Beginners Guide: How To Select A Crypto Exchange? What Factors Should You Take Into Consideration?
2022-04-19 16:52:13
Which Crypto Exchange Is The Safest?
Due to the important role in the war between Russia and Ukraine, crypto has become a hot topic across social media and got increasing popularity around the world. Besides, what makes crypto famous and popular is its great success in turning a lot of early investors into billionaires. As a result, more and more people outside cryptocurrency are eager to plunge into the crypto world. But, how to select a crypto exchange and what factors to think about are the two problems facing them.
How Do Crypto Exchanges Work?
Crypto exchanges are a place where users can exchange one crypto for another or buy crypto with fiat currency. Users register an account, verify their identity, deposit crypto or fiat funds, with which they can start buying, selling, or trading. A cryptocurrency exchange provides users with a way to buy, sell, trade, earn interest and even borrow cryptocurrency. Some exchanges provide relatively safe cryptocurrency trading channels for individual and institutional investors.
What To Think About When You Choose An Exchange?
Different cryptocurrency exchanges provide different functions. Some offer a wide range of coin or token options, while others provide advanced trading tools or lower transaction costs for active users. Here are the factors you should take into consideration when choosing a crypto exchange.
Security. Although many cryptocurrency exchanges provide basic security functions (such as 2FA and cold storage of assets), others offer more functions, such as withdrawal whitelist, account locking, and even wallet assurance. Finding a secure crypto exchange will give you more peace of mind. As is known, Binance, the largest cryptocurrency exchange, was hacked for thousands of BTCs in 2019, which makes more exchanges invest heavily in security. For example, Gate.io is the first exchange to invest millions in security and law funds to add extra protection for user’s assets and protects your funds with both centralized and decentralized methods.
Fees. In general, crypto exchanges make money from transaction fees. It’s typical that the investors will be charged 1.0% or more for buying and selling cryptocurrencies directly, while transaction fees are often much lower or even free, depending on volume. Looking for a low-fee exchange will help you save money in the long run.
Customer service. A team who guides you in your trading journey. Good customer service will help you solve all the problems you have encountered. 24/7 customer service support is now available in many top exchanges. Finding a crypto exchange that offers multiple ways to reach customer service may help keep headaches to a minimum.
Cryptos Available. It’s crucial to find an exchange that supports the crypto you are interested in if you are looking to invest in a specific project. While some exchanges only carry popular cryptocurrencies, others offer access to hundreds of altcoins and smaller projects for diversifying your holdings. Gate.io, the exchange just mentioned above, has more than 1400+ coins which enables users to get whatever they like.
Due to the important role in the war between Russia and Ukraine, crypto has become a hot topic across social media and got increasing popularity around the world. Besides, what makes crypto famous and popular is its great success in turning a lot of early investors into billionaires. As a result, more and more people outside cryptocurrency are eager to plunge into the crypto world. But, how to select a crypto exchange and what factors to think about are the two problems facing them.
How Do Crypto Exchanges Work?
Crypto exchanges are a place where users can exchange one crypto for another or buy crypto with fiat currency. Users register an account, verify their identity, deposit crypto or fiat funds, with which they can start buying, selling, or trading. A cryptocurrency exchange provides users with a way to buy, sell, trade, earn interest and even borrow cryptocurrency. Some exchanges provide relatively safe cryptocurrency trading channels for individual and institutional investors.
What To Think About When You Choose An Exchange?
Different cryptocurrency exchanges provide different functions. Some offer a wide range of coin or token options, while others provide advanced trading tools or lower transaction costs for active users. Here are the factors you should take into consideration when choosing a crypto exchange.
Security. Although many cryptocurrency exchanges provide basic security functions (such as 2FA and cold storage of assets), others offer more functions, such as withdrawal whitelist, account locking, and even wallet assurance. Finding a secure crypto exchange will give you more peace of mind. As is known, Binance, the largest cryptocurrency exchange, was hacked for thousands of BTCs in 2019, which makes more exchanges invest heavily in security. For example, Gate.io is the first exchange to invest millions in security and law funds to add extra protection for user’s assets and protects your funds with both centralized and decentralized methods.
Fees. In general, crypto exchanges make money from transaction fees. It’s typical that the investors will be charged 1.0% or more for buying and selling cryptocurrencies directly, while transaction fees are often much lower or even free, depending on volume. Looking for a low-fee exchange will help you save money in the long run.
Customer service. A team who guides you in your trading journey. Good customer service will help you solve all the problems you have encountered. 24/7 customer service support is now available in many top exchanges. Finding a crypto exchange that offers multiple ways to reach customer service may help keep headaches to a minimum.
Cryptos Available. It’s crucial to find an exchange that supports the crypto you are interested in if you are looking to invest in a specific project. While some exchanges only carry popular cryptocurrencies, others offer access to hundreds of altcoins and smaller projects for diversifying your holdings. Gate.io, the exchange just mentioned above, has more than 1400+ coins which enables users to get whatever they like.
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