4 features to consider when you’re choosing a crypto exchange this year

Not sure what to look for in a crypto exchange? No problem – let us show you the essentials.

Whether you're a new retail investor or a long-time Bitcoiner, there are certain things you need to have in place on your platform to ensure effective spot trading.

1. An all-in-one user experience

Cryptocurrency has been around for about 15 years now. Tech and UI has come a long way – but some exchanges out there have an interface firmly stuck in 2009.

This isn't just an aesthetic concern. Having a clear overview of your exchange is critical for being able to make informed decisions and quickly take stock of your assets.

So when you're a retail investor looking for a spot trading platform, it's worth looking for an exchange with a straightforward, clear interface. One example is OKX, which offers the functionality of an exchange and a Web3 wallet.

OKX also features a fiat on-ramp. In layperson's terms, this means that you're able to directly convert your AUD into the cryptocurrency (or cryptocurrencies) of your choice.

Features like this can make it much easier to streamline your crypto.

To find out more, you can also read a review of OKX right here on Finder.

Learn more about investing in crypto with OKX

2. A wide range of tools and features

A good crypto trading platform will give you access to a range of different tools and features.

Even if you're not using them all straight away, they can still be worth having. This way, your platform can grow with you, as your interest in crypto grows.

It also means you won't need to change exchanges regularly as your goals evolve and your portfolio expands.

To point to one example, OKX offers a range of features, such as spot trading. Spot trading allows you to immediately purchase or sell crypto at current market prices.

OKX also offers a Web3 wallet, which allows you to store a range of different crypto assets within one place. This eliminates the need to have multiple wallets across a range of different cryptocurrencies.

In addition to providing access to a crypto marketplace, OKX also provides access to an NFT marketplace. You're able to buy, trade and create NFTs, allowing you to own a piece of the digital world.

3. Transparency

Before you sign up for an exchange, it's essential to do your due diligence. The Australian government has a handy guide for spotting crypto scams, which can help you conduct your due diligence on the exchange.

But once you've picked an exchange for your crypto, you should still do a thorough once-over. Some things you can look into include whether they have a proven track record and deal with customers transparently.

They can also have an easy-to-access Proof of Reserves. A Proof of Reserves is a verification method for exchanges to demonstrate that they have adequate liquidity relative to the customer assets that they are storing.

OKX makes its Proof of Reserves available to the general public as a sign of legitimacy and integrity.

Looking for indicators like this can help you avoid potential issues down the track.

4. Safety and security

Although it's ultimately your responsibility to protect wallet keys or other login tools, the exchange should be doing its utmost to minimise the risk of exposure.

So before signing up for any crypto exchange, make sure you check what sort of security measures it has in place. Options such as two-factor authentication and other clear security checks should be in place to minimise the risk of fraud or theft.

Let's look at OKX again. An OKX account includes the ability to set up two-factor authentication to protect against unauthorised logins, powered by Google Authenticator.

You're also able to set up an anti-phishing code for your account, to help protect against malicious email attacks.

Having security measures in place can help protect your assets both in the short and long term.

Learn more about purchasing crypto with OKX