5 Things You Must Know Before Joining a Crypto Exchange


  5 Things You Must Know Before Joining a Crypto Exchange Getting started in crypto is a minefield. With the opportunity of fast money along...

5 Things You Must Know Before Joining a Crypto Exchange 5 Things You Must Know Before Joining a Crypto Exchange

Getting started in crypto is a minefield. With the opportunity of fast money along came the grifters, con-men, and scammers all looking to take advantage. For any new user, knowing what is real and what is fake can often be difficult to tell, and one of the first decisions you will need to make is which exchange to join. Here in this simple beginner’s guide, we will show you the 5 most important things to know when joining your first crypto exchange. This and many other informative guides can be found at www.comparebitcoinexchange.com


    Simply, the first thing that you need to check is how easily can I move money on and off the exchange. The ability to on-ramp fiat to the exchange when you wish to buy and off-ramp again when you take profits is a very important feature. Check if there are any local exchanges for your country. If there are, then you may be able to direct deposit and withdrawal to your bank account (in the same country) almost instantly and with minimum fees. This is the best situation. If this is not an option, then you will need to consider wire transfers and credit cards for funding your account. Neither of these is optimal as there can be delays and higher fees associated with both. So, the very first thing you should check is fiat on and off-ramps when joining an exchange.

  2. FEES

    Always remember, that a crypto exchange is a business not unlike a traditional stockbroker. They charge fees to use their service and these fees can vary greatly from one exchange to another and also be dependent on your level of usage. The first fee to consider is the trading fee. This will be around 0.25% for each trade, if it is much more than that you should be looking elsewhere. Some exchanges will offer discounts on trading fees if you trade significant volume or perhaps lock up some of their native tokens. The next fee to consider will be the withdrawal fee for tokens. It will vary depending on the token and if you are only


    While this is something that is out of your control, you should still use it as a factor when choosing which crypto exchange to join. To begin with, does the exchange have a history of hacks or stolen funds? If so, how did they deal with it? Did they cover the losses or where the end users left out of pocket? Also, what systems are in place for security on the site, do they require 2FA authorization, and are confirmation emails sent before allowing withdrawals? The best crypto exchanges will have strict safety measures to help you protect your funds from unscrupulous hackers and thieves.


    The first thing that you wish to check, is that the exchange offers the coin/token that you are wishing to trade. If it does, then how many options for trading pairs does it have? At least, you should be able to trade it against BTC and USDT. Once you have determined that you can trade the token, then you should consider the liquidity of the exchange for this token. How much volume is traded on a daily basis? As a simple rule, more is better. If the exchange has low liquidity, then you may wait a long time for your orders to fill and you may not get the most accurate price.


    If something goes wrong, then you will need someone to contact. For example, you send a deposit to the exchange, but it never arrives, or your withdrawal gets stuck in limbo. These can be harrowing experiences and it's reassuring to know that there will be somebody on the other end to help solve the problem. Do some googling about the exchange in various forums and newsgroups and you will soon find out if they have a history of dealing with issues in a prompt and efficient manner. Another thing to consider, is do they offer help in your native language? Although you may never need it, the exchange help desk and service is an important factor to consider.

While there are many other things we could discuss, we feel that for anybody getting started with cryptocurrency trading, these are the 5 most important things to consider before joining an exchange. Trade safely.


Cryptocurrency Magazine - Crypto Market Updates: 5 Things You Must Know Before Joining a Crypto Exchange
5 Things You Must Know Before Joining a Crypto Exchange
Cryptocurrency Magazine - Crypto Market Updates
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