If you are wondering how to buy cryptocurrencies then first you need to start by doing thorough research followed by finding the right crypto exchange that meets your needs. However, there are more than 2,500 exchanges to pick from. All have different charges, user experience and identity verification. But worry not, we are here to help you pick the right crypto exchange for you by reviewing the top five features you must keep in mind.
But before we do that, let us first understand what a crypto exchange is.
What do you mean by a crypto exchange?
Crypto exchanges are platforms where you can buy, sell, or exchange cryptocurrencies for other assets or fiat currencies such as Indian rupees, U.S. dollars, etc. If your aim is to venture into professional crypto trading and have access to some of the most advanced tools, you most likely require a verified crypto exchange account. On the other hand, if you just want to make the occasional, simple and straightforward trade then there are websites you can use which do not require you to create an account.
Now, let us talk about the features you need to consider when opting for a cryptocurrency in India.
It is of significant importance to first carry out due diligence before you start buying and trading. Here are some of the aspects you must consider when picking a cryptocurrency exchange.
The best way you can learn about the reputation of the exchange is by reading reviews from individual users and going through some of the renowned blockchain blogs. Furthermore, you can inquire more about a particular cryptocurrency exchange on forums such as BitcoinTalk.
There are crypto exchanges that openly display their fees on their websites. So make it a point that you have a look over their transaction, deposit, and withdrawal fees before investing. Fees may vary from one crypto exchange to another.
Most crypto exchanges that are out there need users to verify their identities in order to buy and invest in crypto and there are others who let you remain anonymous. Although if you opt for exchanges that require verification, it might take some time, however, it will protect you from all sorts of scams and money laundering activities.
For instance, WazirX has top of a line identity verification system in place. It will process your KYC within a few hours of signing up and also enduring the right protocol. Furthermore, they are building their protocol to sharply reduce verification time.
Look at the geographical restrictions
There are some user functions backed by exchanges that are only accessible from particular geographical locations. So make sure that your preferred exchange allows full access to all the platform feature that is present in your country.
User interface and experience
Last but not least, for an average cryptocurrency trader one of the most crucial aspects is the user interface and functionalities. It doesn’t matter if you are a new or a seasoned user buying bitcoin, an interactive and intuitive interface and great user experience aids user actions on the exchange to be more efficient and informed. Although user experience is subjective and different people enjoy different interfaces, it still plays an important role.
These were the top five points you need to consider when buying and trading cryptocurrencies. Hence, make sure you do that and find the right cryptocurrency best suited to your needs.