11 Things To Watch For In A Cryptocurrency Exchange

A myriad of platforms all over the globe are eager to provide you with access to hundreds of digital currencies. With all the features available, it can be difficult to to locate the most reliable crypto exchanges and apps. These are just a few of the perks and features you should look out for when searching for platforms that offer cryptocurrency.

1. Crypto-selection

There are numerous exchanges that allow you to trade in a variety of currencies. Coinmama, for example, has 10 currencies, while other exchanges could offer hundreds. If you're a novice trader and are only looking for Bitcoin and maybe a couple of other currencies and a wide selection could overcomplicate the platform for you. If you are more experienced and are willing to study, an exchange that offers an extensive selection of less-known currencies could be the right option. Whenever you really want to find out detailed information on cryptocurrency exchange, you have to check GoldStarCoins website.

2. Security

Due to the absence of any government regulation and its black-market use Crypto may appear shady to certain. Major platforms such as Kraken recognize this fact and take precautions to protect your personal and financial data and to prevent theft. Check for security features such as two-factor authentication (2FA) as well as encryption and cold storage (offline storage that protects against theft and hacking).

3. Fees

The industry's fees will decrease since there's more competition and less risk. There are a variety of choices to pick from. It is common to pay a trading fee or additional commissions on the most robust exchanges. Among these, Binance is known for its low fees. Certain exchanges, such as Voyager, offer commission-free trades. Some platforms charge fees for withdrawals or deposits.

4. Available

Based on the rules depending on the regulations, can you utilize an exchange when you're in your home state or country? Be on the lookout for businesses expanding, so if an exchange is not available within the state you reside in, don't be concerned. You should also be aware of any changes to the law that may cause you to be unable to make use of an international exchange. Although exchanges are required to keep you up-to-date however, it's not uncommon for them to make swift adjustments or provide inadequate customer support. Therefore, it's recommended to keep an eye on your.

5. Buy/trade options

You can connect your bank account with a transfer of funds to your account to fund it and purchase crypto. You may also make use of debit or credit card. Certain platforms might even permit crypto-to-crypto trading but some don't.

6. Wallet

There aren't many exchange platforms that come with a wallet that can house your crypto assets. The ability to manage your wallet and trading in one platform could be more efficient. If you're holding lots of crypto it is likely that you'll need an external cold wallet to provide extra security.

7. Rewards or interest

As with traditional bank accounts certain crypto platforms provide rewards on your holdings to encourage you to keep your funds in their system. You can earn as high as 10% on specific coins when you keep a minimum amount. Your holdings are not FDIC-insured and are not backed by conventional bank accounts. There's no way to guarantee your crypto platform won't fail.

8. Mobile apps

Crypto could be the cryptocurrency of the future however, not every platform is fully up to date with the latest technology available at the moment. A simple and user-friendly investment mobile application can help you manage your crypto account and even trades, without having navigate a complicated mobile website.

9. Customer service

Customer service is not always the best on crypto platforms. This is a shame because should anything go wrong in your account, you're going to need an exchange that can swiftly respond to your requirements. This is a fantastic benefit that will greatly enhance your experience.

10. Debit card

Certain platforms have an ATM card that you can make purchases directly through your crypto account without first exchanging for fiat currencies (like U.S. dollars).

11. Credit card Rewards

Some platforms, including BlockFi provide credit cards that permit you to earn cryptocurrency rewards on purchases.

It's sometimes difficult to pick a crypto exchange. These tools will assist you in avoiding getting overwhelmed when you are getting started in investing in crypto.