How to Choose a Crypto Exchange in 5 Easy Steps

Becoming a good crypto investor or trader is not an easy task. The entire industry is complex, and it requires in-depth analysis. It is not the point to invest in Bitcoin just because its price is jumping. Despite that, counting only on luck is another mistake people make. Luck does not have anything in common with crypto success.

There are three things people should have in mind before they start their journey. The first one is to get familiar with all cryptos that exist in the world and analyze their features. Despite that, people should check out which available tools can improve their performances. Some tools use reliable algorithms and provide the users with useful analytics. If that seems like a good option for you, we recommend you click here. It is an example of a trading app that you should use in the future. In that way, you will manage to improve your performances and develop crypto trading strategies.

The third thing may be the essential one. People need to choose the digital currency exchange that will meet their requirements. Indeed, there are many of them online that look similar or identical. However, it would be unfair to say they all provide the same quality of services. That is the reason why we would like to analyze how to choose a crypto exchange. The good news is that people need to go through only a few stages to reach their goals. Let’s find out those stages together!

Determine the Right Type of Crypto Exchange

There is no just one type of exchange people can find in the market. The first option people have is peer-to-peer exchanges. This type of exchange is an excellent option for those that are looking for privacy. However, in that case, each individual is responsible for his security and the security of his funds. In some cases, it may happen the platform will act as an arbitrator when the cases of disputes occur. However, that is the only thing they do.

On the other hand, full trading platforms are some king of the virtual real estate market. They connect a big number of people that exchange the platforms among themselves. The platform itself offers some specific services such as customizable graphs, margin trading, etc. However, beginners often do not need these features at all.

The third type available to people is brokerage exchanges. These exchanges allow people to sell and buy digital currencies directly from the platform. In most cases, people will need to provide private data to verify their accounts.

Check the Functionality of Exchange

It doesn’t matter how experienced you are. The first thing people need to check if the exchange can complete the transaction they want to make. There is not a universal way of how platforms support the combination of fiat and cryptocurrencies. Some of them do not operate in certain geographical areas. An interesting example of that is some US exchanges that won’t accept transactions from all the states. Because of that, it is better to find out that before starting your journey.

Check the Fees

Fees are different from one place to another. Different fees are good only for a specific type of trader. For instance, let’s imagine that you are a day trader. In that case, you would not want to choose an exchange that comes with high individual transaction fees.

On the other hand, the fees are not going to be the same for deposits and transactions. In some cases, the deposit fees may be low while the transaction fees may be high. Because of that, people should check them all before they make the final decision.

Check the Security

Exchanges ensure that all the transactions are completed quickly. That is probably one of the reasons why digital currencies have experienced popularity growth. However, that also means people should only choose the exchanges that have a high level of security. This part deserves in-depth analysis. Because of that, we would like to highlight all the things people should have in mind.

First of all, the way how people access account needs to be safe. The best exchanges often provide a 2-factor authentication feature. They do that for all the accounts that use their services. Of course, if you decide on an exchange that does not require an account or wallet, that feature becomes irrelevant.

Another factor you should put into consideration is insurance. Indeed, the security of all exchanges is becoming stronger and stronger almost every day. However, thanks to their popularity growth, they become an attractive target for many hackers over time. That is the reason why you need to be sure which types of insurance you have over your funds.

For instance, most professional exchanges carefully follow the regulation of their government. Because of that, they will manage to expand the government-backed deposit insurance to the fiat accounts of their customers. Some exchanges use 3rd party insurance and offer it to their customers. However, something like that people will rarely find.

Check the Reputation of the Exchange

Let’s imagine that you found an exchange that meets your requirements and expectations. The next thing you would probably want to find is social proof that your decision is good. People often use Google to gather some valuable pieces of information. That is the reason why they should check the reputation of the exchange they plan to pick.

There are two options that people have. One place they can gather some pieces of information is mainstream media. On the other hand, they can also visit websites that review all the exchanges. These websites often remain objective until the very end. Because of that, they share pieces of information that can help people make good decisions.

Yet, every individual needs to ensure he is using a reliable source of information. Businesses around the world use different methods to hurt the reputation of their competitors. Because of that, people need to be sure the information they read is not fake. Fake news can only confuse them even more. They can make a bad decision and make a costly mistake later.

BrokerXP Trading Review

If you are interested in trading, you obviously know how important it is to find the right platform to start with. With so many options available, newcomers have immense difficulties finding the best one. Today, we are going to have a quick look at a platform, that is not only one of our most favorite, but also one of the most reputable, BrokerXp.

BrokerXP is known as the platform with the lowest trading fees and non-trading fees. Usually, if you have a trading account open and there is no activity, the money will be deducted from your account. However, BrokerXP does not charge you anything for inactivity, so it’s essentially the same thing as storing money in your bank account. Essentially, trading fees is how you can differentiate a company from being “Good” to “Great”.

