Cryptocurrency exchanges are like the stock market, but instead of trading shares and bonds, you trade cryptocurrencies. Exchanges are platforms that allow their users to buy, sell and transfer the digital assets. There are many types of exchanges with different features, payment options and coins supported. However, let us start from the beginning.
In the past when the crypto market was on its early stage of development there were many scams and fake exchanges. However, when it all got more popular there were many restrictions imposed by a government and everything began to be legally controlled. Now cryptocurrency exchanges are treated as a regular financial institution and must obtain several certifications and legal statements to start working.
Since beginning the crypto market expanded significantly and now, we can pick for a wide variety of features, services, and additional functions. However, to find the best exchange you should look for a few key factors. To make it easier we covered everything below.
This should be the first thing to look for. If the exchange of your choice does not support your country, unfortunately, you will not be able to use it. Make sure to go through the list of countries supported and whether your country has any limitations or restrictions.
If you are a beginner, it may be hard for you to get started with trading. Everything is new and you probably want to learn how it works. Without support in your language or language you understand you may find it very difficult and get discouraged. Most exchanges have English support for customers. However, some of them may provide customer service in your mother language as well!
When talking about the support it is important to check how the customer support works and how it is rated by other users. Sometimes the customer service team will be truly helpful, while on other platforms it may be poor.
This is one of the most crucial points of exchanges. Overall, everything is based on their security. Make sure that exchange provides high-security solutions (such as tokenization, encryption, two-factor authentication). It may prevent the hacker attacks (very rare, but sometimes happens) and protect your personal information and digital assets form stealing.
Fees may vary based upon exchange and services offered. There are very cheap companies and too expensive. And it is hard to establish the principle that justifies it. Sometimes you can find a great cryptocurrency exchange that charges small fees, and you can find the complete opposite – a poor platform with ridiculous fees. Therefore, we recommend looking at the fees on the very end, when you are sure everything is fine.
The first exchanges offered crypto-to-crypto trading only. Now, when everything went further you can pick from many payment options available. There are FIAT currencies support, bank transfers, credit and debit cards, SEPA transfers and many more. There are even exchanges that support payment options available for its country (for example iDeal in the Netherlands). Always check the payment options, because there are still some crypto exchanges that accept crypto transfers only.
When exchange gets popular it gathers more users and hence, more reviews. These are the most reliable. If that is possible read opinions and feelings of other users and gain a verified view on the exchange of your choice.
When you become an advanced trader, you will see that some of the additional features may be very helpful and you will look for companies that provide tailored solutions that cannot be found anywhere else. There are many extra features, for example, peer trading, margin lending and trading, brokerage service, business account, special payment options etc. Therefore, we advise to carefully review each company services and see if you can find the matching features.
This is an important point on our list. Though we place it at the end, always make sure that you pick the exchange tailored to your needs and the level of advancement. It would be bad to find yourself in a situation when you completely lost on the platform and you cannot use it properly. However, it is not so hard to check if it is beginner-friendly. Many exchanges clearly state what you can find on their platform
We are thrilled that you can use our services and it will help you to make your choice easier. We took care to simplify the process of finding the best exchange and compared many cryptocurrency exchanges on our website. Click here and find your best exchange. All the information we covered above is clearly shown so that you can easily pick the most accurate company for you!
Finding the best cryptocurrency exchange is not a simple process. However, it is important to pick a service that is convenient for you and meets your expectations. We hope you found this guide useful and we wish you success on your path to becoming a crypto trader!
With love ❤ Cryptoplater!