IMPORTANT ASPECTS TO CONSIDER WHILE JOINING CRYPTOCURRENCY EXCHANGE

Image for post
Image for post

The crypto world is growing day by day. More and more people are joining the crypto world every day. The value of cryptocurrency is reaching new heights. Big corporates to multi-millionaire investors are putting their money in it. Cryptocurrency is the next big thing. Many new investors are willing to get higher returns from it.

The interest in cryptocurrency is increasing. More people are showing their belief in digital currency. So, people are trying to cash on this opportunity. For buying and trading in cryptocurrency, one needs to choose a cryptocurrency exchange. A cryptocurrency exchange is an important

platform for all cryptocurrency holders. Choosing the right cryptocurrency exchange is a vital step. Below is the list showing important aspects while selecting a cryptocurrency exchange.

Security

Security is the most important concern when it comes to cryptocurrency. Also, security is the primary aspect while selecting a cryptocurrency exchange. So, one has to do a lot of research before selecting an exchange. It is essential to choose a legitimate and secure platform for this purpose. Recently, there are a lot of scams that are coming into the picture. So, an authentic and safe cryptocurrency exchange is the only option.

Purchasing method

The method of purchasing and transacting differs among multiple platforms. Different exchanges have different ways of accepting deposits. Some accept bank transfers and some accept PayPal. If one is new to this crypto world, one has to choose the exchange accepting fiat currency. Moreover, the transaction time also differs between different platforms.

Supported tokens

Most of the cryptocurrency exchange support Bitcoin and Ethereum. There is a long list of digital currency present in the market. Binance supports a long list of altcoins. Coinbase supports only four cryptocurrencies. So, this is also a vital factor while making a choice.

Trading platform / P2P exchange / Broker

There are three types of cryptocurrency exchange. The trading platform is very common. Here the users place their orders for buying or selling cryptocurrency. P2P exchange is a more open type of exchange. Here the buyers and sellers interact directly and trade among themselves. Cryptocurrency brokers are different from the above. Here the brokers fix the price and the buyer can purchase as per his choices.

Fee structure

The fee structure and the transaction fees also vary among platforms. This is also a critical aspect. Some exchanges

offer discounts. While some exchanges charge for trading, but the purchasing of tokens are free. So, exchanges have a variety of offers. Therefore, you should choose based on your requirements.

User interface and user experience

Another important aspect is the user interface and its functionalities. The interface should be user-friendly. From new to seasoned users, the user interface plays an important. It is essential for the user to understand the functionalities and use them at his convenience. Moreover, different people like different interfaces. Mostly, the exchanges with the best user experience see maximum growth.

So, the above-mentioned points are important while selecting a cryptocurrency exchange. All exchanges are different and they have different offerings for the users. So, it is important to understand your own priorities before selecting an exchange. It is good for one to choose an exchange that suits his criteria best.

Source: https://coinmercury.com/important-aspects-to-consider-while-joining-cryptocurrency-exchange/

Best cryptocurrencies news, prices in real time and platform events

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store