A crypto trading platform is required if anyone wants to buy or sell cryptocurrencies. These online services frequently function similarly to a stockbroker, providing the ability to buy and sell digital currencies such as Bitcoin, Ethereum, and Dogecoin.
With low fees and security features, the best crypto trading broker makes it simple to buy and sell the currencies you want.
Here we have a checklist on how to choose a crypto trading:
- KYC on verification: KYC stands for Know Your Customer, which is an essential thing one should know while entering any trading platform. Global ‘know your customer’ laws require you to upload ID proof with your name and address before you can transact anything. It shows the authenticity of those platforms and ensures that it is safe to do crypto trading on them. The faster and simpler the verification, the quicker the person can start trading.
- Withdrawal/Deposit System: Platforms that provide a variety of payment and payout methods ensure that transactions are quick and secure. Withdrawal and deposit systems are a source of frustration for users. Because the crypto market operates in real-time, it is critical that users deposit and withdraw funds quickly through various secure transaction processes.
- Trade Execution Speed: Even after accounting for crypto transaction delays, the speed with which trades are executed has been a source of contention for all exchanges that currently serve India. Unfortunately for astute investors, when there is a flurry of market activity and large opportunities emerge, the larger exchanges slow down and the smaller ones simply crash (down for maintenance) due to unusually high traffic. In addition, during times of extreme volatility, users have noticed that they are barred from selling but can still buy, which exchanges claim is a way of ‘protecting’ their users.
- Service Fee: It is important to check Fees or Spread on trades, as they are risky for a trader with thin profit margins. From depositing to withdrawing, from instant selling and buying to futures trading, and from wallet transfers to lending/borrowing, charge fees for everything. They may charge a flat fee or a percentage, with rates varying for different user tiers and subject to change over time, making any direct comparison futile at worst and difficult at best.
- Customer Support: Even after reading through the tutorials and help section of the relevant exchange, you may still have questions or issues. The options usually provided are to email or live chat or social media chat support with the company to get a response, or to post on their forums to discuss it with other users. The larger exchanges can also maintain a presence on social media sites like Twitter and Reddit.