How to choose crypto exchange
When i first entered the crypto market i had many questions like is it ok to invest in crypto, is it safe to do transactions in bitcoin and much more So thats why i decided to do a series of How to Crypto where i am going to tell you guys some tips and how to's on cryptocurrency.
Enough of my boring intro now lets talk about choosing an exchange.
Below are some points to remember before choosing an exchange:
1. Transparency
Transparency should be one of your main concern, as more a company is transparent with you the more likely it is legit.
See if the exchange you are choosing reveals their owner's name, cold storage addresses and more.
2. Security
Security right how can we forget it as security is our main concern.
Below are some points you need to see in an exchange sercurity:
- See whether the exchange has been hacked earlier as it gives you an idea about its security.
- Always choose a exchange which has https in its Url as https is more secured than http.
- See whether the exhange has 2 factor authorization as it gives you an extra layer of security on login.
- Auditing programs that monitor exchange activity 24/7 and the use of SMS and email alerts all give exchange customers additional security guarantees.
- Deposits should be stored offline, in “cold storage”.
3. Price and Fees
Compare prices and fees of the exchanges as some take fees as low as 1% while some take fees more than 3% so its up to your research to find an exchange with lowest fees and prices.
Note: Always choose exchange that has more security than other even if it does charge you an extra 1% fees.
4. Flexibility and User Experience
- Choose an exchange which has its application on cross platforms like in android and in windows.
- See if you are comfortable with your exchange site.
There you have it these were some points you need to know before choosing your exchange.
Note: Don't store your cryptocurrencies in exchange as they are more vulnerable and can be hacked always store your crypto in secured wallets.
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