Useful Tips on How to Find the Ideal Crypto Exchange for You

Crypto trading has transformed the lives of millions, providing them with an opportunity to make money from their homes. If you want to enjoy the benefits of being a crypto trader, then the first step is finding the perfect crypto exchange.

A crypto exchange is a platform where you buy and sell cryptocurrencies. Crypto exchanges work in a similar way to online brokerages. Some exchanges are better than others. In this article, you will learn a few useful tips on finding the ideal crypto exchange for you:

Ease of Use

One of the most desirable features in a crypto exchange is usability. If the exchange is complex and unnecessarily difficult, your movements will be limited. The perfect crypto exchange for you should be one that is straightforward, simple, and easy to use. You can often find out about an exchange’s usability by reading online reviews and blog posts. Nearly all crypto exchanges have been written about somewhere on the internet. It is also free to register accounts on crypto exchanges, so you can make a practice account to get a feel for a platform before you commit to using it.

Mobile Optimisation

These days, most traders trade from their phones. Sitting in front of a computer is totally unnecessary. If you are also going to use your phone to trade, then you need to find a platform that is optimised for mobile phones. This shouldn’t be difficult. Generally speaking, if an exchange has an application, then you can trade on it with your phone. If you have to log onto the actual website and there isn’t an app available, it’s probably best to avoid it. This is because trading through a mobile browser is risky, time-consuming, and awkward.

Robust Security

The trading world is brimming with fraud. If you’re going to take up trading, then bear this in mind. It is imperative that you find a platform with robust security. Do some research before you commit to a platform in order to assess its security. In addition, find out how the platform processes your data. It may also be worth asking about on online forums and in chat rooms in order to find out what a platform’s security is like, from current or former users. If you aren’t confident that a platform is secure, don’t ever use it.

Instant Deposits

When you are preparing to make a trade, you want instant access to your funds. With this in mind, you need to find a platform that offers instant deposits. Most platforms do offer instant deposits nowadays because deposits are made through bank transfers. Bank transfers are much faster than card deposits. In addition to deposits, you should also find a platform with fast withdrawals. Withdrawals are never as fast as deposits, but even so, they needn’t take several days as they do on most platforms. You can find out about a platform’s deposit and withdrawal times by reading their website’s Q&As.

Multiple Options

As a trader, you will want a varied portfolio. This is impossible if the platform that you have selected for use does not give you a variety of trading options. Try to find a platform that offers mainstream currencies as well as alt currencies. If you are going to invest in alt currencies, make sure that you avoid pump ‘n’ dump schemes, which are very common in the crypto world. A pump ‘n’ dump is when a currency’s price is artificially increased. They are a regular thing, and sensible traders know to always avoid them.

Real-time Information

If you’re trading, you need access to real-time information. Even a minute’s delay can interfere with your trade, causing you to lose money. For this reason, you must find a platform that offers current, real-time market information. In addition to finding a platform with real-time information, you need to personally take the time to learn to read financial charts. If you can’t analyse a financial chart, you won’t be able to predict and determine a trade’s outcome. Crypto trading is very unpredictable and hard to read as it is, but it becomes more so when you have no idea what a financial chart means.

Two-factor Authentication

Finally, let’s revisit security. You need to find a platform that offers two-factor mobile authentication so that your account can’t become lost or compromised. In the early days of Bitcoins, thousands of traders lost what would now be millions of dollars because they forgot their wallet passwords. Don’t let this happen to you, use two-factor authentication so that you can always get back into your account.

Crypto trading is a fantastic way of achieving financial independence, but first, you need to find a platform that’s perfect for you. If you look for the features outlined in this article, then that won’t be a problem.