Cryptocurrency exchanges have taken the world by storm. Whether you want to buy your first cryptocurrency or are looking for the best platform out there, in today’s guide we are listing the main features the best crypto exchange has to have.
By definition, a crypto exchange platform is an online website where you can buy, sell and trade cryptocurrencies. Even though there are more than 100 crypto exchange platforms, sorting out through them and picking out one (or a few) is something you have to do yourself.
We are helping you, listing the 5 features the best crypto exchange has to have. They basically include:
Trading volume is a clear sign of authority. First of all, it means that the best crypto exchange has a lot of users using it. This is an obvious sign of trust and stability, both of which are essential in the crypto space. Also, trading volume means there is an active trading market – meaning that you can buy and sell crypto in an easy, quick and fair way.
Cryptocurrency exchanges need to have an active community of users – interacting through Telegram channels, public forums or social networks. The reason for that is simple – creating such community is time-consuming. The best crypto exchange will likely have the time to create it and interact with its traders.
Fees are very important nowadays. If you are looking for the best crypto exchange, you should know that there are no exchanges that have 0% fees – so don’t trust any of the ones marketing like that. As a rule of thumb, fees over 1.5% are okay – while exchange fees should not go over 0.5%.
It is nowadays very easy to check someone’s reputation. All you need to do is read reviews and run a simple Google search. The best crypto exchanges usually pop out and have good media coverage and exposure.
Last but not the least is security. Every exchange needs to have good security features. Some of the most important ones include two-factor authentication for granting access, cold storage, multisig transactions and others.
If an exchange or platform has these five criteria, then it is definitely a contender for the best crypto exchange! We hope we helped you make a reasonable choice!
For a detailed view of the best exchanges out there, visit this link.