๐ฆ Choosing an Exchange Choosing an Exchange
Four things to check when picking a crypto exchange as a beginner.
To buy crypto you first need an exchange. It's common to start with one that lets you buy directly with your local currency. What should you look at? Here are the essentials, step by step.
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1Check fiat (local currency) deposits
Overseas exchanges often trade only in crypto, so at first an exchange where you can deposit and buy directly with your local currency is easier. In many countries this needs a verified bank account.
Identity checks and bank linking can take a day or two โ set them up in advance.
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2Look at security and trust
Check the track record, history of security incidents, and trading volume (liquidity). More volume means it's easier to buy and sell at the price you want.
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3Compare fees
Every trade has a fee. They differ by exchange, so if you'll trade often, lower fees help. Check deposit/withdrawal fees too.
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4Check the coin is listed
Each exchange lists different coins. Make sure the coin you want is available there; if not, you may need a different exchange.
โ Before you choose
- ๐ฆ Can you deposit local currency / link a verified account?
- ๐ Check security history and how long it's operated
- ๐ธ Check trading and deposit/withdrawal fees
- ๐ช Is the coin you want listed?
โ FAQ
- Local vs overseas exchange โ which is better?
- For beginners, a local exchange where you can buy directly with your currency is easier. Overseas exchanges have more coins but fiat deposits can be harder and the process more complex.
- Can I use several exchanges at once?
- Yes. But account and security management grows, so it's best to start with one.
- Is it okay to just leave coins on the exchange?
- It's convenient, but the exchange holds them for you โ they aren't 'your keys' (private key). For larger amounts, moving them to a personal wallet is safer.