Crypto exchange: tips for making the right choice

You can pay with cryptocurrency almost everywhere in those countries whose governments are loyal to the idea of crypto. You can shop online and pay for services.

However, you should start your journey into the world of cryptocurrencies by getting to know popular crypto exchanges.

Types of crypto exchanges

Decentralized exchanges do not control transactions. It is possible to make anonymous transactions. For example, Uniswap and OKX are popular among decentralized exchanges, and Binance and Kraken are popular among centralized ones where anonymous transactions cannot be made. The latter are considered more reliable. In fact, there are dozens of exchanges of each type, and we have named only the most popular ones. There are ratings and reviews. This is the information that should be of most interest to those who want to keep their savings in crypto and actively use it in everyday life.

Security of funds and personal data

Protective measures may include the following:

• two-factor authentication, which means not only entering a password but also a code sent to a mobile device;
• white lists of addresses to which it is safe to withdraw funds.

It will not be superfluous to read reports on the exchange's activities and familiarize yourself with the methods of storing assets. It is a good sign if the information is accessible and transparent.

Liquidity indicator

The more traders are interested in using an exchange, the more liquid it is. Therefore, it is better to give preference to the one that is at the top of the ratings.

High liquidity means that funds are withdrawn without delay, and the platform itself is convenient to use. That is, roughly speaking, its creators eat their bread for a reason (they receive a commission for each transaction, because this is how the exchange earns money).

Reputation of the exchange in social networks, media and blogs

It is quite easy to find information about hacker attacks on social media. Read more news related to cryptocurrencies, check out ratings in specialized publications and blogs. Spend some of your personal time so that you don't regret it later.

Methods of depositing and withdrawing funds

Ask about the fees charged by the exchange. The second largest cryptocurrency exchange in the world, Coinbase, has a higher commission of 1.49% of each trade. But this exchange is considered one of the best in many respects. It offers many options for replenishing a wallet, which indicates the high reliability of the platform and the desire of payment systems to cooperate with this exchange. Don't let low fees become your main selection criterion.

If you have any questions, please contact us. We will consult and recommend reliable platforms with an excellent reputation.