Registering on an exchange is the first step into the cryptocurrency world. A cryptocurrency exchange is very similar to a stock exchange — a marketplace to trade currencies, in this case, cryptocurrencies. However, there is one significant difference — the absence of a middleman.

With the growing popularity, the number of operational exchanges has gone up. While there are around 200 exchanges to choose from, it’s important to point out that not all abide by the rules and regulations. It is imperative to do some research before investing your money in crypto via one of these exchanges.

Security and Authenticity

Security is paramount while trading and handling assets online. The protection offered by an exchange should be tested on two points, 1) does it provide cold storage, and 2) does it have High-level SSL Encryption and two-factor authentication. Cold storage ensures that your funds are safe from hackers even when stored offline. Exchanges like RightBTC and Eterbase are two such companies offering the mentioned.

Customer Support

Even a know-it-all needs help. This is why, ensure that the exchange you’re signing up to has customer support that’s easy to reach to, and available in time of need. A lazy customer support team will cost you time and money. Live chat, email support, and more are features you should look out for.

User Interface

There are enough complications when dealing with cryptocurrency; you don’t need another one. Hence, look for an exchange with an easy to use interface and convenient navigation. This will save you from a lot of problems in the future.

Fees

Not much to explain here. The lower the transaction fee, the lesser you’ll end up losing. This is one of the most crucial factors of exchange; it can either make or break it. If you are aiming at frequent and constant trades, then to ensure your profit doesn’t get eaten up in transaction fee, choose a platform with relatively low fees.

Large or Small?

No, this answer to this is not as straightforward as it looks. Like everything in life, the best choice for you might not be the right choice for another. Every exchange offers something different, and it’s what you’re looking for that sets one exchange apart.

The goodwill and being a right service provider to its users it what makes these larger exchanges large. However, you might find that smaller platforms give personal attention a whole new meaning. It all depends on what it is that you are looking for.

From low trading fees to the opportunity to trade with new currencies, each exchange aims at over-powering their competition. The choice is entirely up to you.

Make sure that the exchange you choose fits your needs and doesn’t make the crypto experience a bad one for you. Do your research and don’t jump on the popular bandwagon.