June 16, 2022

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5 things to consider before choosing a cryptocurrency exchange platform

People are still going gaga over cryptocurrencies. Every day, the online cryptocurrency exchange platforms and websites see the registration of new users who are trying to get their hands on this versatile and profitable market. People of all ages, backgrounds, cities, etc are now investing in cryptocurrencies and are helping the market move ahead changing the aspects bit by bit. Everyone, from millennials to major institutions is aiming to learn more and more about this amazing ecosystem and its technology. To grow their money, they would want to get on the online exchange platforms that will help them trade and invest in cryptocurrencies. As more traction is gained, there will be an emergence of newer websites and platforms where these exchanges can take place.

Even for a cryptocurrency exchange in India, there are now multiple platforms that are being launched with newer features and appealing characteristics to lure more investors towards them. This makes it all the more important for people to be cautious while choosing the platforms they would like to use for their investments. There are many things one can keep in mind before selecting and choosing the platform that they would like to make their trades on.

Here are 5 things that one must keep in mind:

  1. Authenticity and Security – No matter how sure you are, it would still be imperative to conduct thorough research before selecting a cryptocurrency exchange platform to ensure that the website is legitimate and safe. There have been several instances of hacking and scam artists duping money from serious and hard-working people who joined platforms that were not safe and did not provide the security measures needed. Exchange platforms are responsible for preventing any fraud and hacking to happen to their customers and this can be done with the help of several security features and measures that can be taken.
  2. Method of purchase – Each platform, depending on its comfort, employees, structure, coding, etc would have varied methods via which its customers could purchase, sell, and trade cryptocurrencies. Some exchange platforms prefer bank deposits while others might use online systems like PayPal. Some of these mediums can also accept credit or debit cards for these transactions. There are some who use only cryptos to make their purchase. Choose a platform that can give you several different options so that you are not stuck or left behind in case one of the mediums does not work. You can also verify the time needed to make these transactions and choose a platform that does it in the least time possible.
  3. Cryptocurrencies available – Suppose you want to buy Dogecoin and you realize that the exchange platform you have registered onto does not support DOGE! That would lead to a major setback as you will have to either research new cryptos and buy that or make an account all over again on a new platform. Most exchange platforms, these days, have the top cryptos on their ledgers, however, the newer ones may not be introduced. Do not only go with the tip of the iceberg. Study the kind of tokens you would like to invest in and only register on platforms that would provide you with a vast variety of options in cryptos. Find a balance between the toppers like BTC and ETH, stablecoins, and even low-priced coins.
  4. Fee structure – The exchange platforms would charge a small amount of fee that their customers would have to pay while making their purchases or trades. Many of these platforms recognize the need to lower the fees or offer a discounted rate. Most of the time, this occurs when the token is used to complete the transactions – and this token should be of the exchange itself. Some platforms might charge a marginal fee. It would be important to compare the fees for each transaction across platforms and choose the one that would be the lowest. You would not want to lose out on a significant amount of money on transfer fees!
  5. User interface – If you are going to be spending a lot of time on a platform exploring a relatively new avenue, you would want that platform to be user-friendly so that you can have a great experience. The functions of this platform must be easy to operate so that the exchange is more efficient. Therefore, along with the security features like KYC and other private and public keys, make sure to look for an exchange platform that won’t take you much time to get used to and you can get started immediately
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Choosing a platform would be one of the most important steps in trading cryptos. This platform would be where it all takes place, and therefore, with careful consideration, choose the best possible one that would suit your needs.


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