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There are various exchange platforms for crypto, but not every platform is suited for every type of user. Each platform has its features, intricacies, fees, and other regulations. Moreover, crypto exchange platforms do not offer every cryptocurrency. By choosing a reputed cryptocurrency, you do not just get to buy crypto, but also a secure online wallet to store your currencies. Here are 6 features you must look for when choosing the best crypto platform.
In today’s world, crypto has become a popular investment choice and even for commerce. Unfortunately, traditional banks will not convert your dollars to crypto so, if you are interested in buying crypto, you would have to hop on to a crypto exchange platform to buy or sell the cryptocurrencies of your choice. If you are a beginner, you must learn more about the best types of crypto platforms. It will help you better facilitate your crypto trades.
Below are the 6 features:
1. Accessibility
You must consider how accessible the crypto platform is for your specific region. Many countries have banned cryptocurrencies, while many have strict regulations for such platforms so choose a platform with easy policies for a smooth trade in your country.
2. Security
Cryptocurrencies do not fall under the scrutiny of a central financial system, so they are known as decentralised currencies. No one is watching over your precious currencies so take a deeper look at the security measures undertaken by the exchange platform to safeguard your wallet.
Also, many platforms even keep their reserve funds in an offline wallet to further protect them from people with malicious intent. If the platform does not protect its reserves, your token is unsafe with them. Choose a platform that has the best security measures.
3. Fees
When you exchange dollars for crypto tokens, you have to pay a small fee to the exchange platform to facilitate the transaction. Some crypto exchange platforms will even charge a fee when withdrawing your cryptocurrencies.
A platform’s fee model may vary as many charge a fixed fee, while some charge a percentage of the trade. However, if a platform is charging a higher fee than others, it indicates better services. It may translate to better security measures, more features, and easy availability of various tokens.
4. Liquidity
As an investor, you must have the option to sell your tokens whenever you want so, if you think that the price is right, the platform must be able to facilitate your sell order instantly and have enough liquidity to execute sell your orders instantly and the best crypto exchange platforms usually have the highest trade volume making it easier to sell tokens.
5. Currency Availability
Even if a highly secure platform is easy to use, it might not be the best platform for you since the currency you want is unavailable. Every crypto platform will not offer all the coins so, before opening your account on a platform, check out the coins they offer. If the coin you want to invest in is not available, you must consider another exchange platform.
6. Usability
Many crypto exchange platforms are challenging to use as they are made for seasoned investors so if you are a beginner who is hoping to learn more about cryptocurrencies, then a simple to use platform that offers a plethora of learning resources is the best one for you. By choosing a platform that is easy to use, your crypto trading activities will be quite easy and fun.
Amongst all the factors mentioned above, however, the one you must pay the closest attention to is the security measures of a platform. Even if the platform is easy to use, accessible, and liquid, you must choose the most secure one.