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How to choose a reliable crypto exchange?

Vladlena Martus 2022-06-17

How to choose a reliable crypto exchange?

Digital assets often require the correct choice of the trading platform. Exactly the exchange platform can make your trading not only profitable but safe and reliable. It is essential to use the platform you trust your assets to, which is pretty modern and has excellent functionality. Thus, choosing the trading platform means avoiding mistakes, risks, or losses during cryptocurrency trading. 

Of course, the main criteria when choosing a crypto exchange platform should be reliability. However, this is not enough at all. It would be best if you had your crypto trading effective, so your exchange should provide advanced features that will allow you to get the most out of your deposit funds and earn on digital assets trading. 

Let’s look through the essential features you need to pay attention to when choosing a reliable cryptocurrency exchange platform for trading. 

Be careful! Cryptocurrency trading can be risky. This article is for informational purposes and does not provide a reason for action. Wisebitcoin hopes to be just a good source of recommendation for your future cryptocurrency trading journey!

Content:

  1. Checking the aggregators

  2. Researching market popularity

  3. Checking the platform for transparency 

  4. Knowing that a platform is regulated

  5. Checking the trading volume of the platform 

  6. Learning about the reputation of the platform 

  7. Looking through the provided conditions for crypto trading

  8. Testing the interface features and quality of user support 

  9. Noting the lifetime of a particular platform

  10. To sum up


Checking the aggregators

In the beginning, a necessary first step on the way to choosing a reliable platform for crypto trading is checking platforms on the aggregate services. The data from the crypto market is published there for convenience and time economy. Many platforms, including those, give traders features like sorting by trading volume and others. The higher the quality, the more secure and safe the platform is. However, this is only a rule and has its exceptions. None of the most reliable platforms from these aggregators can guarantee the absolute safety of your money because any of the websites can be hacked or robbed.  


Researching market popularity

Thus, when you see many users worldwide having a great experience working with a particular trading platform, you can freely think this is a reliable cryptocurrency exchange. The popularity of a platform means the trust of traders and investors. In addition, they are always ready to provide feedback to help the following clients or investors decide whether to use it or not. 


Checking the platform for transparency 

Communication is an essential key to the success of each company. If you know your client – you become a trustful and reliable organization. That is why many exchange platforms have a massive communication department to provide a very attentive attitude to their traders. People that are standing behind the cryptocurrency exchange platform have to be involved in all of the communication processes. 


Knowing that a platform is regulated

When the cryptocurrency exchange platform is licensed by the country’s financial regulator and has all the rights to offer and provide financial activity, it is safe to entrust them with your money. If the platform you chose has all the rights to do that, it means you have a “green light” in case you trust this platform with your money. 


Checking the trading volume of the platform 

The fact that the volume of the trading platform is vast, of course, is an essential advantage of the exchange. However, this could not be enough from time to time. The fact is – that crypto and other platforms, in general, can overestimate this indicator. How to check if the platform’s trading volume is correct and truthful? This cheat is matched with the following: you go to the platform, open the trading pair with a hardly-known cryptocurrency and check the history. Unreliable exchange platforms usually set up trading bots that sell coins to themselves. Orders frequently appearing for several minutes and immediately disappearing are commonly noticed in those cases. In addition, you can catch the transactions in the history of trading, but if you check more attentively, they never existed. 


Learning about the reputation of the platform 

Reputation means a lot in different types of businesses and companies. If a particular company has a brilliant or just spotless reputation, it has the trust of its clients. The same. of course, happens with the cryptocurrency trading exchanges. If you want to choose a crypto exchange, you should “google” all of the company’s history, news, events, and feedback. You need to pay attention to the hacker attacks and data leaks; if there are any unpleasant incidents or negative reviews. This is an important aspect when dealing with a particular trading platform. 


Looking through the provided conditions for crypto trading

This step will make you sure if the platform is suitable for you. It would be best if you went through the working hours, depositing and withdrawing methods, list of payment partners, list of cryptocurrencies, registering way, and security and privacy policy. In addition, you should note that the payment partners must be well-known and reliable. 


Testing the interface features and quality of user support 

This is the following vital thing to check. The interface should be easy to use – it has to be user-friendly for everyone who wants to try cryptocurrency trading. A platform needs different languages, font types, and customer services. Technical support means a lot if the fraud comes up; it will prevent it better and get the reliability from the customer. 


Noting the lifetime of a particular platform

The lifetime of the website and platform, in general, plays a vital role in a client's trust. The longer the cryptocurrency trading platform exists, the less likely its CEO will hide users' money. In addition, over the years of work, experience in combating fraud has been accumulated – it's a positive thing. 


To sum up

It was a brief guide on choosing a reliable cryptocurrency trading exchange platform for those who are only starting their way in this market. We believe it will help you one way or another to be sure of your choice and not to panic in front of both the exciting and complicated world of crypto trading.

Wisebitcoin, by the way, has almost every (in fact, every single) point from this guide inside its platform. It provides the following: 

  • Liquidity up to 100X leverage to crypto exchanges and traders;
  • Stable and secure trading environment;
  • User-friendly platform; 
  • Interface suitable for novice and professionals; 
  • Multi-language support for the global community; 
  • Exchange partners with innovative names in the blockchain industry;
  • Combined knowledge and experience for rapidly accumulating in the market; 
  • Over 50 cryptocurrencies for the spot trading exchange;
  • Wisebitcoin cloud exchange that lets trading with the global community; 
  • Actual news related to the cryptocurrency market and articles on the current topics.

To sum up, Wisebitcoin is your up-to-date comrade in cryptocurrency trading. We are glad to offer our trader one of the best services on the market. You can check out our website and then go to the exchange platform to see how it works with your own eyes. 

We hope that our platform will be helpful for your big journey, and your assets will be in the reliable hands of the Wisebitcoin platform!