Mistakes to Avoid When Choosing a Crypto Exchange
Cryptocurrency is the future of money, and if you are ready to get in on the action, you must choose a crypto exchange carefully. With so many options out there, you can visit spacecoastdaily.com to review FTX vs. FTX.us to know which one will work best for your needs. This blog post will talk about mistakes to avoid when choosing a crypto exchange.
Choosing An Exchange That Is Not Secure And Safe
One of the most important considerations when choosing a crypto exchange is whether or not it’s secure and safe. While security features vary from one platform to another, you want to make sure that your private information will be protected in any way possible. Another thing to consider is how long has this specific website been around? A new cryptocurrency might sound like a great idea, but if it hasn’t been around for very long, then there’s a chance that security issues are being hidden.
Not Establishing the Daily Trading Volume
A big reason you want to avoid choosing an exchange with a low trading volume is that it means there’s a higher chance of experiencing liquidity issues. When a business doesn’t have enough liquidity, buying and selling cryptocurrencies can be difficult, which can lead to frustration on your part. If the exchange you’re considering has less than $500,000 in daily trading volume, then you need to think about whether or not there’s enough liquidity for your needs.
Not Reading Reviews about the Exchange
One of the worst things you can do when choosing a crypto exchange is not reading reviews about it. Not only will this help you get an idea about what type of platform it is, but it can also give you insight into how well customer support works and if they are known for stealing users’ information or holding their funds hostage in any way. Reviews are a great resource to use when figuring out which exchange is best for your needs, but you need to be sure that they’re authentic and not just fake reviews put online by the platform itself.
Not Checking Two Factor Authentication Settings
Another mistake to avoid when choosing a crypto exchange is not checking the two-factor authentication (TFA) settings. This feature adds an extra layer of security to your account, and it’s something that you should always have enabled if possible. Some exchanges offer this as an optional setting, but others make it mandatory to use the platform. Be sure to check this setting before signing up for an account, and if it’s not enabled, then be sure to turn it on as soon as possible.…
