With the rising trend of digitization, a number of new technologies have emerged within our lifestyle. We can realize the gradual involvement of tech and AI around. Just with this drastic change in technology, one of the major development that we can notice around us is Cryptocurrency. Crypto is used in various functions; some of the population use them as a mode of transaction while some use them as an investment tool. And with the rise of crypto, various other technologies associated with it are also on a sudden rise. One of the latest and most advanced technology is Cryptocurrency Exchange. It allows you to make transactions or make sales or purchases in crypto.
Various exchanges are unique in their own way but share the same motto: buying and selling crypto assets. Still, some factors affect the credibility of the platform. Deciding factors like demand, interface functionality, mining, safety, etc., are most important while going for a site. And if you are new to the field and want a quick answer, try a safe crypto exchange market like Quickex.
You can also find the Guide to Cryptocurrency Conferences for Investors and Traders.
To keep up with the topic, we are here to guide you in making the decision best crypto exchange for yourself.
Factors Affecting a Crypto Exchange
- GoodWill: GoodWill refers to the reputation that something or someone holds. In this case, the exchange that is well-reviewed and is trusted by everyone should be your priority. There are many ratings available on the internet that you can read and use for your research.
- Customer Service: Imagine getting into a situation where you cannot get yourself out on your own. Here comes the customer service team of the platform. The service should be both efficient and effective. Therefore, make sure of customer service to avoid the chances of becoming a client of some objectionable site.
- Operating Fees: These various crypto exchanges make their money through the operating fees that they charge. With each transaction or trade activity happening on the platform, it charges a fee. Before signing up for an exchange, we recommend you thoroughly read that platform’s terms and conditions. A great option for you with all these qualities can be Binance.
- UI/UX: You might think that how can user interface plays a role in making a decision, but indeed, the user must be familiar with all the terms and conditions and functions of the site. The interface should be user-friendly with a smooth and attractive experience. Also, the site must be updated with the trend and availability.
Tips to Keep Your Crypto Sade for an Exchange
Security is a primary requirement for anyone. When a user decides to trade in crypto or at least buy some of them, the main concern behind that decision is to invest their money in some future-proof options.
One of the reasons why crypto has gained popularity among citizens is that it is completely based on blockchain technology. Blockchain technology keeps all the track records of the transaction and ownerships private in blocks. With each trade, it becomes more complex for anyone to mess with the information, which results in it making it almost impossible to crack.
However, even with blockchain technology, there are some measures that you can adopt to make your experience more secure.
- Use VPN: VPN (Virtual Private Network) can be a bane for your exchange process. VPNs help in censoring the crucial information of your system, which can be its IP address, geolocation, etc. It encrypts the data that is almost impossible to decrypt by a hacker or someone who just want to tamper with your information. Some VPNs are available on a paid membership; however, if you research enough, there might be a chance that you might find a brilliant option for yourself for free.
- Enable 2-Factor Authentication: when you log in to your account, the platform asks you whether you want to enable 2FA (2-Factor Authentication) for your account. It would be a savvy option for you. 2FA is like an additional stage of security to your account. Every time you log in to your account, the platform sends a code to your contact details (it can be either your phone number or your mail account). Just like OTP, enter that code to authenticate yourself and move on with the login process.
- Strong Password: Passwords are the most basic thing that must be secured. With a strong password, your data becomes even more secure. By strong password, we mean that it should meet all the necessary requirements. Your password must contain a minimum of 8 characters, at least one uppercase, at least one lowercase, symbols, and numbers. Your passwords should look like this:
You see, it meets all the criteria so that the data can become more secure and more complicated to crack.
- Offline Storage: It is always a good option to store your valuable data offline. On the internet, your data is always at a high risk of getting hacked by some notorious individual. Keeping your data offline can not only make times several times more secure but can also keep it more private to yourself. Only take them online when you need to make any transaction or trade.
This was a brief checklist that you should make sure to go right with your own account. Make your investments and hard-earned money more secure with these steps. However, mishappening can take place anytime. Even your most secured asset can be in danger of getting compromised. So what if, just in case, your crypto exchange gets hacked? Follow the next segment of the article.
What if Your Crypto Exchange Gets Hacked
Tough luck can knock on your doors at any point in your life. Does not matter how much privacy and security layer you use for your account; if you are having some bad days, you will still find some challenges.
Therefore, we must prepare you for a situation when your account gets hacked, and all your investments come into danger.
- Contact the customer service center of the site you were dealing with as soon as possible. Report the problem or any mishappening going on with your account.
- Ask them to freeze your account until you get it back to you. This will resist the hacker from misusing any of the amount present in your balance. Report this security breach to the service authority in any way possible.
- If you get a notification regarding a new login or attempt to log in that was not you, change the password and login details as soon as possible. Do not give any time to the hacker to misuse your assets in any manner.
- Withdraw all the funds from the account. As stated earlier, try to keep all the assets offline so that even in case your account gets breached, your data will still be safe under your observation.
- Try connecting with customer service through any means and report the breach. Every exchange website has all the contact details (phone number, contact details, social media) written on their page. But we recommend that in case of emergency, contact them via a mobile number for an instant solution.