What To Look For In A Great Alternative Cryptocurrency Exchange

You’ve decided you want to be an altcoin trader. Believe it or not, the crypto exchange you use will play an important role in your eventual success or failure. Choose wisely or you may end up being faced with all kinds of nasty challenges you most likely never anticipated.

Let’s take a look at key factors that determine whether an exchange will likely meet your needs or not. If an exchange meets all of these requirements you probably have a winner. Otherwise keep shopping until you find the perfect service.

Security Has To Be Priority Number One

Exchanges that don’t focus on security get hacked. There’s no two ways around this simple fact of life on the modern internet. Stealing from exchanges is a VERY lucrative profession. Tons of professional criminals will stop at nothing to steal every virtual penny they can from digital wallets. Unless the exchange operators have spent sufficient time and resources to guard their vaults, losses can and will happen. There’s NO recovery AT ALL if this occurs, so you can expect a total loss. One way to determine whether an exchange is secure or not relates to their current reputation. Have they lost coins before? What precautions do they take to ensure that their wallets won’t be compromised?

Ask these questions upfront, before you put too much money at risk. Cryptocurrency stored on an exchange is ALWAYS at risk, however being careful with what exchanges you use can help minimize the potential for loss.

Speed And Site Performance

Nobody likes a slow website, especially an active trading service website! Who wants to enter an order and then wait to see if it went through or something screwed up? Speed and performance will always be a major factor in the success of an altcoin exchange. If a site is slow or malfunctions often, traders will leave and find a new site that doesn’t share the same issues.

If a development team enters the altcoin exchange sector they’re aware of the need for great speed and performance. If they fail to deliver it’s a bad sign they’re not achieving their goals.

Stability

Exchange sites need to have high uptime and stable policies. Nobody likes using a service where the rules are capricious or change all the time. In order to achieve long-term success, there has to be a consistency. This consistency of behavior builds trust, which is essential.

If there’s too much changing of day to day policies, it could signal that the developers don’t know what they’re doing or don’t think they’re making enough money. If they experiment too often with their polices, it could cause financial losses for traders. Stick with stable sites that are consistent and clear.

Transparency

Exchange sites should have a great deal of transparency. You should know who the people are behind the site and you should be able to deal with them directly. They should be represented with a support system, chat, and social media. There’s no reason for them to be opaque or distant.

Clients will need to ask questions. The company should be able to answer clearly and quickly. Nobody’s going to wait long in the world of altcoins, especially when they can move on to dozens of other exchanges.

Great Support

If the exchange doesn’t support their service, you can’t use it. There will come a time when a coin won’t show up in a wallet. There will be some event that requires intervention by a staff member. If client support is not a top priority, then expect your experience to be a miserable one. Things may go okay for awhile, but eventually poor support is going to bite you in the ass.

Usually the only way to find out if support is good is by using it. Demand great service or take your business elsewhere.

Freshness Of Selection

Some alternative cryptocurrency exchanges are extremely stale. If they don’t add new coins constantly, they’re out of date with the times. Much of the profits in altcoins is made by newly listed cryptocoins. Without aggressively listing new ones, users of that exchange will not profit as much as those on rival exchanges who regularly deal in new coins.

High Trading Volume

The exchange doesn’t have to have high volume for all their coins, but they will need to have good volume on the coins you’re trading. It’s common for exchanges to have a few symbols that do much more volume than other ones. High volume is generally one of the few assurances you’ll get that you can profit. You need a fast-moving market to be able to lock in your profits. Look for high trading volume when you select an altcoin exchange.

Fees

Low cost fees aren’t everything, but they do matter. If you’re paying a lot more on one exchange over another, it will add up. Fees shouldn’t be your top priority, but ignoring them makes no sense either. Over time, fees really start to take their toll on your trading profit. If they didn’t, altcoin exchanges wouldn’t be in business! When you’re trading altcoins, you need every advantage you get. Shop for the best fees in conjunction with the best service.

Find The Best Deal For YOU

In order to find the perfect exchange you’ll need to try a number of them. Check out our list of altcoin exchanges. The numbers are growing daily. Demand the best out of any altcoin exchange, simply because you have so many choices. There’s no reason to settle for mediocre performance or terms you don’t like.

Which exchange is your favorite? Sound off below and cast your vote in our new poll. Thanks for stopping by!