Ready to buy crypto? Cool! On Coinranking, we have more than 200 exchanges listed, so, you might get flooded with the enormously wide range of exchanges out there. How do you choose the best one for your next trade? Well, if you keep the following things in mind, you’re going to be just fine.
Most importantly and above all, stay cautious if you’re going to trade. Unfortunately, scammers are out there, so, learn how to avoid the bad guys.
Start checking the rules and laws about cryptocurrencies in your own country. Regulation differs from country to country. Make sure the exchange you pick is (legally) operating in your country. Besides local regulation, each and every exchange has its own verification protocols, like customer identification.
Exchanges with higher trading volumes generally have higher liquidity, which means they are more likely to meet all buy and sell orders. Unhappily, a big issue with trading volume is wash trading. Learn more about that in this blog article.
Every exchange has its own protocols and requirements. Usually, the harder it is to create an account, the safer the exchange is. If it’s easy to do, it could imply that an exchange is not very secure. Exchanges should have sufficient security measures such as multi-signature access. Also, certain exchanges have funds in place to compensate customers under specific circumstances, like in case your coins suddenly disappeared. It also might be easier to track down and retrieve your coins when trading on a secured exchange.
Most exchanges charge a fee for each trade. They’re generally based on the size of the transaction, but they could depend on your trading activity. Sometimes exchanges have a fixed fee. It’s worth looking into these fees, considering how many trades you’re about to do, and how big they will be.
We focus on creating a clear and attractive interface, which enlarges the usability of Coinranking. This also applies to exchanges; pick an exchange that has a clear interface, without unnecessary and dazzling information, charts, images, etc. Good customer support is also very valuable. Check out if exchanges are available in your language and if you can easily get support if you have any questions.
All of the above comes together in an exchange’s reputation. Search for reviews on forums and social media. Reddit, Telegram, and Google Reviews are perfect for getting honest opinions.