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What Is the Best Way to Find the Top Cryptocurrency Exchange in Canada?

As per the latest data, the value of one token of Ethereum has reached $ 1,218.59, and the ETH market cap has reached $138.83 billion. Things are also bright for the number one cryptocurrency, Bitcoin, which has closed above $18,000 after 2018. Analysts predict Bitcoin will surpass its all-time high within the next few months.

If you plan to invest in cryptocurrencies, you need to find the top cryptocurrency exchange. To make things easy for you, here are some tips for finding the top cryptocurrency exchange.

What Is Cryptocurrency Exchange?

Cryptocurrency Exchange is a digital marketplace where you can buy or sell crypto assets. Canada allows transactions in digital currencies, and there are few reputed cryptocurrency exchanges you can use. There are different types of cryptocurrency exchanges like future exchanges, decentralized exchanges, fiat exchanges, and crypto exchanges. Here is a list of questions you need to ask when selecting a crypto exchange to narrow your choices. 

Are You a Trader or Investor?

According to experts like Swyftx Crypto Exchange, your investment strategy plays a vital role in selecting a crypto exchange platform. Here are two popular ways of crypto investment.

  • Investing in Bitcoin or Ethereum for long term
  • Trading in and out of Altcoins positions to generate profit

If you plan to invest in cryptocurrency for the long term, you need to look for fiat exchanges. In this type of crypto investment, you deposit money in US dollars, Yuan, Yen, Euro, Pounds, or any currency that cryptocurrency exchange accepts. Once your deposit is accepted, you can buy cryptocurrencies traded on the platform.

Now that you know what kind of crypto trading platform suits your needs, here are some crucial factors that you need to focus on when selecting a crypto exchange.

Easy to Use

Cryptocurrency trading is performed online. Hence interface plays a vital role in the whole trading experience. For example, Swyftx Crypto Exchange has a straightforward and user-friendly interface. The registration process is quick, and it offers different options to verify your identity. It has kept things simple for the user, and the interface is not overcrowded with features that most investors/traders don’t use.

Fees

Crypto exchanges have high trading volumes, and investors must pay specific fees for transactions performed on the platform. Though the fees are competitive, you need to analyze the prices before making a decision. The top crypto exchanges will have higher fees than lesser-known crypto exchanges.

There is no point in selecting a crypto exchange just because it has low fees. You should be ready for a nasty surprise if you sign up with such exchanges. These crypto exchanges have shallow trading volumes, and it is hard for users to buy or sell crypto coins at a reasonable price.

Number of Cryptocurrencies Available

As of January 2021, there are more than 4000 cryptocurrencies in existence. Most investors are interested in top crypto coins, but the variety of crypto assets is always welcome.  While Bitcoin and Ethereum are the tops coins in the market today, several other crypto assets could have significant gains in 2021 and after that. 

Crypto assets like Polkadot, XRP, Monero, and Chainlink are expected to register explosive growth in the coming years. A crypto exchange that gives you more vehicles for investment is a welcoming thing.  This way, you can have a broader investment profile and have chances to earn big with the rising popularity of cryptocurrencies.

Security

The popularity of cryptocurrencies has attracted the attention of hackers and people operating with malicious intent. Once praised as unhackable, hackers have identified several blockchain security weaknesses that can be exploited. For example, in a 51% attack, a group of miners with malicious intentions controls more than 50% of the blockchain network.

Other crypto-threats include hacking accounts and crypto coins theft. Leading crypto exchanges offer a high level of security to users. Some of them are

  • Multi-factor authentication – Users must go through 2-step verification every time they access their crypto coins account.  It adds a layer of security to your digital wallets, and bypassing security is not easy.
  • Cold storage of crypto coins– Crypto coin theft is only possible for online crypto coins. Leading crypto exchanges keep 90%of crypto assets in cold storage (offline) and are available during trading hours or when transactions are performed online.
  • Notifications – Users receive notifications in registered email for every login attempt. 

To sum up, not all crypto exchanges are the same, and your trading experience depends on the factors discussed above.  When you focus on essential aspects, you come closer to selecting the best cryptocurrency exchange that allows you to reap maximum benefits of crypto assets trading without sacrificing convenience and security.

Suza Anjleena

Suza Anjleena is a Blogger, Tech Geek, SEO Expert, and Designer. Loves to buy books online, read and write about Technology, Gadgets, and Gaming, LifeStyle, Education, Business, and more category articles that are liked by most of her audience. You can contact me via Email to: Beutyanjleena@gmail.com Thanks

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