If you are just starting with crypto, the first thing that you need to consider is the safety of your crypto holding. While there are hundreds of crypto exchanges around, starters may find it challenging to identify the right platform. Visit the official page of bitcoin-buyer.app/de/ for more information on bitcoin trading.
Ranging from loss of your entire investment to skewed rates and opaque customer care, operating on the wrong exchange can be one of the worst nightmares for both new and experienced traders.
In this blog post, we highlight an array of factors that you need to consider before choosing a suitable exchange for your crypto portfolio.
#1. Number of crypto assets
Although the number of crypto assets supported by various exchanges varies from one platform to another, a good exchange should support multiple digital currencies. This not only makes it easy to diversify your portfolio but also signals that it is a credible platform.
Whether you are just starting or an established crypto trader, access to multiple crypto assets offers a wide range of options that you can leverage to grow your crypto investment portfolio.
Security remains a major concern among most crypto investors. Before investing in the crypto industry, you should first scrutinize to identify whether the exchange can be trusted. A great way of ascertaining the credibility of a platform is by checking out reviews left by other users on the platform. That will make it easy to know whether investing in the exchange is secure.
Just like other online trading platforms, fees charged is a key determining factor on whether a platform is credible or not. Should you realize that the fee charged is extremely lower than the standard market rates then that may be an automatic red alert.
In other words, if the price doesn’t resonate with standard market rates, then you have every reason to worry.
Another key element that you should check out is how much you will earn from the platform. While interests vary from one platform to another, platforms that promise exorbitant interest than normal market rates are red alert.
However, you should choose a platform that offers a wide range of rewards to enable you to grow your portfolio. Additionally, you should read and understand the terms and conditions of earning the rewards to avoid falling into the trap of unscrupulous platforms.
Most exchanges come with wallets for every trader. In this case, I’d recommend that you choose a platform that gives you access to your private key rather than those that do not.
If you fail to have access to your private key then it is likely that your account can be suspended without a good reason and you end up losing your entire investment.
#6. Trading Options
A good exchange platform offers an array of trading options. With an array of trading options, you can choose trades that suit your portfolio. Besides buying and selling crypto, a credible crypto exchange should enable you to trade multiple digital currencies with ease.
Before you think about investing in cryptocurrency, the first question that should cross your mind is whether you have chosen the right crypto exchange.
While Mobile applications allow you to manage your crypto portfolio, exchanges come with a wide range of features that you can never find anywhere else. If you are yet to invest in crypto, it’s high time you carry out research to identify the right platform.
The back stops with the type of exchange you will choose to manage your portfolio. Failure to identify the right platform not only risks your investment but also increases your chances falling into the trap of unscrupulous brokers.