How to Pick Cryptocurrency Exchange Platforms: What You Need to Know

How to Pick Cryptocurrency Exchange Platforms What You Need to Know

Between 15 and 20% of Americans have traded cryptocurrency thus far. Some have bought and sold Bitcoin, while others have tried to cash in on the Dogecoin craze.

If you’re interested in joining them, it won’t take you long to start buying and selling cryptocurrencies. You will, however, want to try to come up with a crypto trading strategy before you get things going.

And even before doing that, you’ll need to choose which cryptocurrency exchange platform you’d like to use. There are many options for exchange platforms available.

Trying to pick cryptocurrency exchange platforms can be challenging if you don’t know what to look for, though. You might end up using the wrong platform altogether if you don’t know what you’re doing when you launch your search.

Here is everything you need to know about successfully picking a cryptocurrency exchange platform that you can trust to make it easy to buy and sell crypto moving forward.

See Which Options for Exchange Platforms Exist

You might be surprised to see how many different options exist when you’re trying to pick cryptocurrency exchange platforms. Even though crypto is still a new concept to a lot of people, there are anywhere from 500 to 600 of these platforms out there as of right now.

The global crypto market is also growing like crazy, so there are bound to be even more exchange platforms entering the fray soon. It’s going to make it even more complicated to choose one that you know you can trust.

But for now, you should kick things off by creating a list of options for exchange platforms. If you simply Google “cryptocurrency exchange platforms,” you should be treated to lots of “top 10” lists that will include many good options. Write down the names of as many of them as you can before doing anything else.

Learn More About Different Exchange Platforms

After you have a healthy list of cryptocurrency exchange platforms, your next job will be to find out as much as you can about each of them. There are a couple of ways you can do this.

First, you can go through some of the “top 10” lists we just mentioned and read the blurbs on each of the exchange platforms on them. It should give you a nice overview of what different platforms will bring to the table.

From there, you should also visit the websites of as many cryptocurrency exchange platforms as you can. You’ll be able to find out how long they’ve been around, which types of crypto you can trade on them, and more on their sites.

You’ll want to make it your mission to get to the bottom of what each exchange platform is all about. It should put you in a much better position to pick cryptocurrency exchange platforms that appeal to you the most.

Read Online Reviews for Exchange Platforms

The blurbs that you’ll read about cryptocurrency exchange platforms found on “top 10” lists will be reviews to some degree. But they’re obviously all going to be positive in nature since they’ll be included in lists of the best exchange platforms around.

So outside of reading through these blurbs, you should also set out to read through as many online reviews for exchange platforms as you can. This will give you a glimpse of what you can expect if you choose one cryptocurrency exchange platform over all the rest.

If you notice that some of the platform exchanges you’re considering have nothing but negative reviews, that’ll be reason enough to knock them right out of the running. You won’t want to waste your time thinking about working with any of these platforms since you’re unlikely to have a positive experience with them.

Find Out How Much Exchange Platforms Charge

As you buy and sell crypto through exchange platforms, you’re going to want to make the most crypto trading profits possible. But this isn’t going to be in the cards for you if you pick cryptocurrency exchange platforms that charge high fees.

Just about all exchange platforms are going to charge you something when you buy and sell crypto through them. But some of your options will have fees that will be higher than others.

If you’re only going to be buying and selling cryptocurrency every so often, the fees that you have to pay might not make much of a difference, even if they’re on the higher side. But if your crypto trading strategy is going to have you buying and selling crypto all the time, it’ll be a different story.

You’ll want to look for exchange platforms that aren’t going to break the bank when you want to buy and sell crypto. You also want to look for platforms that will be very transparent when it comes to the fees that they’ll charge.

Search for the Withdrawal and Deposit Limits for Exchange Platforms

Some cryptocurrency exchange platforms are going to do more than just charge you fees for the trades you make. They’re also going to limit how much crypto you can withdraw and deposit during any given 24-hour period.

Most people aren’t going to come anywhere close to these limits when they first start trading crypto. But who knows? You might find that you love buying and selling crypto and want to trade it all the time.

If you end up falling into this category, you might be affected by the withdrawal and deposit limits that a platform has in place. It’s why you should pay close attention to these limits from the very start.

