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How to Choose a Crypto Exchange You Can Trust

A crypto exchange is a vital part of the crypto ecosystem. They enable individual retail traders like you and me to carry out activities that would have been impossible, such as day trading, staking, yield farming, and staking.

However, there are still certain things you may need to look at before choosing a crypto exchange to avoid losing your funds. 

Below, you will learn everything you need to know about crypto exchanges and the factors you must evaluate before signing up for any crypto exchange. 

Crypto Exchanges and Why You Should Consider Using One 

A crypto exchange is a digital ecosystem where cryptocurrency trading (buying and selling) takes place. 

Many people within and outside of the crypto community consider crypto exchanges one of the most significant innovations in the crypto industry, which is true. 

Before the introduction of crypto exchanges, you could only trade crypto through unorganized platforms, and scams were rampant. 

Sometimes it takes place in online forums where one user makes a crypto payment, pastes his wallet address, and receives the crypto. 

With the introduction of crypto exchanges, you can easily buy and sell cryptocurrencies without even needing to know the name of the buyer/seller. 

Apart from trading cryptocurrencies, other activities occur in crypto exchanges; yield farming and lending, staking, and many others. 

Factors to Consider While Choosing a Crypto Exchange

You should note certain factors when choosing a crypto exchange to ensure you choose a credible one. 

Security 

When choosing a crypto exchange, the number one factor is the exchange’s security, and there’s a reason behind this. 

Assuming you keep your money in an unsafe exchange and it gets hacked, you could lose your cryptocurrencies. 

Crypto exchange hacks have happened in the past, and a notable instance was the KuCoin hack in 2020; hackers stole over $281 a million worth of cryptos.

Security is a diverse topic, so you should consider certain things when evaluating the security of a crypto exchange. 

Security standards should be the first to evaluate; you should consider their internet security standards, authentication process, KYC enhancement, and other vital things. BingX, as a crypto exchange, recently completed a strategic Audit Report with CertiK to Enhance Security

While checking the security of a crypto exchange, you should also look at its user protection programs, which include insurance of user funds. 

Transparency 

A crypto exchange should be very transparent; this is another vital aspect when searching for the best crypto exchanges. 

Assuming FTX was transparent with how they handled users’ funds on their exchange, the calamity wouldn’t have befallen them. This is why BingX made public the announcement of its 100% Reserve Audit to continue to restore and strengthen user confidence.

In addition, a crypto exchange should also be transparent about the fees they charge on their platform, their terms and conditions, and their mode of operation. 

Available Cryptocurrencies and Trading Pairs

One of the characteristics of the best crypto exchanges is that they offer as many cryptocurrencies and trading pairs as possible. What is the purpose of using a crypto exchange if they don’t provide the number of cryptocurrencies you want? 

Understandably, Bitcoin and Ethereum are the first choices of many beginners in the crypto industry. However, a crypto exchange should accommodate more than just Bitcoin and Ethereum since cryptocurrencies are not just about Bitcoin and Ethereum.

BingX offers you a diverse list of cryptocurrencies and trading pairs to suit your trading needs.

Deposit and Withdraw Options 

Nothing is more dissatisfying than when a crypto exchange has only one deposit and withdrawal method, which may not support your needs.

Before choosing an exchange, checking out their withdrawal and deposit options before signing up would be great. Users can explore and conveniently use their service when a crypto exchange has diverse payment methods. 

BingX allows users to make deposits through the bank, credit/debit cards, and other third-party payment options. It is also advantageous to allow users to make deposits and withdrawals using BUSD, USDT, and other cryptocurrencies. 

Credibility and Track Record 

A crypto exchange can make many things up, such as security, and transparency, but they can never make up their reputation or change their past. 

This is because users determine whether a crypto exchange is reputable. 

After the FTX scandal , it would take a complete novice who needs to learn about the crypto industry to choose FTX as their crypto exchange. 

This is why BingX continues to put 4 Cardinal security systems in place to enable BingX users to enjoy the safety of funds and other crypto assets. 

Best Crypto Exchange To Buy Crypto (BingX)

BingX is the world’s leading social crypto exchange that offers unique trading experiences from spot trading, futures, automated bot trading, copy trading, and zero-fee trading. 

Below are some features that make BingX a unique social trading platform. 

  • Diversity: BingX is accessible to over 100 countries, with offices in Canada, Hong Kong, the United States, Australia, and Taiwan.
  • Ease Of Use: BingX has cutting-edge copy trading tools and a user interface that makes it easy to use 
  • Reliable. The website or software should be able to run smoothly without bugs. 
  • Security: A social trading platform should be secured, and BingX has up-to-date security technology. 
  • Product Features: BingX has enough technical features, such as an account manager, trade copier, and signal analytics.
  • Customer support: BingX has enough reliable customer support to help in real-time.

Other Amazing BingX products

BingX Copy Trading Subsidy Vouchers: 

BingX became the first crypto exchange in the world to offer copy trading subsidy vouchers. These help you to cover losses while trading. 

BingX Zero Fees On Spot Trading:

BingX continues to lead its competitors in the global crypto trading market by eliminating trading fees for its traders on the spot market.

BingX Infinity Grid Robot for Crypto Auto Trading:

BingX introduced Infinity Grid for Cryptocurrency Spot Trading, aiming to help more users benefit in volatile markets through technology innovation.

Way Forward

Crypto exchanges are a great innovation in the crypto industry, as they allow investors/traders to buy and sell cryptocurrencies without stress. 

With crypto exchanges, you can use different methods of trading cryptocurrencies, such as day trading, spot trading, copy trading, etc.; all these are live on BingX.

 

Join our BingX Community to get all the latest updates!

Twitter:   https://twitter.com/BingXOfficial

Telegram:   https://t.me/BingXOfficial

 

Trade Crypto Safely With BingX

 

Disclaimer:   BingX does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. BingX is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the article.