There are many popular crypto exchanges, which offer various services and possibilities for crypto owners worldwide. However, it is not always clear whether they are safe and reliable. Also, there are a lot of new exchanges and wallets appearing all the time, so it is hard to know which ones to trust.
Of course, experienced traders already have their favorite platforms and usually conduct all their operations using only them. But what should you do if you are only starting trading and haven’t made a choice yet? Or maybe you are looking for a better platform than the one you’re using now.
Of course, you can choose a popular and trusted platform like changelly.com but what if you want to have a choice among several of them? Let’s have a look at various factors one should assess when choosing a high-level security service.
Step 1
A good place to start when looking for a crypto exchange is by reading reviews and finding out what other users have said about their experience. However, it is also crucial to do your own research and not just rely on the opinions of others. Pay attention to those points that are important to you. Try to be objective. If someone doesn’t like a certain thing, it doesn’t mean that it won’t also suit you.
When looking for a review, it is best to find ones that are from independent sources, such as cryptocurrency news websites or blogs. These are usually more objective than the reviews you will find on the exchanges’ own websites. Overall, this is a great way to define whether a certain project is a scam or not and whether it’s worth trusting it.
Another factor to consider is the age of the exchange. Generally, the longer it has been in operation, the more likely it is to be trustworthy. This is because exchanges that have been around for a while have usually had time to build up a good reputation. Of course, there are exceptions to this rule, and sometimes new exchanges can be just as good as older ones. But if you are unsure, it is probably best to stick with a more established platform.
Step 2
Let’s take a more detailed look at the main features of crypto exchanges that should influence your choice:
- The platform’s regulation;
- The fees;
- Reliable security.
Once you have found a few exchanges that you think might be worth trying out, it is time to look more closely at each one. The first thing you should do is check whether the exchange is regulated by any financial authorities. This information can usually be found on the website of the exchange. If the exchange is not regulated, it does not mean that it is not trustworthy, but it might be a riskier option.
Another thing to look at is the fees charged by the exchange. Some exchanges charge very high fees, which can eat into your profits. So, it is important to find an exchange that charges reasonable fees.
You should also check the security features of the exchange. This is very important, as you need to be sure that your funds will be safe. Make sure that the exchange uses 2-factor authentication and stores all user funds in cold storage.
Step 3
Once you have found an exchange to your liking, it is time to create an account and start trading. But before you do that, there are a few more things you need to check.
First of all, make sure that the exchange supports the cryptocurrencies that you want to trade. Some exchanges only support a few major coins, while others support hundreds of different cryptocurrencies.
Then, check the withdrawal and deposit limits of the exchange. Some exchanges have very low limits, which might not be suitable for you if you are a more experienced trader.
Finally, check the payment methods that the exchange accepts. Some exchanges only accept bank transfers, while others also accept credit cards and PayPal.
Final Words
There are a lot of different crypto exchanges out there, and it can be hard to choose the right one. But if you take the time to do your research and look at all the important factors, you should be able to find an exchange that is perfect for you. Make sure you’ve done your research and can trust your funds to the platform. Good luck!
