The launch of the cryptocurrency industry was met with the development of crypto exchanges that simply couldn’t meet the needs of the users who stored and traded their funds there. (The effects of the Mt. Gox are still felt throughout the community.) Fortunately, as cryptocurrency gained traction in regards to use and adoption, exchanges grew and developed to provide better services for investors and holders of these digital assets. To get a better idea of what constitutes an excellent crypto exchange and what you should be looking for when you are looking for a platform where you can store your crypto and actively trade it, let’s take a look at some of the best and most desirable features and qualities included in the many respected exchanges of today.
Highly-Responsive and Helpful Customer Service
When you’re typically using a service, you don’t consider the fact that you may have to reach out to the team in the event that something should happen or that you have trouble using or navigating the platform. However, as anyone who has ever used a bad exchange can tell you, there’s nothing worse than trying to receive help from a customer service team that is non-responsive or just unhelpful overall. Great exchanges have customer service resources that are highly-responsive, extremely helpful, and aim to provide more value for users of the platform.
Extensive Security Measures
No one wants to lose their assets if their chosen cryptocurrency exchange is hacked and while this cannot always be prevented, your exchange should be utilizing a host of modern security practices to greatly reduce the chances that a hack takes place at all. These types of security methods include storing away assets in cold storage, using two-factor authentification to protect user accounts and assets, and making users go through verification processes each time they engage in a trade, just to name a few.
High Volume and Liquidity
An exchange is only effective if you can actively trade in a timely manner. If an exchange suffers from poor liquidity and low volume, it takes a considerably longer amount of time to have your order filled, which is an undesirable feature considering the volatility of crypto assets. A great exchange will have high volume and liquidity and is often indicative of the quality and success of the platform that is being used.
Low Commissions and Fees
You can’t expect an exchange to charge you zero fees for using their service but you also shouldn’t be paying such high fees that you are losing money unnecessarily and in large amounts. Additionally, you shouldn’t be paying money for services that cost nothing for an exchange to take care of. An excellent crypto exchange will be very transparent about what they are charging you over time and these charges should be competitive with other exchanges in the industry.
Ease of Use
When it comes to your money or your crypto, you shouldn’t have trouble making choices with it. However, some platforms are so complicated that users simply don’t know how to navigate the site or engage with the different tools that the exchange provides. Even worse, some exchanges make it more difficult to use their exchanges due to issues such as not providing enough options for which users can make transfers of crypto or fiat or extending the time on transfers, which makes it harder for them to access their money. Simply put, your exchange shouldn’t be so complicated that you dread using the platform each time you log on.
When you choose to actively trade and store cryptocurrency, this decision should be paired with the equally wise decision of selecting an excellent exchange. Hopefully, this guide above will provide you with a better overview of what qualities make up a great exchange and a list of features to look for when researching an exchange that you plan to use in the future.