The Cryptocurrency industry is taking the world by storm. While the future of crypto is bright, one should note that it’s still in its infancy stages. With different factors affecting its market, the industry is still unpredictable and has a long way to go before obtaining full stability.
Choosing the right crypto trading platform is just as important as the actual trading decisions you will have to make. If you’re wondering how you can find the best option, you’ve come to the right place. Here are the most important factors to consider when deciding on a cryptocurrency exchange.
What to look for in a Crypto Trading Platform
While an exchange platform’s reputation does not ultimately reflect its competency, the experience of current and previous clients can often tell you everything that you need to know. Be on the lookout for reviews from authoritative websites and take the time to interview individuals who have utilized your prospective platform (i.e. ask around).
Taking note of the experiences of others will often tell you what you should expect if you choose to take advantage of their exchange.
- Convenience and Usability
Find an exchange that allows you to use and monitor your assets at any time that you wish. If your platform provides a mobile application, the user interface should be easy to understand and navigate to save you from any confusion.
Practically speaking, you should look to find an exchange that can be used in your geographical region. While the operators of an exchange platform can function from just about anywhere, due to the regulatory procedures of different countries and states, some locations may prohibit you from using specific platforms.
- Customer Service
The process of trading is already stressful enough so choosing an exchange with a customer support team that is readily available will help you ease the mental load.
In the case that you have trouble with setting up your account or if you are encountered with a transaction issue, it will be easier to troubleshoot your problems when you’re dealing with a responsive customer support team. Bad customer service is a really negative reflection on any crypto exchange. You shouldn’t deal with platforms that could comprise your success.
- Transaction Costs and Procedures
Asides from the initial costs of purchasing and trading, one should take note of the transaction process and fees of each specific platform. Some exchanges only accept payment in the form of cryptocurrencies but there are other exchanges that accept fiat money.
Just like foreign exchange, different cryptocurrencies may vary in their trading rates as well. If you are active in trading, taking note of all your expenses and fees will help you address financial behaviors that could potentially be eating up your income.
Do your homework. Most trading platforms will tell you all you need to know on their website and their preferred payment methods.
With the number of data security issues on the rise, security should be your number one priority. Signing up for an exchange could potentially pose security threats to both your assets and personal information, so you would want to make sure that your chosen platform is secure and trustworthy.
Choosing an exchange that makes use of an excellent security protocol will keep possible risks at bay. It’s also an indication that your service provider is credible and wants your experience with them to be a great one.
Some examples of great security measures include the following:
- The exchange keeps your deposits in a cold storage wallet (offline storage) to prevent hackers from reaching your cryptocurrency.
- Utilizes a multi-factor authentication system in the case that your password gets leaked.
- Has an email verification system to make sure that your transactions are recorded and authorized.
In a nutshell, the liquidity of a cryptocurrency exchange will tell how easily you can trade your assets. You would want to choose a trading platform with a high level of liquidity because that indicates that the market you are in is filled with possible buyers and sellers. In addition to making transactions more efficient, having a high liquidity rate will make it easier for you to compare and determine realistic prices.
- Trading Availability
If you’re looking to invest in the more popular forms of cryptocurrencies such as Bitcoin and Ethereum, you are in luck because many exchanges can trade for them. However, if you desire a certain specific coin, you should note that not all types of coins are available on all exchanges. Narrow your options down to the trading platforms that can facilitate exchanges for your preferred coin.
Tip: If you’re just starting out and you don’t know what cryptocurrency to trade in, then you should definitely check out Noah Coin. Now available on the following exchanges.
The Sky’s the limit!
The cryptocurrency industry is still facing a number of challenges, but you can’t ignore its potential. Trading may seem like a gamble, but just like all businesses, taking the time to properly research and process your options will heighten your chances of success and minimize the risks involved.
Finding the right crypto exchange platform may seem like an overwhelming task but keeping these things in mind should make the whole process a lot easier.
To help you get started, consider choosing BTCNext as your crypto exchange platform. With all the previously mentioned factors, BTCNext has all those boxes checked! Here are some of its key features and why you should consider partnering with them!
|Global Presence –||Reliable services around the globe.|
|High Security –||Provides the same level of security as national banks.|
|Quality Support –||24/7 customer support for immediate resolution of an inquiry.|
|Designed for the beginner, built for the expert –||Makes use of advanced tools for experienced traders but designed to be user-friendly for beginners.|
|Wide variety of currencies available for trade –||Trade over a hundred types of tokens such as Bitcoin, Ethereum, Litecoin, and NoahCoin.|
Register on BTCNEXT today!