The search for the best exchange should begin with an answer to another question: why do you need to go to the exchange?
All answer options boil down to two:
- Try your hand at trading.
- Buy cryptocurrency with fiat money or another cryptocurrency.
Since these are two different goals, it is quite expected that cryptocurrency exchanges with different functionalities operate on the network. They are divided into:
- Traditional crypto exchanges.
- Instant exchange services.
Traditional cryptocurrency exchanges
Traditional platforms are optimized specifically for professional traders. There are hundreds of trading platforms and dozens of rating options on the network for a variety of indicators. To choose the best crypto exchange online, you need to first collect some important information about it.
General and legal aspects
- Does the exchange work in your country? If not, then you should not look for workarounds, registration, as in the future this will result in serious problems, including legal ones.
- Age of the exchange. The sites featured in the TOP-10 have existed for 5-10 years. Among them are CEX, Binance, Okex.
- Who runs the company? Take your time and search for information about the founders of the platform. Ideally, this information should be posted directly on the site. If it is not there, this is a very bad signal.
- What is the reputation of the site and its team? This is verified by reputable sources like the Financial Times, The New York Times, The Guardian, Washington Post. Find team members’ social media pages
- Whether the jurisdiction of the site is reliable. Study the registration documents and the site’s AML / KYC policy. The trusted jurisdictions are the United States, South Korea, Japan, Taiwan, Singapore, and Switzerland.
Technical aspects
If, according to all the previous parameters, the candidate site suits you, pay attention to the technical points:
- Liquidity. The easiest way to find out the daily trading volume and compare platforms is Coinmarketcap.
- Are the list of available coins and trading pairs annoying you? More doesn’t always mean better. If you are interested in XMR to BTC exchange, then it is important to find a platform that supports this particular pair.
- Do you understand the platform interface?
- Are you satisfied with the security system? By the way, if a team publicly announces hacker attacks, it still doesn’t mean that everything is bad. Rather, on the contrary, it is a signal to customers that the technical service is working on system vulnerabilities.
- Are you satisfied with the amount of fees? If the information about the fees is hidden or unclear, it is better to look for another platform. By the way, another alarming signal is that commissions on the site are too low.
Instant exchange platforms
If your main goal is a long-term investment and you just need to exchange some of your digital coins for another cryptocurrency, it is better not to complicate your life.
You can use the fast online crypto exchange. Instead of plunging into the study of a huge array of information, you simply go to any page of Alligat0r. Then select the pair of coins you need in the exchange widget, indicate the amount of the transaction and the address of the wallet. After replenishing the deposit, the exchanged funds are credited to your wallet without prior registration and verification of your identity.
