Cryptocurrency exchanges make it possible for you to buy, sale and trade cryptocurrencies hassle-free. Without having access to a cryptocurrency exchange, you will be unable to convert ADA to SGD. However, there are some alternatives that you can still rely upon whenever you want to perform a transaction.
Either way, it pays off to exercise caution since some options might cost you big time in the long run. In this blog post, we examine important tips on how to choose the right cryptocurrency exchange for you.
Security
Security is arguably the most important factor you need to put into consideration when looking for an exchange to help you convert ADA to SGD. Never work with an insecure currency since you might lose your funds. This is a situation you don’t want to find yourself in especially after working hard in order to raise the money.
When examining the security, you should keep a close eye on the technology relied upon by the crypto exchange platform. For instance, the exchange’s web address should start with HTTPS. Avoid using HTTP connections as it does not guarantee your security.
Fees
Before choosing a crypto exchange platform to leverage, it is important that you compare all the fees. In most instances, the fees are usually less than 1% per transaction and might decrease even further especially when your trading volume increases.
You should also remember to check the withdrawal fees since some companies might have a higher withdrawal fee for specific coins. To be on the safe side, it would be better for you to examine as many sites as possible before choosing the most reputable.
Liquidity
Aside from security, you should also look into the liquidity of any crypto exchange platform you want to leverage. The lower the trading volume, the less liquid specific exchange is. Thanks to liquidity, it becomes easy for you to complete transactions faster, more easily and without making do with price volatility.
Nevertheless, you need to check if an exchange provides “locked-in” pricing as it guarantees you the price when carrying out a transaction. Keep in mind liquidity can be different for various trading pairs. For instance, it can be low for ADA to SGD but high for BTC to GBP. Make sure you check these variations before deciding on anything.
These are just but some of the factors you need to look into when searching for a crypto currency exchange platform.
