What Should You Consider When Choosing a Crypto Exchange?
A crypto exchange is a digital platform used for buying and selling cryptocurrencies. One can pick any exchange platform, depending on their criteria. Whatever crypto exchange you go for, make sure it has good reputation and it isn’t banned in your location. If you or anyone you know is looking to set off their crypto venture, the following points should be taken into consideration when choosing a cryptocurrency exchange.
Security and Authenticity
It is crucial to perform research to make sure you are picking a secure and legitimate crypto exchange platform. Always choose a platform that employs a robust security system. There’s no point in risking your invest by choosing a platform that is getting its feet wet in the industry.
Try to opt for big names like Coinbase and Binance to stay on the safe side. Although there may be issues even with reputed platforms, the big number of their active users brings you a sense of security.
The purchase method varies from one crypto exchange platform to another. Some platforms allow deposits through bank transfer, some accept credit/debit cards, some use PayPal, and some use only cryptocurrency for purchase.
If you don’t own any digital currency, it’s important that you pick an exchange that accepts fiat currency. Another thing you should consider is the transaction time. Some exchanges process transactions instantly while others can take a few days or even weeks.
Most crypto exchange platforms support Ethereum and Bitcoin. If you plan to use a specific cryptoucrrency for your crypto venture, look for the one supporting your desired cryptoucrrency. Binance accepts a long list of altcoins while Coinbase supports only 4 major cryptocurrencies.