Do you plan to make it big in the crypto industry? If yes, then one of the first things you need to keep in mind is comparing different cryptocurrency exchanges. A cryptocurrency exchange is a platform where you can buy, sell, and exchange cryptocurrencies for digital or fiat currencies. Two of the most common traditional currencies that most people exchanges are the US Dollar and the Euro.
Ben Armstrong is an avid crypto investor with a YouTube channel, BitBoy Crypto, where he shares different strategies, news, and updated information about the world of cryptocurrencies. According to Ben, crypto exchanges play a crucial role in buying and selling currencies swiftly. But before discussing the best cryptocurrency exchanges, Ben recommends looking at the following factors:
- Fees – Always check if the exchange is asking for a minimum deposit during account registration. Don’t forget to read the terms and conditions of the deposit and withdrawal fees before opening your account in the exchange.
- Payment methods – The cryptocurrency exchange should have several payment methods, such as wire transfer, debit and credit cards, PayPal, and other digital wallets. Don’t open an account in exchanges that have limitations on your withdrawals.
- Reputation – Make sure you read the reviews of the respective exchange before opening your account. You can subscribe to Ben’s YouTube channel to get detailed information about the best deals where you should register.
Best cryptocurrency exchanges
Now that you know the most important factors to consider, let’s take a look at some of the cryptocurrency exchanges that Ben recommends:
- Trading platforms
Many websites act as the intermediary between the investors and the crypto market. Consider these websites as online stores from where you buy clothes. Ben thinks that newbie traders should use these platforms to keep traders updated about the rise and fall of cryptocurrencies according to market conditions. Most importantly, it allows you to buy and sell on the go. The website, though, receives a small percentage from your earning as commission for the profits you make.
- Direct trading
As the name suggests, direct trading involves trading your holdings with another individual from any country that accepts the digital assets you possess. One of the reasons why veteran traders prefer direct trading is it doesn’t involve any commission or service charges. Moreover, there are no fixed market prices indirect trading, thus enabling the sellers to set their exchange rates.
Cryptocurrency brokers are like foreign exchange brokers. They set the price in their exchange according to which investors need to trade. This is the best option for those new to crypto trading and getting their feet wet in the industry. You can go through the broker’s website to check the fluctuation in prices and whether the broker forecasts the site to go up or down. Accordingly, you can invest money in currencies that are most likely to provide better returns.
Ben’s venture into crypto trading didn’t start in his favor. But he continued absorbing as much knowledge as possible, learning from his mistakes, and honing his trading skills through experience. You can subscribe to his YouTube channel to stay on top of the latest news on the crypto industry.