CryptoExchange (http://www.cryptoexchange.com) is a leading platform for cryptocurrency exchanges and escrow services. In this review, we will outline some of the key features of the platform and compare them to the factors that should be involved in your decision.
Cryptocurrencies can be purchased using a variety of different methods between platforms. Many exchanges offer bank transfer, Paypal, or credit and debit cards as options to fund your account. If you are a new trader, it is important to find an exchange that allows you to do transactions with fiat currency. For those looking to take advantage of an opportunity quickly, it is also important to consider the transaction time (in some cases, the exchange may take days or weeks).
CryptoExchange.com allows users to buy cryptocurrencies using a bank deposit, credit or debit card (Visa or Mastercard), P2P trading (such as a bank transfer), or through a third party payment system (including Simplex and Banxa). The wide variety of options allows almost any trader to make their first purchase. Reviews on third-party sites also suggest the transaction times are relatively quick compared to some of the larger exchanges.
A variety of exchanges will offer Bitcoin and Ethereum, arguably the two most well-known cryptocurrency exchanges. While the availability to trade these two currencies is good, there are many other altcoins that are now taking the world by storm. Therefore, when choosing your crypto exchange, you must select one that supports all the coins you are hoping to purchase. Although the offerings are not as diverse as Binance, CryptoExchange offers trade pairings with Ripple (XRP) and Litecoin (LTC), giving it good diversity for an exchange of its size.
Transaction fees and their structures are one of the most important considerations to make when selecting an exchange. Some exchanges offer discounted fees that are favorable to new traders and those with a small trading volume, while others find a flat rate more beneficial if they deal in large transactions. CryptoExchange charges a 0.1% fee on every trade made on the market and also provides an additional 0.01% rebate on limited partnership (LP) orders. Most cryptocurrency exchanges will range from a 0.1% – 0.9% sell fee and a charge fee of up to 2%. By comparison, this suggests CryptoExchange offers an advantageous rate.
After large exchange hacks like Mt.Gox, it is essential for traders to do research to guarantee that the platform is both legitimate and secure. A couple of indicators for strong security protocols include proper licenses and regulations in the area of operation. CryptoExchange offers licensed and regulated services and employs only experienced escrow officers to conduct transactions.
Other considerations might include researching the background of the company, reviews from the public, and sentiment around the company founders if available. As a newer platform, few reviews exist on third-party websites with the only comments available regarding quick transaction times.
An additional area of security is how active the online support team is. For larger exchanges, it is not uncommon for requests to go days (or weeks) without hearing a response. CryptoExchange prides itself in offering live phone support from Monday to Friday, from 8 AM to 11 PM, and 24/7 email support.
User Experience and an Easy to Use Interface
Those who are new to cryptocurrency trades will likely want to actively seek out an easy to use platform that requires limited learning time. User experience is a little bit harder to measure since this is a subjective set of criteria. That said, an indication of a good exchange is often evident in the number of repeat users and the general navigability of the website.
On initial inspection, the website itself is easy to navigate, and signing up is simple, requiring only an email or phone number and password. Therefore, traders who value an easy to use interface might benefit from investigating the platform for themselves. Long sign up processes are typically off-putting to traders who like to act quickly on new opportunities and don’t have time to spare to know your customer (KYC) verification.
Selecting a Cryptocurrency Exchange Platform
It is important to remember that choosing a cryptocurrency exchange is about finding the right balance of factors for your trading style. Each exchange is different and offers unique benefits. Comparing all of your options will help to ensure you have picked the best exchange for your circumstances. Upon initial inspection, CryptoExchange offers many good features for an exchange of its size and is worth at least an initial investigation, especially for those interested in escrow services.