Gaining access to crypto is very easy in this technology-based industry as long as you know how to buy. Cryptocurrencies like Bitcoin are the most sought-after digital assets, with over 200 million currency owners globally. However, when digital currencies hit the market, many called it a fluke saying it would go away quickly.
However, as of 2024, crypto is still thriving, with the new coins aiming to reach the success of Bitcoin, as confirmed by reliable blogs like CryptoManiaks. Surprisingly, despite crypto’s popularity, many still need help using these digital assets. Whether trading or investing in these assets, crypto education is required before jumping headfirst into digital currencies.
Furthermore, given the decentralized nature of these currencies, they are not as regulated as traditional currencies. Consequently, this ensures excellent disparity in how they operate in the financial market.
Gaining access to cryptos like Bitcoin can be done with an exchange platform. These platforms, like the Bitcoin exchange, help buyers and sellers get Bitcoin. Notwithstanding, you can trade any type of coin using an exchange platform. Now in 2024, it is even easier to get these coins with the high number of exchange platforms in the market. Therefore, this crypto guide will explain ways of choosing the best Bitcoin exchange platform in 2024.
What is an Exchange Platform?
Crypto is different from traditional currency because no one can hold it physically, hence the name “digital currency.” An exchange platform, therefore, is the way to get any cryptocurrency of your choice. Furthermore, the first information you should have in your crypto education is how to use an exchange platform.
On a crypto exchange platform, you can exchange your fiat currency for digital currencies for a specific fee. Although, these fees vary from venue to platform. Furthermore, some of these platforms, especially Bitcoin exchange platforms, allow cryptocurrency trading.
How to Choose the Best Bitcoin Exchange Platform
Bitcoin is the number one cryptocurrency worldwide. Hence there are many Bitcoin exchange platforms to choose from on the internet. However, a good exchange platform should provide more than buying and selling digital currencies. Therefore listed below are a few criteria to follow when selecting a Bitcoin exchange platform.
Allowed Coins and tokens
Bitcoin isn’t the only digital currency in the market; there are many more. Hence, you have many crypto options on the Bitcoin exchange platform. However, all exchange platforms support the use of Bitcoin. Therefore, when choosing an exchange platform, go through their available coins and tokens list. Find out if their collection is vast and if your desired currency is present.
Charges Structure
Each Bitcoin exchange platform has its preset fee for making transactions on its media. Knowing what the exchange charges saves you from unforeseen issues. Also, it helps you plan how to make your transactions and know what percentage the platform would deduct after every successful transaction. Furthermore, you mustn’t go for a venue with hidden charges.
The Security of their Platform
Crypto exchange platforms are not susceptible to hacking; the security on their platform is tight. However, each exchange platform offers a different level of protection. Most Bitcoin exchange platforms have their specific type of security. For example, some provide two-factor authentication when making transactions on their media.
Others may use Google Authenticator, an advanced form of defense that deters hacking. Furthermore, during registration, these platforms may require an additional means of Identification. This Identification may include; either a driver’s license, passport, or any government-issued means of Identification.
Consider their Interface and User Experience
Bitcoin exchange platforms should have an appealing interface that enables easy usage. Any interface that involves the use of currency, be it traditional or digital, has comfortability as its main feature.
Therefore, a good exchange interface should amp up the desire for cryptocurrency owners to trade their coins. In addition, the vast list of available currencies should be available in a single click.
Furthermore, with the high number of cryptocurrencies in the industry, a suitable Bitcoin exchange platform should have a search bar. Trading crypto is a very time-sensitive endeavor as these coins’ values fluctuate constantly. So, when you buy a currency, you can effortlessly search for it, and its rate is made available.
Available Payment Methods
Bitcoin exchange platforms operate like buying and selling; you give them something in exchange for another. It could be a fiat currency or another crypto; all it matters is that you get your choice coin. Unfortunately, the method of purchasing crypto varies from one site to another. This situation is because the industry is filled with different payment methods.
You can either use your fiat currency to get the coin or exchange one coin for the other. Many crypto exchange platforms offer fiat currency payments like PayPal, skrill, bank transfers, or debit or credit cards. Therefore, when choosing a Bitcoin exchange platform, select the one suitable for you without much hassle.
Reputation
The cryptocurrency industry is all about reputation and has been running on this criteria for a while now. For example, Bitcoin is the number one cryptocurrency in the industry; However, despite the introduction of new and better coins, Bitcoin is still the most sought-after because of the reputation it has brought for itself.
Therefore, when selecting a Bitcoin exchange platform, always research the platform. For example, you can know about an exchange platform by reading reviews and checking the news events relating to their operations.
Presence of Crypto Educational Material
For beginners in the world of cryptocurrencies, it is best to go for a beginner-friendly exchange platform. Moreover, you should be updated with crypto-related educational material like information about new coins, how to trade currencies, and the latest update on crypto technology.
These few pieces of information should be available on their platforms. Therefore, you can stay informed on the latest updates by choosing an exchange that consistently provides crypto educational material.
Conclusion
Choosing the best Bitcoin exchange platform can go a long way in determining the level of success in your crypto journey. 2024 has seen a further spike in exchange platforms, making a choice an essential factor. However, in the paragraphs above, we have explained what to consider before picking a Bitcoin exchange platform.
