In the present times, cryptocurrency exchanges are multiplying. That’s why it gets more challenging to choose the one that suits your preferences and needs. Moreover, with the emerging online transaction, scams and online thefts are not new today.
Being vigilant and careful will bring more positive consequences and lead to better investment returns.
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Here are the top five essential things a cryptocurrency exchange should have:
1. Excellent Reputation
From what we already mentioned, online transactions are more vulnerable to hacks or thefts. Knowing its background and history is crucial. It should have full regulation with a license to avoid scams. One of the well-known and widely used exchanges in the US is Coinbase.
Coinbase is not the only reputable exchange out there. You can also choose from Bisq, Binance, and Cash App. Each has a different focus. So, make sure to pick the one that complements your needs.
Bisq is the best-decentralized exchange, Binance is best for altcoins, Cash App is best for beginners, and Coinbase is best overall.
Starting with the well-known and regulated cryptocurrencies, you are walking on the right path.
2. Well-balanced Trading Fee
Investing in cryptocurrency exchanges with lower fees has its advantages. First of all, there would be a small amount of percentage you need to pay when you trade, buy, or sell.
However, choosing the exchange due to the low trading fee alone is not a wise decision. It might end you up with more losses than gains. Exchange with a low trading fee might lack the most important thing it should have—the security.
Security should come first. Studying the perks and benefits of the exchange should be the first thing in mind before investing.
High-security will ensure that all your hard work will not go to waste. The exchange’s website should have a hardware wallet and cold storage wallet to transfer your crypto funds and 90% of client funds.
The SSL Site Security Certificate means data security, so you’ll have your data protected once you visit the exchange’s website. The other two things the site should have are two-factor authentication and multi-signature authorization to block an unauthorized person from opening your account.
4. Flexibility in Accepting Fiat Currency
Before opening an account with the cryptocurrency exchange, you should check all the accepted fiat currencies and see if your local currency belongs there. If not, then look for another one.
Check all lists on its website, then you can decide after.
5. Flexibility in Accepting Deposit from Different Countries
Although the cryptocurrency is accepting your local fiat currency, they might have limits in receiving deposits from your country. For example, the exchange takes NZD currency but block deposit from New Zealand.
That is another thing you need to check before investing.
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Learning about these five essential things cryptocurrency should have will bring more ideas on what exchange you’ll choose.