How to Choose the Right Crypto Exchange
Why is This Choice Essential?
Did you know that there are over than 1.600 cryptocurrencies in circulation and 200 crypto exchanges around the world? It is clear that all of them have certain differences. There are plenty of factors you need to consider when you are choosing your crypto exchange.
Our experts already shared the list of the top 5 crypto exchanges based on their security and liquidity rates.
Not all exchanges are made equally, whether it is the platform they offer for trading, their security protocols or funding options available. Besides, you must be sure that your exchange supports multiple digital currencies, giving you ample choices for investment and trade.
Recently hackers broke into a cryptocurrency exchange called Coincheck Inc. and made off with nearly $500 million in digital tokens.
According to cointelegraph.com the key information given out by Coincheck in their first public statement after the hack was as follows:
· The hack only involved NEM Coins;
· The hackers managed to steal the private key for the hot wallet where NEM coins were stored;
· The stolen money belonged to the customers of the exchange; and
· When Coincheck became aware of the breach, they halted withdrawals in the hope of stemming the drain.
This precedent makes it even more important to analyse the security protocols of an exchange.
Key Factors to Consider.
To ensure your trading satisfaction and safety the exchange requires to be:
· Regulated.
Regulation is crucial as it can guarantee that your exchange is not blacklisted and grants necessary security to your assets. For instance, the IronX exchange has obtained licensing from the Estonian Financial Intelligence Unit in September 2018, becoming the fully regulated crypto exchange.
· Security Audited.
It is evident that the platform must guarantee that you are protected from the third parties impact. The blockchain technology structure can ensure that the crypto transfer method is safer than the traditional one. Still, the latest security developments and their implementation are vital for protecting your assets.
· Support Different Tokens.
Most crypto exchanges support Bitcoin and Ethereum. Make sure that the exchange you choose supports multiple digital currencies, giving you ample choices for investment and trade. IronX Exchange will list the highly successful ADA coin and recently announce the adding of the PMA token.
· Support Different Funding Options.
There are plenty of funding options available, and it is your choice which mostly suits your needs. Some exchanges use PayPal, bank transfers, and credit or debit cards, while others accept cryptocurrency payments. The beneficial situation is when the exchange offers both fiat and cryptocurrency wallet funding options.
· Fee Structure.
It is natural that exchange platforms are receiving different types of fees while using the exchange services. Those fees include, but not limited to: charging the deposits and withdrawal from the exchange’s account and applying fees on the trading activity. The most often used trading fees are `maker` and `taker`. Make sure that your exchange is transparent and you are informed about those fees beforehand.
To simplify crypto trading and make the market equally accessible for novices and veterans alike, IronFX Group, an award-winning global online trading platform, has partnered with EmurgoHK Group, the creators of Cardano, to create the IronX Exchange.
IronX will provide a full range of traditional fiat and crypto wallet funding options and 24/7 support in over 30 languages. The main idea behind this exchange is to provide the flexibility and already established convenience of the traditional platform and combine it with the latest developments in the blockchain.
The IRX Smart Contracts are already security audited by the leaders in blockchain security Hosho and Hacken. IronX will offer plenty of benefits to its native IRX token.
