Some exchanges, such as Binance, have a long history and huge customer base. Others, such as Bexplus, offer unique services. Here are some important facts to consider when choosing your exchange.
Why do you need a crypto exchange?
A crypto exchange is a place for you to buy and sell cryptocurrency as well as buying derivatives. Some exchanges only allow you to trade one crypto for another, while some offer CFDs (contract for difference) and options so you can make money from the price swings. You can also stake your crypto to earn interest or deposit money in an interest-bearing wallet. No one crypto exchange is perfect so you should do some research to find the one that suits you best.
What to look for in an exchange?
Since trading crypto is not available in every country, you might not be able to trade in some exchanges. For instance, the U.S. has complicated and unclear regulations on cryptocurrency, and regulations can differ from state to state. In the U.S., traders can access exchanges including Bitmex and Bybit.
Fees are another important consideration and could have a huge impact on your returns. Usually, exchanges charge different tokens for different rates, often a percentage of your trade. Besides trading fees, some exchanges such as Binance will charge a funding fee that needs to be paid every 8 hours. Some exchanges will give you a discount if you fulfill certain requirements, including owning the tokens launched by the exchange or becoming a VIP or frequent trader. Before you trade, don’t hesitate to ask customer service for such information. Make sure to figure out what kinds of fees an exchange plans to charge you for your transactions.
Even if you are not a beginner, you can still use educational materials from time to time. A good exchange will share information about different tokens, strategies, and blockchain technology with users. Bexplus exchange, for instance, assigns account managers and offers analysis to users.
In the Bexplus exchange, another feature for users is the trading simulator. Upon registration, users are given a demo account with 10 BTC. They can learn the ins and outs of futures trading and practice strategies with the demo account. Bexplus encourages users to practice in the demo account. When Bexplus holds a demo trading competition, users can compete with each other and earn rewards.
Besides the factors mentioned above, there are other factors you should consider before entering a trade. These include app support, customer support, security, and liquidity. If you are a beginner, it is recommended that you check out the Bexplus exchange. Bexplus cryptocurrency exchange is open to more than 1 million traders from over 200 countries, including U.S., Iran, Japan and Korea. There is no deposit fee in Bexplus and the fee structure is simple. Besides futures trading, you can enjoy a 100% deposit bonus and up to 21% annualized interest wallet in Bexplus.
Features of Bexplus
- No KYC requirement, registration with Email verification within a few minutes
- Demo account with 10 BTC for traders to get familiar with leverage trading
Sign up to get a 100% bonus and use a simulated account to test your strategy.