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.

10 popular types of cryptocurrencies

  1. Bitcoin (BTC)
  2. Ether (ETH)
  3. Binance Coin (BNB)
  4. Tether (USDT)
  5. Solana (SOL)
  6. XRP (XRP)
  7. Cardano (ADA)
  8. USD Coin (USDC)
  9. Aave (AAVE)
  10. Avalanche (AVAX)

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.


Find out first and foremost if the exchange you are interested in services residents of the state and nation where you now reside. If the response is no, you will not be allowed to use the exchange in question because there are several restrictions and regulations at work here.

Several exchanges also offer country-specific web addresses. An exchange’s jurisdiction represents not just its target market, but also where they are permitted to do business owing to specific cryptocurrency rules and regulations, thus U.S. users may need to go to “exchange.us” instead of “exchange.com,” for example.

Easy Usage

How much trading experience do you have? While selecting a crypto exchange, is a major factor.

Exchanges that show order books or have a complicated interface with several charts and other information may frighten newer investors.

A newbie-friendly exchange could be the greatest choice in that situation. Users can select their layout between “basic” and “advanced” layouts on several bitcoin trade websites. Others are created especially for beginners beginning their cryptocurrency investment journey in order to eliminate any uncertainty.


In order to execute deals at any moment, traders require liquidity. This implies that on any given day, a sufficient number of orders must pass through an exchange’s order books.

An exchange needs either a big number of users or users who regularly trade substantial amounts of their assets on the exchange in order to achieve that volume. There could not be any trading partners accessible if there are only a few orders available.

When there is a lot of volatility, as occurs frequently in the crypto markets, liquidity is also crucial. Less liquidity has the potential to make volatility worse and cause sharp price swings.

Asset Choices

Does the questioned exchange trade the assets you desire? As there are hundreds of distinct kinds of cryptocurrencies, no exchange can offer trading pairings for every one of them. For instance, the majority of exchanges probably provide trading in prominent currencies like Bitcoin, Ethereum, Solana, Cardano, and Binance currency, but not all of them might.

Generally speaking, currencies with bigger market caps are more likely to be traded on well-known exchanges. Investors seeking rarer, less popular currencies may need to hunt for smaller exchanges. Have a Wishlist on hand and do some research to discover what is available as that could require it.


Many individuals use restaurant reviews to guide their decision when deciding which one to visit on the weekend. Those who are browsing bitcoin exchange websites could think of doing the same. Search for “xyz crypto exchange reviews” to learn more about what former and current users of a specific exchange have to say about it.

Round Silver and Gold Coins 

Trading Charges

When buying cryptocurrencies, fees can constitute a hidden expense. Exchanges generate revenue by charging fees on the majority of or all transactions.

Be careful you comprehend the fees associated with any cryptocurrency trade.

Similar to how ETH is the native token for the Ethereum blockchain, several exchanges have their own native “exchange tokens”. These tokens are produced by the exchanges, which frequently utilize them to offer holders reduced trading costs.

For instance, a Binance user will probably pay reduced fees if they have Binance Coin (BNB) in their Binance wallet. Instead of being deducted from the currency pair they are trading, the fees for each trade they execute will be collected in the form of BNC.

Customer Care

New users can have several inquiries about the fundamentals of cryptocurrency and how the exchange functions. It’s likely that you may experience issues at some time, thus it’s advantageous for an exchange to offer rapid assistance alternatives.

Customer support may be urgently required on occasion if your money is on the line. Fast-moving cryptocurrency markets make it risky to wait days for a response from customer service. Investors should thus research the standing of an exchange’s customer care team. Check to see whether they answer right away, if consumers appear to be content overall, and if customer service is prioritized in the transaction.

Technical Foundation

Developers create matching engines to connect buyers and sellers, aiming to provide exchange users with a simple ordering process. An exchange can match orders even during periods of high volume and volatility thanks to a good matching engine.

A strong matching engine is but one component of the infrastructure required to develop new trading pairs and order types, allowing the exchange to satisfy its consumers more easily.

Coins on Top of a Laptop

Limitations on Deposits and Withdrawals

Even if you want to HODL for as long as possible, you could eventually need to make withdrawals. It is crucial to understand that while most exchanges do not have a minimum deposit requirement, they may set a cap on the amount of money users may deposit or withdraw at a given moment.

A trader could only be permitted to withdraw $25,000 worth of cash or cryptocurrency each day, for instance. So, people who are interested in moving big sums of money would wish to take these restrictions into account. Even the greatest cryptocurrency trading software could have stringent restrictions on the quantity of cash that customers can move during a given time period.


“Transparency” in the context of cryptocurrency exchanges refers to how open the exchange discloses its fee structure, the length of time it takes to execute trades and transactions, the legal frameworks in which it conducts business, and, probably most crucially, how secure it truly is.

If a conversation is evasive while addressing certain issues, it may show a lack of honesty and raise questions. Investors and dealers should take transparency seriously given the prevalence of frauds and hacks in the cryptocurrency industry.