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How to Choose the Best Crypto exchanger

crypto exchanger

November 2, 2020 | 

1683 Views | 

JOHN K MWANIKI | 

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Selecting a crypto exchange for your digital currencies is such a daunting task. There are over 200 exchangers with every entity promising the best of the services. It might take you ages to settle on one. It is the reason such articles are available to help through. 

More than 1 billion USD of cryptos were stolen in exchanges in 2018. A similar trend happed with Cryptopia's hack in early 2019. Later on, Quadriga's CEO died, leaving with all the access keys to the accounts. However, some people believe it was a planned scam. In 2020, the issues don't seem to die down. 

Follow this guide to help you choose the best crypto exchanger.

What is the current state of crypto exchanges?

Crypto exchanges have been the driving force behind crypto adoption. They have made it possible to buy, sell, and hold digital coins. Most of them provide for 24-hour operations and offer more services. 

The crypto exchanges have always looked to increase the crypto assets on offer. Most support popular cryptos like Bitcoin, Ethereum, and Ripple. They also update the platforms with newer coins. 

Most of them included the decentralized coins after the Defi boom. The exchanges are ever looking to fulfill customer demand. 

Most of the top exchanges allow for several trading pairs. They support trading with fiat currencies and other commodities. 

The crypto exchanges still have a role to play in the future. The only difference is the need for extra security. After several hacking and stealing cases, the government needs to ensure investor safety. For that, there are prospects of increasing regulations. 

There are the emphasis exchanges that follow similar rules as the traditional stock exchanges. They need to meet the know-your-customer (KYC) and anti-money laundering procedures. It is the only way through which the exchanges will become mainstream. 

What are the Factors to Consider when choosing crypto exchanges?

Security 

With the losses from hacks, security must be top when looking for a cryptocurrency exchange. The centralized exchanges have been the most susceptible to attacks. They support large volumes of assets hence great for attack rewards. The decentralized exchanges are great for security and anonymity

Some of the security features to look for in an exchange is 2-factor authentication. The other part is anonymous sign-ups. It allows you to access the platform without availing your details. Combining these with complex catchups is the ultimate security. 

Also, look for exchanges that provide for the Know-Your-Customer protocol. The verification helps keep the platform from fraudsters. 

Geographical location

Your location is important when choosing an exchanger. Not every exchange is available globally. Ensure your local laws supports virtual currencies. Afterward, you should check that the crypto provides for your location as well. 

Some of the exchanges are unavailable in certain jurisdictions due to regulatory differences. Even though you can still use a VPN to access them, it's too much work. There is no need to struggle when there are hundreds to choose from. 

Transaction fees 

Before you use a digital currency exchange, you must know of the fees that apply. Understand the deposit, withdrawal, and all the other costs that apply. The amount you spend on transactions will determine the money you gain in the end. 

The transaction fees are the asset prices. The prices can vary in the different exchanges due to location variances. Compare the extra costs and settle on the most appealing.

UI and ease of use 

The other provision is for an exchange that provides the ultimate ease of use. An ideal exchange comes with a navigable interface. It should have an interactive site that is accessible on both mobile and desktop.

Most of the top exchanges also have mobile app versions. These allow for easy access and use. 

The other option is to provide a detailed A&A page. This helps direct the users around the workings of the exchanger. You will not struggle to find your way with the detailed information available. 

Volume and liquidity 

Liquidity is an important factor that determines how fast you can trade in an exchange. Look for an exchange that commands higher trade volumes. The more the volume, the better the liquidity.

With the high liquidity, you won't be stuck with assets you need to get rid of. You also won't have to wait for ages before getting your preferred assets.

The type of cryptocurrencies you want to trade also determines the trading volumes. If you are looking for the major cryptos, then go for the bigger exchanges. They tend to attract more traders hence more options. Otherwise, for the minor coins, you can choose any exchange irrespective of size.

Customer support 

Not all the time, when you use an exchange, it will be breezy. Sometimes you will come up against issues like failure to log in. Other times you might need to know how the site operates and many more.

You can only get the needed information through reliable customer service. Go for an exchange that provides 24-hour customer support access. They should also be available through various means. An ideal service is reachable through phone, mail, and even social media.

The influx of cross border transactions means exchanges operate in different countries. These localities come in other languages. Multilingual support would do your world a lot of services.

Reputation 

Another important aspect is the reputation of the platform. Look for an exchange that has made a name for itself. It should stand out as a reliable platform with most of the above features. 

Take your time before settling on a platform. Look around for reviews on user experience. The online world has a lot of information on the various top virtual currency exchanges. 

Do not overlook any cases of even a little poor experience. Also, beware of fake reviews. Take time to compare information from different sites. The more knowledgeable you are, the higher the chances of picking the right platform.

Bottom Line 

Choosing a Bitcoin exchange from the several available is a daunting task. You have hundreds to go through, which requires time. Still, it's hard finding one that has everything. You might have to sacrifice on a single aspect while gaining all the rest. Still, use these tips as your guide to choosing the ideal one.

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