How to Find the Best Crypto Exchange Platform
With the rise of cryptocurrencies, many people are looking for a reliable place to buy, sell and store them. This is where crypto exchanges come into play – they provide a platform that lets you trade different coins with one another as well as keep some on their online wallets or exchange them for fiat currencies such as USD or EUR. As a bottom line, the best crypto exchanges in Singapore should have the best security protocols and best prices, because that is what they are best at.
An excellent crypto exchange platform should be easy to use for anyone, including beginners. However, it should also offer a number of advanced features for more experienced traders. That’s why it’s important to do a little research before you choose the best crypto exchange in Singapore for yourself.
Here are the most important criteria to consider when choosing the best crypto exchange platforms in Singapore:
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Security
What makes the best crypto exchanges best is their security measures. This means that the most promising crypto exchange platforms should offer advanced security protocols (like two-factor authentication) and encryption technologies (like SSL). That way your accounts will be safe from hacking attempts even when you store large amounts on them.
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Fees
Of course, care should also be taken to check for the crypto exchange prices and fees. Generally, the most reasonable crypto exchanges charge a 1% fee for every transaction you make on their platform. However, some also offer special deals and discounts to users who trade large sums or keep their coins on the platform’s online wallets (you should be careful with such offers because your coins can still get hacked if they aren’t kept in cold storage). If you don’t like the rates that the platform of your choice offers, you can compare different exchange rates using a site like MoneySmart to make sure that you are getting the best deal.
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Trading pairs and coins
As you may already know, different crypto exchanges trade various cryptocurrencies against each other as well as against fiat currencies. This means that you can buy coins at the best price from the crypto exchange platforms with a wide range of different trading pairs.
If possible, look for crypto exchanges that allow you to trade some unusual or rare cryptocurrencies as well. You also want to have a wide selection of coins to choose from so that you can diversify your portfolio and minimize risks.
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Availability
The best crypto exchange in Singapore should also be available globally so that you can trade wherever you are. In addition, the most suitable crypto exchange platforms in Singapore should offer good customer support service and fast deposits and withdrawals of fiat currencies.
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Buy/Trade options
It’s also important to check whether the crypto exchange platforms you’re considering offer what you need. While some platforms only allow you to use credit cards when buying or selling, others also let you deposit and withdraw fiat currencies through bank transfers, PayPal, or other payment gateways.
Some of the best crypto platforms also let you use cryptocurrencies as a payment method, which is very convenient for merchants and buyers alike.
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Wallet options
As mentioned above, one of the essential features of crypto exchange platforms is that they provide online wallets where you can store cryptocurrencies. Of course, since these are third-party services, it’s extremely important to check whether the crypto exchange platform of your choice allows their users to withdraw money from their wallets and transfer them to other wallets or simply keep them on the platform’s wallet.
The best crypto exchanges in Singapore should also allow their users to trade between different wallets if they are not able to transfer the coins directly from their wallets.
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Customer support services
Crypto exchanges make a lot of money on fees, so don’t be surprised that customer service isn’t one of their priorities. That’s why it’s important to check whether the crypto platform that you’re considering has a good customer support service that can help answer questions and solve issues quickly.
Specifically, you should look for exchanges with live chat options so that you can ask any questions whenever something comes up. In addition, the best crypto exchange platforms in Singapore should offer dedicated FAQ pages and tutorials where you can look up information about their services.
The best crypto exchange companies in Singapore should also have responsive social media accounts so that you can reach them when necessary.
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Interest or rewards
While the best crypto exchanges usually make a lot of money from their fee policies, some also offer various methods to attract new customers. In other words, you could get referral rewards or even discounts for using certain services as long as you follow through with them.
Some platforms even offer rewards to inspire you to retain your money on their platforms. The downside, in most cases, is that compared to traditional bank accounts, the holdings are not FDIC-insured. As such, should the crypto platform take a dip, you may risk losing all your money.
To sum everything up,
The tips mentioned in this article should go a long way in helping you find the best crypto exchange platform in Singapore. If possible, keep an eye out for reviews and articles about crypto exchanges online to learn more about their current standing with the community.
For beginners, it’s also important to check whether the crypto platform that you are interested in accepts fiat currencies or not since they may want to start with a few dollars to test their luck with the market.
The best advice for picking a good crypto exchange platform in Singapore is to find exchanges that are within your parameters, especially when it comes to fees.