Choosing the best crypto exchange is critical for the success, long-term growth, and sustainability of the coin. But, with there being hundreds of options, how does one choose the right Crypto Exchange? Honestly, it’s not that straightforward, but if you compare the available options based on a few critical factors, things would become a lot simpler. But, first, let’s understand what a Crypto Exchange actually does.
A crypto exchange works similar to the stock exchange, but instead of stocks, it’s the cryptocurrencies or coins that are traded. Most exchanges allow users to purchase coins using fiat currency and similarly withdraw profits in fiat currencies.
Every project needs to list its coin on an exchange in order to allow it to be publicly traded, form partnerships with other projects, and add some credibility since investors are more interested in projects listed on reliable exchanges than the ones that aren’t listed at all.
Here are some of the key factors to consider when choosing a crypto exchange for coin listing:
The popularity of the exchange is one of the most critical factors since it decides the number of users that visit it or have registered. Subsequently, it affects the visibility and the reach of your coin.
If you manage to get the coin listed on the right exchange where it’s visible to the intended target audience, that could lead to a substantial rise in the coin’s demand and value, in addition to the project getting noticed.
So, make sure to check the number of visitors and registered users on the Crypto Exchange before listing the coin. There are several online tools that can provide data on the number of visitors to any website.
Security is one of the key aspects since there have been multiple instances of data breaches and coins being stolen. Here, the project and the investor stand to lose their coins, but the project also loses credibility along with the exchange.
Moreover, it puts the project through a lot of negative publicity, which could considerably hamper its growth and progress. So, make sure to verify the security protocols employed by the exchange to ensure that the coins don’t get stolen and there’s no loss of critical data.
Every Crypto Exchange charges a fee from the project to list the coin, and this amount is different for all exchanges. So, depending on the budget reserved for listing, choose an exchange that does not overburden the project with financial costs.
Also, pricing alone cannot and should not play a decisive factor. For instance, a popular, well-established, and secure exchange will have a higher listing fee, but choosing it will also be beneficial for the project. So, consider all the factors in conjunction before you come to a decision.
Number of countries where the exchange functions
It is a very important aspect given the difference of opinions of governments in regard to cryptocurrency. While many countries have legalized it, some allow its use with no legal framework in the picture, and many others have outright banned investing or trading in crypto.
Though any exchange wouldn’t work in all the countries worldwide, it is imperative to choose one that works in the maximum number of countries, or at least in the ones where the target audience resides. For instance, if your project has to do with baseball, choose an exchange that works in the USA and is popular amongst the crypto enthusiasts and investors there.
Before choosing a Crypto Exchange for the coin, make sure to verify that they provide proper support and, if possible, a dedicated team for your project. It would ensure prompt resolution of queries, and quick elimination of problems and ultimately lead to the growth of the project in the long run.
Many exchanges offer a dedicated team to individual clients, so if that doesn’t stretch your budget too much, go with these. Also, you may look through the reviews posted by others to get an idea of the kind of support offered by the exchange.
That’s it! Based on these 5 factors, you can choose the best Crypto Exchange for listing the coin. If you were to consider them all, only one exchange seems to have gotten every factor right, and it’s the Zenith Exchange. You can easily store or trade Bitcoin, Ether, Zenith, and other cryptocurrencies using the Zenith Exchange, and also make seamless cross-border payments by linking it with your Zenith Pay account.