A lot has happened since Laszlo Hanyecz used 10,000 bitcoins on two pizzas in 2010. 11 years later Bitcoin has reached an all-time high of more than 68,000 dollars in November 2021. This has meant that more cryptocurrencies have been developed broker and more exchanges have appeared, making it hard to decide which one to choose.
Decide your cryptocurrency
Before you choose your broker, it is important to find out which currency or currencies that you would like to invest in. The most popular currencies will be available on most exchanges, but you might experience that some minor cryptos won’t. Therefore, it might be a good idea to do some research before you deposit your money to a certain broker. The site cryptomeister includes reviews of the most popular brokers and can help you find the broker that fits your needs. At the moment, Binance is the best-rated crypto broker here and is one of the brokers with the largest range of cryptocurrencies.
Look at the fees
The fees for trading may vary a lot depending on the broker. It may go as low as 0,1 percent to as high as 1 percent per transaction. This means that you can save some money by looking out for fees. The fees are usually charged on both FIAT to crypto trades and crypto to crypto trades. If you at some point sell your cryptocurrencies and want to withdraw into a FIAT currency you will also have to pay a fee, so make sure that it is as low as possible.
Security
Unfortunately, some of the brokers have experienced that their sites have been hacked. This has led to investors that have kept their cryptocurrencies in the wallet of the broker having lost their money. Some sites have experienced more hacks than others, so it might be worth looking into their security and whether they have repaid their customers after the security breach. Most crypto-holders however swear to a digital wallet on their desktop or phone.
Range of FIAT currencies:
It can be quite expensive if you need to exchange one FIAT for another before you can buy crypto. Therefore, it can be very useful to figure out if the broker accepts your FIAT, as you can save money on fees. If you are not able to deposit your own FIAT, you can exchange them relatively cheaply at PayPal or Revolut for USD and then transfer them to your preferred broker.
Support options:
If you have never traded crypto before you might experience some problems at some point. Generate passive income with crypto engines Not all brokers have the most intuitive layout, which can make it hard to find your way around the site. Don’t let that bring you down. Most sites have a support option where you can get help from real people if you are having trouble navigating on their site.
If you are new at trading crypto and would like some more help for your first investment and the best way to store your investment, there are a lot of guides out there that will help you get started.