Maybe you have heard in passing “crypto is here to stay”…
Well, fun fact: That statement is true and you can find here all the information you want to know on how to get started with your journey in crypto.
This article is a meticulous guide curated to help you learn how to choose the best crypto exchange and cryptocurrency as a beginner.
How to choose the best crypto exchange as a newbie
Choosing the best crypto exchange to start your journey with can seem overwhelming at first glance. Especially when you consider the diverse options you have on the market.
Now, you don’t have to worry.
You’ll find a rundown of steps to help you in making the best decision for yourself in this segment.
In no particular order…
Consider the exchange’s stability over time
You must be concerned about the stability of any exchange since the crypto market itself is a very volatile market. Within a split second, the market can move in either direction.
The more frequent an exchange deals with technical glitches, human errors, and other things that hinder your access to your crypto wallet at any point, the less stable such exchange actually is.
Understand the exchange’s security history
This is another important factor to consider. What are prior security breaches the exchange has suffered? What are their current security policies? Do they generate custom pins or provide 2-factor authorization?
Any exchange that shows positive signs here is a reliable platform for beginners and pros alike.
Does the exchange have varieties of coin on its listing?
The underlying principle for crypto is to buy low and flip for a higher profit. This may look like a daunting task for newbies with a small pool of cash to invest in the market.
Therefore, you may want to opt for an exchange that has many cryptocurrency listings.
After all, a market with 10 products is better than a market with 4 products from the POV of any consumer, right?
Ease of use
Crypto trading should be easy to do via the exchange of your choice.
The process of buying or selling crypto should be convenient, seamless, and safe for both parties involved in the trade.
So, what’s next?
Let’s find out how you can choose the best crypto as a beginner. After all you are not creating an account with an exchange network just for the fun of it, right?
How to choose the best cryptocurrency as a beginner
You see, the idea of best is relative. What may seem best for you may be uninteresting to another in the market.
Here is a list of things to do if you are just looking to buy crypto, keep for a while and later flip for profit.
This may not be ideal for people who intend to trade in the speculative market.
And with that cleared out of the way, let’s proceed.
- Look at the crypto history. Go to online forums like Reddit to understand the hype surrounding any crypto.
- Assess the team behind the crypto under review.
- What problem is the crypto solving?
- Analyze if there is a growth in its number of active users since the coin introduction to the market? The more users, the higher the trading volume and the more reliable the coin is.