Choosing the best Cryptocurrency Exchange

List of Exchanges

There are many available exchanges that you can buy

cryptocurrencies at, and navigating the right exchange can be

hard. There’s a number of factors that you have to consider in

ensuring that you’ve opened the right exchange based on

your expectations, requirements, and what’s best for you. The

majority of exchanges offers only the top coins, which usually

consists of Bitcoin and Ethereum.

This guide will help you make an informed decision on what

exchanges is available, which you should pick, and the factors

that are important to consider when opening a crypto account

on an exchange.

Converting Money to Coins

If you’re new to cryptocurrencies, your first step would be to

find an exchange that allows you to deposit money. Due to

regulations, all exchanges require you to verify your account

before depositing your funds, through the submission of your

identity proof and any other personal information. Hence, you

should find an exchange in your domestic country first to

convert money from your bank account into Bitcoin.

It is important to note that not all crypto exchanges accept

fiat money; some exchanges only allow you to deposit coins

(most commonly Bitcoin) to purchase other alternative coins.

Bitcoin is the most popular crypto that is offered on almost all

crypto exchanges, and represents the gateway to purchasing

other coins. In other words, if you want buy any other coins,

you must do the following:

Step 1:Open a domestic cryptocurrency exchange in your

country and verify your account (submit identity proof)

Step 2: Deposit funds from your bank account to your crypto

exchange account and start buying Bitcoin

Step 3: Open a crypto exchange account that offers a variety

of other coin. Usually these exchanges do not accept fiat

deposits and only allows coin deposits

Step 4: After verifying your account, transfer the Bitcoin that

you’ve bought from your local exchange to your new crypto

exchange and you can start buying other coins with your

Bitcoin

Important Note: Trading Fees gets smaller with volume. The

ones listed on the table are the max range(Maker fees are paid

when you add liquidity to our order book by placing a limit

order under the ticker price for buy and above the ticker price

for sell. Taker fees are paid when you remove liquidity from

our order book by placing any order that is executed against

an order of the order book.)

Once you’ve opened an exchange account that allows fiat

deposit, you can link your personal bank account with your crypto

exchange account and start depositing funds to buy Bitcoins.

EXCHANGES THAT ALLOW FIAT DEPOSIT(USD):

Kraken, Coinbase, Gemini, Bitstamp and Bittrex

At Bittrex you can deposit coins as well!

EXCHANGES THAT ONLY ALLOW COIN DEPOSIT:

Poloniex, Bitfinex, Liqui and Bittrex

IMPORTANT:The previouse exchanges are the best in my

opinion.There are many exchanges in cryptoworld.DO NOT

put money in an exchange you didn't check!

Important Factors to Consider:

1.Coin Pairs Available

Many exchanges offer only a handful of coins; the most popular

being Bitcoin and Ethereum. There are only a handful of exchanges

that offer a wider variety of coins. A more diverse option of coins

available is better as it gives you more choices of coins to

purchase.

2.Liquidity

Liquidity refers to the ease of buying/selling in the market. A

high liquidity means that there is a huge number of

buyers/sellers. High liquidity is good as it leads to better price

discovery and it allows you to transact faster.

3.Security

The level and type of security mechanisms employed by an

exchange is vital in ensuring that your coins are safe.

Examples of good security practices undertaken by

exchanges include:

a) Keeping deposits in cold storage; this means that your

coins are safely tucked away offline, beyond the reach of

hackers

b) Availability of 2-factor authentication (2FA) option; 2FA increases

the security of your account

c) Email encryption and verification; for every transaction

there will be an email sent to your account to confirm the

transaction

4.Customer Support Quality

Having a responsive customer support would save you lots of

time and anxiousness, especially in a fast-paced environment.

Issues on your verification process, deposit/withdrawals, funds

reflection and trading orders should be solved quickly by the

exchanges, or it could cost compromise you time, money and

well-being.

5.Trading Fees

Low transaction fees on buying and selling would relatively

prevent your margins to be eaten away, especially if you’re a

constant trader. It is important to look at the fees of your

exchange, to see if it’s relatively comparable to other

exchanges.

6. Ease of Use

The user interface of the exchange should be easy to use and

clean to avoid confusion. Having the necessary indicators at

the tip of your fingers and the ease of navigating through the

platform should make it easy for anyone to use the interface.

Conclusion

Choosing an exchange is the gateway to the crypto

world. There are many factors to consider when

choosing a suitable exchange, and the aforementioned

factors should serve as a guide