No matter your interest in cryptocurrency, whether to test the waters or to fully go into crypto trading, finding the right exchange makes all the difference. This article will assist you in knowing what to look out for when choosing a suitable crypto trading platform as well as provide you with some highly ranked exchanges.
When deciding which exchange to select, the first thing to do is to define your needs. For beginners, their needs are different. They usually need an exchange that is not difficult to understand and on the other hand, a seasoned trader will be searching for a platform that will offer cheaper fees.
The Selection Process
(1) The first step is to carry out detailed research to ensure the exchange is reputable, just like the exchanges listed below, but you should carry out your own investigations as things change. Look out for the following:
- Good reviews from people who have used the exchange in the past.
- The exchange history that can be confirmed.
- The person(s) in charge of it.
- The privacy protection features it provides.
- Location and language should suit your needs appropriately.
(2) The next step is to take into consideration the fees of the exchange. Exchanges that process your currency faster have higher fees, so if you want faster currency delivery, then make arrangements for the required fees.
(3) Consider also the information made available by the exchange whether it is understandable and also whether it makes investment decisions easier to arrive at.
(4) Find out the currencies that are supported on the trading platform. The exchange should be equipped with fiat currency support which you can use to purchase various cryptocurrencies.
Now that you have the above in mind, the next thing is to select a suitable exchange and below is a list for you to consider.
Changpeng Zhao founded Binance in Malta in the year 2017. The exchange has good mobile apps and also says it has the highest volume compared to other crypto exchanges. Binance is an exchange focused only on cryptocurrency with no fiat support.
Bitfinex has been in operation since 2013 and provides services for the world from its Hong Kong base. The exchange supports a variety of digital assets of which Bitcoin is among, and it also provides its services on a mobile app as well as a desktop version that can be customized.
In addition, Bitfinex offers margin funding and margin trading features which are considered advanced.
This exchange is based in Europe and supports many cryptocurrencies, and some of them include Bitcoin, Ripple and Ethereum. Its fees are low, and it also has a broad method of payment.
The exchange is completely automated, thereby providing its users with faster transactions. Over 800,000 people use Bitpanda, and it was established in 2014.
Bittrex came into existence in 2013 and operated out of Seattle, USA. The exchange has a good trading volume and also supports different digital assets.
Though Bittrex is not regulated, it has stated that it agrees with “all current US regulations that help prevent, detect and remediate unlawful behaviour by customers and virtual currency developers.”