23 Aug
2019
Top-rated guide to choose a crypto exchange
Criteria for choosing a cryptocurrency exchange for active trading
In recent years, the world has witnessed a real boom in the cryptocurrency trade. If using the Google website, you try to find on which exchanges you can carry out exchanging operations, the number of such services will be merely unlimited.
However, today, many even experienced traders are wondering how to find the most effective and reliable platform. And this is not surprising since the choice of services implies taking into account a large number of characteristics that help to choose the most suitable option.
Choosing an exchange regarding location
Since cryptocurrencies are virtual blockchain instruments, crypto exchanges between users can take place from different parts of the world. At the same time, a company or online business may be located in one country and is registered under the jurisdiction of a completely different state.
To initially narrow the number of offers, try to find a cryptocurrency exchange that operates directly in your country using Google website. This way, you will not get into a situation when the exchange restricts account registration regarding their place of residence. In other words, not every user will be able to register on the online cryptocurrency exchange if the country of residence falls into the list of restrictions.
Critical safety factor
After you decide which service you would like to buy or sell your cryptocurrencies, you need to make sure that this company has a high level of security. Since you have to trust your funds to the selected company, you should not have any restrictions on exchanging operations and the possibility of withdrawing funds at any time.
For example, if you decide to withdraw your funds or transfer them to another user, the trading platform should provide you with the easy and safety blockchain operations and do it with maximum speed.
To make sure that the company’s reputation is high, try to analyze all the reviews about the company that can be found on the Internet. Moreover, study the practical experience of the clients of this company. Thus, you will be able to know in advance what problems you may encounter.
Never forget to:
- Use complex and unique passwords
- Create a dedicated email for assets
- Use two-factor authentication
- Keep most of your funds on hardware wallets
In addition to analyzing the reputation of the company, you can also further secure yourself by following a few easy steps. To get started, try to find out how the firm will store your assets in complete privacy. If the online business does not save digital currency procedure, this significantly reduces the risk of hacking and loss of funds. Therefore, if your coins are stored offline, this will be an additional security tool that you can use. Pay extra attention to such mobile wallets like:
- Mycelium
- Breadwallet
- Samourai
- Cryptonator
Another method by which you can provide yourself with an additional level of privacy security is the presence of two-factor authentication in the company with which you plan to trade.
False reviews that may affect privacy policy and security
Of course, the use of various analytical reports that specialized websites make is a very compelling analysis tool. However, you can read such reviews and make a decision too quickly that may not be correct.
The fact is that sometimes, platforms order reviews that cover them in a favorable light, but this does not always correspond to reality. That is why among such reviews and reports, it is necessary to find those that are written by people or companies that are not personally interested in this.
Choosing a crypto exchange depending on assets
If you decide to trade a specific set of coins, then try to make sure in advance that the company you have selected is exchanging these currencies. Even such a well-known coin as Ripple is not traded on all platforms. Therefore, weed out services that do not purchase coins of interest to you. Thus, you significantly narrow your search and exclude unnecessary candidates.
If you are a beginner trader and do not know which cryptocurrencies you want to sell, then be sure that the company is engaged in the exchanging of the most popular digital money so that later you do not have to look for a new service.
Buying currencies like XRP using fiat money (USD)
Not all crypto exchanges allow traders and users to buy XRP using real USD money. You can circumvent this restriction and buy, for example, BTC coin, ETH or XRP on other online services that allow you to do this. After that, you can transfer BTC or ETH coin to the services where you want to trade. However, this process takes time and is not always suitable for novice users.
It is also worth considering that the purchase of cryptocurrency coins like XRP for fiat money (like USD or other popular currencies) is limited by the type of assets that you can buy. If you encounter such problems, then a possible option would be to use the services of a broker such as Tokenexus.
At the same time, here the process of registering on the services and using additional tools will become much more manageable. Besides, exchanging with the Tokenexus trading platform will provide you with the most effective tools with which you can significantly increase your performance indicators.
Trading platform selection
The modern world of cryptocurrencies allows users to choose among a vast number of different exchanging platforms. Many of them have truly unique features that directly affect the results of users. These can be charting functions, price tracking, and analysis of the dynamics of the exchanging rate. Moreover, many market platforms have a considerable number of shortcomings that are hard to notice for the first time.
That is why it is so essential initially to choose the most competent company that could help you make exchanging operations with maximum speed and safety. One of the most effective tools today is the exchanging platform by Tokenexus. It is worth noting that the platform has not only the most significant number of exchanging instruments but also the maximum cryptocurrency rate.
This system is also an advanced version of the latest exchanging tools used by experienced brokers. Also, the intuitive interface of the program is designed for novice users who can appreciate its functionality. It is also worth noting that ease of use is incredibly crucial for traders. The fact is that some programs are overloaded with absolutely unnecessary exchanging tools that only reduce the speed of the trading platform.
Availability of a full and round-the-clock support service
Before you finally decide on the choice of a particular company for crypto service, check how the customer support services are implemented. If the company does not have a live 24/7 chat and the latest communication channels, we recommend you not to use these platforms.
In case of any technical failures or problems, you will not have a quick opportunity to clarify the information and make the necessary decisions. Besides, live professional support services help you learn the various details of registering and making a deposit in closest terms.
Perhaps the company that you choose will provide the registration process smoothly, and we hope that you do not need to contact support. Nevertheless, if you as a novice user and have any questions, you should have a contact tool at hand that will help to resolve all issues. In this case, this is the 24/7 support service.
For every trader, time is money, and especially in such a highly volatile market as cryptocurrencies. Therefore, if the support services are not able to solve your problem in the shortest possible time, then such a company should be excluded from your list. For example, if you have any issues at the registration stage, this is not so bad. Significantly worse if you have any problems in terms of the process of currency services and you have to wait until the support services can respond precisely to you.
