As the cryptocurrency frenzy seems to reach an all-time high, people have become more than interested in grabbing their share of the crypto pie. But the problem is the crypto space is getting crowded with too many cryptocurrencies and crypto exchanges, making it difficult for users to make the best pick.
Of all the cryptocurrencies making a buzz at the moment, Ethereum is at the top of peoples’ minds because of its long-term growth potential. Ethereum ranks second, next only to bitcoin, in the crypto charts in terms of popularity and value. What makes it different from other cryptocurrencies in the market is its versatility. Ethereum is not just another digital currency, as it also facilitates developers to create decentralized apps (dApps) on its network in exchange of ether, Ethereum’s native currency. Even though it is in its nascent stage, it looks promising.
If this makes you want to buy ethereum too, your journey won’t end at just finding out how to buy ethereum. You will also have to shortlist a cryptocurrency exchange that makes it easier to buy and sell ethereum. As a beginner, the many available platforms can overwhelm you. To ensure you start your ethereum trading journey with a secure and reliable exchange, take help of our diligently curated checklist.
Start Trading with the Best Cryptocurrency Exchange
After gathering knowledge about the ethereum cryptocurrency buying process, you’ll have to finalize the best cryptocurrency exchange. The best exchange will help you securely buy and sell ethereum and other cryptocurrencies worldwide, but the wrong exchange can make you vulnerable to massive financial losses. Don’t start trading on any random exchange if you want to prevent an unpleasant experience while trading ethereum.
A checklist to consider
To help you choose a trusted and reliable cryptocurrency exchange for ethereum trading, we’ve prepared an ultimate checklist that can be used to filter out the best cryptocurrency exchange from the rest. So take note of all the points shared below and evaluate every exchange against these parameters for the best outcome.
- User Interface
The first thing you should look for in a cryptocurrency exchange is its user interface. If the platform has not-so-convenient navigation, confusing elements, and complex trading menus, you will face trouble with every transaction.
For a seamless experience, you need an exchange with an intuitive interface that doesn’t confuse its users. As user interface and experience are subjective, you have to personally try some exchanges to see what worked the best for you. The easier it is to use the platform, the better.
- Security Standards
If you keep an eye on the crypto news space, you must have heard of the numerous hacking instances where users were robbed of their cryptocurrency worth millions as the exchange they were registered with didn’t have a robust security system in place. As the cryptocurrency market is still unregulated to a great extent, investors have nowhere to go in case of unfortunate events.
Hence, to be on the safer side, right from day one, you should stick to only those exchange platforms that are known for their high-security standards. A great way to find it out is by researching on the internet if the exchanges you’ve shortlisted have had past instances of hacking. Such events are usually reported online by those affected, so you can easily find digital footprints highlighting such instances. Twitter and Reddit are great platforms to do some initial research regarding the exchange’s security aspect.
In addition, you can also look for news related to the exchange you’ve finalized by a simple Google search. These steps will give you enough idea of whether you should proceed with a particular exchange or not.
- Customer Support
To get impressive customer support, you cannot settle for anything but the best ethereum exchange to trade. Search for an ethereum exchange platform that is known for quick and effective customer support. When you’re in immediate need of a resolution, you wouldn’t like being redirected to a FAQ page to search the query and its related solution yourself.
For reliable information, you can join online communities, forums or simply reach out to people in the crypto space on Twitter, LinkedIn, Instagram, or other platforms, asking about their real-life experience with the customer support of the exchanges they use for cryptocurrency trading.
If you don’t have enough time, just leave a question on Reddit communities on cryptocurrency that have plenty of conversations on ethereum and best exchanges for the same, inviting unbiased opinions. You can use their answers as a base to make the final decision.
- Supported Coins & Tokens
Almost all exchanges support ethereum, so look for exchanges that support a wider range of cryptocurrencies and not just the popular ones. If you’re planning to build a diversified portfolio in the crypto space, you will need an exchange that lets you buy and sell most of the available cryptocurrencies.
You can get the list of cryptocurrencies each exchange supports by visiting the particular platform’s website. Besides bitcoin and Ethereum, you should check if the exchange supports Tether, Cardano, Binance coin, XRP, Solana, Dogecoin, Chainlink, Litecoin, Polkadot, Tran, Doi, Theta, and many others.
- Deposit & Withdrawal Limits
Irrespective of the exchange you choose, you’ll be subjected to certain limits. While there is no minimum deposit requirement in most exchanges, there is a limit on withdrawal during a certain timeframe. Even the biggest crypto exchanges in the world will put a specific limit on your withdrawals during a certain period.
The withdrawal limits are ideally for a day, but it is best to double-check to avoid any unpleasant shock during withdrawal. So compare the limits imposed by different exchanges, and go ahead with the one you’re comfortable with.
Get a smooth ride
Once you choose the right cryptocurrency exchange, you can be certain to have a smooth trading experience in the short and long run. You can consider all the points discussed above to pick the best exchange from the rest. It will be time-consuming, but the effort will be worth it.