With the increasing trend of digitization, many new technologies have emerged in our lifestyle. We can feel the gradual involvement of technology and AI. With this massive change in technology, one of the major developments that we can see all around us is cryptocurrencies. Crypto is used in a variety of functions; Some populations use them as a means of transaction while some use them as investment tools. And with the rise of crypto, many other technologies related to it are also on the rise. One of the latest and most advanced technologies is the cryptocurrency exchange. It allows you to transact or sell or buy crypto.
Different exchanges are unique in their own way but share the same motto: buying and selling crypto assets. Nevertheless, some factors affect the reliability of the platform. Factors like demand, interface functionality, mining, security etc. are most important to decide while going for a site. And if you are new to this field and want quick answers, try a secure crypto exchange market like Quickex.
To stick with the topic, we are here to guide you in making the best crypto exchange decision for you.
Factors Affecting Crypto Exchanges
- goodwill: Goodwill refers to the reputation that something or someone holds. In this case, finding an exchange that is well reviewed and trusted by everyone should be your priority. There are many ratings available on the internet that you can read and use for your research.
- customer service: Imagine a situation where you cannot get yourself out on your own. Here comes the customer service team of the platform. The service should be both efficient and effective. So, be sure to check customer service to avoid the possibility of becoming a customer of an objectionable site.
- Operating Fee: These various crypto exchanges make their money through the operating fees that they charge. With every transaction or trading activity that takes place on the platform, it charges a fee. Before signing up for an exchange, we recommend that you thoroughly read the terms and conditions of that platform. With all these qualities can be a great option for you binance,
- UI/UX: You may wonder how the user interface can play a role in the decision making, but really, the user needs to be familiar with all the terms and conditions and functions of the site. The interface should be user-friendly with an intuitive and engaging experience. Also, the site should be updated with the trend and availability.
Tips for holding your crypto seed for exchange
Security is the primary need for anyone. When a user decides to trade in cryptos or at least buy some of them, the main concern behind that decision is to invest their money in some future-proof options.
One of the reasons why crypto has gained popularity among citizens is that it is completely based on blockchain technology. Blockchain technology keeps all track records of transactions and ownership in a block private. With each trade, it becomes more complicated for someone to tamper with the information, resulting in it becoming nearly impossible to crack.
However, even with blockchain technology, there are measures you can take to make your experience more secure.
- Use VPN: VPN (Virtual Private Network) can be the bane of your exchange process. VPNs help uncensor important information on your system, which could be its IP address, geolocation, etc. It encrypts data that is nearly impossible to decrypt by a hacker or anyone who wants to tamper with your information. Some VPNs are available on a paid subscription; However, if you do enough research, there might be a chance that you might find a great option for yourself for free.
- Enable 2-Factor Authentication: When you log in to your account, the platform asks you whether you want to enable 2FA (2-factor authentication) for your account. This would be a wise choice for you. 2FA is like an extra layer of security for your account. Every time you log in to your account, the platform sends a code to your contact details (this could be your phone number or your mail account). Like OTP, enter that code to authenticate yourself and proceed with the login process.
- strong password: Password is the most basic thing that should be protected. Your data becomes even more secure with a strong password. By strong password, we mean that it should meet all the required requirements. your password must contain a Minimum of 8 characters, at least one uppercase, at least one lowercase, symbols and numbers, Your password should look like this:
- [email protected]
You see, it meets all the criteria to make data more secure and more complex to crack.
- Offline Storage: It is always a good option to store your valuable data offline. On the Internet, your data is always at high risk of being hacked by some unscrupulous person. Keeping your data offline can not only make it many times more secure but also keep it more private for yourself. Take them online only when you need to transact or trade.
This was a brief checklist that you should follow to make sure that you are working properly with your account. Make your investments and hard earned money more secure with these steps. However, accidents can happen at any time. Even your most secure assets can be at risk of compromise. So what if, just in case, your crypto exchange gets hacked? Follow the next part of the article.
What if your crypto exchange gets hacked
Luck can knock on your door anytime in your life. It doesn’t matter how much privacy and security layer you use for your account; Even if you are having some bad days, you will still find some challenges.
Therefore, we must prepare you for the situation when your account gets hacked and all your investments are at risk.
- Contact the customer service center of the site you were dealing with as soon as possible. Report a problem or anything wrong with your account.
- Ask them to freeze your account till you get it back. This will prevent hackers from misusing any funds in your balance. Report this security breach to the service authority by any means.
- If you receive a notification about a new login or an attempt to log in that was not yours, change the password and login details as soon as possible. Do not give time to the hacker to misuse your property in any way.
- Withdraw all the money from the account. As said earlier, try to keep all assets offline so that even in case of your account being breached, your data remains safe under your watch.
- Try to connect with customer service by any means and report the violation. Every exchange website has all the contact details (phone numbers, contact details, social media) written on their page. But we recommend that in case of emergency, contact them via mobile number for immediate solution.