What’s the single most important thing to look for when searching for a reliable online trading platform to buy and sell digital currency?
The primary point of appeal when considering to buy and sell digital currency is the way in which they streamline and simplify all aspects of the trading process. Online trading platforms exist exclusively to facilitate trades, buy and sell digital currencies between traders, making things as quick and easy as possible for both parties.
Unfortunately, many (if not most) providers haven’t quite found the elusive magic formula for their own crypto exchange platforms. Some are unnecessarily complicated; some have major bugs and there are even those with catastrophic security holes.
All of which highlights the importance of shopping around to ensure you set yourself up with the best possible cryptocurrency exchange . While doing so, prioritize the following and you’re unlikely to go wrong:
An Established Reputation
Before looking at anything else, take the time to gauge the reputation and track record of the platform in question. When it comes to buy and sell a digital currency, browse customer reviews, read independent write-ups and see how many of its traders would recommend it to others.
This is often the only independent source of information you’ll come across, when shopping around for a reliable trading platform. Reviews can’t always be taken as gospel, but are nonetheless a useful and important starting point.
Sticking with the simplicity theme, the user-interface should be easy to negotiate and by no means overwhelming. You should be provided with quick and easy access to the features and functionalities you need, without being bombarded with gimmicks and extras. Or worse still, marketing messages. To buy and sell digital currency should be an easy and fast process.
Check out the platform’s central dashboard before signing up, along with the full range of features and functionalities available for traders .
Clear and Concise Policies
Steer clear of any online trading platforms that take things to extremes with complex, convoluted and completely unintelligible policies. Invest your time and money in a platform that keeps things simple, sensible and easy to understand.
Reliable Customer Service
Customer service quality is almost always a reflection of a company’s professionalism. Not to mention, the extent to which they appreciate and value the traders using their platform. As there’s a chance, you’ll need to contact the customer support team at some point in the future, you may as well ensure that they’re easy to get hold of and capable of providing the answers you need.
If in doubt, you can always put them to the test ahead of time by fire a few questions their way. If they get back to you promptly and with acceptable responses to your queries, they’re probably a safe bet.
Of course, nothing matters more when performing transactions online in general and especially when it comes to buy and sell digital currency , than a robust security. Signing up with a platform that prioritizes safety is an absolute must, due to the constant threat posed by hackers and financial fraudsters.
Support for Multiple Payment Methods
This is technically a case of personal preference, as it’s entirely up to you which payment methods you prefer to use. Though in all instances, transactions should be processed promptly and securely. No unnecessary delays on withdrawals, no potentially costly hold-ups when requesting purchases and so on.
Always check that your preferred payment methods are supported, rather than making assumptions. Again, you can always contact the provider’s customer support team directly for clarification.
Low Commissions and Transparent Fee Structures
Last but not least, you cannot realistically expect a quality cryptocurrency trading platform to offer its services pro bono. Fees and commissions will always apply, which have a tendency to vary wildly from one trading platform to the next. For obvious reasons, it pays to buy and sell digital currency via platforms with the lowest fees where possible.
Either way, it is essential to ensure that they have a transparent fee structure and clearly communicate their payment policies. Hidden fees and stealth charges are indicative of a trading platform that cannot necessarily be trusted.