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An Essential Beginner's Guide To Choosing A Reputable Crypto Exchange

Kelly Campbell

Purchasing or selling cryptocurrency in Canada has never been this easier. All you need is to find a reliable crypto exchange, sign-up, and begin trading. However, choosing a reputable crypto exchange is vital since they offer high-end tools to facilitate profitable trading. So what should you look for when choosing a trustworthy cryptocurrency exchange in Canada?  If you are still new to cryptocurrency trading, here are few insights and essential criteria to consider: 

Crypto Exchange Security

One critical factor to consider before choosing a crypto exchange is security. Since cryptocurrencies are still a relatively newer niche, security is a paramount consideration. How they handle your digital assets is crucial. Most of them provide 2-factor authentication to help secure your investment. Furthermore, clients can select from various applications, including Google Authenticator, to set up their 2-factor authentication. It is also recommended to move your assets from online to offline wallets because they are less prone to hacking.

The reputation of Crypto Exchange

The current cryptocurrency market is growing exponentially, with numerous exchanges cropping up. With so many options at your disposal, it can be challenging to find a reputable one. Some exchanges might have poor security protocols that can leave your assets vulnerable to security breaches. Some might even vanish overnight. However, you can take some essential measures to avoid falling prey to dubious crypto exchanges. You can run an online search and get plenty of reviews and information regarding the reputation of the exchanges in question. Additionally, the Better Business Bureau can shed more light regarding the reputation of the crypto exchange platform you want to choose.

Types of Cryptocurrencies on Exchange

Various crypto exchanges deal with different types of cryptocurrencies. Some might deal with a broad range of coins, including Bitcoin, Litecoin, Ethereum, and many others. However, not all of them will offer exchanges in all smaller cryptocurrencies available on the market. Therefore, it's recommended that you select a crypto exchange service that provides the cryptocurrencies you plan to trade. 

The Exchange Fees

Although the primary factor in defining the fees charged by a particular crypto firm is the platform size, such fees might differ from one exchange to the next. Some might set higher trading fees, while others might have fairer pricing.  Additionally, a higher trade might attract significant fees depending on your chosen crypto exchange. Therefore, consider verifying the applicable exchange fees charged by the firm since it affects your overall trading. If you opt to hold on to your crypto, the fee aspect might not be a huge consideration. However, if you are an active trader, it would help to choose a crypto exchange with lower fees. 

If you are still new to the crypto trading industry or plan to invest in cryptocurrencies, reach out to Canadian crypto exchange services.