What are the factors to consider when you choose a crypto exchange?

[Suba]

Crypto exchange as a platform for traders to trade crypto, is also often used as a means to exchange one crypto for another, or crypto for fiat money and vice versa. Crypto enthusiasts also take advantage of many crypto exchanges to store their crypto or make it a crypto wallet. Users can also make direct transactions with other P2P users. One of the factors that I know is a crypto exchange that can be trusted to store the funds that we have. Of course there are many other factors to consider when choosing a crypto exchange, what do you think?

 

[cherry123]

For me it is about how legit the site or exchanger is. No body want to deal with anything that has to do with being dishonest so if the site is trusted then everything is fine

 

[Hate2Wait]

Whatever we choose exchange or wallet, it should be on trust and we should look at how secure it is because it's about our hard earned money and should look at the fee too

 

[cherry123]

Yeah our hard earned money is involved and as such it should be about making sure that where we are about to store our money is secured and we won't regret it

 

[gammarays]

There are several factors to consider when choosing a crypto exchange. I check regulation, low deposit and withdrawal amount, active trade volume, fees and security. One can also consider Rewards and bonuses.

 

[Enxx]

One of the number one factor that I do consider before I go for a cryptocurrency exchange is the trading fees. Like binance exchange has a very low trading fee of 0.1%

 

[nomad]

Since I am happy with Binance, I am not looking for other exchanges. I like Binance for a couple of reasons such as zero trading fees for p2p transactions, staking, and earning pools.

 

[Suba]

After reading all the comments, I can conclude that several factors to consider are legitimacy and legality, security factors, maker and taker transaction fees, liquidity, the amount of crypto assets available. Insurance, reputation, payment methods and deposits.

 

[cherry123]

Yes quite a number of factors need to be considered before one go for a cryptocurrency exchange. A lot of people do consider the trading fees as it should be low

 

[Suba]

Maybe because of the competition factor between crypto exchanges, currently many exchanges apply a low fee of around 0.01% for both takers and makers. We also need to consider the factor of withdrawals and deposits with fiat money or directly from bank accounts and e-wallets.

 

[Hate2Wait]

For me fee and safety is most important and that's where I feel Binance is a good option

 

[Suba]

For me fee and safety is most important and that's where I feel Binance is a good option

Fee and safety factors are often taken into consideration when we choose a crypto exchange, we also have to trace the history of crypto exchanges whether they have ever been hacked, and it would be better if the crypto exchange has insured user funds.

 

[Hate2Wait]

I feel Binance is fine and has good history and fee is also not so high so its trusted

 

[Suba]

I feel Binance is fine and has good history and fee is also not so high so its trusted

you are right, Binance crypto exchange is by far the best crypto exchange. safe and reliable, even Binance has insured user funds in USD, so all users who store funds on Binance will be safe.

 

[nomad]

I started using Coinbase in 2016 because I did not know any other wallets (back in the day, Coinbase was just a Bitcoin wallet). Now, I use Binance because if offers more assets, and more features than any other exchanges in existence.

 

[Suba]

I started using Coinbase in 2016 because I did not know any other wallets (back in the day, Coinbase was just a Bitcoin wallet). Now, I use Binance because if offers more assets, and more features than any other exchanges in existence.

Coinbase was the first wallet that I used in 2012, only able to store Bitcoin from the faucet site, but now Coinbase has supported a lot of crypto and even a trading platform is available.

 

[Blessed19]

For me I do check out if the exchange permits me to stake my crypto coin to gain more from it and also if I can be able to swap to other coins on the exchange and if they do have a P2P section on the platform as it is very necessary for trading.

 

[Yohanna]

The popularity and acceptability of the cryptocurrency exchange should be considered before you accept any kind of cryptocurrency exchange platform because you don't want to lose your fund.

 

[Niyi Briggs]

I look for the ease of finding your way around the exchange platform. I also look for transaction fees on yh exchange. And the most important thing I look out for is the security of transactions on the platform.

 

[Etini Willie]

One of the important factors to consider is the responsiveness of the support system of the Exchange. If the customer support is very responsive, you would be free to use it because you are sure you would get support quickly if you encounter problems.