Cryptocurrency Exchange License

5 Things To Remember While Choosing A Cryptocurrency Exchange

If you are a crypto newbie hoping to start cryptocurrency trading, chances are that you are stuck on which crypto exchange you should go for. We have all been there. After all, with so many exchanges crowding the crypto scene, it is only natural for one to feel somewhat confused about which exchange will be the best suited for your needs. We have already helped you find some of the top crypto exchanges in the industry but in case that was not enough, here is a list of five things to remember while choosing a cryptocurrency exchange.

You May Also Read: Top 5 Exchanges To Buy Any Altcoins in 2019

1. Trading Volume

For any good crypto exchange, its trading volume is an important indicator to look out for. A high trading volume indicates that a large or at least a sufficient number of people use that exchanges.

This indicates the trustworthiness of that exchange as the more people use it, the more credible it usually is. This also gives a greater pool of people to exchange your virtual assets with.

2. Security

This point really goes without saying: the security of your virtual assets is very very crucial.

So, while choosing a crypto exchange, make sure you take a look at its track record, its history of hacks, password protection strength, availablity of 2FA( two factor authentication) security and so on as these are the most basic elements of a robustly secure exchange.

3. Area of Operation

Remember that while some crypto exchanges are completely global in nature, some of them have limits in terms of how many countries they are available in.

Before choosing a crypto exchange, be sure to find out whether the area of its operations includes the area you are in, and if the usage and trading in cryptocurrencies are both legal in that jurisdiction.

4. Cryptocurrencies Supported

You must also find out about all the coins, tokens and altcoins that are supported by a certain crypto exchange before you decide to start trading on it. This is to make sure that you can build a truly diverse portfolio with all the cryptocurrencies of your choice.

5. Fee Structure

Have a close look at the fee structures of your top few crypto exchange choices before you choose one as the costs of crypto trading can often prove to be quite troublesome to new traders.

Therefore, it is better to be absolutely knowledgeable about what you are getting into and how big a hole you’ll have to burn into your pocket.

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