  • Trading fees occur when you place a commodity/stock trade. Commissions and spreads are also part of the trading fees.
  • Withdrawal, inactivity fees are known as the “Nontrading” fees.
  • Swap – this is known as a financing rate that is charged every 24 hours for holding a leveraged position for borrowing the money to trade.

BrokerXP Benefits


Trading fees – This is why BrokerXP has remained so popular over these years. They have incredibly low trading fees and absolutely no fees on deposited funds.

Simplicity – Trading has never been easier. Opening up an account with BrokerXP takes at most two minutes. No matter if you are a complete novice or an experienced trader, BrokerXP is the easiest to use. You are able to trade Cryptocurrencies/CFDs/Futures/commodities and indices all from the comfort of your home. BrokerXP uses metatrader 4, which is the golden standard for trading. You will be able to copy trades using MetaTrader 4 which is ideal for novices who have absolutely no experience on the market. For more advanced traders, there are market summaries, advanced charting tools, along with built-in indicators. If you are interested in automated trading, then the platform supports Metaquote which will allow you to create your own custom indicators. Unlike many other trading platforms, BrokerXP supports over 30 languages so you will never have a language barrier. BrokerXP supports English, French, Portuguese, Jараnеѕе, German, Chіnеѕе аnd mаnу mоrе.

Compatibility –  You are able to trade at the comfort of your own home with anything that has internet access. That means you can use your Computer, Laptop, iPad, smartphone to monitor and place trades of your own trading account. The days of going to your local brokerage are long gone, it’s all done with sheer simplicity here at BrokerXP.

Trading Interface – As we have mentioned earlier, BrokerXP is integrated with MetaTrader 4, the golden standard for trading. And with the golden standard for trading, come many benefits such as an easy to use interface that integrates directly with your user interface, you can trade your open trades, closed trades, and profits very easily. Metatrader 4 allows you to check the price graphs, the stop losses, take profits all in a few clicks in live time. The platform has inbuilt 30 technical indicators and 24 graphics objects that allow both, inexperienced and experienced traders to predict the market very accurately. Thanks to MT4’s advanced charts, price moment can be tracked in nine timeframes.

Executing a trade – Metatrader4 allows you to execute a trade in 3 simple ways.

  • Execution on request
  • Execution by market
  • Instant trade execution

A market order can be made here at BrokerXP very easily. It’s done by traders who do not want to buy something at the current price and would rather wait for it to go up or down to make more profits. Essentially a pending order is a more advanced type of order that allows you to be more profitable in the market. One of the best features of the golden standard trading is the stop loss and take profit features. If you know how to use these features, and rest assured BrokerXP will help you out with all of this. One click trading is also what makes BrokerXP very enticing for both new and advanced traders, with just a simple click of a button you are able to execute orders from the charts, which is excellent for minute by minute levels.

Safety of funds  – Whether you are dealing with banks or trading platforms, security is the most important thing that comes to every trader’s mind. This is where BrokerXP excels, along with MetaTrader 4’s highest level of security, and the protection of your funds. You will never have a bad night of sleep, wondering where your money is. BrokerXP has advanced server-level encryption on all of the data exchanged between Metatrader 4 and BrokerXP platform, it’ encrypted with SSL and backed by the use of RSA digital signatures. Every transaction is also made via 3D security system.

Excellent for beginners – For complete novices, BrokerXP is by far the easiest platform to start with. Unlike other platforms, you will have no guidance from anyone, and you will be simply thrown into a pit in order to survive with yourself. BrokerXP has received numerous awards for having the best account managers along with customer support. Along with BrokerXP’s extremely easy to use interface, you will feel rest assured after your first five minutes. With the simplicity of MetaTrader 4, you can get to trading in no time. BrokerXP also offers a range of educational lessons in order to kick start your career in trading.

Outstanding for experienced traders  – Not only BrokerXP provides complete newcomers with everything to get started and become a successful trader. It’s trading capabilities are also aimed towards experienced traders. The fact that all transactional fees are covered by BrokerXP means that large volume traders can freely transfer money in and out of the platform without paying any kinds of fees/commissions. It does not matter whether you are a long or a day trader, metatrader4 has everything that you need in order to monitor your trades. You are able to monitor trades in real time with charting periods for 5 , 15, 30 minutes as well as 1 hour, 4 hours and daily.

Demo accounts – BrokerXP offers you an excellent choice of demo accounts, you are able to trade cryptocurrencies, CFDs, commodities, stocks, futures and indices all on the BrokerXP platform. You are able to use education lessons for free in order to find out the style of trading that is best equipped for you. You are able to choose the amount of money you want to start with on a demo account, as well as have an unlimited amount of resets while learning.

Leverage (the most important factor ) – Without proper leverage, there would be no point to trade since the profits would be very small. Now with BrokerXP’s leverage, you are able to trade 1:10, 1:25, 1:50, 1:100, 1:200 as well as 1:300. You are able to choose the leverage that suits you the most, in order to make the most profits possible. Experienced traders can get high leverage in order to take advantage of the markets. Novice traders are able to choose smaller leverage in order to be safe.