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Before selecting a wallet to secure your cryptocurrency, you should also choose a Bitcoin exchange that can help you execute a trade with ease.

A cryptocurrency exchange lets you trade digital currencies for fiat currencies, like U.S. dollars. Most exchanges are decentralized, and some of them might provide a Bitcoin converter to help with trades. There are also some exchanges built for specific cryptocurrencies, such as a Ripple exchange or an IOTA exchange.

These exchanges can be found on different websites. Although they all provide the same basic functions of buying and selling cryptocurrency, they all unique in their own ways. They each offer special features that could be important depending on what you are looking to do and your skillset with cryptocurrencies.

Here are 5 things to look for in a cryptocurrency exchange:

1. Simplicity

For newcomers, it is crucial to operate in a cryptocurrency exchange that is easy to use. That is why using a service like Coinbase might be the best course of action for a cryptocurrency novice. Coinbase is easy to use and it is accessible for everyone. You can use it to buy cryptocurrency on a credit card instantaneously. You can also trade away Bitcoin and Ethereum. And best of all, Coinbase — unlike many other exchanges — is insured.

2. Lower Fees

Ding! Ding! This might be the single most important thing to look for in a Bitcoin exchange. Some of these exchanges can cost you a fortune when it comes to fees. For example, Coinbase charges a 1.5 percent fee from a U.S. bank account and a whopping 4 percent fee for credit cards. By contrast GDAX — which is owned by Coinbase — charges just .25 percent. In the long run, lower fees can add up to a lot of money saved.

3. High Deposits

When a trader notices a timely opportunity, then that trader must act immediately. It helps to operate in an exchange which allows for a very high deposit of fiat money. Gemini provides this exact platform and they also boast excellent security.

4. A Fast Service

Continuing on the importance of making a timely trade, you should also consider a cryptocurrency service that is quick. And that is why you should consider Binance exchange. Their service is growing in popularity for many reasons, including their speed. Their platform is very user-friendly and it is quick. This can help you as you try to complete a trade.

5. A Bitcoin Exchange With A Solid Reputation

This might be the crucial thing to look for when selecting a platform. Some cryptocurrency exchanges are more reputable than others, and therefore it pays to do your research before selecting one. Read reviews about different exchanges and ask other traders on forums. You’ll find a platform that has a good reputation and is easy to use.