In 2020, choosing the best cryptocurrency exchange is the first step to investing in cryptocurrency. So, how do you do that? Choose a cryptocurrency exchange that works for you?
Before you jump on a random exchange, you should consider several factors such as user experience, security, fees and liquidity among other things.
If you choose to do a eth btc or any other exchange on the best platform, the easiest way to distinguish between cryptocurrency exchanges is to read reviews and extensive ones at that. You should make sure the exchange has all the basic requirements – supports the desired trading pairs, altcoins and additional features that you might need like OTC deals.
Other aspects that you must keep in mind:
Security
This is the most important factor in a cryptocurrency exchange. There have been way too many instances of an exchange losing all its coins and leaving its users bereft of their investment.
Technology
The URL should be secure – HTTPS connection
The site should use 2 factor authentication
Customer deposits should be stored offline in cold storage
Additional security features like SMS and email
Legal
Use an exchange from the same country as you are so that you are 100% sure that the cryptocurrency exchange complies with the laws in your country.
Check if the cryptocurrency has insurance so that in case they lose your funds, you may be reimbursed.
Transparency
The cryptocurrency exchange should be very transparent when it comes to the owners, HQ address and team members. They should also publish their cold storage address.
Liquidity
The higher the trading volume, the more liquid specific exchange is. Liquidity allows you to complete transactions faster and easier. Remember, liquidity can be different for different trading pairs.
Fees
Let’s say you have to buy BTC with credit card. Before you do that, you should look at different fees on all exchange charges. Also, check the withdrawal fees and the deposit fees.
User experience
If you care too much anonymity, then you have to use a secure cryptocurrency trading platform. The exchange should not ask you too many questions about your identity. Check if the UI is simple and easy to use on both mobile and desktop. ( See Also- Tech Blog For Reviews)
Once you evaluate all the platforms on these parameters, you will be able to find the best cryptocurrency trading platform. Choose an exchange that suits your requirements.
If you don’t have a lot of time to research or due your own diligence, here are some of the best cryptocurrency platforms include CoinSwitch, Binance, BC Bitcoin and Bittrex. Coinswitch is an aggregator of exchanges, so you need not create accounts in each exchange. You can use Coinswitch to access all.
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