What to Consider When Picking the Best Cryptocurrency Exchanges

Here are a few things you will want to consider before picking the best cryptocurrency exchange suited for your trading and speculative needs.

Fees – Almost all exchanges charge fees for you to do business on their platforms. Make sure that when you are signing up or committing yourself to a specific exchange that you know everything about its fees.

Verification Requirements and Security – These are vital to understand before starting out on an exchange. Most exchanges require some sort of identity verification in the form of a passport, driver’s license, proof of residence, or other similar document before joining. The more complex the verification process, the safer the exchange platform.

Exchange Rates – Exchange rates are also important, as you don’t want to join a cryptocurrency exchange that charges draconian fees for transactions and exchanges. That just wouldn’t be fair to you or financially savvy.

Reputation – The best cryptocurrency exchanges always have ups and downs. However, the general opinion of the top ones is positive. The best exchanges have a solid reputation and are well trusted by traders.

Region – It’s also important to find an exchange that supports your geographic region. Some exchanges may support all of the countries in South America, while not supporting any of the countries in Asia, and vice versa. If you are living in Russia, for example, make sure you pick the best exchange platform that supports your region.

Now, let’s take a look at some of the best cryptocurrency exchanges out there.

Security

Something which is important to bare in mind when choosing a cryptocurrency exchange to make your trades and purchases on is their security measures. It is well-known that many exchanges have been hacked in the past, most notably the Mt Gox exchange, which people are still feeling the fall-out from ever since.

You should know that the your funds or coins on an exchange or not really yours, unless you own the private keys to the wallet of your coins you are relying on someone else to be custodian of your funds.

Luckily there are some basic measures you can take when using an exchange. The most important is to never store more there than you are willing to lose, if you have a significant balance, you should withdraw it back to your own wallet and for extra security, use a Hardware wallet to secure these funds.

Exchanges should be used for quick purchases of your desired cryptocurrency or for trading an amount you are happy with. They should never be used as your primary wallet, that is not their intended function.

Another important step to take is to use all the security options available on the site, make sure that two-factor authentication (2FA) is setup correctly and you use an app like Authy or Google authenticator. Do not use the mobile phone option which texts you a code, this is not safe as their have been a number of high-profile hacks involving sim-swaps which allow a would-be hacker to take over your phone number and then gain access to your account. blockonomi.com

What to Consider When Picking the Best Cryptocurrency Exchanges
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