Top 5 Things You Should Look for When Buying Crypto

In the past few years, crypto has gained remarkable popularity, attracting both new and experienced investors. The decentralized nature of cryptocurrencies and their potential on the market make them an investment option worth considering.

And with the high popularity of crypto, many companies have started developing specialized platforms to help crypto enthusiasts deal with cryptocurrencies seamlessly and securely.

Now, how do you choose the right platforms when you want to purchase a certain cryptocurrency or even sell crypto you’ve been holding? What things should you consider and pay attention to? Well, let’s talk about the top 5 factors to consider when you buy crypto.

Where Can You Buy Crypto?

As we mentioned before, numerous platforms are designed to help users buy crypto. The most popular might be cryptocurrency exchanges. These are specialized platforms that allow users to purchase, sell, exchange, trade, and sometimes hold various types of cryptocurrencies.

Crypto exchanges can be divided into two main categories: centralized and decentralized. At the moment, centralized exchanges might gather a higher trading volume, but decentralized platforms come with many significant advantages, too.

Brokerage services such as Robinhood or eToro are also popular for purchasing cryptocurrencies. These services allow users to buy tokens and coins through a more traditional approach, offering them a bit more flexibility.

Another place where you can go to buy crypto is a P2E (Peer-to-Peer) platform. Peer-to-peer platforms enable direct transactions between buyers and sellers. This option might be suitable for more experienced crypto investors.

Last but not least, we have an option that is not as advanced and safe as those before but is still quite popular in the industry: Bitcoin ATMs. Yes, you can actually go to an ATM and purchase crypto. However, you will not withdraw it as you do with fiat. Instead, you will move it to your Bitcoin wallet.

Top 5 Things to Consider When Buying Crypto

With so many options available on the market, it can sometimes be hard to consider multiple factors when choosing a platform where to buy crypto. However, it is essential to ensure that the one you choose is safe and provides the features you are looking for.

Thus, let’s see what you should pay attention to.

The Fees

Fees are extremely important, especially when you reach a point where your daily trades are more significant. You don’t want to pay a small fortune on fees, nor do you want to choose a certain platform only for its low fees, but then find out it’s not safe.

Thus, you have to find the best-case scenario: a trustworthy platform that focuses on keeping transaction fees as low as possible.

Swapped, for example, maintains its fees quite low compared to other popular similar platforms, charging 1.75% for credit card purchases and 0.5% for bank transfers.

The Platform Itself

The crypto platform you choose should have some basic advantages or features, such as:

• Security – Ensure the platform has solid security features, such as 2FA (Two-Factor Authentication), encryption, and cold storage for users’ funds;
• User interface: A user-friendly interface can make the buying process easier and faster. This will be a benefit, especially for beginners who are just learning what it takes to deal with crypto and how to use the specialized platforms;
• Reputation: Research the platform’s reputation by reading user reviews and checking for any history of hacks or security breaches. You can also form an opinion about a certain crypto project by looking at its online content and how it communicates with its community;
• Regulation and compliance: Platforms that comply with regulatory standards frequently offer more protection to users.

The Support

Customer support is a vital aspect of any cryptocurrency-related platform. Good customer support can help resolve issues quickly and provide guidance when needed. There are some key aspects you should consider:

• Availability: Check if the support is available 24/7 and through multiple channels, such as live chat, email, and phone;
• Responsiveness: Look for reviews or testimonials about the response time and effectiveness of the support team. This will give you a better look over how fast a potential problem of yours will be solved;
• Educational resources: When you’re just starting your crypto journey (and not only), having access to educational content can be golden. Some platforms provide detailed guides about the crypto industry and tutorials for various processes they facilitate. You can also check if the exchange or trading platform you want to use offers a FAQ section.

The Audits

A platform that constantly checks for bugs to resolve and things to improve is one step closer to success and wide adoption. Besides, regular audits are a sign of a trustworthy and transparent crypto project.

You can check if the platform lets third parties conduct audits to verify its security protocols, financial stability, and compliance with regulations.

Besides, try to find out how frequently the project conducts such audits. Regular audits (quarterly or annually, for example) are an indicator of an ongoing commitment to improve and provide a secure and transparent product.

You can also look for publicly available audit reports. This, along with the project’s whitepaper, will help you find the platform’s advantages, as well as its potential weaknesses.

Furthermore, a project that has certain certifications from prominent entities in the crypto industry will be significantly more reliable. Such certifications increase trust and transparency, and these are some of the top things absolutely every crypto enthusiast will look for.

Just imagine that you have to choose between an unregistered crypto casino and a licensed crypto gambling platform. We all know what the final choice will be, right?

The Coins and Payment Methods Supported

Considering the tremendous number of cryptocurrencies available on the market, a crypto trading platform should offer significant accessibility when it comes to supporting them.

The number of supported cryptocurrencies, as well as payment, deposit, and withdrawal methods, can significantly impact your buying decisions.

So, you should look for a platform that supports multiple cryptocurrencies. Besides, you probably have some that you focus on, so ensure that it supports all of them.

Furthermore, check the available payment methods to ensure they align with your preferences. Such platforms should support at least bank transfers, credit cards, debit cards, and a series of third-party payment services. Those supporting Apple Pay and Google Pay may be even better.

You should also look into the transaction, withdrawal, and deposit limits and times. Try to find a platform that suits your expectations. If you want to trade bigger amounts of crypto, you should look for an option that has no transaction limits.

In Conclusion

Buying crypto is an intriguing activity that requires carefully checking the projects you rely on. With so many hacks and thefts affecting the crypto market, it is no wonder that crypto investors become more and more skeptical.

However, by focusing on fees, customer support, audits, and the cryptocurrencies and payment methods supported, you are one step closer to having a positive and seamless crypto trading experience.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.