One major truth that the global financial industry has come to live with over the last decade is the fact that cryptocurrency is here to stay, for good and unavoidable reasons!
However, that does not mean that the transition from the existing centralized finance to decentralized finance, which accommodates the digital asset ecosystem (DAE), will take place overnight. Instead, both centralized and decentralized finance have their respective roles to play in the modern financial landscape and are more efficient when they coexist.
That said, the crypto market is gaining traction across the globe, with hundreds of millions of people investing heavily in more than 10,000 digital assets every day. So far, cryptocurrencies top the list of the digital assets with the most investment, albeit, other projects such as , metaverses, DeFi, and so on have also been getting noticeable attention recently.
With this in mind, this article will serve as a guide for investors who may be looking to invest in cryptocurrency. Thus, the next part of this article contains the list of the top 10 exchanges to buy, sell, and trade crypto assets in 2022.
But before we proceed, there are four major factors to consider before making your exchange choices:
What to Consider Before Choosing a Cryptocurrency Exchange
Just like with buying clothes, there are factors to consider such as size, color, design, brand, and maybe what people have to say about the item. In the same manner, when choosing a cryptocurrency exchange, it is important to evaluate the following factors.
1. Security: One of the major factors to consider when choosing an exchange is the level of security it offers to all stakeholders, especially traders and investors. While the term security could address various things, the main factors to consider are user privacy, regulations, as well as security against targeted cyber attacks.
In terms of user privacy, most exchanges (although not all) have a standard KYC procedure in place that requires users to verify their identity before they can initiate transactions on an exchange. In addition to ensuring users’ safety on an exchange, this process prevents a lot of financial crimes including identity theft, money laundering, financial fraud, terrorism financing, and other financial crimes.
Likewise, there are regulatory bodies that ensure that these exchanges stay accountable, and ultimately, do not abscond with users’ investment. Some of the prominent regulatory authorities include the likes of the Financial Conduct Authority (FCA) in the UK and the Financial Crimes Enforcement Network (FinCEN) in the US. Being regulated by these regulatory authorities provides a great deal of security assurance for end-users who can freely and peacefully trade across these exchanges.
Some exchanges that are regulated by these regulatory authorities and thereby considered some of the most secure, include Binance, Coinbase, Kraken, Gemini, and so on.
Continue reading Top 10 Cryptocurrency Exchange Platforms to Consider in 2022 on DailyCoin
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