8 Key Factors for Choosing a Cryptocurrency Exchange

[Goodcat49]

There are many factors and features to consider when cherry-picking a cryptocurrency exchange to use. Several beginner digital asset users and investors are in the dark on how to begin trading and buying virtual currencies.

So, it’s extremely important for both fresh and seasoned investors to inquire and ask queries before proceeding. Here are key factors to consider when cherry-picking a digital currency exchange (DCE), irrespective of experience: 

1.    Geographical Location & Restrictions   
The majority of cryptocurrency exchanges have a narrow geographical scope of people who they cater to. So, an investor has to make sure before signing up for a cryptoasset exchange that it is easily accessible from their home country (and is legitimate). As cryptocurrency and blockchain technology regulation and other key policies are underway, there’s a possibility that your country will crackdown your opportunity to access and use the exchange.   

For instance, Binance, the biggest DCE by volume globally, is open to all nations, apart from all those on economic and trade sanctions lists like Syria, North Korea and Iran.   

2.    Authenticity, Security, Anonymity and Support 
You should carry out thorough research to ensure that you are selecting a genuine, legitimate, secure and reliable platform. The previous examples of hacks such as Mt. Gox, Coincheck, DragonEx,Cryptopia, CoinBene, serve as solemn warnings to potential crypto investors to delve into the exchange’s security protocol.   

Currently, the digital currency sector faces various issues including the Ponzi, pyramid, pump-and-dump schemes, etc. But it’s upon all DCE platforms to fight these forms of fraud. Most decentralized exchanges put emphasis on security and anonymity. They enable users to sign up minus giving any personal data and creating a private recovery seed.   

Here are key factors to consider when cherry-picking a digital currency exchange (DCE), irrespective of experience: https://coinidol.com/choosing-cryptocurrency-exchange/

[Abiodun]

Thanks for sharing this great information that would be of help to many of us here in this platform...  Many people don't really know how to identify a good Exchanges to a bad one and with this little info shared it will help someone..

[squadus]

Thanks for making and sharing this. It is actually a good guide and should help out newbies.

[Delgboke]

I found this information useful to everyone that must succeed in any crypto investment or that have interest of going into cryptocurrency investment in any exchange so that they will not run into some exchange that are not genuine that just want to scam people because they are ignorance of those exchange so I think every newbies in crypto industry should consider this 8 key factors before choosing any cryptocurrency exchange.
Thank you for this information:

[HanZo04]

This is something that I really appreciate, thank you for sharing your knowledge here and I'm sure your post will be very useful especially for beginners like me.