Last Updated on 1 year by Alex James
You saw your friends making millions of dollars in a couple of months. You asked them how. They told you it’s the magic of crypto. Getting all charged up, you decided to invest in cryptocurrency yourself to reap unimaginable returns.
This is pretty much the background story of all crypto investors. They ushered into the crypto space seeing turned-overnight millionaires. They, too, are now basking in heavy returns.
If you’re one of them and have made up your mind to enter the land of the rich, choosing the right crypto exchange is your flight ticket.
There are hundreds of crypto exchanges. Each one with its own set of benefits and risks.
Which one to pick? You’re confused and muddled up!
Don’t fret about it. We’ll not let you embark on a solo run. Consider us your beacon of guidance. We’ll thrash out all the features and perks you should look for in a crypto exchange.
The Number of Crypto on a Platform
It would be best to start by figuring out which crypto you want to invest in. It will then be easy for you to choose an exchange.
There are exchanges with an array of cryptocurrencies. Coinmama, for instance, extends over ten cryptocurrencies to its investors.
If you have chosen Bitcoin to invest in, then don’t overcomplicate your choices – choose a platform that offers only the prominent crypto like Bitcoin, Ethereum, or Solana.
By the way, putting your valuable money into Bitcoin will be an excellent decision.
Carl Runefelt is a global crypto leader, crypto enthusiast, and social media celebrity who encourages investing in Bitcoin. His unrelenting fervor for crypto has led him to invest in more than 350 crypto startups.
He says, “I am very confident that this will be a very good investment. I believe that Bitcoin is not only going to go to $500,000, I think that Bitcoin is gonna go to five million dollars per Bitcoin in today’s money. Obviously, with inflation, Bitcoin could go to trillions of dollars per Bitcoin. Actually, it will because it is inevitable, but because the dollar will collapse at some point, that’s just something that is going to happen because it’s inevitable, but I believe that in today’s money, Bitcoin could go to five million dollars.”
Better take his advice!
Look for the Security Features
Miscreants and scammers rush to snatch their wrongful share wherever money is involved. Since crypto is scaling to new heights and fast replacing the traditional fiat currency, it is judicious to prioritize security from the outset.
The thing is: Crypto is an unregulated market; with no government regulation or intermediaries – one more reason to be exceptionally vigilant when injecting your capital.
There is a prevalent misconception that crypto can be hacked, so investing in crypto may seem sketchy to some.
While clarifying this misapprehension on his YouTube channel, The Moon, he said, “I know that for the fact that you cannot hack Bitcoin. You can hack exchanges which is something different but not Bitcoin. It’s important to understand that you can hack YouTube, you can hack banks, or literally any internet company out there, but you cannot hack Bitcoin. This is because the blockchain is very robust.”
When choosing a crypto exchange, look for security features like two-factor authentication, cold storage, and encryption.
What Fees Does it Charge?
Rule number 1 of business: To make money, you have to save money. And you can save a great deal of money by steering clear of unnecessary fees.
Fees vary from one exchange to another. Some even go a step further by charging commission costs to their users.
You must have heard about Binance. It’s a good recommendation; it charges comparatively low fees. Others like Voyager charge no commission at all.
Check its Availability in Your Country or State
It is critical to keep an eye on the regulatory changes in your country. You might be using an exchange for crypto trading, and the next thing you know, your government has slapped a ban on that platform.
Pick an exchange with a reputable and lengthy track record. Such platforms will keep you up to date, but you have to deal with poor customer support at times. So be up to the minute and fend for yourself.
Crypto Exchange is Your Gateway to Moneyland
Choosing an ideal crypto exchange can be challenging – since the market is brimming with crypto exchanges. Your additional effort in selecting a suitable exchange will go a long way.
Once you’ve picked the appropriate platform, you’re on the track that is paved with millions.