How to choose which exchange to buy Bitcoin from?
Cryptocurrency exchanges are evolving all the time. Some become more complicated to use, while others focus on simplicity.
In order to know how to choose which exchange to buy Bitcoin from, you will first need to think about your goals.
- Do you want to buy it in the safest possible way?
- Are you an experienced investor or an amateur?
- Do you find quick transactions to be essential?
- Are you a HODLer or a trader?
In this article, we will focus on the key elements a platform cryptocurrency platform should have when you decide to join.
How to choose which exchange to buy Bitcoin from
Here are the key characteristics an exchange should have when you are a complete beginner:
- Good track record – Many exchanges use shady marketing tactics, like fake volumes, to lure new investors to their platform. In our opinion, the best way to check for a platform’s track record is by checking review platforms. A great and trustworthy platform for this occasion is Trustpilot.
- Easy to use – Ideally, you should be able to navigate the exchange platform easily, without having any questions. Most platforms nowadays are trying to implement this type of minimalism.
- Customer support – A reliable platform should always prioritize its users. As such it should always be responsive. Check if the platform you want to use offers customer support options, and reach out to see how fast the agents will answer.
- Minimal risk – Exchange wallets usually take away the full control you have over your coins. Ideally, you should choose an exchange that offers a non-custodial option, or one that sends your funds directly to a wallet you indicate.
Do crypto traders need to look for different things?
Obviously, if you are trading crypto for a living, you’ll want to find a platform that has many different cryptocurrency pairings.
That being said, trading is not always a daily practice. Market sentiment traders may only make a couple of trader per year and still increase their overall BTC value.
Therefore, you need to understand what type of trader you want to be. If you are a swing trader, you’d want to use trading tools on a daily basis. As such, you need to choose according to that goal.
On the other hand, if you are a patient market observer, waiting for the right moment to make a move, you don’t necessarily need to look through a bunch of daily candles and trading indicators.