SEPTEMBER 03, 2024

What To Look For In A Crypto Exchange 

For most crypto newbies, the perfect entry port into the crypto market is through an exchange platform. These are services that facilitate crypto trades, making it possible for anyone to access these coins regardless of where they are. 

But, the crypto market is currently filled with exchanges. And if you’re a newbie, finding the right exchange might not be so easy. In this article, we’ll look into how to make a choice, and the factors you want to consider. 

Crypto: The Future Of Money 

Ever since crypto became a mainstay in the mid-2010s, millions of people have been able to enjoy financial breakthroughs via this market. And, as the number of believers in this market has grown, so has its size. Today, the total crypto market sits at a market capitalization of $2.28 trillion.  And, several of the major coins have also seen impressive gains.

At the end of the day, the crypto market offers something for everyone. And in a continent like Africa where financial inclusion remains low and more people want access to the global financial system, crypto is the perfect solution. Countries like Nigeria, Ghana, and South Africa have led the continent in terms of crypto adoption, although citizens in nations like the Benin Republic and Togo have also begun to learn more about the market.

Why Choose Crypto? 

The average crypto trader today currently uses these coins for several reasons. The most popular of these reasons include: 

• Investment: If you buy Bitcoin, for example, you get a direct financial benefit as its price grows.

• Store Of Value: Stablecoins like USDT and USDC allow investors to protect their money by keeping it in Dollars. This way, they avoid the effects of inflation, which has affected several African economies. 

• Medium Of Transactions: Cryptocurrencies can be sent across borders in seconds. If you’re looking to send money from Nigeria to Canada, for instance, crypto allows you to do that easily! 

Crypto Exchanges - Their Importance To The Market 

Like every other asset, cryptocurrencies need a channel through which investors can buy them. In the case of crypto, exchanges are that channel. 

Basically, a crypto exchange is a platform where you can buy and sell cryptocurrencies. It brings buyers and sellers together, allowing them to make easy purchases without having to go too far. From there, investors can do whatever they want with their coins - trade, sell, hold, etc. 

Choosing A Crypto Exchange

Today’s crypto market is very niche. A simple look at sources shows that there are at least hundreds of crypto exchanges around, each vying for users’ attention. But, how do you make a choice? Here are a few things you want to consider: 

Security 

Before anything else, you need to ensure that your funds are safe. Crypto scams and hacks are quite rampant, and you want to make sure that whichever exchange you choose has your back. 

Speed

The crypto market is known to be very volatile. And when you trade, it’s important to have an exchange that is fast and liquid enough to process your trades as quickly as possible. This way, you don’t lose out on opportunities. 

Ease Of Use

For many crypto newbies, this is very important. We recommend choosing an exchange that is easy to use, and which will be seamless enough for you to navigate. Also, an exchange with enough guides will also help make the user experience better. 

Fees

Exchanges charge fees whenever you trade.  But, these fees vary. As much as possible, look for an exchange with fees that are as low as possible. 

Stock Hut: The Best Place To Trade Crypto 

If you’re a crypto trader looking for where to buy Bitcoin in Nigeria - or you’re in any other African country trying to conduct any other crypto trades - then Stock Hut is where you want to be. 

Stock Hut is a world-class cryptocurrency and gift card exchange platform that allows you to access cryptocurrencies and other digital assets. The platform focuses on bringing Africans into the future of money, and we are committed to helping you enjoy the best of the market.

Stock Hut is available on the Apple App Store and Google Play Store. You can set up your account in minutes and enjoy the best of the crypto world. Download the app today and give it a try!