Choosing a cryptocurrency exchange in 2023 - what to pay attention to

The first and main point that worries traders and crypto investors in today's realities is how to choose a crypto exchange that has the ability to ensure maximum freedom of action and the safety of funds.

It is obvious to everyone that the story of sanctions for Russians can have a continuation, so it is important to bet on the stock exchange, as unaffected as possible by external influence. This is necessary not only to save money, but also to have more maneuvers for active trading activity - this is especially true for investors with large capitals, who are obviously not satisfied with the restrictions imposed, for example, by Binance. We remind you that the account of Russians on this exchange should not exceed 10 thousand dollars.

So, first of all, it is worth paying attention to where exactly the exchange and its headquarters are registered, in whose jurisdiction they are located and whose rules they are obliged to obey. If these are EU countries, then for obvious reasons the risks increase many times. Therefore, it is better to pay attention to Asian exchanges, which are traditionally loyal to Russians and traders from CIS countries, and are also much less susceptible to sanctions pressure. Examples of such exchanges are BYBIT, headquartered in the UAE, or HUOBI, based in China.

Further, when we have decided on the security of the exchange, it is necessary to study the immediate working conditions on it, because it is important not only to be able to trade the necessary amounts, but also to do it as efficiently as possible. Firstly, it is worth considering which exchange is in front of you: centralized, decentralized or p2p. A centralized exchange is the custodian of all your funds and has direct access to them. It doesn't sound very attractive anymore, although centralized exchanges also have advantages. For example, you can come to it with ordinary (fiat) money and buy cryptocurrency for them. This is not allowed on decentralized exchanges. Also, on centralized exchanges, you can restore your passport password and receive interest for storing money in her accounts.

On decentralized exchanges, the exchange of cryptocurrencies between users is carried out without mandatory deposit replenishment. You simply connect your crypto wallet and directly exchange cryptocurrency with other users. The advantages are obvious - your money remains with you, and the exchange does not have access to it. As for p2p exchanges, they are essentially platforms that simply connect you with someone who is ready to sell or buy the specified cryptocurrency at a certain cost. You negotiate with a potential seller or buyer yourself.

Having decided on the type of exchange and paying attention to the place of its registration, you should also evaluate other points - for example, the amount of commission for transactions, the timing of crediting and withdrawing funds, the nuances of service and even the interface, because all this affects the results of trading.

So, when choosing exchanges, you need to conduct a comprehensive analysis of them, taking into account not only the current realities, but also the general terms of service. And if you have opened accounts on several exchanges, our GRIN4 ecosystem will help you work with them efficiently and conveniently.

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