The last thing you want to do is fall in love with a particular exchange platform now only to find that it doesn’t check all the right boxes for you later on when you’re a more serious crypto trader.

Look at the Security Measures Exchange Platforms Take

When you’re buying and selling cryptocurrencies at first, it might not feel like you’re moving actual money around. But a lot of crypto is actually very valuable, so you should keep this in mind when you’re trading it.

You should also only trade it through exchange platforms that have put the proper security measures in place. Otherwise, you could run the risk of losing money if your crypto trades aren’t as secure as you would like them to be.

The best exchange platforms will take security every bit as seriously as you need them to. They’ll also spell out which security measures they’ve come up with to keep your crypto safe.

Check Out the Insurance for Exchange Platforms

No matter how secure a cryptocurrency exchange platform is, there is always going to be at least a small chance that your crypto funds could be at risk. There are, unfortunately, always bad people out there who will go to great lengths to try to steal crypto from exchange platforms by any means necessary.

With this in mind, you’re going to want to convert cash into crypto through an exchange platform that offers some form of crypto insurance. In the event that your crypto is ever compromised as a result of an event that is out of your hands, an insurance policy will cover it.

But be warned: Not all cryptocurrency exchange platforms offer insurance. This kind of insurance can be expensive in some cases, so certain platforms have shied away from extending it to crypto traders.

If you’re willing to roll the dice and make crypto trades without insurance, you’re welcome to do it. But it could very well come back to bite you later on and make you wish you’d been more careful when it comes time to pick cryptocurrency exchange platforms.

Consider the Customer Service for Exchange Platforms

Buying and selling cryptocurrencies for the first time can be confusing. You’re likely going to have a million and one questions about how to do it.

When this is the case, you’ll want an exchange platform on your side that can answer any and all questions you might have. They should have a dedicated customer service department that’s ready to assist you at a moment’s notice.

Just before depositing money into an exchange platform, it wouldn’t be a bad idea at all to contact their customer service team. Even if you don’t have any questions at the time, it would be worth testing this team out to see how helpful they’re willing to be.

If your initial experience with a platform’s customer service department isn’t great, that alone might tell you everything you need to know about it. You might want to think about taking your business elsewhere so that you know you have a customer service team you can count on when necessary.

Whatever you do, you shouldn’t overlook the importance of customer service when it comes to trying to pick cryptocurrency exchange platforms. It should be in the back of your mind as you set out to locate the platform that will be right for you.

Test Out Different Exchange Platforms

Here’s the tough part about picking cryptocurrency exchange platforms: You aren’t going to know if you made the right decision until you put a platform to the test. So why not try out a few platforms to see how you like each of them?

It’s simple enough to download the apps that different platforms have created. It’ll give you an opportunity to play around with each of these platforms for at least a few minutes.

Even if you aren’t buying and selling cryptocurrencies through them, you’ll be able to see what it would be like to do it. You’ll also be able to get a feel for how easy it will be to use these platforms.

If you find that a platform isn’t as intuitive as you hoped it’d be, you can delete it from your preferred device and move on to the next one. You can then continue to do this until you land on an exchange platform you absolutely love.

It shouldn’t take you too long to stumble upon at least one or two platforms that look like great options to you. At that point, you’ll be able to start using it to buy and sell crypto.

Begin Trading Crypto Through an Exchange Platform

As long as everything goes according to plan, you’ll be ready to start trading crypto when you reach this stage. You should be able to do it quickly through the cryptocurrency exchange platform you chose.

Depending on which platform you go with, you might also be able to buy and sell crypto through a Bitcoin ATM in your area. There are more and more Bitcoin ATMs being set up throughout the country these days.

This BTC ATM locator will help you find an ATM machine that you can use for making crypto trades. You’ll be shocked to see how easy it’ll be to use one of these machines after you get the hang of doing it.

Pick Cryptocurrency Exchange Platforms Carefully

The good news for those who want to pick cryptocurrency exchange platforms is that there isn’t any shortage of options. You’ll be able to find hundreds of them when you want to start using one.

The bad news is that you’re going to need to sift through all these options to find the one that’ll work best for you. It can be a time-consuming process. But by using the tips found here, you should be able to locate the platform you want to use sooner rather than later.

Check out some other informative articles about crypto on your blog before you start buying and selling it.