{"id":928,"date":"2022-03-30T18:23:10","date_gmt":"2022-03-30T18:23:10","guid":{"rendered":"https:\/\/www.aurumxchange.com\/?p=928"},"modified":"2022-03-30T18:23:10","modified_gmt":"2022-03-30T18:23:10","slug":"what-cryptocurrency-exchange-should-you-use-5-things-to-consider","status":"publish","type":"post","link":"https:\/\/www.aurumxchange.com\/blog\/what-cryptocurrency-exchange-should-you-use-5-things-to-consider\/","title":{"rendered":"What Cryptocurrency Exchange Should You Use? 5 Things To Consider"},"content":{"rendered":"<p><iframe width=\"100%\" height=300vh src=\"https:\/\/www.youtube.com\/embed\/_VcdEovm8u8?autoplay=1&#038;mute=1\"><\/iframe>As the cryptocurrency industry grows, so do the number of exchanges. Some exchanges are a breeze to use, while others may have a more complicated user experience. While many people have their favorite exchange, it\u2019s important to consider other options as well.<\/p>\n<p>In this article we\u2019ll look at five things to consider when choosing an exchange.<\/p>\n<p>1) Deposit\/Withdrawal Fees<\/p>\n<p>Different exchanges charge different fees for deposits and withdrawals. Many exchanges charge nearly nothing for deposits and withdrawals using cryptocurrency. Exchanges also vary in fees for fiat currency deposits and withdrawals such as USD, EUR, or JPY. Be sure to compare fees between a few different exchanges before deciding on one.<\/p>\n<p>2) Trading Fees<\/p>\n<p>Cryptocurrency exchanges charge different trading fees as well. Some charge a flat fee per trade while others implement a maker-taker model where market makers pay less in trading fees than market takers do. Decide if you prefer paying a flat fee per trade or if you would rather pay less but pay more when you take an order off the books.<\/p>\n<p>Before you begin using any cryptocurrency exchange, you should have a good understanding of the following:<\/p>\n<p>1. The fees the exchange charges.<\/p>\n<p>2. The types of cryptocurrencies available on the exchange.<\/p>\n<p>3. Convenience when it comes to purchasing and selling your coins (buying and selling limits).<\/p>\n<p>4. The security of the exchange and its reputation within the community.<\/p>\n<p>5. The level of support provided by the exchange in case you run into issues with your account or have questions about a transaction or other feature related to your account.<\/p>\n<p>So which cryptocurrency exchange should you use? To answer that question, you need to research each one individually and determine which one offers what you need in terms of fees, cryptocurrencies available, purchase limits, convenience, security, reputation and support. Once you&#8217;ve done that for all the exchanges on your shortlist, rank them from first place to last place in each category and then add up the rankings to see which one is rated highest overall. This will help ensure you choose an exchange that is most suited for your needs.<\/p>\n<p>According to CoinMarketCap, there are 6,861 cryptocurrencies being traded today. Not all of these coins are actually worth trading, but there are some that are very popular and have a high market capitalization.<\/p>\n<p>If you want to buy or sell cryptocurrencies on the Internet, you need a cryptocurrency exchange like Binance, Coinbase Pro, Bitfinex, Kraken or Poloniex.<\/p>\n<p>There are hundreds of crypto exchanges out there, each with their own pros and cons. Some of them offer a great level of security for customers&#8217; funds. Others provide access to unique features that help users get the most out of their trading experience. Still others offer a wide range of coins (around 200) and fiat pairs (around 30).<\/p>\n<p>How do you choose which crypto exchange is best for you? Here are 5 things to consider:<\/p>\n<p>Security<\/p>\n<p>Exchange fees<\/p>\n<p>Trading volume and liquidity<\/p>\n<p>Design and user experience<\/p>\n<p>Payment methods<\/p>\n<p>As of February 2019, the total market capitalization of cryptocurrency is just over $100 billion. Although not as high as it was in January 2018, $100 billion is still a substantial amount of money. This represents an enormous opportunity to make a lot of money if you know what you are doing.<\/p>\n<p>However, before you can make any money with cryptocurrency, you need to get your hands on some coins. The easiest way to do this is by using a cryptocurrency exchange. There are dozens of different exchanges operating today, but they don&#8217;t all offer the same things. So, how do you choose the best one? In this post, we&#8217;ll look at five considerations that will help you pick the best cryptocurrency exchange for your needs.<\/p>\n<p>1) What Cryptocurrencies Does It Support?<\/p>\n<p>This may seem like an obvious point, but not all exchanges offer support for every cryptocurrency in existence. Some only specialize in Bitcoin and Ethereum trading, while others offer more than 1,000 different currencies.<\/p>\n<p>If you have a specific coin that you want to buy or sell, then check to see whether or not the exchange in question supports it. If they don&#8217;t have support for that coin now, then ask them whether they intend to add it at some point in the future.