It is now the year 2022. Like it or not, the crypto phenomenon is more powerful than ever before. Everybody, at one point or another, will have been engaged in a discussion about crypto. From where I’m standing, this is a certain thing — regardless if it happens sooner or later. It is inevitable and it’s just a matter of time.
If the people involved in the discussion are not crypto enthusiasts, the chances are that the conversation will fade out quite quickly, after just a few exchanged remarks.
However, if the participants are crypto fans, then they will have many things to share with each other. Just like the situation when motorcycle enthusiasts meet and start talking about bikes — it seems like they will never stop! And, at some point, somebody will definitely mention the topic of crypto exchange platforms, also known as crypto exchanges or even shorter: exchanges.
It is very likely that each one of them will start to endorse the platform they like the most and showcase its advantages — in other words, speak about the very thing that makes their favorite exchange so good. Which is normal, because when something is close to your heart, and you are asked about it, you can’t help but go on about how awesome it is.
In this article here, my intention is to present some of the most common advantages that have been identified on the most notorious crypto exchange platforms. Let’s start.
If someone were to make a list of the top crypto exchanges, they will most probably review to what degree each exchange matches the parameters below. What we will do here, is list the actual characteristics that make a great exchange, based on their priority.
1. integration of a digital wallet — is it already included, or do you have to use a third-party wallet to store your cryptocurrency?
2. level of transparency — are there any hidden fees?
3. interface friendliness — how easy is it to use it?
4. range of cryptocurrencies — how many are available? Ten? Twenty? One hundred?
5. expensiveness of exchange rates — how big is the exchange’s spread?
6. integration with fiat currency — how many fiat currencies are available?
7. security level — some exchanges keep 90% of the assets in offline vaults, while only 10% are stored online, to ensure enough liquidity
8. available features — what can you do on that platform? Buy crypto, sell crypto, exchange crypto, loan crypto, stake crypto, etc.
9. cashback — is there an option to get some money back from your transactions performed on that specific exchange platform?
10. integration with major worldwide bank card issuers — if the exchange has an associated bank card, in how many places in the world can it be used?
There are some exchanges (such as www.ixfi.com) that can be seen as a one-stop-shop for crypto lovers, where you can do all that you need to get done when it comes to crypto: exchange one currency with another one, buy crypto with fiat, sell crypto for fiat, loan some crypto or even put your crypto to work for you. Awesome, right? Don’t forget about IXFI the next time you’re searching for a crypto exchange suitable for you.
11. social trading — does it offer you the possibility to copy the transactions done by another trader, who has a very good ranking?
12. playground — does it have a special area, where you can try all of the features, using “play money”?
13. geo coverage — in how many countries of the world you can use the exchange? In all of them? Only in some countries? If yes, which are they?
14. local regulations — some exchanges are “accepted” by the local authorities and they are subject to rules and regulations; some are not. It’s a good idea to know which is which.
15. fee policy — some exchanges charge you every time you make a transaction, some charge you only when you make a “sell” transaction, some offer one day per month free for any transaction, etc. Either way, it is good to know these details.
16. automated trading — some exchanges offer this feature, which is very similar to the one that you use when you set up a monthly payment to a telephone bill from your online banking app.
17. insurance — is your crypto insured? Some can answer “YES” to this question.
18. customer support — this is very important — how many channels do you have as a customer to contact the exchange platform? Email? Chat? Phone? In this case, the old saying “the more the merrier” applies very well!
19. learning/training for users — the crypto exchange platform only lets you perform the actions previously learned somewhere else or does it take on the responsibility to teach you some new cool stuff?
20. games — are there any games included in the platform? As difficult it would be to believe, there are some people out there that would appreciate a good gaming session between two crypto transactions.
These are not the only important things to all crypto exchange users, but at the same time, those listed are predominantly relevant to the majority of the people that use crypto exchange platforms.
That is why I strongly recommend taking them into consideration, the next time you look for a crypto exchange. And if you do not have time to search through all crypto exchanges, a safe bet is www.ixfi.com, as it has many of them already available, and most will be available in the near future.
So make the right decision and happy exchanging.
Disclaimer: The content of this article is not investment advice and does not constitute an offer or solicitation to offer or recommendation of any investment product. It is for general purposes only and does not take into account your individual needs, investment objectives, and specific financial and fiscal circumstances.
Although the material contained in this article was prepared based on information from public and private sources that IXFI believes to be reliable, no representation, warranty, or undertaking, stated or implied, is given as to the accuracy of the information contained herein, and IXFI expressly disclaims any liability for the accuracy and completeness of the information contained in this article.
Investment involves risk; any ideas or strategies discussed herein should therefore not be undertaken by any individual without prior consultation with a financial professional for the purpose of assessing whether the ideas or strategies that are discussed are suitable to you based on your own personal financial and fiscal objectives, needs, and risk tolerance. IXFI expressly disclaims any liability or loss incurred by any person who acts on the information, ideas, or strategies discussed herein.
