The beginning of this new year was very encouraging for cryptocurrencies and even more so for BTC (Bitcoin) which touched $15,000 and bounced upwards.
Being a constantly changing topic and technologies, it is important to know how to choose the best cryptocurrency exchange in 2023.
Nowadays, with incredible security measures, automation and user support through artificial intelligence such as bitcoin trader, exchangers have increased their value to the user.
The best aspects to choose the best Exchange in 2023
Here are the best things to consider when choosing the best cryptocurrency exchange in 2023, from security factors to coin availability and liquidity. Interested? Read on!
Define your needs and objectives with cryptocurrencies
Before selecting a company to hold our cryptocurrencies, allowing us to transact in the market in real time, it is very important to know what we want with cryptocurrencies.
What is the objective: to obtain a short-, medium- or long-term profitability, to save in Bitcoin? It is essential to think about what we really want for ourselves in this new financial world.
Many users see Bitcoin as an opportunity to achieve short-term profitability by taking advantage of its volatility, and others see it as a long-term opportunity thanks to its limited issuance of 21,000,000 coins. Think about your goal!
Another important aspect to know if an Exchange is good, is its security. In this section, we cover everything from company regulations and security of each user.
Currently, all exchanges should have a two-factor security to prevent cybercriminals from accessing our account quickly and stealing our money.
On the other hand, it is important to verify which license and regulator the exchange to be chosen has. Is it located in an important country such as the USA, England, etc. or in an island or small country with weak judicial laws?
Having an integral security inside an Exchange is one of the most important aspects since our information is there from name and surname, money and ID images.
Not all cryptocurrencies are available on an exchange. Each platform selects the cryptocurrencies it will allow to trade.
For this reason, it is important to find out before registering in the platform how many cryptocurrencies are enabled to buy and sell, which is its liquidity, among other aspects.
Cryptocurrencies such as Bitcoin, Ethereum, Solana, BNB and others of the TOP 100 in global market capitalization are found in 99% of the exchanges. If you are looking for a cryptocurrency that is not so well known, you should find out where you can buy it and which platform owns it.
Having fast, efficient and responsive customer service is one of the aspects to take into account.
If we know that the customer support service is open 24 hours a day for any error or problem on the platform, we will be relieved to know that they can help us.
In addition, it is important to know which channels are available for customer support. Some of the most common ones are:
– Live chat on the platform.
– Phone call.
Commissions and extra expenses
Last but not least, there is the factor of commissions and extra expenses. Cryptocurrency buying and selling platforms generate income through the commissions they charge their users.
However, if your strategy is to buy in the long term and float your cryptocurrencies, commissions will not be a weak point for you.
In case you have a short-term strategy, you will have to find out the commission percentage for each purchase or sale made on the site.
It is advisable to do your research and choose the platform that charges an acceptable commission and has all the other aspects mentioned above.
If a platform does not charge commissions or they are very low, possibly, it is not investing heavily in security, in incorporating new currencies or in customer service. Everything matters in this new financial world.