Best Altcoin Exchange
If you are looking for the best altcoin exchange you have come to the right place.
In this article I am reviewing the best altcoin exchanges in terms of the following criteria:
- The exchange fees
- The trading instruments available
- The ease of use
- The safety
- The cryptocurrencies available
In this article, I will focus on buying a cryptocurrency but, of course, everything described here also applies to selling a cryptocurrency.
Let’s discover the best altcoin exchange
The first thing that is important when choosing an altcoin exchange is which cryptocurrency you want to buy.
This is important because not every cryptocurrency can be traded on every exchange.
Once you have put together a list of all altcoin exchanges that serve the specific cryptocurrency you are interested in, the next step is to find out which of these exchanges allow you deposit fiat currency such as USD.
This is important because you need to deposit funds into the altcoin exchange first before you can start buying.
If an exchange (we will call that exchange “Exchange A”) doesn’t allow fiat currency deposits or withdraws (e.g. from your bank account) you need to find a different exchange (we will call that exchange “exchange B”) that allows USD deposits.
After depositing USD into that second exchange (exchange B) you then need to buy some cryptocurrency that is traded on this exchange and your chosen altcoin exchange (exchange A).
You now need to send the cryptocurrency from the second exchange (exchange B) to the first exchange (exchange A) in order to have funds available to buy the cryptocurrency that you were initially interested in.
To summarise what we have discussed so far in order to find the best altcoin exchange:
Put together a list of all altcoin exchanges where you can buy the cryptocurrency you want to buy.
From this list select all exchanges into which you are able to deposit some funds.
Now you have a list of exchanges that are all suitable for your endeavour.
But which of these exchanges is the best altcoin exchange for you?
If you are only interesting in buying (and maybe selling) a specific coin or token, it’s not of any importance for you whether the exchange offers any other trading instruments such as margin trading etc.
What is of importance, however, is how much the exchange charges in terms of fees.
Most exchanges publish their fees on their website and you want to check for the following: What are the fees for depositing funds, withdrawing funds, buying coins / tokens and selling coins / tokens.
Fees can vary a lot from exchange to exchange so it can be worth your while to spend some time on this task.
Fees, however, are not the only selection criteria.
Safety and user friendliness are also important and you might find that you rather pay a slightly higher fee knowing that your money is safer at the more expensive exchange.
When it comes to safety it’s important to consider what measure the exchange has put in place to protect your account and your funds.
Measures include (but are not limited to keeping funds in cold storage, i.e. disconnected from the internet and thereby out of reach for hackers), using 2-step authentication etc.
Also, are you automatically being logged out after not using the account for a few minutes or when you turn off your computer?
The aspect of user-friendliness is a very subjective one because what I might consider an exchange that is easy to use might not be the same as what you might consider.
I hope this brief introduction helps you in deciding which is the best altcoin exchange for your specific purpose.