There are a number of cryptocurrency exchanges available in the market today and choosing a reliable one can be both confusing and overwhelming. Each exchange is different and it is very difficult to give a straightforward reply to the question as to which one among them is the best. It is subjective and depends on your specific needs. You need to take into consideration as to what it that you are doing now, how are you doing it, and why are you doing it. This is the starting point. You can then eliminate options one by one and choose the one that best suits your specific needs. The key aspects that are to be considered when choosing the best cryptocurrency exchange and trading platform are as follows:
Your location is by far the first aspect you must take into consideration. Regulations vary from one country to another and this has a significant impact on the performance of each cryptocurrency exchange and trading platform. As a result, some exchanges may be available in the country you live and some others may not be available. Therefore, it makes sense to exercise some care when selecting a cryptocurrency exchange and trading platform. If you look at this aspect first, you can avoid a lot of frustration later on.
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If you have eliminated a few options on the basis of location, the next aspect is looking at the payment and withdrawal choices that the cryptocurrency exchanges and trading platforms under consideration are offering. This is very important because you should be able to use the payment method conveniently for making deposits. Further, you should also be able to withdraw funds without any hassles. It is, therefore, very important that you consider the payment method offered for depositing and withdrawing money with a great deal of seriousness.
It is a good idea to go through the terms and conditions of the cryptocurrency exchange with a toothcomb before finally deciding to sign up or open an account on their platform. This is very important because when you are entrusting your hard earned with a cryptocurrency exchange you should make sure that it is genuine and trustworthy. It pays to invest some time in doing some thorough research and making sure that you are going to work with the right exchange and platform provider. In fact, you should find out the best payment option and how much will have to be paid as charges when depositing funds and withdrawing profits will save you from making a bad decision and lots of money in the long-term.
Number of Cryptocurrencies
When choosing a cryptocurrency exchange and trading platform to work with, you must also take into consideration the different cryptocurrencies offered by them for trading. You should also take into account the cryptocurrencies you are interested in or comfortable with when it comes to trading. There are many different cryptocurrencies available on the market today and it is you who have to carefully take into account the options available to you before purchasing any cryptocurrency.
Bitcoin is definitely the most famous and popular among others in the market. Some of the other cryptocurrencies you can consider include the Litecoin, Ethereum, Ripple, Dash, Zcash, and Monero. Further, it is always a good idea to do some research and find out as to which cryptocurrency best suits your specific needs in terms of the amount of money you can invest and growth prospects. This will also provide some information and help you with choosing a cryptocurrency exchange.
Stability of Platform and Use of Cutting Edge Technology
The last thing you want is getting a margin call. How would you feel if you couldn’t log in and close an order? Cryptocurrency market operates round the clock and is a global market. The prices of cryptocurrencies keep changing all the time. They are also not restricted by geographic time zones.
What you want is full-time access to the markets. Some market events could surprise you a lot and increase the price volatility. While swing traders would like to make good use of volatility, the more conservative traders would want to hold their trades. The platform you choose should be up 99.9 of the time to cater to your expectations. You need to ensure this before signing up.
You will never have any kind of anxiety as regards open trades once you know that you can trust your platform’s stability. You should find out whether the platform provider is making use of the blockchain technology to keep the platform ahead in terms of technology. This is because people are continuously under pressure in the Fintech industry which is rapidly evolving.
Binance Cryptocurrency Exchange
Having discussed in detail the major factors to be considered when choosing a cryptocurrency exchange, here is some information about Binance, a digital currency exchange, which fits the bill for most of those that want to trade cryptocurrencies. Binance, one of our recommended cryptocurrency exchanges and trusted trading platform, is focused on the China market and China coins. Currently, the exchange supports Chinese and English users. Binance has the ability to process 1.4 million orders per second, offers support in multiple languages (Chinese, English, Korean, and Japanese) and provides all the major cryptocurrencies (BTC, ETH, LTC, and BNB, among many others) for trading. They charge a trading fee of 0.1 percent.
Binance does not charge any fee for depositing funds into your account but it does charge a small fee for withdrawing funds from your trading account. Deposits and withdrawals have to be processed through wallets. Led by Changpeng Zhao, our team have experience in both wall-street and crypto finance.
The key features of Binance are:
#1: The Binance team is led by Changpeng Zhao and has experience in Wall Street as well as crypto finance. The team is also experienced in successful startups.
#2: The underlying platform of Binance has been deployed in more than 30 exchanges already. The platform supports all types of devices, multiple languages, and offers a seamless experience to the users.
#3: Binance’s certified matching engine has the ability to process 1.4 million orders per second. This makes Binance the fastest exchange out there in the market as of now.
#4: The exchange has built a solid relationship with many industry leaders and they stand by the platform.
Finally, do some more research on your own before signing up o any platform.