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UK’s Best Crypto Exchanges for October 2022 – Forbes Advisor UK

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Choosing the best cryptocurrency exchange can be a complex process.

First of all, you will want a secure exchange. As cryptocurrencies become more popular and desirable, they have become increasingly targeted by hackers, and many major exchanges, including Binances International Operations and KuCoin, have recently been hacked for tens of millions of dollars.

Exchanges often compensate those who have stolen their coins through insurance, but you probably don’t want to be there in the first place. That is why it is important to only invest your money in reputable exchanges to minimize your risk.

Risk can be further minimized by distributing crypto purchases across multiple exchanges or by moving cryptocurrencies from an exchange default wallet to a secure cold wallet that is not connected to the internet (and therefore much harder to hack). If you don’t keep your password, you may lose access to it forever. However, when moving cryptocurrencies from an exchange, you should also check the withdrawal fees. This often depends on the type of coin.

Also consider the cryptocurrencies available on a given exchange. If it’s the only coin you want, using a cryptocurrency exchange with one coin might be perfect. Conversely, if you are a crypto enthusiast, you will have access to all of the 600+ items available on Gate.io.

However, the sheer availability of the coin is not enough if no transaction takes place. Ideally, you would want hundreds of millions of pounds of cryptocurrency to be traded daily to ensure sufficient liquidity, making it easy to trade coins and pounds when you want or need it.

If you are an advanced cryptocurrency trader, you may want to check if your preferred exchange offers trade types such as limit orders. This prevents slipping by setting the desired fixed price and margin. The types of trades associated with the latter are still evolving, so other exchange offers may vary over time.

If you’re just starting out in cryptocurrency buying, find an easy-to-use platform with thorough educational resources to help you understand this complex and fast-evolving product.

And don’t forget the fees. It might still be a good idea to pay a premium for a simple interface when you’re still learning the tricks, but the higher fees erode your ultimate returns. High-frequency traders especially want to cut costs.

Finally, don’t assume that an exchange is available in the UK just because you can access the website.

And remember, choosing the best cryptocurrency exchange can be complex and the above factors are some of the key considerations.

Sources

1/ https://Google.com/

2/ https://www.forbes.com/uk/advisor/investing/cryptocurrency/best-crypto-exchanges-october-2022/

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