Crypto has been marching through the world for quite a long time now. The first half of 2021 showed that the number of people interested in crypto doubled. More and more people who have been dramatically shaken by the pandemic and the following economic crisis are beginning to consider investing in crypto. That is why it is so crucial to find out which exchanges are safer and easier to use.
What Is a Cryptocurrency Exchange?
The cryptocurrency exchange is a platform that allows customers to buy, sell, and trade cryptocurrencies for other assets, such as conventional fiat money or other digital currencies. It is a platform that helps sellers find buyers and vice versa.
The cryptocurrency exchange is an ideal option for traders. There you can make a profit by trading crypto with altcoins and on currency appreciation. Even though it may seem that all exchanges are the same, don’t rush into registration on one particular platform until you ensure it is reliable.
What Should You Pay Attention to When Choosing a Cryptocurrency Exchange?
Before you make your final choice, consider the following factors:
- Total trading volume. It’s a common belief that a high trading volume reflects a large number of exchange users. Many users are a sign of the exchange’s reliability. This point is considered to be the most significant, but it would be a mistake if you paid attention only to it and nothing else;
- The number of trading pairs. You don’t necessarily need to choose the exchange with the most trading pairs; just make sure you have everything you need to work successfully. It’s better when a crypto exchange provides many cryptos so that you could choose;
- Different tools and opportunities: passive income, credit for buying crypto, lending money, etc.;
- Some exchanges may block people from certain countries or regions. Using a VPN is up to you, but make sure your region is accepted for a stable connection;
- Reputation — reviews from real users and the history of the platform;
- The diversity of currency for which you can trade. Generally, it is a US dollar, but EUR and GBP are also widely-used fiat currencies;
- Technical support working hours;
- Fees and commissions;
- Stringent verification requirements.
The Five Best Cryptocurrency Exchanges in 2021
- Binance. About a quarter of all transactions are done via this exchange. It was founded in 2017. Since then, Binance is considered one of the most trustworthy and reliable platforms.
- Bybit. This platform is famous for its intuitively understandable interface for futures trading. It is a great start for newbies. Bybit also has a nice application that lets you know about any important event that is going on.
- Bittrex. It is an American exchange with lots of valuable tools and access to a wide range of altcoins. TradingView real-time data, next-level security, and a useful application are some of the platform’s advantages.
- Bisq. This platform is a decentralized exchange for those who are really worried about security and privacy. Bisq uses the peer-to-peer network and open-source desktop software. You don’t need to register there.
- Coinbase. It has gained popularity with the help of its strong security and transparent pricing. On the platform, different charts and indicators are given for a user to have a clear picture. The low fees will pleasantly surprise you.
Final Thoughts
Before you choose the cryptocurrency exchange that will be your ally for a long time, you have to spend a day or so surfing the Internet and studying your options. Make a list of things your future exchange must have to answer all your demands and start looking. We wish you good luck!
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