The cryptocurrency market is the newest favorite of investors and traders who are attracted by the high level of volatility associated with it. Every day we see new coins or technology introduced in the crypto industry. Cryptocurrencies and the blockchain industry itself is now adding benefits and advanced services to different industries from various sectors such as financial, insurance, entertainment, sports, and business.
From individual to enterprise traders, everybody is now looking for ways to enter the crypto world and profit from it. The most popular and convenient way is through a cryptocurrency exchange. Even if we will always recommend Monetum Exchange, there are a number of exchanges available in the market, and choosing the right one can be tricky. There are some benchmarks to look for while choosing a cryptocurrency exchange to make your process easy.
Let us look at what you should consider while selecting the right cryptocurrency exchange in Europe:
- Security and Safety
The cryptocurrency market is relatively new and is prone to hacking. Therefore, global laws have made it mandatory for every cryptocurrency exchange to require KYC information from each and every client. This Know-Your-Customer feature demands the client to upload ID proof before opening an account with any cryptocurrency exchange.
Furthermore, cryptocurrency exchanges also use other security measures like two-factor authentication (2FA), strict password requirements, anti-phishing techniques, and address whitelisting. It would be best to look out for crypto exchanges offering these security measures before selecting them.
- Compliance with European Regulation
Another important thing to consider before selecting a crypto exchange is to see whether the exchange is licensed to operate in Europe. It is because not all crypto exchanges are allowed to operate in every country. Some of the popular European regulators are FCA, CySEC, and CIMA. You can check if the crypto exchange is licensed or regulated by any European regulatory authorities, then you can select them to feel more safe & secure.
- Deposit & Withdrawal Options
Having a crypto exchange supporting different types of payment methods could be a convenient option. You should make sure that the crypto exchange accepts various types of funding alternatives that suit your needs. Some of the most common payment and withdrawal options in the European sector are direct transfers from a personal bank account, e-transfers, and crypto deposits.
- Supported Coins
Having a crypto exchange with what we could call traditional cryptocurrencies can be more comfortable and profitable. There are more than 10,000 digital assets in the market, and more are appearing every day. Nevertheless, you should find a crypto exchange that supports the most traded cryptocurrencies as they are the ones you will go for on an initial stage. Some of them are Bitcoin (BTC) and Ethereum (ETH)
- Offered Financial Services
The best thing about cryptocurrencies is that it provides various ways to make money. Apart from simple holding and trading, there are several other options, including, NFT art sales, easiness to exchange crypto to fiat, use of their own token, and many more. It would help if you looked out for a crypto exchange that offers more of these services so that you can have more in-house options for holding and trading.
- Mobile App
It can be very useful for you to choose a crypto exchange that offers a Mobile App feature. It is because it can be convenient and comfortable to access your account while on the go. Mobile Apps are not only easy to access, but they also provide quick execution of trades. Monetum is about to launch its own app and also a wallet.
- Customer Support
Look out for things like 24/7 available customer support e-mail support when choosing a crypto exchange. As the crypto market is new, you might find yourself with some unanswered questions and need to contact a crypto exchange. Look out for a crypto exchange with a responsive and careful customer support service.