It’s estimated that about 1 billion people use cryptocurrencies.
Crypto has exploded in popularity in recent years. Since it was invented in 2009, Bitcoin has been leading the charge, with more people investing every day. There are plenty of options for exchange platforms, so if you want to start buying and selling Bitcoin, you’ll need to find one to use.
With so many exchanges available, how do you choose the right one? In this guide, we’ll cover 5 of the top factors you should consider when choosing a Bitcoin exchange platform. Keep reading for more.
1. Jurisdiction
This is the first thing you need to check. Some Bitcoin exchanges only operate in certain countries, so there might be some that you’re simply unable to use. This is due to a wide range of rules and regulations that dictate how exchanges can operate.
Some exchanges have specific platforms for individual countries to help with this. Look at the jurisdiction of exchanges first to narrow it down to ones that you’ll definitely be able to use.
As crypto is growing in the US, more platforms are becoming available. Many businesses are starting to accept cryptocurrency payments, and Bitcoin ATMs are popping up all over the country. Take a look at Byte Federal to find one near you.
2. Reputation
New exchanges are appearing all the time, but it’s generally best to go with one that’s already well established. Look into the reputation of exchanges to ensure they’re reliable and trustworthy. Other users’ experiences will reflect the experience you can expect to have, so this will give you an idea of how good an exchange is before even making an account.
3. Security
Exchange platform security is another very important factor. There are a lot of scams and hacks taking place in the crypto space, resulting in potentially huge losses for people that fall victim to them.
You want to use a secure exchange so you know attackers won’t be able to access your details or funds. You won’t stand any chance of making Bitcoin trading profits if someone steals everything in your crypto wallet.
4. Ease of Use
If you’re new to crypto, there are all kinds of things to think about as part of your Bitcoin trading strategy. A lot of it will seem complicated at first, so it can be helpful to find an exchange that’s easy for beginners to use. Some offer a lot of advanced features but are also very complex, so may not be suitable.
Various platforms are specifically designed for beginners, so these could be ideal. Some are more complicated but have “basic” and “advanced” viewing options, so you can choose the one that best suits you.
5. Fees
Fees are one of the ways that Bitcoin exchanges make money. You’ll typically be charged small amounts for things like withdrawing money and exchanging currencies. These can vary a lot, and you don’t want to be paying excessive amounts, so check this before using a platform.
Choosing a Bitcoin Exchange Platform
Choosing a Bitcoin exchange platform can be tricky. Consider what your needs are, as well as how much you understand about how exchanges work. Compare some of the most reputable options available to you so you can make the best decision.
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