This ad promotes cryptocurrency within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in some EU countries and the UK., no EU consumer protection. Investments are subject to market risk, including the loss of principal. 67% of retail investor accounts lose money when trading CFDs with this provider.
81% of retail CFD accounts lose money
Whether you consider yourself a novice or conversant trader within the realm of cryptocurrency, exchange platforms are great vehicles to use when transacting and purchasing digital assets. Nevertheless, even the most experienced trader needs to know what to look out for when selecting the best cryptocurrency exchange. So, what are the main factors to remember when making your choice?
Laws and regulations are dependent on jurisdiction. This is an important factor because even if an exchange is considered the best on the market, if you are based in a geo-location in which it does not operate, researching on other factors will be futile. As a rule of thumb, buying cryptocurrency in your home country is recommended.
With the fluctuating and volatile market cryptocurrency is known for, it is no news that fees are bound to change over time. Moreover, they vary from one exchange to the next. This is why it is a good idea to make sure exchange fees are within reason and exorbitant compared to the rest of the market.
If an exchange is fully transparent, it will publish cold storage addresses or audit information on how to verify their bitcoin reserves. Audits are a great way for an exchange to demonstrate it has liquidity and can cover all bitcoin or altcoin exchange sales. Good practice dictates doing your due diligence prior to choosing a platform.
If anonymity is important to you, you need to understand that remaining completely anonymous is tricky, unless you buy locally from someone in cash through a person-to-person marketplace – which is a risky practice within itself. Check if the exchange follows Know Your Customer (KYC) and Anti-Money Laundering (AML) laws in your country, so you can use it with ease. But be prepared, some identity information will need to be sent to them prior to any transactions.
This factor should never be overlooked. As official as an exchange platform may look, it is crucial to confirm whether it is indeed secure to use. Thus, you need to check whether the exchange’s site is HTTP or HTTPS. If a secure protocol is in place, it should be the latter. Additionally, any reputable exchange offers secure logins as well as two-factor authentication (2FA).
Choosing the best exchange platform that suits your level of expertise and budget can be one of the most daunting tasks. Fortunately, Cryptimi has made this step easier and faster, so you can make a well-informed and educated decision, with peace of mind.
Tick the relevant boxes and find the best cryptocurrency exchange for you