Exchange Essentials — 5 Must-Haves To Watch For In A Crypto Exchange Platform
Years ago, when I was working as a receptionist for a lawyer in Manhattan, my boss was reviewing some case files when the devil, Satan himself, appeared right in his office.
Old Nick said that he came to make a deal: my boss could win every case, and make huge piles of money — but in exchange, he wanted my boss’s soul, his wife’s, his children’s, and his grandmother’s.
My boss calmly heard him out, and then asked, “What’s the catch?”
Nowadays, you don’t need to sell your soul to make an easy profit, you just need to find a good crypto exchange platform, and have a solid trading strategy.
Finding a good exchange can be a tricky business though — because as they say, the devil is in the details.
Here are a few tips that can help you to find the right exchange platform:
There are dozens of crypto exchanges around the world, and sometimes it can seem like new ones are popping up every day.
That can make it difficult to find a reliable platform unless you spend weeks doing research on each one.
An easy shortcut is to let large investment firms do the research for you, and choose an exchange that’s received backing from them.
2. Known Standards
While each platform will have its own fee structures, utility tokens, and other requirements, some standards should remain the same regardless of where you’re trading.
Look for a platform that follows known guidelines, like the Ethereum-based ERC-20 standards, as an easy way to avoid unpleasant complications.
Accessibility is important in two ways.
The first thing to look for is a platform that allows you to exchange currency in your country, as some platforms are geographically restricted.
The second thing to look for is convenience-based — a good exchange platform should offer you a range of options, so you can perform trades from the device of your choice.
If a platform doesn’t allow you to trade from your desktop pc, smartphone, and tablet — you could miss out on a good deal because you didn’t have access to your home computer in time.
Perhaps the most important feature of any exchange platform is its security protocols.
Make sure the platform you choose is compliant with legal requirements and has added features to safeguard your investment.
Cold wallets are one feature that is absolutely essential, as they ensure that no bad actors can access your funds.
When it comes to trading crypto, variety counts.
You don’t need access to thousands of different tokens, and having that many options can actually become a problem, as it can be difficult to tell the reliable cryptocurrencies from the scams.
Look for a platform that lists the top 10 or 20 tokens, and you’ll have enough variety to make profitable trades, while keeping the list small enough that it’s easy to make informed decisions.
The first step to growing your wealth as a cryptocurrency trader is finding the right exchange platform.
Once you have a solid base to trade from, the rest is almost easy — and if you need help with a good trading strategy, there are plenty of useful guides online.
Disclaimer: The information provided on this page does not constitute investment advice, financial advice, trading advice, or any other sort of advice and it should not be treated as such. This content is the opinion of a third party and this site does not recommend that any specific cryptocurrency should be bought, sold, or held, or that any crypto investment should be made. The Crypto market is high risk, with high-risk and unproven projects. Readers should do their own research and consult a professional financial advisor before making any investment decisions.