Topic: Choosing best Crypto-Exchange? (For Newbie) - page 2. (Read 207 times)

Recently I'm not ok with KYC but since those reputable exchange require to do that then I'd choose the best among with the current existing today since on the top 1 we can assure that our identity will be safe from any frauds around compare if you just go on small exchange which possibly can give us a problem since they can sell our identity on anywhere they want.  I know there are exchange have huge fee but actually I don't care about it since what matter the most for me is the security since hacking issue is rampant lately on crypto so its good that we will avoid that for choosing the best and not the less one.

I think the important thing that you need to concern about is the crypto exchange has KYC or not. If you are okay with KYC, you can choose the biggest exchange, have a reputation among the other exchanges, and have a good support system that will help their member when they have a problem. If you are not okay with KYC, you should search for the other crypto exchange that you want.

Almost all exchanges have 2FA and email verification to protect their members and the fee will vary between all exchanges. The fees themselves can be adjustable by using the lower fee from the coins and we can choose which coin has a low fee.

Exchanges have an important role in buying and selling crypto-assets or cryptocurrencies. It is the intermediary that connects buyers and sellers. The analogy, such as a brokerage company or securities in stock trading. Choosing the wrong crypto exchange can lead to a path full of distractions and wasted efforts. Based on my experience, this is how to choose it:

1. Understand Authenticity and Security

Research will help you choose a safe and legitimate exchange platform. Make sure the exchange you use uses a cold storage type wallet. There are two types of wallets in a crypto exchange, namely hot wallets and cold wallets. This type of cold wallet is technically offline, because it is not connected to the internet network. This means hacking is very difficult to do. Cold storage (or offline wallets) is one of the safest methods for holding, like bitcoin, as these wallets are not accessible via the Internet. A good exchange should have a 2-factor authentication (2FA) feature, as a second layer of security after passwords when logging into accounts and making withdrawals and sending transactions. In addition, it also has an e-mail encryption and verification feature, which requires you to confirm every withdrawal or delivery transaction.

2.  Fees & Purchase Method

Purchasing methods of cryptocurrencies between platforms vary widely. There are exchanges that require an initial deposit via transfer or use PayPal, credit and debit cards, or can even use cryptocurrencies for purchases. However, for investors who did not own cryptocurrencies before joining the exchange, it is important to choose a platform that accepts fiat currency. In addition, investors need to find out how long it will take to complete a purchase. Some platforms process transactions almost instantly while others can take days or weeks.
Next, regarding service fees. Please note that there are several fees charged to investors such as withdrawal fees, transaction fees, and fees as market makers, as discounts when investors transact by following an existing price queue. In crypto exchanges, many people ignore this factor and end up choosing an exchange with high transaction fees, not knowing that they can use an exchange that offers lower fees.

3. Features

Every exchange must have excellent trading features offered to traders to support their transaction activities. There are several important and useful features for traders such as the price chart feature that will help technical price performance analysis. Then, there is a cut loss feature that can help traders limit losses to certain prices, as well as a short selling feature to ensure traders continue to make profits even though the price of their crypto assets is experiencing a decline or entering a bearish phase. One of the biggest problems in the cryptocurrency industry today is centered on pump-and-dump schemes, namely a drastic price increase in the price of crypto assets followed by a drastic decline in value. This happens due to the purchase of a lot of coins by traders, causing pump activity and once the market conditions are unstable because everyone is competing to buy coins, the traders then dump their coins so that the price suddenly drops. For beginner investors, features like this are very crucial, considering that crypto assets have high price volatility and are aggressive.

User experience and functionality are important factors to consider, especially if you are trading cryptocurrencies for the first time. Exchanges with good user experience attract the greatest growth in transaction volume.

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