With the cryptocurrency market crossing the half a trillion mark, choosing the right cryptocurrency exchange has become all the more important to traders and investors. An exchange that is accessible to both laymen and those well versed with cryptocurrencies while also being secure is deemed to be ideal.
Listed below are the criteria that a cryptocurrency exchange should fulfil.
Security and Transparency:
Deciding upon a cryptocurrency exchange platform must be the outcome of research. It is imperative that a cryptocurrency exchange platform is both secure and transparent with an effective security protocol in place. A good exchange will be clear about its mandated policies and inform users about scheduled downtime, server maintenance, etc.
A good exchange should be capable of handling a large volume of transactions as even a 2 to 3 second server response delay can create havoc on an exchange. A litmus test for the performance of an exchange is also how well it performs during a market crash/dump. Overcrowded server traffic is pretty much a given during such instances and a responsible exchange would be transparent in case it faces issues or problems.
Different exchanges have varying transaction fees, and this makes a difference while choosing a cryptocurrency exchange. Some exchanges offer discounted fees. This usually happens when an exchange’s own token is used to complete transactions. Others only charge a transaction fee on sales, permitting purchases sans any fees.
Is the exchange localized or multinational?
Multinational exchanges make more sense in the present market scenario as they are less susceptible to regulatory changes by a specific government. A multinational exchange also usually offers better market presence and diversity vis-à-vis local exchanges.
Why choose BINEX.TRADE?
It is important to consider all factors and it is here that BINEX.TRADE strikes a balance between transparency, volatility and investor safety. The icing on the cake for this upcoming exchange is the fact that it also shares 70 percent of its trading commission with its users on a daily basis.