With more and more crypto exchanges popping up, it’s easier than ever to buy bitcoins with debit cards or credit cards and exchange them for any other cryptocurrency you wish to buy with bitcoin. However, with all the choice, it can also be overwhelming trying to find the best crypto exchange platform to meet your needs. These tips on how to choose a crypto exchange will help you make that decision much easier.
What are your options?
There are many options for people who want to buy bitcoins with debit cards or even other cryptocurrencies. You can go through a cryptocurrency exchange like Coinbase, Cex, Binance, and more. If you are looking for a broker that will let you change between different types of cryptocurrencies and fiat currencies, there is Changelly. They offer the ability to purchase bitcoin using your credit card, as well as more than 90 other cryptocurrencies in their wallet. With Changelly you can also trade bitcoin on its platform against any type of currency. Another great option if you want to purchase bitcoins with your debit card is Local bitcoins.
Which platforms support which coins?
There are many platforms that allow you to change cryptocurrency. Here is a list of the most popular ones, and which coins they support:
– Binance supports Bitcoin, Ethereum, EOS, Litecoin, Tron ix (TRX), Neo, and Bitcoin Cash.
– Coinbase supports Bitcoin and Ethereum.
– Changelly supports more than 200 cryptocurrencies including Bitcoin, Ethereum, Ripple (XRP), Monero (XMR), and Dash. – Bittrex supports Bitcoin, Ethereum, Ripple (XRP), Monero (XMR), and Dash.
– Kraken supports Bitcoin, Ethereum, XRP, and Litecoin.
Who is behind it?
One of the best ways to change cryptocurrencies is using an online exchange. These exchanges allow you to trade various types of currency, including Bitcoin, Ether, and Litecoin. Some of the best-known and most popular exchanges include Coinbase, GDAX, Kraken, Bitstamp, and Gemini.
Each one has unique features that make them stand out from the others. You’ll need to take into account such factors as whether they offer anything in terms of security, have access to local currencies and accept credit cards.
Which payment methods do they support?
The first thing to consider when choosing an exchange is what payment methods they support. You want to be able to deposit and withdraw money quickly, so you’ll want an exchange that accepts the most common methods of payment. For example, some exchanges only accept wire transfers, while others only accept credit cards. The best way to know for sure is by checking the FAQ section on their website.
Is it user-friendly?
Is it easy to get started and make your first purchase? Is the website user-friendly, even for beginners? Are there clear instructions and informative videos on the homepage? Does it feel intimidating or overwhelming to use the site, or is it straightforward? These are all important things to consider when choosing an exchange. It’s also important to find out whether you will be able to access customer support easily if you need assistance. Many exchanges offer online chat as well as phone support so that their customers can get help at any time of day.
Does it offer 2FA (two factor authentication)?
2FA is an important security measure for exchanges. When enabled, it means that you need to provide two pieces of information in order to log in and access your account. One is your password, and the other is a one-time code that’s either sent by text message or generated by an app like Google Authenticator. If you don’t have 2FA enabled, hackers can break into your account just by guessing your password. The chances of them getting the right answer on their first try are low, but if they’re patient enough, eventually they’ll crack it. That’s why all accounts on reputable exchanges offer 2FA: to keep your money safe!
Are there withdrawal/deposit fees?
Each time you change your cryptocurrency into a fiat currency, you may be charged a withdrawal or deposit fee. To avoid the expense of these extra fees, it may be worth it to use an exchange that charges lower rates than the average. Some exchanges charge per-trade fees, while others charge only for withdrawals. These different types of charges will vary depending on how often you trade and what type of account (i.e., basic or premium) you have on the exchange. You may want to explore different options so you can find one with the right balance for your trading habits and needs.
Do you trust them not to get hacked?
The security of the exchanges is one of the most important aspects when it comes to choosing an exchange. If you cannot trust the security, then you cannot trust anything about the site. The best way to find out if they are trustworthy is through reviews from previous customers. There are also ways such as checking if they have ever been hacked before and how they protect their data and assets. Furthermore, another good thing to look at is if they are regulated by any government agencies.
A few factors that you should keep in mind when looking for an exchange include customer service, accessibility, and fees. Customer service is important because you will want someone there to answer your questions.
Would you trust them with your security details?
The first thing you need to do is look at the company’s security and reputation. If they don’t have SSL, or they’re not verified by any reputable third-party sources, I would avoid them. Also, how long has the company been around? If it’s less than two years old, I would avoid it for now. However, if the company has been in business since 2010 and their site loads quickly on your mobile phone, then I would go ahead and purchase some bitcoin there.
I also recommend looking at reviews on forums like Reddit to see what people are saying about different exchanges. And remember that even if one website looks secure, another might not be, so make sure you research each website before making an account there.
Does it charge high fees?
The most important thing to know before choosing a bitcoin exchange, is what you’re trading. If you want to trade on margin, then you’ll need an account with one of the exchanges that offers this service. Margin trading will require depositing money in advance and can be risky if you don’t understand how it works. Some exchanges offer more competitive fees than others, so do your research and make sure you’re getting the best deal for your money.
There are many different options out there when it comes to crypto-exchanges, so it’s important that when making a decision between two potential platforms, you compare their offerings side-by-side.
