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How to Choose an Exchange for Safe Cryptocurrency Trading?

Crypto is an indispensable monetary tool for travelers. Here’s how to not lose your money.

Cryptocurrency trading is a popular way to generate income using crypto assets. Buying coins at a lower price and selling them at a higher rate is the simplest explanation for crypto trading. However, it is much more complex than just buying and selling. There are advanced trading strategies such as:

  • Intraday trading
  • Scalping
  • Swing

They imply different dynamics of buying and selling coins. Also, traders use such financial tools as futures trading and margin, meaning speculation on further price movement and borrowing funds for a better position when entering the market. These advanced tools are available on large crypto exchanges. Let’s list the best services where you can buy crypto safely:

  1. Binance
  2. WhiteBIT
  3. Coinbase
  4. Huobi

The safest crypto exchange is WhiteBIT, so let’s see what makes it the best in terms of safety.

Qualities of the Most Secure Cryptocurrency Exchange

Large and credible crypto exchanges that offer a wide range of trading tools and assets belong to the centralized type. Centralized platforms store their clients’ funds in their servers and ensure their high protection. For that purpose, they implement complex mechanisms of protection, two-factor authentication, and other layers of user security. For example,  the WhiteBIT exchange holds 96% of users’ finds on cold wallets, making them inaccessible to hackers or third parties. WhiteBIT also has an insurance fund collected from trading fees.

All centralized crypto platforms verify their users to make sure they know their clients. It is done with the purpose of ensuring the safety of other users. That is called KYC verification. If a user wants to access all the financial instruments and tools, one passes KYC. 

Also, the official platforms we have listed above work as banks. That is, they have management and a central body that controls transactions and notices any suspicious activity. Any illegal action is tracked and blocked. It makes such platforms safe and reliable.

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