Crypto is the hottest buzzword on the currency exchange market nowadays. Every day, more and more people enter the cryptocurrency market by trading various cryptocurrencies. The process is comparable to that of the stock market, but with one major difference: There is no broker – it’s a direct trade.
There are approximately two hundred cryptocurrency trading platforms operating all over the world today. They are meant to be independent and not under any particular rules or regulations which means they aren’t tied to any governmental bodies. However, it also means that you have to do your research before entering one to trade.
Here are some things that you should be looking for in a cryptocurrency trading platform:
Security and Authenticity
Before anything else, you have to find out whether the platform is secure. To do this, look into whether or not the exchange provides cold storage facilities. If it does, then plus points to that platform because they allow you to store your coins offline and away from the threat of hackers. It’s also important to look for excellent SSL encryption and a two-step authentification process which will add an extra level of security to the whole exchange.
When signing up for any service, look for something that offers great customer support. You never know when you need some help with an issue or have a question that needs to be answered. Customer support is also often a great indicator of the platform’s professionalism. Reputable companies will prioritize getting back to their users promptly and making themselves accessible in a number of ways. Make sure the platform you choose has email support at the very least, although a live chat feature would certainly be preferable.
What’s the point of signing up for a platform if you can’t manage to navigate the interface? You want a platform that delivers a great user experience as this will make your entire experience with them significantly more pleasant.
The service and transaction fees are definitely a big consideration. The more transactions you make, the more fees you’ll have to pay. And if you sign up for a service with higher fees, you may very well end up significantly dipping into your margins. Consider the fees of the platform you are considering and set it against other ones before making your decision.
When it comes to cryptocurrency trading platforms, bigger is not always better. Large exchanges are often large because their reputation has been built over a long period of time. They can often guarantee a certain level of service. That being said, smaller services can often deliver an experience that’s a little bit more personal or offer features that a larger exchange would be unable to. They may accept little-known currencies that have yet to make their way into the mainstream.
In the end, it all comes down to you and your preferences. Everyone has different needs and should choose a cryptocurrency trading platform accordingly. By looking for a platform with solid security, great customer support, a smooth user interface, reasonable fees, and the right size, you’ll end up with one that is the right fit for you. Happy trading!