5 Must-Know Tips For Choosing A Cryptocurrency Exchange

If you’re new to the cryptocurrency world, figuring out how to buy your first coins is a huge step. And if you’re looking for an exchange that can help you with that process? Well, let’s just say it’s not easy. We have discussed some tips for choosing a crypto exchange. Here are some more factors to consider: 

1. Read reviews

You should read reviews about cryptocurrency exchanges. You can find them on sites like Reddit, or you can use Google to search for reviews of specific exchanges. But how do you make sure that the reviews aren’t fake?

There are a few ways to detect whether or not a review is fake:

• Check the date of the review—if it was posted recently and has little information, it’s probably fake. If the date was more than six months ago, then it’s probably okay to trust what they say (unless their opinions have drastically changed).
• Look at how many upvotes/downvotes an article is—if there are more downvotes than upvotes, then most people didn’t like that article. This doesn’t mean that an article with more upvotes couldn’t also be biased, though! If there are hundreds upon hundreds of upvotes but only a few downvotes, then there’s a good chance that this might be misleading information presented by someone who wants nothing but positive feedback from others reading his/her comments (and therefore shouldn’t be trusted).

2. Check out the fees

Whether you’re looking to buy or sell cryptocurrencies, transaction fees are a fact of life. Some exchanges charge a flat fee per transaction, while others charge fees based on the amount of cryptocurrency being exchanged. The exact amount can vary greatly between exchanges as well—some have higher fees than others. While these differences may seem insignificant at first, assuming you don’t plan on making frequent trades, it could end up costing you more in total.

The next step is to look at how much each exchange charges for various operations, such as deposits and withdrawals in fiat currencies (dollar-based currencies). Generally speaking, this information should be found somewhere on an exchange’s website; if not there, then try searching online for reviews from other users who’ve used the service before so you can get an idea of what areas might be problematic for future use too!

3. Look at the trading tools

Once you’ve decided which exchange is best for you, it’s time to check out their trading tools. Trading platforms are a reflection of how much work an exchange has put into its product. If they have a limited or outdated interface, this could indicate that they have not invested enough in improving their product.

You need to see if the platform offers advanced features such as conditional orders (where you can set different conditions that trigger an order). You also need to be able to place orders quickly and easily; otherwise, your trades might take too long and cost you money in slippage (the difference between where your trade executes compared with where it was supposed to execute). It’s also important that the platform shows users real-time pricing data so they can see what the current price is at all times while making a trade decision or placing an order on an exchange

4. Test out their website

• Test out their website. Before you sign up for an exchange, take a look at how quickly it loads and how easy it is to navigate. You want the site to be clean and simple, with no bugs or errors. Also, look out for fake reviews on social media or cryptocurrency forums—these can help you spot scams that may be hiding behind an untrustworthy-looking exchange.
• Find out what kind of fees they charge. Depending on your country and the currency pair you’re trading, fees can range from 0% (no fees) all the way up to 15% per trade! If this sounds like too much money being taken from your profits (it should), check out other exchanges that offer lower rates so that you don’t end up paying more than necessary just because there’s no such thing as a free lunch or in this case: free trade.”

5. Consider the security

Security is a big concern for many people when it comes to cryptocurrency exchanges. Cryptocurrency theft has become a popular method for hackers, who often target poorly secured accounts online. The best way to keep your funds safe is to choose an exchange that offers 2-factor authentication (2FA), as well as a hardware wallet like the Trezor or Ledger Nano S. These devices allow you to store your cryptocurrency offline and only connect them when you need to transfer funds from the exchange into your own personal wallet.

Conclusion

When it comes to choosing a cryptocurrency exchange, there are many options available. However, not all exchanges are created equal. Before you decide on an exchange, make sure that it has the features and tools you need in order to trade effectively. Once you have decided on the right exchange for your needs, make sure that they have good customer service and security measures in place so that we can avoid any problems later down the line!