Coinbase, Gemini, and Binance are just the tip of the icebergs. Every crypto enthusiast looks for the best cryptocurrencies to buy in 2022. However, the smarter ones of the lot also give thought to which exchanges they should use. For those who haven’t done any research on the best crypto exchanges, this article would be quite helpful to you.
Cryptocurrencies can’t just be bought from the banks and then paid-in-cash for it. Firstly, you have to choose which cryptocurrency do you want to buy. It can be Bitcoin, Ethereum, or other Altcoins. Secondly, you create an account on a crypto exchange app and then exchange US dollars or your currency into that particular cryptocurrency.
You can even exchange your bought crypto in another cryptocurrency. You can exchange your cryptocurrency into the currency of any country and cash out the money anytime you want. Since the value of cryptos is dynamic and ever-changing, people rely on the crypto market to cash out when the value goes up.
A financial advisor for a crypto investment platform, Tyrone Ross, suggests that it is best for every user to find the best exchange app for itself. The reason being only you know what tools you need what features you require to understand the market. Once you get clear on your research, it would be only a matter of time and you’ll quickly choose a perfect crypto exchange app for yourself.
With time you will definitely learn what you need in exchange. However, beginners might still need help. That’s why below we have mentioned some basic points you need to look for while choosing a crypto exchange app.
Various states all over the world impose different rules and regulations on the use of cryptocurrencies in their territories. In China, there’s a complete ban on using cryptocurrencies. In NY, you need a BitLicense to buy certain approved coins. The first step would be to know the rules and regulations in your state and then choose an app that follows every rule.
Since there’s no one institution, or any institution protecting cryptocurrencies, there’s a lot of scope for fraudsters and scammers to lure you into a malicious activity. The process with which cryptocurrencies are managed is a lot different than the traditional banking process. Coinbase has insurance of $255 million. Just in case there’s a hack on the app, Coinbase can provide money up to $255 million. In the same way, Kraken uses strict security practices.
Usually, the apps with the best interface and easiest management tools come at a higher price. There’s a reason these exchanges are charging for that money. So, do not get turned off by higher fees.
The exchange app you are using knows that you are a beginner, and it should definitely help you in getting more knowledge. Regular notifications updating you about the market values and other informative tools must be there on the app. It can help you a lot to learn about crypto trading as a beginner.
Check out different crypto exchange tools before landing on one. Check for multiple criteria and make sure they fulfil all your needs.