Cryptocurrency has changed the way the market moves over the years. Individuals are finding it simpler to conduct transactions now that more and more users are becoming exposed to utilising cryptocurrency as a means of payment. Cryptocurrency may also be used to exchange products and services, and several companies have already begun to accept it.
When you consider the possibilities and advantages of cryptocurrency, it may appear simple to obtain, but it still has concerns that you should be aware of, such as its general security and high volatility as the market value of cryptocurrency is widely known to fluctuate dramatically. The good news is that there are several things you can take to reduce some of the dangers associated with cryptocurrency. So, to assist you in selecting the finest crypto exchange platforms that can meet all of your specific requirements, here are our top three recommendations:
- Binance
Binance is a strong contender for the upper ranks among cryptocurrency exchange platforms. Despite the fact that they are a relatively young platform, having only been created back in 2017, their power in the crypto industry is nothing to laugh at. They immediately dominated the market and established themselves as a global crypto exchange platform. So, what makes Binance such a formidable competitor? Although their user interface isn’t as user-friendly as Coinbase, Binance compensates by supporting over 200 distinct crypto types. This means that any newcomer could be certain that every virtual currency in their digital wallets can be traded on Binance’s platform.
Additionally, investors and traders are drawn to Binance because of its unique feature known as Binance Academy. Essentially, it’s an extra component of the site where newcomers to digital currencies may learn everything they can about them and blockchain technology. While novice traders and investors may find the site reasonably simple to use, it is arguably the greatest platform for crypto day traders since it offers minimal trading costs, outstanding charting capabilities, and a simple mobile app interface for fast and easy crypto trading.
- Crypto Engine
Crypto Engine is up next on one of the greatest cryptocurrency platforms on the market today since it encourages both new and experienced investors to begin trading with the platforms. In essence, Crypto Engine is a sophisticated exchange platform that links its consumers with crypto trading giants in order to keep cryptos within reach. Furthermore, you may make use of the platform’s unrivalled peer-to-peer technology to greatly boost your capital as you purchase, market, trade, and manage your digital currencies in just mere minutes.
Also, to keep clients’ minds at ease, the platform provides them with no hidden charges while providing world-class security. Your virtual assets may be used using the platform’s very simple management function thanks to its straightforward user interface, not to mention having an excellent data encryption technology that gives customers total privacy over their personal data. Also, Crypto Engine never sleeps since it provides you with a trading service that is available 24 hours a day, seven days a week.
- Coinbase
One of the world’s most prominent cryptocurrency exchange services would undoubtedly be on our list; their popularity stems entirely from the outstanding reputation that follows them. So, what exactly makes Coinbase such a fantastic cryptocurrency exchange platform? Their user interface, on the one hand, is among the more beginner-friendly types, which is ideal for each and everyone who is just getting started with crypto and crypto exchange platforms. Additionally, paying a minimal fee will get you your own Coinbase account started with a free $5 simply for signing up.
Coinbase users may also benefit from the platform as they end up having their own cryptocurrency wallet, deeming it as a wonderful value for newcomers to cryptocurrency exchanges. Coinbase also supports over 30 other cryptocurrency types, as the platform’s ease of use is also one of its best features. With that in mind, New traders and investors in the cryptocurrency market could quickly learn about the ups and downs of the market. Furthermore, Coinbase has a high-security rating from its consumers, making it one of the safest platforms to utilise. Knowing that there is a safe platform available makes people more likely to trust it.
What To Look For In A Crypto Exchange
Aside from the top three digital currency platforms mentioned above, there are a few additional exchanges worth mentioning, but in order to determine which one is the ideal crypto exchange, you must examine a few factors. The first is the platform’s general security, which is the most crucial element to consider when selecting an exchange because having extra levels of protection may prevent anyone from entering into your account and causing financial harm. The second factor to consider is the platform’s simplicity of use; the general ease of use of a crypto exchange might influence your profitability as a crypto trader.
The exchange’s reputation comes next because of a lack of government backing and regulation, the reputation of the crypto platform is one of the most crucial aspects in determining whether or not the platform is legitimate. Another element to consider is the transaction costs since a smaller transaction charge might make it simpler for consumers to conduct a decent deal on the exchange. Last but not least is the platform’s customer support service; if it’s relatively terrible, it is an instant drawback and maybe a headache, especially for rookie traders and investors.
Crypto Exchange’s KYC Protocol
The acronym KYC is well-known across several systems that demand a user to register their credentials before using an application or platform, and it is declared required by worldwide regulations to submit ID evidence of your identity and address before you can conduct transactions. Some crypto trading companies currently accept customers with central government-issued IDs and employ an automated mechanism to pass barriers in seconds. According to those who have used it, one exchange site, Binance, has reported waiting periods of up to weeks merely to complete a user’s KYC procedure.
Final Thoughts
Regardless of whether you use decentralised or centralised exchange platforms, you must identify a platform that best meets your wants and needs as a cryptocurrency trader and investor. Confirm that the network you’re utilising can ensure the protection of your crypto assets and that their transactions are reliable. Not to mention that a little user transparency can also go a long way.
