Crypto exchanges vary as much as any other thing. There are hundreds of different ones to choose from. For those of you that may be new to the trading game, you might not know where to go.
There are a huge number of factors that come into play when choosing the best exchange for you. Let’s look at some of the main factors now, shall we?
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Strong KYC and AML Practices
Most crypto exchanges have some form of ‘Know Your Customer’ (KYC) and ‘Anti-Money Laundering’ (AML) practices. These two practices are of vital importance. You should not use a crypto exchange that doesn’t bother with either of these.
The level of use differs depending on the site you use. Some exchanges require you to follow both of these and verify your identity before you even get started. They do this to avoid people using their platform for money laundering. You won’t risk laundering if the company knows who you are and what you look like.
These are the best crypto exchange sites to use as it limits the risks of your being scammed or falling into a dodgy trade.
While a new crypto exchange may not necessarily be bad, it is always best to go for the well-known ones. Well-known exchanges can be verified through reviews. The best ones to choose are those that have between a 90-95% satisfaction rating. This is to account for the usual people that are never satisfied. (Companies with a 100% satisfaction rating often use bot reviews to keep that score)
Up to Date Security Measures
The security of your chosen crypto exchange should be one of the highest priorities when looking for one. Low security can easily cause your hard-earned trades to be stolen.
The easiest way to check if a company is using up to date security measures would be to see if they have 2-step verification, also known as two-factor authentication. Without this security measure, you can already confirm that the site doesn’t have up to date security.
These are just a few of the things you need to look out for when choosing a crypto exchange.
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Stay safe and happy crypto trading!