Best Cryptocurrency Exchanges and Apps of June 2024 – Forbes Advisor

Beyond fees, when choosing the best cryptocurrency exchange for your needs, consider things like:

• Safety
• Volumes exchanged
• Educational resources
• If the exchange lists the cryptocurrencies you are interested in purchasing

Safety

As cryptocurrencies have become increasingly popular and valuable, they have become a big target for hackers. Major exchanges such as Binance and KuCoin were hacked, resulting in tens of millions of dollars in losses. While exchanges often refund those whose coins have been stolen, no one wants to be in that position in the first place.

You can minimize risk by spreading your cryptocurrency purchases across multiple exchanges. Alternatively, get into the habit of moving your cryptocurrencies from an exchange’s default wallet to your own secure “cold” wallet. These are storage options that aren’t connected to the internet, making them nearly impossible to hack, though you’ll need to carefully record your passcode otherwise you could lose access to your encryption forever.

Coins available

Carefully consider the cryptocurrencies available on a particular exchange. You may be perfectly fine using a cryptocurrency exchange that only trades a few coins. Conversely, if you are a cryptocurrency fanatic, you may want to access all 600+ available on Gate.io.

Trading volume

The availability of coins alone is not enough if no transactions are carried out. Ideally, you will want to check that there is sufficient trading volume in the target coins to ensure this liquid assetsso you can easily exchange coins and dollars.

Low volume markets could cost you on sales. If there isn’t much volume and you place an order, it’s called slippage. You may end up buying at a higher price or selling at a lower price than you want.

If you are an advanced cryptocurrency trader, you may want to make sure your preferred exchange offers trading types, such as limit orders, that can prevent slippage by setting a fixed price, and margin you want. Remember that the types of trades involving the latter are still evolving in the United States, so the offerings of different exchanges may vary over time.

Educational resources

If you’re just getting started with cryptocurrency, look for an easy-to-use platform with lots of educational resources to help you understand this complex and rapidly developing market.

Accessibility

Finally, don’t assume that an exchange is available in your country, or even your state, just because you can access its website. Many state and federal governments are still trying to figure out how exactly to treat cryptocurrencies from a legal and tax perspective.

The search for the ideal cryptocurrency exchange is a nuanced journey, requiring investors to balance security, compliance, liquidity, usability, cost and diversity. The right exchange not only aligns with an investor’s goals and values, but also serves as a trusted partner in exploring the dynamic cryptocurrency frontier.

– Mikkel Morch, founder of ARK36

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