Rating of cryptocurrency exchanges - helping a beginner in choosing a reliable exchange Automatic translate

A cryptocurrency exchange is a platform (program) with a set of functions for trading, exchanging, and storing digital funds. Earning money on cryptocurrency is more equivalent to business, because it does not rely on chance, but requires a systematic technical analysis of the markets and a balanced approach to investment. That’s why choosing a platform is a serious step. Since they all differ in the degree of anonymity, functionality, working tools, level of security, etc.

How to choose an exchange for a beginner

As a rule, a beginner does not need much: a choice of crypto pairs, instruments, reasonable commissions, conditions for input/output. Only over time, by participating in transactions, does he come to understand the missing facts, and then he approaches the search for a new trading platform more responsibly.

The main thing a beginner must decide on is the degree of openness in his work. User verification opens up much more opportunities, higher limits, and working with fiat provides a higher level of protection. They are completely decentralized, maintain confidentiality, but the client needs to think about security (where to store funds) on his own, besides, they do not accept fiat, and if necessary, access will have to be made somewhere or in exchangers.

Each state has its own attitude and requirements for transactions with cryptocurrency, and the degree of responsibility of each crypto exchange depends on this. Some companies offer emergency fund insurance. The legal issue regarding the country of registration and the degree of responsibility of the exchange itself in the event of hacking should be studied first.

Initially, exchanges are differentiated by the user population for which they are designed: beginners and amateurs; amateurs and professionals. The working conditions on the site depend on this and, importantly, the size of the mandatory starting deposit. For example, Bitfinex positions itself as a platform for professionals and the starting deposit is equivalent to $10,000. It is unlikely that a beginner can start from scratch with such sums without compromising the budget.

The exchange for beginners has soft conditions, a lot of educational material, the option to hire an advisor, broker, etc. Opens a demo account for the first time so that the future trader can see with his own eyes the specifics of trading before finally deciding that this business is worth his time and money.

Where to look

Trader forums contain many reviews and characteristics of a variety of exchanges; for some, this information is enough. You can take advantage of the developments of aggregator sites that conduct reviews of all existing exchanges. The convenience is that the system allows you to filter the available registrations by country and the initial requirements are to select yours from those selected.

It’s even easier, and the level of security is much higher, to study a rating of cryptocurrency exchanges that is suitable for the topic (for beginners, minimum deposit, without verification, etc.) . Since the list of recommended ones includes only obviously reliable platforms that meet all the necessary requirements. Using filters, you just need to compare them and choose the one that best suits your needs.

What criteria are considered important for work?

Trading volume, in other words, the number of transactions during the day, depends on the number of users registered on the site, which means it can have an impact on how quickly issued orders will be executed.

The number of crypto pairs traded increases the scope for creating a larger volume of transactions and, as a result, can affect profits.

A variety of instruments, stop and loss orders, staking, landing, margin trading. Although it is not recommended for beginners to start with margin leverage due to lack of experience.

Deposit/withdrawal methods, support for fiat funds.