Believe it or not, the value of all cryptocurrencies in circulation is worth billions of dollars today. With the rise of Bitcoin, Ethereum, Ripple, Monero, Dash, and other such digital currencies, picking the right crypto exchange is now of paramount importance. Events such as the hack and subsequent collapse of Mt. Gox, and the Bee Token phishing scam, have taught users to be cautious while choosing the right platform for trading our crypto cash.
Doing a little homework before you start trading can never hurt. Here are a few things you should look for in a good crypto exchange:
- Reputation- After hearing that a certain platform such as Mt. Gox was hacked or was operating on illegal terms, would you still decide to trade on it? To prevent any regrets later, you should read up on the exchange, referring to trusted websites and user comments on well-known forums. A lot of good exchanges such as Poloniex are open-source and have a thriving user community on various forums.
- Commission/fees- There is a reason why “terms and conditions applied” is always written in a small font. Crypto exchanges that try to extract more money from you will try to do so in multiple forms – such as monthly wallet maintenance fees or identity verification fees. Worse – withdrawal fees will be sky high. Beware of them! Good exchanges won’t find the need to hide all these from you.
- Payment Method- An exchange with limited modes of payment can prove to be highly inconvenient. Instead, try to pick an exchange that gives you the option to pay through a bank transfer, credit card, PayPal, and whatever else works for you.
- Ease of Use- You certainly don’t want to join an exchange to find out later that you cannot even operate it easily! An ideal exchange will have a simple, intuitive interface can be used even by amateur traders, with ease. Read user reviews before you dive in. Or maybe give it a shot yourself.
- Security- When you talk about money transfer, especially digital transactions, chance are that the first question that will pop up in your mind is, “Is this platform safe to use?” Reputed crypto exchanges will generally be more secure and be trusted by a wide community of users.
Still looking for a reliable crypto exchange? Start trading bitcoin on Unocoin today!
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