If you are new to cryptocurrency, finding the right platform for you will be a struggle. There will be a lot of options out there in tight competition amongst one another. And, of course, if you want to be more successful in your trades and your overall crypto investment, you have to find the right platform for you. Thus, this is one of the most crucial things you should do to increase your chances of success.  

The question is, how do you pick among all the crypto exchange and trade platforms that already exist in the market? One of the best strategies when picking the right platform for you is to find out the services the platforms you are interested in are offering. When you have a list of things you are looking for in a platform, then you’ll be able to narrow down your choices. 

To make this process of narrowing down your choices easier, this article has listed down five of the most important features that a good platform shall have to make sure that it will be a platform better than the others. 

Here are the five features a good cryptocurrency exchange and trade platform must-have.

  1. Security and Authenticity
    First and foremost, a good platform has the best features for security and authenticity. Although profit is good, promising profit without securing your investment is an empty promise. Security shall be a top priority. 

A good platform shall have good features of high-level encryption and two-factor authenticity. This way, you’ll be ensured that only you have access to your accounts and funds. Another good thing that some platforms offer is the availability of cold storage so you can store your crypto offline, away from the reach of hackers. Although there will be platforms that offer you a hot wallet, storing your crypto in this type of wallet for a long time is not advisable. Why? Because hot wallets are online storage and attract hackers attention too much. 

  1. Customer Support and User Interface

Another feature that you should look for in a platform is its customer support and user interface. So what makes a good customer service and user interface? Let us first go through good customer service. A platform that simply has customer service does not cut it. The customer service of the platform you should go for shall be interactive and available 24/7. You never know when you’ll a problem will arise, so you should be able to contact them any time of the day. Some platform offers email service, but some offers live chat facilities which is the better option. 

Next is the user interface. The user interface of the platform makes trading easier when you can work it out on your own without being confused about the website. Being confused with the interface can cause mistakes that can eventually cost you your time and effort and, the worst, your money. 

There are platforms in the industry that has the most intuitive and responsive customer service and user interface among their competitors, like Binance, Kraken, Immediate Edge, Etoro, and Bisq

  1. Fees

A good platform will not ask you to pay expensive fees if not worth it. Some platforms may have more expensive fees because of their technology and offers for security. Since you don’t want to compromise your profit by paying way too much on transaction fees in the platform, before signing up, be sure to research and figure out, “How much transaction fees and rates will trading in this platform will cost me? Is it worth it?” 

Signing up for a platform with unreasonable rates can substantially decrease your profit. You should look for a platform that will charge you with lower transaction fees; you can trade multiple times and create more opportunities to gain profit. Trading while thinking about the huge pay on fees will never make your trades good.  Therefore, on your list of platforms, compare their transactions fees and rates before deciding which to go for. Also, make sure there will be no hidden charges on that platform. 

  1. Reputation

The fact that we can’t deny is that a platform is big due to a huge number of people trusting the platform and experiencing success in that platform. These big names in the crypto industry are not big names for nothing. Going for a well-acknowledged platform may be more costly, but your security will be assured. Always remember that a platform will not gain a good reputation if they are not a good trading platform. 

A platform that has been able to exist in the crypto industry for years and still has a good number of followers just shows the platform’s credibility. Here are some of the biggest platforms that are well known and are reputable in the crypto industry. Coinbase, Kucoin, Immediate Edge, eToro, Kraken, and Gemini. Make sure to check their services and offers on their official website. 

  1. Services Offered

Aside from the four mentioned above, it is better for the platform you will sign up for will have multiple offers that you can use to maximise your chances at profits. When you have checked out the other four characteristics and still have a few platforms remaining on your checklist, you better go to each platform and find out what services they could provide you and go for the one which offers you services you can take full use of. 

A great platform offers ease of transactions through fast algorithm and encryption, easy deposit and withdrawal through a partnership with banks and has offers for the use of debit cards as well as trading tools, trading bots, and trading tools. Great market data and analysis and notification and alerts are a must-have too.

Conclusion 

There will be a lot of crypto exchanges out there, but you cannot just join every one of them. Looking for the best crypto platform that suits your financial status and goals as well as your skills and experience is a lot of work and research. However, getting into the right platform increases your chances of success, so we can say for sure that it is all worth it.