Crypto Exchange Reviews · January 18, 2021

What to Keep in Mind When Opting for Crypto Exchange for Your Crypto Ventures

A crypto exchange plays a vital role in facilitating your crypto needs. Without a reliable and secure exchange, you can’t achieve big with your crypto ventures. So, it’s highly advised that you look for an exchange that best suits your requirements and needs. There’s no point in setting for anything that’s irrelevant to your needs. Bearing this in mind, we have put together some usefully points that you should keep in mind when choosing a crypto exchange. Let’s go through these points below:

What to Keep in Mind When Opting for Crypto Exchange for Your Crypto Ventures

Security & Reputation

It’s obvious that you will look for a crypto exchange with robust security. Crypto exchanges with weak security system are more vulnerable to hacking attempts. So make sure your exchange offers two factor authentication (2FA), a security system considered vital for online platforms. If the exchange doesn’t support 2FA, look for another one with 2FA.

You also need to look into their reputation and make sure they are widely recognized among the majority of crypto users and traders. There’re many exchanges available in the market, which have been involved in nefarious activities, including exit scams and hacks. You can Google them to see if they have been involved in such activities. Be sure to visit their website to see if they offer exactly what you’re looking for.

KYC/AML

Different crypto exchanges adhere to different rules and regulations, based on their practices, locations and offerings. Some exchanges have Anti-Money Laundering (AML) and Know Your Customer (KYC) practices, making it necessary for their users to submit their personal info during the course of account creation.

These requirements and practices vary from one exchange to another. Some platforms or services require AML and KYC to withdraw funds, obligating users to submit copies of photo identification and in some cases a proof of residence. Keeping these in mind will help you choose the right platform.