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There are hundreds of crypto exchanges in the industry today. While some platforms have been operational since crypto was first introduced, others have more recently been established.
The general function of a cryptocurrency exchange is to enable people to buy, sell, trade, and even hodle digital currencies. However, the available investing and trading features vary from one exchange to another.
Therefore, even if you have a list of popular cryptocurrency exchanges, you should choose carefully and know the common mistakes to avoid.
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Not Knowing Your Criteria
Before you start narrowing down the options available, you need to define your criteria. Knowing what you prioritize can help you look through various options and eventually identify a platform that ticks all the right boxes.
Also read: How Suitable is Bybit for Beginners?
Beginners often make the mistake of exploring various cryptocurrency exchanges without having some clarity about what they are looking for. This not only complicates the search for them but also makes it time-consuming.
Not Doing a Proper Research
Investing in or trading cryptocurrencies can be a complex and risky venture, especially if beginners do not carefully choose a platform. To ensure your funds, privacy, or trading activity are not jeopardized in any way, you should opt for a secure and suitable exchange. The best way to choose such an exchange is to do thorough research beforehand.
Also read: A Beginners Guide to Crypto Margin Trading
Beginners often make the mistake of choosing a platform without taking a proper look at what it has to offer first. On the other hand, properly researching the options, what an exchange offers, how much it suits the criteria and more can help them make an informed decision without spending too much time.
Being Hasty in Choosing an Exchange
Among the hundreds of available crypto exchanges, some are more widely recognized than others. One of the mistakes beginners make is hastily choosing the first exchange they come across in an attempt to quickly lock it down and start crypto investing or trading.
To be a successful trader or investor, you need to make all your decisions wisely and patiently. Choosing a platform and buying or trading crypto can take time, especially when you have to steer clear of the volatility and security risks posed by the crypto space. In such a case, it is never a good practice to immediately opt for whatever exchange you come across first.
Even if you have the largest cryptocurrency exchanges available to you, you should always avoid making a hasty decision. Instead, take a look at the features available and choose based on what suits your needs the most.
Not Checking Availability in the Region
Among the top cryptocurrency exchanges, there are platforms known to offer their services to hundreds of countries around the globe. However, there are a few countries where the operations of even the most popular exchanges are limited, due to strict regulatory laws.
Therefore, another common mistake you should avoid is choosing an exchange without checking its availability in your country or region.
Overlooking the Fee Structure
While there are several features of a cryptocurrency exchange you should look for, the fee structure is one of the most essential ones. It is common information that if you avail of the services of a crypto exchange you will be required to pay a fee.
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The fee can be charged on any deposits, withdrawals, or trades. While the nature of the fee may remain the same across different exchanges, the amount and its transparency greatly vary.
Therefore, one of the mistakes you need to avoid is choosing a platform without thoroughly exploring its fee structure. This can keep you from using a platform that blows your finances out of proportion while also exposing you to security risks.
Key Takeaways!
Being patient and vigilant can go a long way in the crypto space, especially if you have to choose a suitable cryptocurrency exchange. An exchange that suits your needs and prioritizes your safety and convenience above all else is the right one to choose. However, there are a few mistakes commonly made by beginners, that can make the overall experience stressful and unsafe. If you take your time and get a proper idea of the market, what it offers and what you should avoid, then it can be easier for you to choose a good crypto exchange.
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