What Should You Look For In A Crypto Exchange Platform

You might find yourself lost and confused if you’re new to trading, especially in cryptocurrency. One of the critical things you should do before you start trading is find the best online crypto exchange platforms to help make this process easier. But as the market grows and diversifies, you’ll be confronted with choosing between several hundred exchange platforms. What do you do in these cases?

Well, one of the simplest ways to choose a leading crypto platform is by reading a review for an exchange, for example, Digital Surge Review. Doing this will allow you to analyse the vital features and understand where the platform stands compared to others. But, to explore these criteria, you must be aware of the elements to look out for.

Here are five top things you should check before selecting an online crypto exchange platform.

Look For Sufficient Liquidity In Your Funds

Liquidity is one of the first things you should see before making your pick. Suppose your online crypto exchange platform has enough liquidity. You can rest assured that you can exchange your crypto coins for real cash at any point or vice versa. This feature is one of many online platforms’ most sought-after and deciding criteria. Often, the lack of liquidity can raise concerns among traders regarding the legitimacy and security of their funds. Thus, it would help to always consider the liquidity rate while deciding.

Check For The Types Of Crypto Coins

With cryptocurrency gaining traction worldwide, you’ll see a rise in the number of crypto coins available and the types of digital assets you can trade. In these cases, looking into all the options your trading platform provides is essential. If you’re someone who deals in Bitcoin or Dogecoin and your exchange of choice doesn’t allow trading in these coins, there’s no point in opting for that platform. Read the Digital Surge review to check the types of currencies compatible with trading on this platform.

Compare Fees Between Other Crypto Exchange Platforms

All crypto exchange platforms charge a certain fee to facilitate your trades. Since there’s no standardised rule regarding the same, you’ll find the fee rate differing from one platform to another. In such cases, you must compare the fee charged by these platforms before you finalise your platform.

Some of the most popular fee rates include setting 0% to 5% per trade, depending on the payment method and nature of the transaction. Moreover, fee tiers are decided based on trading volume over one month. For instance, you’ll see that if your trading increases, the fee percentage charged by the platform falls drastically.

Ensure That There Are Enough Safety And Safety Protocols

Online crypto platform exchanges are highly vulnerable and prone to rampant cyber attacks or thefts. Thus, security and privacy controls are one of the most crucial features you should look for in your platform. These platforms’ most common protections include two-factor authentication and biometric login. Be sure to look out for legitimate licences to ensure that your platform adheres to the laws and regulations of the Government of Australia.

Analyse The Insurance Policy Offered

Since crypto trading is prone to cyber crimes and the ups and downs of trading, it becomes essential that you insure your trades. But before doing so, ensure you’re reading the trading platform’s insurance policy thoroughly. You could spend some time vetting this policy to gauge whether it’s good insurance to mitigate any loss in the future.

Final Words

With the rapid mushrooming of online cryptocurrency trading, you’ll find yourself tasked with making the best decision to prevent fraud. Be sure to check for these five critical features before trading online.

Show More