So you’ve heard about cryptos and you are ready to invest. So what do you do first? You find an exchange to trade on.
After trying many different exchanges to understand what is available out there, a clear favourite has emerged. If you are in a hurry to find out my personal favourite exchange, skip to the bottom of this article.
Here are the criteria I used to come up with the best cryptocurrency exchange. While other criteria could be added, I believe the following three are the best for beginning cryptocurrency traders like you.
Security. This is the number one most important criteria. In these volatile markets, if you lose your digital assets there is no way to recuperate them. The risk involved is astronomical, so make sure to always use secure exchanges.
Ease of use. How easy is it to follow your portfolio? Can you easily buy and sell coins?
Cost of use. How expensive is it to use the exchange’s services? Some exchanges are free, while others charge an absurdly high price for their services.
Analysis of Coins. Does the platform allow you to visualize information and give you access to enough data so that you can you make in-depth analysis on the coins you plan on buying? Does this analysis cost you anything?
Speed of transaction. Some exchanges may take longer to clear, which may be fine for longer term purchases but less ideal for quick trades.
Selecting Between The Best
Rather than creating a brand new matrix to compare between the various exchanges, here is a website entirely dedicated to rating cryptocurrency exchanges. Since it is continuously updated, this website serves as a great starting point for all beginner cryptocurrency enthusiasts. You will see that the winner I chose is not even in the top 10, nevertheless after using many platforms I believe it is one of the most robust and safe in the industry.
Picking a Winner
After considering the above criteria, a clear winner was chosen. In my opinion, it’s by far the best cryptocurrency exchange available at the moment, giving you all the information and security you need to feel at ease when making your trades.
And The Winner Is
Bittrex is a great exchange that has all of the altcoins almost as soon as the ICO goes public. For the newbies out there, an altcoin is lesser known coin that is not yet available on most exchange. An “ICO” is an “Initial Coin Offering”, which is the first time a new project issues out their new coins.
This exchange has (allegedly) never been hacked, and provides you an easy way to monitor your portfolio. As an extra security measure, it places a limit on the amount of money/coins you can take out daily. If you sign up on the platform this limit can be increased, giving you the liberty to choose how much of a limit you want to place.
Their team is composed of 4 individuals with over 10 years of experience working in the world’s best tech companies (Microsoft, Apple, Google, IBM) as heads of their security divisions.
Do Your Due Diligence
As in everything else surrounding crypto, you should always do your due diligence. Also always make sure to keep your coins on a usb key wallet, rather than on the exchange. This will protect you against hackers. There are multiple other great cryptocurrency exchanges you should look into before picking which one to go with. The article below highlights the pros and cons of each exchange.
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