How to Tell Good from Bad Bitcoin Exchanges – 2024 Tips

Thinking about getting into the cryptocurrency business? First and foremost, you should know that there are different trading centers and functions, and you can act on your own, or through your company. There are hundreds of exchanges daily, which makes it hard to track and understand the overall flow when it comes to any new and upcoming crypto value. In this article, we will help you understand how to tell good from bad BTC exchange and transaction options. Keep on reading and find out all there is to know.

Top 8 things to understand and keep an eye out for when it comes to good or bad Bitcoin exchanges

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  1. Good reputation

If you want someone else to handle your money, make sure that it is by a trustworthy source. You should read different reviews when it comes to new sites before you make your choice, or before you start exchanging your money. Browse through some online forums and consult communities like Telegram and Reddit to get a real and authentic opinion. You can also read some blogs and listen to some podcasts if you have some spare time.

  1. Great fees are a must

BTC fees and exchanges will depend on this factor, a lot. How much does it cost to trade on their platform? Great exchangers are transparent with their fees, and they have no issues with talking about their community or changes. Make sure to avoid sites that have high storage fees or some weird margin rollover fees. In general, here is a scheme of what you can expect:

  • Bank transfer – 75 % of exchanges accept SEPA or wire transfers
  • Credit card – 15 % of exchanges accept Visa/Mastercard/AmEx
  • PayPal – 2 % of exchanges accept PayPal
  • Cash – 10 % of exchanges facilitate cash purchases through WesternUnion, p2p meetups, Payoneer, and other mediums
  1. Great payment options

Everyone prefers diversity, and sometimes more is truly more. All exchanges will offer two payment methods. The most common one is the e-wallet. You can use SEPA or wire transfers, and some will gladly accept Visa or MasterCard. The next common go-to is Payoneer, as well as PayPal, as we’ve mentioned in the upper paragraph as well. You should go for a payment option that is convenient for you. Use something that is globally spread in your country as well.

  1. Easy to use as well as practical

Getting your hands on something that is practical and easy to use should be your go-to goal, especially if you are just starting out when it comes to different cryptos. Many crypto traders are welcoming new users as time goes on. Centralized platforms are super easy to use. Make sure that your provided has an amazing withdrawal process, ease of use, as well as no downtime when it comes to your payments. The faster it is and the better the conversion rate, the better and safer for all of you!

  1. Practical verification

The verification process is quite important in most business, and so it is in the BTC exchange world. You are at a good exchange office and you will feel safe if they are asking for your ID or passport picture. However, something that is too long and exhausting might seem like a scam. Go for a site that has a lot of positive reviews (as previously mentioned) and let the provider guide you through their verification process. If it is easy to navigate through and seems like your regular go-to, it is safe and legit!

  1. Great availability for the entire community

How available and open is your country to your chosen cryptocurrency? In fact, how important or talked-about is crypto or BTC in your country? Nowadays, it is important to have a reliable service and an amazing provider at all times, and with an amazing availability in your country. Do you live in the USA, Europe, or perhaps India? Different regulations will apply from one place to the other. So, do they have an amazing support system as well? Either way, we will talk about this aspect even more down below, just giving you a heads up!

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  1. Great security measures

Speed is key. After that, verification is essential. How does your chosen provider act at their first line of defense? You should have any additional protection turned on, such as through your SMS confirmation center. Hacking is quite common and popular in the crypto industry (unfortunately), but you can prevent it, or at least slow it down. How? Well, think about:

  • Someone who has cold-stored coins
  • Verify your identity always and before making your deposit
  • Turn on a two-factor authentication feature
  1. Good customer service

Good customer service should be reliable and easy to get to at all times. You should feel safe, protected, as well as respected at your chosen site. Their customer service should provide you with English-speaking members, along with some Korean, Japanese, and Mandarin natives or operators since most cryptocurrencies are a huge trend in countries such as China, Japan, and Korea. Diversity might be essential in this case. So, how easy is it to reach them, and will they charge for their services?

So, what are the best BTC exchanges that you can choose from?

Have you learned a thing or two when it comes to money exchanges? Or do you need even more information that is beginner-friendly as well as easy to understand? We believe that you will appreciate reading and browsing through their article as well.

In fact, they have listed their best bitcoin exchanges, and have talked about Bitcoin, Cash App, Binance, as well as Bisq. With their help and our guidance, as well as with these practical top 8 tips and tricks, you will be one step closer to understanding the crypto world, as well as making big changes and making proper exchanges! Let us know what your experience has been like thus far, we would love to know.