Factors to Consider When Choosing a Crypto Exchange

If you’ve decided to trade crypto, your next step will be to choose a crypto exchange. However, there are many exchanges available today, which makes finding an effective one a bit of a hassle. Before you decide on the exchange to use, there are key factors you must consider, some of which include:

Safety and Security
The security of the exchange should be your priority. Your funds are at stake here and you’re likely to lose them if you use an insecure platform. To prevent this from happening, do your research on your choice of exchange and ensure it has two-factor authentication and a web address that starts with HTTPS, not HTTP. Other security features to consider include a KYC (know your customer) policy, biometric face recognition, regular security reviews, and updated multi-layered security.
User Interface & Ease-of-use
As the news on crypto continues to spread, more people are intrigued by it and would love to join the train.

However, it does not have to be a complex ride when it can as well be simplified enough for everyone, including beginners. If you’re just getting started, you will need an exchange that can cater to your needs without getting you confused. Look out for one with a great user interface on both desktop and mobile. You can also consider other features that the exchange might have to improve your trading experiences, such as recurring buys or dollar-cost-averaging and price notifications.

Technology
Not all exchanges are created equal but while you choose, it will be best to opt for high-tech exchanges, such as The News Spy- an AI-driven app. Technology has evolved over the last decade and you will need an exchange that works in line with the recent technology trends to give you the best user experience. This will assure you of a high-performing app that won’t disappoint even when there’s an extreme volume spike. Look out for reviews from past and current users to have an idea of the exchange’s tech performance before you opt for it.

Fees
Transaction cost differs across exchanges and might just be the difference between your gains and losses. This difference in fee structures, minimal or not, can be a game-changer for you and save you a lot of money. Consider how much is charged when you make a transaction or a withdrawal. Also, look out for any hidden fees such as currency conversion fees, spreads, coins listed at higher prices compared to other exchanges.

Range of Products
In any form of investment, you are advised to diversify your assets. To do this, you will need an exchange that provides a range of products and not just popular ones like Bitcoin. Ensure the exchange has the products you would like to trade, so you don’t have to use more than one exchange at a time.

Bottom Line
You can have a range of exchanges to choose from and make a decision based on their features. This article is meant to guide you as you streamline the options to the most effective one that will give you the best results.