5 reasons to switch from cryptocurrency broker or exchange

If you have been using the same broker or exchange for a long time, then it doesn’t occur to you to switch. After all, you are used to the system and have had good experiences with the company you are trading with now. Just like with energy or insurances it can also be very interesting to switch in the crypto world. In this article, we describe five reasons to switch from your current broker or exchange.

The Fees

This is by far the most important factor. If high fees are charged, and this can rise very quickly (without knowing). Even when you’re making a small amount of trades or purchases. Some brokers charge trading fees up to 4%. Even though you’re doing the same everywhere, buying and selling cryptocurrency. So, take a good look at the fees of your current provider. If your current provider doesn’t show you the fees transparant, than that can be an indication of high fees. Also, take into account the costs for depositing or withdrawing funds.

Our recommendation: register an account at Bitvavo. Here you pay a maximum of 0.25% fee and as a new user, you will receive 10 euros for free and you can trade for € 10.000 free.

The offer

Some brokers only offer Bitcoin and some parties have an offer of more than 200 different cryptocurrencies. The offer is a personal choice. A Bitcoin maximalist will be less likely to trade altcoins. If you find the offer too small at the moment, you can choose a broker with a huge offer. For example, take a look at the Bitladon broker, they have an offer of more than 200 cryptos.

On the other hand, such an offer comes with a lot of coins that have little volume, and the quality control is a lot lower than with exchanges that list the smaller, unknown coins. Cryptocurrency is a very risky investment and investing in less known coins makes the risk even higher. The Bitvavo exchange does very good research on the projects before they add them to the platform. If you want more certainty, then we recommend Bitvavo. Of course, this is no guarantee for the success of the project.

Features

A comprehensive platform gives more advantages for now, but also for the future. They help you to trade easier, cheaper and manage risks. Some useful features, besides buying and selling cryptocurrency, are:

• Deposit Euros or dollars with easy payment methods, such as credit card
• Withdraw and deposit money quickly to your bank account
• Crypto to crypto exchange without first converting to euro or Bitcoin
• Exchange functionalities, such as limit orders and stop losses
• Notifications of major rises and falls
• A mobile app for Android and iOS

Verifications

According to European laws and regulations, every crypto company trading in Europe must know who they are doing business with. This is checked using a Know Your Customer procedure. Some parties apply less strict verifications than others. If, for example, you do not like to send your proof of identity over the internet, you can still contact a few parties. Check out the top 5 no-KYC crypto exchanges.

Customer support

If you need help, you want the customer service to respond quickly and adequately. Especially if, for example, you cannot log in and exciting things are happening in the market. With large parties such as Binance, it can take several hours before you have a response. In the past, it could even take days. Nowadays its a lot easier, and you can also contact most of the exchanges through their social media channels.