Looking For A Cryptocurrency Exchange Platform? Here Is What To Consider
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Looking for a Cryptocurrency Exchange Platform? Here Is What to Consider

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In the world of cryptocurrency, there are many choices you have to make when it comes to cryptocurrency exchanges. A cryptocurrency exchange is a website/app where people trade crypto. There is a lot of money to be made on these platforms, but there is certainly a downside. You can lose your money just as quickly if the market does not do what you expected or hoped.

The risk you take when investing in crypto is one thing, but choosing the right exchange is perhaps even more important. Best bitcoin exchanges are hard to find. Various sites and review platforms can guide you in selecting the best. In the past, many exchanges have been victims of hacks and other attacks that have stolen millions of euros in cryptocurrency. Of course, you want to prevent something like this from happening to you, which is why you probably read this article too! Here you can learn how to choose the right crypto exchange that best suits your needs.

Looking for a Cryptocurrency Exchange Platform? Here Is What to Consider

Trading on crypto exchanges always remains risky! Only use crypto exchanges for trading crypto coins, not for storing them. Always have a secure crypto wallet. Here are factors to consider when looking for a cryptocurrency exchange platform.

1. Many Users, or Large Trading Volume

A cryptocurrency exchange must have a sufficient number of users so that there is always enough trading. This ensures volume and fair prices. So by definition, it is better to trade on an exchange with many other users. Click here for a comprehensive overview of major cryptocurrency exchanges.

2. Clear Website/App (Wallet Environment, Offer of Crypto Coins, Etc.)

As a user of a crypto exchange, you naturally want a good website/app. Therefore, always look at how the website or app works before trading with real money. What does the wallet look like? This is the environment where you see an overview of all crypto coins that you currently own. Also, take a look at which crypto coins can be traded on the exchange and whether everything is indicated.

3. Professional Charts

For novice traders, this point may be less important, but for those who like to do their own analysis, the charts must look professional. The quality of the graphs often also says something about the quality of the exchange. An example of an exchange with very good graphs is Kucoin.

4. Good Account Security (2FA)

2FA (two-factor authentication) is an indispensable part of account security today. A 2nd verification is required before anyone can access your trading account. With this, you ensure that if someone knows your password, that person still cannot get into your account. Does the exchange you have in mind not offer 2FA security? Then it is better to look for another exchange.

5. Transparent Trade Rates

Of course, you want clarity about the costs you have to pay for trading your crypto coins. That is why it is also important that a cryptocurrency exchange clearly states which fees are charged. Usually, you can easily find this information on the exchange's website (in the footer). Can't find it? Then look it up on Google. If you still have no results, it might be wise to look for another exchange.

6. Good Customer Service

Finally, customer service. You can always have a question or a problem related to the cryptocurrency exchange you are trading (or want to trade) on, and of course you want to have it resolved as soon as possible. Good customer service is, therefore, indispensable for a good cryptocurrency exchange.

Do consider the above factors to pick the best crypto exchange platform.