Criteria for Choosing a Good Exchange || 10% payout to tron-fan-club

Hello dear friends. Welcome to my blog. I trust you've been enjoying my content. Today I will be sharing with us criteria for choosing a very good exchange, centralized exchange to be precise.

Centralized exchange as we know is an exchange where you don't own the private key to your asset. Your asset is been managed by the exchange but somehow we still need the service of these exchanges. Since that is the case, absolute care need to be taken in choosing the one that will suit us or serve us well. Let's look as some of these criteria.

Security

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The first and foremost criteria and feature to look out for is the security. It's my opinion though and I know it valid. If by any means you heard the bank you're about to put your hard earned money in is not secured and has been hacked severally by hackers or broken into by thieves,would you still go ahead and put your money there? Well am sure the answer in your mind is a big and emphatic "NO". That is how you should treat a centralized exchange. Look out for the security strength. Platforms like coingecko and coinmarketcap had been doing an excellent job in that regards. You can get all manner of information about anything that's related to crypto or blockchain even to the minuest detail. Do well to consider this so you don't lose you asset.

Transaction Fees

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Generally there is always a fee for transacting on Cex but the downside is that some of these platforms charges more than the other. Now the question is what is the essence of trading or transacting on the platform and then charged outrageously as service fee. It would have been better transacting with your local banks then. Cheap transaction fee should be top priority for investors when looking out for a good cex so you don't end up using a substantial part of your money as service / transaction fee.

Payment Methods

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Every cex has a payment and receipt method. You have to look out for the one that suit you or better still suits your location. Most cex basically allows the debit or credit card for transaction or trading activities. Some very outstanding exchange like binance also had a feature called the p2p system of transaction which has been very helpful to many user especially folk from Nigeria who would be apprehended if involved in any transaction that is crypto related. I am Nigerian so I understand this part better. P2P system had been a bail out as we ain't allowed to used the debit and credit card on the platform as it could easily expose our transaction. This should be taken note of by investors.

Asset Traded or Supported

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Another thing to look out for before committing your asset to an exchange (CEX) is the type of asset traded or supported by the asset. Some cex have a lot of asset that are being traded there nevertheless they lack some asset that most investors would love to trade. So as a wise investor you have to check if the asset you would want to trade is supported by the exchange. If not,you have no business opening an account because it will be of no use unless it gets listed on that cex later on in future. You can also make reference to coinmarketcap or coingecko which are very useful tool to help you check the list of supported coin on every cex most especially the one you would have loved to trade your asset in.

Active Customer Service Unit

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This is also key when choosing Cex. The customer service must be active and always available to attend to complaint or difficulty experienced by users. I have an experience along this line and this happened to me just yesterday on binance when I sold out 23 Usdt. The buyer sent the money but I had difficulty in confirming the buyers payment which automatically means that the coin would not be released to the buyer. I had to make an appeal telling them I've received the buyers payment and that the coin should be released to the buyer. To my utmost suprise this was resolved within a very short period of time. This is not to promote binance or advertise for them,I just share my experience to emphasize this point.

Reputation and Rank

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Most people care less about this but I must tell you it's very important. A good reputation and ranking is not earned by doing nothing. People and organization earn good reputation and ranks by value and by being excellent. It very import you do a little research about Cex in terms of reputation and ranking so you can see the ones that are really doing well and that are generally accepted because of the value they have dished out over time. Hope you've not forgotten that you have coinmarketcap and coingecko at your disposal for research like this.

Conclusion

Am sure you've been able to pick one or two lessons from this post. You do well to conduct more research before opening an account and committing your hard earned asset with that cex which has always been your mind. Feel free to drop your though as touching this content and let's run minds.

Regard:
@lhorgic♥️