A Guide to choosing the right cryptocurrency exchange

Where everything has become digitised, currency cannot be left behind. Inevitably, cryptocurrencies are witnessing an incredible surge in popularity, with people successfully trading in various digital currencies.

It is pivotal to find a reliable exchange platform like Swyftx.com/au to trade in these currencies safely. A reliable platform can protect you against thefts by online fraudsters who see this form of trade in digitised currencies as an opportunity to trick unsuspecting investors.

Here are some critical points to consider when browsing for a dependable and authentic crypto exchange.

Platform security

It is unwise to trade on a platform with questionable security features because you could end up losing all your assets in an instant. Therefore, look for an exchange with a web address that begins with HTTPS and includes features, such as biometric authentication, 2-factor verification, and a KYC (Know-Your-Customer) policy.

Authentic exchanges will have a team of expert customer service professionals you can contact for help at any point in the trading process. Also, enquire if the platform conducts background checks on all its employees, regularly updates security features, and stores most of the customer funds in cold storage. All these factors will ensure you enjoy optimum security when trading.

User interface

It is a misconception that buying and selling digitised currency is complex, regardless of the platform. It is quite an uncomplicated and straightforward task that amateurs can quickly get the hang of, provided they pick an excellent exchange.

Therefore, it is best to look for a platform that incorporates a user-friendly and easy display of assets, a personal wallet upon sign-up, and a mobile-friendly application. Besides, some platforms allow users to pay bills using Bitcoins by sending regular notifications. This particular feature is fast becoming popular among many people globally.

Choice of coins

While trading in digital currencies may be a risky affair most of the time, people are still willing to take the chance as it may offer incredible benefits when done wisely. However, picking a platform that barely provides a handful of crypto options may not be the wisest choice. That is because if you lose one asset, you will most probably lose them all.

There are thousands of crypto options available in the market today, and a reliable exchange platform should offer customers at least a couple of hundred varieties. Consider trading on such platforms as investing in different currencies can reduce the risk of losses to a considerable extent. Besides Bitcoin, other popular variants you can try for investing include Ethereum, Cardano, Dogecoin, and Solana.

Exchange charges

Unethical platforms often hide their charges in ways that you cannot quickly notice or find out. Some even advertise that there are no charges whatsoever, only to take an unbelievable amount from currency conversion fees. They may also list the price of their currencies much higher than other exchanges. Therefore, it is vital to be vigilant and compare charges before deciding on a platform.

Generally, it is widely suggested that you opt for a platform that allows you to trade in real currency instead of asking you to convert it into crypto before going ahead. Such exchanges “lock in” you trade, meaning they guarantee you receive the price at the transaction time even if the trade takes time.