Eight Qualities Of The Best Cryptocurrency Exchange Platform
When you are looking for the “best” cryptocurrency exchange platform online, you need to be specific about what “best” means. So, it is important to break down the qualities of the best cryptocurrency exchange platform known to the public right now. In an effort to help you narrow down your options, here are some of the qualities to consider when looking for the best crypto exchange platform:
Quality #1 Trustworthy
No matter where you go online to find the best cryptocurrency exchange platform, it is important to deal only with trustworthy crypto exchanges. A trustworthy crypto exchange is one where you can safely do trades without the value of your trade being diminished unexpectedly. Yes, the exchange will make deductions to pay their fees, but you should still be able to profit well from your trade.
Quality #2 Secure
Your preferred cryptocurrency exchange platform should allow secure trading. It means your digital assets won’t suddenly disappear, hacked, or divulged to third parties.
If you are looking for the newest cryptocurrency trading platforms, you should check out CoinSwitch. It serves as the gateway for many of the most popular crypto exchanges out there.
Quality #3 Legally Recognized By Governments
It is equally important for the “best” cryptocurrency exchange platform to be accepted by the government of your country as a legal entity. Avoid platforms that are being investigated by the government of your country since it is not registered with the SEC (or any other government agency) of that country. Steer clear of unverified platforms until the government clears the platform of any alleged wrongdoing.
Quality #4 Popular
If a lot of traders and laymen are able to do legal trades on your preferred platform, then that might be a good place to start for cryptocurrency trading. This is because you will probably hear a lot of noise about online crypto trading platforms that do illegal transactions. Some of them even work with cheat traders out of their profits and property or have a lot of critics arising out of the woodwork.
If you hear a lot of praises for a particular cryptocurrency exchange platform, at least check it out to see if that is the platform for you.
Quality #5 Transparent
Since cryptocurrency trading is so new, you should look for a cryptocurrency exchange platform that keeps its services and fees transparent to the public and to the government of your country. An online platform that doesn’t practice transparency might have something to hide. So, you should avoid red flags that seem to indicate that the platform is doing something illegal or unethical.
Quality #6 Recognized by CoinSwitch
Since CoinSwitch serves as the gateway for many cryptocurrency exchanges, you may want to check out their website for tips on which exchange to patronize. If you can find a review of Coinswitch, look for information about the exchanges they are affiliated with. This will help you minimize the risks that come with cryptocurrency trading because CoinSwitch is recognized in the online trading world by critics.
Quality #7 User-Friendly
Since you are still hunting for the best platform for your cryptocurrency transactions, it might be assumed that you are a newbie in cryptocurrency trading. So, you should probably look for an exchange that is easy for beginners to comprehend and trade on. You can find these exchanges online through word-of-mouth marketing and by looking for reviews that talk about existing cryptocurrency exchange platforms. You can also ask around your circles in case you have contacts who are currently involved in crypto trading.
Quality #8 Practices KYC Protocols
It is very important as well to use crypto exchange platforms that rely on the KYC protocols. KYC stands for “Know Your Customer” and means that the platform is intent on being on the level with its transactions. It seeks the identity of the individuals or corporate entities that do business on their platform. In the past, cryptocurrency trades were done anonymously regardless of the amount per transaction or cumulative value of transactions from one source. A platform that doesn’t practice KYC protocols might be used for money laundering and other illegal activities by interested parties. So, to keep your transactions legal and aboveboard, go for crypto exchanges that do practice KYC protocols.
If you are interested in cryptocurrency trading, you are probably searching for the best cryptocurrency exchange platforms online right now. It pays to look for the best by analyzing the qualities listed here before you even start trading. You should be cautious but do your research well so that when you are ready to start trading, you will be well informed. As a result, you will not lose a single coin that less scrupulous traders might experience.