Did you know that the global cryptocurrency market is expected to reach $4.94 billion by the year 2030?

Now, that’s a huge number! According to the World Economic Forum report, about 10% of the global GDP will be based on blockchain by the year 2027.

If you are someone who has knowledge about the cryptocurrency market, you might have already noticed that the number of cryptocurrencies has risen a lot since 2013. 

Today, you can find more than 10,000 different cryptocurrencies across the globe, which is enough to blow your mind, especially if you are new to investment.

This is where crypto services or crypto exchanges come into the picture.

They are platforms that work quite similarly to a brokerage account. You can open an account, put money in it, and then use that money to buy and sell securities such as bonds, stocks, and more.

These services allow you to buy or sell cryptocurrencies. Also, you can choose to exchange your fiat currency for crypto.

Now, not all platforms offer the same features and benefits. And not all of them are safe to use. Then, what are the things that you should look for while zeroing in on a particular crypto service?

We will discuss that in detail here. Keep reading!

Things to Consider While Choosing the Right Cryptocurrency Service

We are introduced to more and more digital currencies every month, making it one of the most lucrative fields of investment in recent times.

But not all crypto services are equal, especially when it comes to quality and safety. If you want to make the most out of your crypto exchange, keep the following points in mind.

1. Go For Higher Security

You might have already heard of numerous instances where the exchanges faced security issues. So, it would be wise if you could make security your priority when choosing a crypto exchange.

Holding a coin in exchange is much like trusting someone else with your hard-earned money. But if an employee steals your coins or if someone hacks the exchange, the chances are that you will end up with no money. And yes, that can actually happen!

On most exchange websites, you can find information about the security procedures they follow. 

While it is true that no crypto service is 100% secure, you should always look for services that have been in the market for the longest time, have a strong customer base, and don’t have a history of security breaches.

To add an extra layer of protection to your cryptocurrencies, you can opt for features such as cold storage and a multi-signature wallet.

Cold storage uses a crypto wallet to store your crypto assets offline, disabling access to hackers.

With a multi-signature wallet, your account needs multiple types of verification, which makes it difficult for hackers to get hold of it.

If you are not sure which crypto service offers the highest level of security, you can check reviews on Newton Advisor. They have tons of in-depth reviews on their website on different crypto services.

2. Know If It Is User Friendly

Are you a newbie trader? Or, are you an expert in trading crypto?

If you fall under the former group and see that the trading platform has a complex interface, you may feel intimidated. The charts and the pool of information can scare you. 

In that case, the best option for you would be to choose a platform that is easy to use and understand, especially for a novice trader.

There are some crypto services that have both advanced and basic views, making it easier for all kinds of traders to use.

3. Go for the Highest Quality of Service

Don’t you check the reviews of some restaurants that you want to go to on the weekend? If so, do the same while choosing a crypto service.

Check what the previous as well as existing customers have to say about that particular platform. Are they satisfied with their service?

Also, make sure to check if they have good customer service. There may be times when your money is at stake, and there is something you need urgent assistance for.

If, in those scenarios, you don’t get a prompt response from the customer support team, you might end up losing money. And you don’t want that, right?

4. Check Its Asset Choices

Is the crypto service that you want to go for trading the assets that you are interested in?

Well, there are hundreds of cryptocurrencies out there. And no platform can make trading pairs available for each and every one of them. Most of them might have the coins that are in demand, for example, Ethereum, Binance, and Bitcoin. But they are less likely to have the less-popular coins.

So, do your research before you commit to a crypto service.

5. Check Its Transparency

Transparency is something you should always look for while going for a crypto service. Is this platform upfront with the fee structure they follow? Do they tell you how much time it will take to complete a transaction or trade? Do they provide proper information about the jurisdiction in which they operate? Do they vouch for their security?

If the answer is “no” to any of these questions, you may count it as a red flag. As you are already aware of hacks and scams that have been taking place in the crypto sector, make sure to take transparency seriously.

Final Thoughts

Choosing the right crypto service is of utmost importance when you are dealing with digital currencies. And you should always focus on choosing a service that offers the best quality and top-notch security.

After all, you don’t want to lose your money to some scammers, right?

Follow our tips and get the most out of your crypto exchange!