Guide To Find The Best Cryptocurrency Exchange Platform

Posted by Simone Mickey on July 18th, 2019

Cryptocurrency exchange platforms process like banks in many ways. They hold your money; they manage your transactions and they are responsible to keep your funds safe. They should also be user-friendly, reliable, and easy to use. Finding the best cryptocurrency exchange for you can take some time and effort, but it pays off in the long run. We recognize that it can be intimidating to assess which exchange is good or which isn’t, hence this article will guide you on the factors to consider for the best crypto exchange platforms.

1. Reputation

It is important to look up the reputation of an exchange platform. The best way to find out an exchange is to look through the reviews from individual users and well-known trade websites. Reviews will give you a rough idea about the authenticity & features of the exchange. All reviews are important because they are based on factors like liquidity and security. Furthermore, you can check online communities of these exchange platforms.

2. Fees

Every digital currency exchange platform has a completely different fee structure that is targeted to a particular type of user. Before joining, make sure you understand the deposit, transaction, and withdrawal fees. Fees will differ considerably depending on the exchange you employ. Cryptocurrency transactions are supposed to be close to free if you’re sending coins directly from one blockchain address to another. If a user needs to swap one currency for another, then the Cryptocurrency exchange platform they use will charge for that service.

3. Payment Methods

What payment methods are available on the exchange? Credit & debit card? Wire transfer? PayPal? If an exchange has restricted payment choices, then it may not be convenient for you to use it. Remember that buying cryptocurrencies with a MasterCard can invariably need identity verification and buying cryptocurrency via wire transfer can take considerably longer as it takes time for banks to process.

4. Verification Requirements

The vast majority of the Bitcoin trading platforms need some sort of ID verification so as to create deposits & withdrawals. Some exchanges will allow you to remain anonymous. Although verification, which can take up to a few days, it protects the exchange against all kinds of scams and money laundering.

5. Liquidity

Liquidity on a cryptocurrency exchange platform simply means the degree to which a particular asset can be quickly bought or sold without altering the general stability of its price. It is highly advised to join an exchange platform with higher liquidity, since it guarantees market stability of the asset. Higher liquidity gives access to quicker transaction times. It makes it possible to complete exchange & transactions faster, more easily and without having to deal with price volatility.

6. Security

Security is the most important factor in choosing a digital exchange platform. Before you pick an exchange platform, make sure to check its history, make sure it offers solid security measures to protect your funds. Any crypto exchange platform should have basic security features like two-factor authentication and keeps its deposits in cold storage so that they can’t be grabbed by electronic thieves, username, password, and extra security keys. Measures such as e-mail encryption with OpenPGP or U2F is a bonus.

7. Transparency

A cryptocurrency exchange platform has to maintain a level of transparency to gain user trust. Before choosing a digital exchange platform, it is important to check its authenticity. Does the exchange reveal its owners, its headquarter address and information about the managing team that’s working for your assets? Transparent cryptocurrency exchange platforms also publish their cold storage address or help check their reserves in other ways, like audit information.

8. Geographical Restrictions

First, you’ll want to make sure that the cryptocurrency exchange platform you’re going to use is available and legally operating in your country. Some specific user functions offered by exchanges are solely accessible from certain countries. Make sure the exchange you want to join permits full access to any or all platform tools and functions within the country you presently sleep in.

9. Usability

Cryptocurrency exchange platforms shall offer a mobile app for its use. But Whether or not you want to access the exchange from your smartphone is a further consideration for a platform to be user-friendly. The actual usability of a platform is judged through the quality of its user interfaces. It can vary widely between different cryptocurrency exchange platforms.

All in all, selecting an exchange is the gateway to the crypto world. If you’re simply getting started with crypto, There are many factors to consider when choosing the best exchange, It is recommended to use Digital Ticks exchange platform since it holds all the factors mentioned above.