Bitcoin News

5 Things you Need to Know About a Secure Crypto Exchange

Author name

Using a crypto exchange that is secure and trustworthy can reduce the risk of stepping into the crypto space to a great extent. Novice parties can find it challenging and even intimidating to start investing in cryptocurrencies let alone trade crypto. There are numerous factors to consider and unpredictable risks to avoid while buying, selling or trading crypto.

This is where choosing a reliable exchange comes in. The best crypto exchange can help potential investors and traders to buy, sell or even trade crypto with minimum risks and in a secure and easy way. Therefore, if you are looking to become an investor or a trader, you need to know a few essential things about the kind of crypto exchange you should consider choosing.

Here are the five major things you should consider if you have to choose an exchange for the first time.

Safety Systems of a Crypto Exchange

Investing your funds to purchase a digital asset and then using an exchange to keep your money is a major step that can be frightening for some people. This is why a secure exchange is essential to find and opt for so you are sure your funds are safe.

While looking for exchanges you are likely to come across some of the biggest crypto exchanges. However, it is important that you do not immediately choose the first exchange you find. The crypto exchange you choose should have some important features, including safety systems.

The top crypto exchanges designed for buying, selling or trading crypto assets work on ensuring the safety of the users’ funds. This is why the best crypto exchanges make use of technological safety systems such as:

·        Use of cold wallet storage

·        Two-factor authentication

·        KYC (know your customer)

·        Biometric logins

These are only some of the advanced safety systems. Therefore, while looking for the best exchange for crypto, make sure you take a look at the safety features that are offered to the users.

Customer Support Offered by an Exchange

The customer support offered by a crypto exchange is yet another major and essential factor to look for before you choose an exchange to buy, sell or trade crypto.

As mentioned earlier, stepping into the crypto space for the first time can be intimidating. It can even be challenging for some as buying, selling or trading crypto requires the crypto investors and traders to have some information.

In such a case, the availability of a responsive and experienced customer support can make the entire experience much better. Therefore, whether you look for the largest crypto exchanges or local platforms, make sure you analyze and thoroughly check the customer service offered by the exchange.

The crypto coin exchange you choose should have:

·        A team of professionals to answer your questions and concerns

·        The experts should be responsive

·        It is preferable if the customer support is available around the clock

·        The customer support should be easily accessible

Fee Structure of an Exchange

Every crypto exchange in the market charges a fee to the users, whether it is trading fee, deposit or withdrawal fee or gas fee. The difference is of the fee structure that is established by each exchange.

If you are a first-time crypto investor or trader, you should know that not every exchange offers a good and transparent fee structure. Some exchanges also include hidden and additional charges. As an investor or trader, you should never opt for an exchange that does not have a clear and straightforward fee structure.

User Interface of an Exchange

It often happens that people are interested in buying or trading crypto assets but are hesitant to use an exchange. This is because someone who has not used an online crypto exchange before can be worried or even panic because of the complex and technical steps most exchanges offer.

Therefore, while you are looking for the safest crypto exchange you should also look for the user interface of an exchange. The exchange you choose should be user-friendly and easy to navigate as it will help you buy, sell or trade crypto in a quick and easy way.


Quick Process to Make Deposits or Withdrawals

The best exchange for crypto you choose should offer a quick and easy process to make deposits and withdrawals. If you are new to the world of crypto, you should avoid an exchange that has long and complex processes to make deposits and withdrawals.

Is There a Way to Earn Passive Income?

If you are new to crypto trading and you do not have enough time or expertise on your hands to actively monitor the market trends and trade manually, then you can opt for copy-trading.

One of the best platforms for copy-trading is PrimeXBT Covesting. Copy-trading allows you to automatically copy the trades of an expert trader. This can help you enjoy the same returns that are enjoyed by the trader whose portfolio you copy.