use if you learn the ropes. However, finding a reputable cryptocurrency exchange to convert your cryptos into fiat money or any other asset can be challenging.
If you’re looking to trade your digital coins for cash, then you can utilize some of these top crypto exchanges to get unbeatable rates and offers.
Here are 5 key things to look for in the best cryptocurrency exchanges:
Table of Contents
1. Security and validity
It’s important to determine the safety and authenticity of your preferred cryptocurrency exchange before jumping on board. Most people who trade in crypto make the mistake of choosing any random platform to exchange their digital coins, especially when they’re just starting out. However, a significant number of cryptocurrency exchanges have been hacked in the past due to their mediocre security protocols. Giant platforms are now introducing high-level security features such as cold storage, encryption and two-factor authentication to improve data integrity and to protect their clients against hacking attempts.
2. Availability
The accessibility of different crypto exchanges varies depending on state laws and regulations. Before engaging the services of a particular crypto trading platform, check whether it’s available in your state or country. If you’re looking to utilize an international crypto exchange, ensure that you’re always up-to-date with regulatory amendments that could criminalize its usage in your state. Normally, crypto platforms have customer service teams that alert clients on any major developments they should expect in future. However, they may fail to publicize regulatory changes that occur abruptly, leaving you in limbo. It’s therefore a good idea to check this issue by yourself every now and then.
3. Good user experience
A good cryptocurrency exchange platform ought to have a user-friendly interface and impeccable user experience. Today, most crypto traders are looking for simplicity and convenience. If the crypto exchange you use has complicated features and is difficult to maneuver around, then it might help to choose an easy-to-use platform with simple functionalities and an intuitive interface. Customer service has to be top-notch. Sadly, some exchanges are designed without user experience in mind. Using such a crypto exchange could cause huge frustrations to a typical crypto trader. If you’re unsure about a particular platform and how it operates, seek guidance from someone who uses the exchange – they might offer invaluable information that could guide you.
4. Reasonable fee structure
Another important factor to consider when selecting the best cryptocurrency exchange is the fees and tariffs it charges. The most common types of fees charged by the majority of crypto platforms are deposit fees, transaction fees, withdrawal fees and currency conversion fees. Ensure you choose an exchange that offers you the best bang for your buck. The trading/transaction fee is a small fraction of your transaction that goes to the crypto exchange. Since this fee varies from one platform to another, ensure that you shop around and compare what different exchanges charge before settling on one. However, it’s also important to check the track record of your favorite cryptocurrency exchange before making your decision. There are many online review sites that provide credible testimonials about different crypto exchanges, so ensure you check them out.
5. Integrated mobile app
Despite their rapid gain in popularity, some crypto platforms are still hesitant to jump on board with developing technologies. Gone are the days when you had to rely on a desktop computer to access your cryptocurrency exchange. Today, you can transact while on the go using your smartphone or tablet. Ensure you choose a platform that offers a reliable, interactive and user-friendly mobile application. This is essential because it will allow you to trade and manage your crypto account with remarkable ease. Mobile apps provide convenience since they’re simple and can be downloaded on diverse operating systems. If you encounter challenges with your crypto mobile platform, contact your respective customer care rep to get the issue sorted out quickly.
Some crypto exchanges offer certain rewards to encourage their clients to continue transacting with them. Others provide their customers with wallets to store their crypto coins. Whatever the case, it’s always important to conduct ample research before choosing a cryptocurrency exchange. Ensure you compare different platforms to check what they all have to offer. When making major investment decisions, ensure you look before you leap.
About Carson Derrow
