There are renowned crypto exchanges such as Coinbase, Binance, Coinmama, Bittrex, Cex.io, and Kraken, among others. However, while you might think you could never go wrong with the most popular names, they too have their shortcomings, especially when it comes to crypto conversion and calculators.
Stick with me and I’ll let you in on a few tips that might help you make a wise decision when looking for a crypto converter and calculator. Assuming you already have your reasons and needs for signing up on an exchange, here’s what to look out for.
The last thing you want is to lose your hard-earned fortune to hackers when you are starting with crypto investment. When it comes to security, there can be absolutely no compromises. Luckily, investigating a converter’s level of security is not backbreaking. Reviews and posts on social media will be your first clue. If users are complaining about losing their money, avoid the platform in question like a plague.
Visiting the website to find out the kind of reassurances they give is not a bad idea either. Ensure they have specified that they have an SSL certificate protecting your transaction information from interception. They should also be able to offer excellent protection from denial of service attacks. Besides, if they have any partnerships, they should be with trusted platforms only.
Speed is key in the transfer of digital assets. Otherwise, what’s the point? Forget about slow platforms that keep you aging as you wait for the conversion to complete. You know, unless that’s your thing. Anyway, besides the exchange guaranteeing you high speeds, there should be little-to-no complaints from users who had to wait long.
Generally, platforms that process a large volume of transactions are often able to do them faster because there are a lot of coins going around. This is known as liquidity, and cryptocurrencies are considered one of the most liquid assets. You should never have to stand in line on a crypto converter.
Ease of Use
Most people prefer a straightforward platform that is not filled with distracting and difficult to understand information. This is especially key if you are going to be converting cryptocurrencies regularly or prefer getting things done fast. You want to be able to complete the sign-up as well as conversion process in as few steps as possible.
For instance, the Godex cryptocurrency converter and calculator lets you sign up anonymously. Also, the first thing you find when you open the platform is entry fields for the coins to be converted and a button that says “Exchange”. The next step is to enter your wallet address, after which the deal is done. This kind of simplicity is priceless when you are new to the industry.
Consider how low or high the platform’s exchange limits are. Cryptocurrencies are highly divisible, so there is no reason to put limits on your transactions. You should be able to go as low or high as you want. But then, it depends on how much you expect to be converting in the future. Just be sure to check that your platform of choice has limits that align with your needs.
How diversified do you want your crypto portfolio to be? Popular coins such as BTC, Etherium, Litecoin, Ripple, etc. will be listed on most exchanges. If you wish to go for more unique altcoins, however, ensure you check that the platform lists them.
Also, the exchange should have a large number of cryptocurrency types at your disposal in case you need to use them in the future. We are talking about at least 200 assets.
The fees on different platforms vary widely. Even those that sell themselves as free exchanges always find a way of sneaking in hidden costs. Do your due diligence. To avoid unnecessary surprises, consider going for a converter that offers fixed rates. This concept is also called “locks-in” or “guaranteed pricing.” Simply put, the exchange guarantees you a conversion rate.
A great converter will also scour the blockchain network to find the best rates in real time before fixing your transaction. Even if the trade does not settle instantly, you will still get the numbers displayed at the time you clicked the exchange button.
Today, 24/7 customer service is the norm. But don’t stop there – investigate whether the full-time customer support actually works or is simply a fake selling point. That way, you can have an idea about how quickly your disputes might be settled in future. Excellent customer support is the beginning of a long-term relationship with your exchange of choice.
You are now ready to go shopping for a crypto converter. Remember, you want to know about their:
- Transaction speed
- Ease of use
- Exchange limits
- Available coins
- Transaction fees, and
- Customer support.