If building wealth is your goal, you can invest in cryptocurrencies.
The prices of cryptocurrencies rise faster; they can help you earn good profits in a short time. You can buy and trade crypto assets via a platform like Swyftx (https://swyftx.com/au/). Remember, not all crypto exchanges are the same, and hence you should be careful when selecting one.
Here are five features to check before choosing a crypto exchange.
- Support for Local Currencies
If you are a new crypto trader, you will be required to buy cryptocurrencies with fiat currencies like AUD, US Dollars, or other currencies. When selecting a crypto exchange, make sure it supports your local currency, as it is always easier to buy using your country’s currency.
Besides, it will also help avoid paying exchange or conversion fees. It also means you can transfer the profits to your checking account and avoid conversion fees. Top exchanges support deposits and withdrawals in major currencies such as USD and AUD. They also allow you to transfer your funds via OSKO bank transfer.
- Demo Mode
Crypto trading is relatively new, and you can lose huge amounts without adequate trading knowledge and practice. Leading crypto exchanges offer a demo mode that allows users to learn crypto trading in a simulated environment which is as good as trading in a real environment. The Demo Mode simulates real-life market liquidity and market depth, thus helping users to understand crypto trading better.
- Minimum Orders
With huge investments come bigger risks. Hence, many users prefer making small investments when trying their luck in the crypto trade. Leading crypto exchanges allow minimum orders of up to $1, allowing you to lower your risks, especially when you are a novice, learning the tricks of the trade.
- Price Alerts
The price of cryptocurrencies is always fluctuating. Most traders have specific cut-off points where they buy and sell a particular crypto currency. However, it’s not possible to sit in front of a computer screen monitoring crypto prices all day.
Therefore, leading crypto exchanges allow users to set price alerts for specific cryptocurrencies. Whenever the price reaches your set level, you will get a message or an email informing you about current prices.
If you get the low price information at the right time, you can move fast to make investments. Similarly, when you get a notification that the price has reached the level you expected, you can easily sell your holdings via the app and make a neat profit on the transaction.
Buying and selling cryptocurrencies is not the only way to make money in crypto trading. You can also earn money by staking cryptocurrencies lying in your digital wallet. You commit your crypto assets to support a blockchain network and confirm transactions in the staking process.
You can pledge your crypto assets to a validator and earn rewards. However, not all crypto exchanges support staking, so make sure the crypto exchange supports staking and allows you to earn money in more than one way.
- Advanced Security
Though blockchain technology is considered secure, cryptocurrency thefts are a reality that you cannot ignore. As per 2021 data, more than $600 million worth of cryptocurrencies were stolen in the biggest cryptocurrency theft in August. The report said the hackers exploited the vulnerability of the platforms and accounts to get access to the crypto assets.
Hence, you need to look for a crypto exchange offering advanced security. Leading crypto exchanges offer fast biometric logins and two-factor authentication to accounts to prevent unauthorised access.
These are six features you need to look for when selecting a crypto exchange for trading.