With so many theft attempts taking place in the world and users of cryptocurrency exchanges being defrauded, the importance of choosing a good broker or broker when deciding to invest in cryptocurrency has emerged.

In this report, the Turkish website Lorentlabs answered many questions about how to choose a reliable cryptocurrency exchange given the growing interest of investors in it and the availability of many local or foreign cryptocurrency exchanges.

The site briefly touched on the features that should be available on cryptocurrency exchanges.

He explained that cryptocurrency exchanges are brokerage companies, so if you are doing a job and there is a broker, you will have certain requests to deal with it, the first of which is safety.

You have to adopt cryptocurrency exchanges that do not hold your funds when making transactions.

Trusted cryptocurrency exchanges should also have advanced technology, high security precautions, and a strong application network.

The site added that having an automatic “buy-sell” option when trading cryptocurrencies is not a good thing when choosing a cryptocurrency exchange.

It is important to give preference to stock exchanges where "buy-sell" operations can easily be carried out manually.

How to choose a reliable cryptocurrency exchange?

  • Be in possession

    of the European Union Payment License

    "BSD2"

  • Having a 'know your customer' system.

  • Implementation of the Anti-Money Laundering

    Law. Thanks to this law, it is possible to prevent money laundering and terrorist financing from occurring.

  • Enjoy a large transaction volume.

    In other words, the greater the volume of cryptocurrency exchange transactions, the greater its legal liability to customers, and this is among the side reasons rather than the main one.

  • Number of cryptocurrencies on offer,

    the more cryptocurrency the market offers you will have more options to invest, so multiple arguments - such as "I would have invested in that currency, but it wasn't in the market" - would not exist.

  • Commission being low,

    you don't want to lose your profit from crypto money due to high commission fees.

  • Technical support experiences,

    before choosing a cryptocurrency exchange, check if users are facing technical support issues, the more support you have, the fewer problems.

Choosing a cryptocurrency exchange that meets all of these conditions will be a logical choice, thus you will be able to prevent frauds that occurred in the past from occurring in the future.