<\/p>\n<p>If you are new to the idea of cryptocurrency, then the first thing that you need to know is what it is. Cryptocurrency is a digital currency that is generated by the use of encryption techniques. It can be defined as the type of currency that is decentralized, which means, no government has any control over it. If a person wants to use this currency, he or she needs to have a digital wallet for it. This wallet is then connected to a public ledger known as blockchain, which keeps track of all the transactions in the virtual world.<\/p>\n<p>All About Cryptocurrency Exchange<\/p>\n<p>The cryptocurrency exchange allows users to trade their coins with each other and also with other currencies such as US dollars or euros. There are many exchanges available these days and they vary according to their features, services, fees and location. Some are more popular than others and some offer better rates than others. So you need to make sure that you choose an exchange that suits your needs best.<\/p>\n<p>How To Choose The Best Exchange?<\/p>\n<p>With so many exchanges out there, choosing one can be quite confusing as each one of them offers different features and services. Here are some points that will help you choose the right one:<\/p>\n<p>Reputation: This is probably the most important aspect because if an exchange<\/p>\n<p>If you have already decided to buy cryptocurrencies, the next step is to find an exchange that allows you to do so. They are plentiful, but they all offer different services and they all come with different fees. Make sure you know what to look for before you embark on your first purchase.<\/p>\n<p>1). What Cryptocurrencies Are You Looking To Buy?<\/p>\n<p>The first thing you need to consider is what it is exactly that you are looking for in an exchange. The answer to this question depends heavily on what cryptocurrency it is that you want to purchase. If you want Bitcoin or Ethereum, then pretty much any exchange will suit your needs. If you are looking for more obscure altcoins like Neo or Monero, then there are fewer exchanges that support them.<\/p>\n<p>2). Where Do You Live?<\/p>\n<p>Your location can also be a huge factor when choosing an exchange because of certain legal restrictions and laws that some countries have about exchanging cryptocurrencies for fiat money. For example, if you live in the United States, not every exchange will allow US-based customers to use their services.<\/p>\n<p>3). How Much Money Are You Investing?<\/p>\n<p>The amount of money that you plan on investing in cryptocurrency can also influence your decision in terms of which exchange might be best suited for your needs<\/p>\n<p>If you&#8217;re new to the world of cryptocurrency, chances are you&#8217;re looking for a simple guide to cryptocurrency exchanges.<\/p>\n<p>In this guide, we&#8217;ll explain what a cryptocurrency exchange is and walk you through choosing the best one for your needs.<\/p>\n<p>What are Cryptocurrency Exchanges?<\/p>\n<p>Cryptocurrency exchanges are websites where you can buy, sell, or exchange cryptocurrencies for other digital currency or traditional currency like US dollars or Euro. For those that want to trade professionally and have access to fancy trading tools, you will likely need to use an exchange that requires you to verify your ID and open an account. If you just want to make the occasional, straightforward trade, there are also platforms that you can use that do not require an account.<\/p>\n<p>Examples of fiat-to-crypto exchanges include Coinbase and Kraken. Examples of crypto-to-crypto exchanges include Binance and Bittrex. When choosing a cryptocurrency exchange it&#8217;s important to consider which currency pairs they offer as well as their fees, reputation, speed (delivery of coins), user experience (especially for beginners), availability, payment methods accepted and security (including two-factor authentication).<\/p>\n<p>Note: Exchanges provide highly varying degrees of safety, security, privacy, and control over your funds and information.<iframe width=\"100%\"\" height=300vh src=\"https:\/\/www.youtube.com\/embed\/Kbt0P-nJV7o?autoplay=1&#038;mute=1\"><\/iframe><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As the cryptocurrency industry grows, so do the number of exchanges. Some exchanges are a breeze to use, while others may have a more complicated user experience. While many people have their favorite exchange, it\u2019s important to consider other options as well. In this article we\u2019ll look at five things to consider when choosing an [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.aurumxchange.com\/wp-json\/wp\/v2\/posts\/928"}],"collection":[{"href":"https:\/\/www.aurumxchange.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.aurumxchange.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.aurumxchange.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.aurumxchange.com\/wp-json\/wp\/v2\/comments?post=928"}],"version-history":[{"count":1,"href":"https:\/\/www.aurumxchange.com\/wp-json\/wp\/v2\/posts\/928\/revisions"}],"predecessor-version":[{"id":929,"href":"https:\/\/www.aurumxchange.com\/wp-json\/wp\/v2\/posts\/928\/revisions\/929"}],"wp:attachment":[{"href":"https:\/\/www.aurumxchange.com\/wp-json\/wp\/v2\/media?parent=928"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.aurumxchange.com\/wp-json\/wp\/v2\/categories?post=928"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.aurumxchange.com\/wp-json\/wp\/v2\/tags?post=928"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}