choose cryptocurrency exchange

How to choose a Bitcoin and Altcoin exchange – a guide to crypto swaps

By Swapzone | Swapzone Blog | 23 Jul 2020

It can be a challenge to find the right cryptocurrency exchange that you can trust. You have many choices to utilize, what with the industry growing so well. Each exchange has support for different currencies and payments, not to mention the timeframe for managing trades can vary. You can’t ignore the expenses associated with some sites.

This guide will help you figure out the right trading exchanges that are suitable for your crypto needs. You can find an appealing place that will help you find the right currencies while offering enough security.

Crypto exchange security

It's important to make sure the service you're using is secure. The best practice in the cryptocurrency space is going for custody-free exchange services. Non-custodial exchanges do not store the data of the clients, do not require to create an account or register, and do not store the funds in exchange's hot wallets. 
Custody-free services not actually touching the user's funds is one of the best policies for following the scenario of decentralisation and personal crypto fund management. Besides, non-custodial services are present in abundance and offer a wide range of assets supported for swaps. This brings us to the next paragraph.

What assets are available for swaps?

All exchanges have different digital currencies available for trade. Most places will offer some of the more prominent currencies in the crypto industry, including Bitcoin, Ethereum and Litecoin. You can check an exchange’s website to see what is available. The general rule here would be – if you are to swap a lesser-known cryptocurrency, it's better to pick the trading pair with Bitcoin – as the majority of exchanges support BTC, it would be easier to find out it the asset you are looking for is actually available on the platform. 

What are the exchange fees?

All exchanges charge different fees for transactions. The charges vary by the exchange platform, but they will often entail a small percentage of your trade. An exchange should be transparent as to what fees it will charge to its users. 

In some scenarios, there might be hidden fees present – be cautious and read the feedback on the service before proceeding to your exchange itself.

How easy is it to use?

It comes without saying that all the exchanges should be simple for users to manage. A trading platform may include details on what currencies are available, what are the current rates, what are the fees and more. All of this information needs to be easily understandable, visible and concise. 

The exchange flow itself, too, should be simple – in the very majority of the cases, when swapping one asset for another, there is no need for an overly complex interface. Hence, the simpler it is – the better. Exchanges providing the users with descriptions of steps and currency specifications, too, are a good pick, especially for those just starting their journey in cryptocurrency.

KYC procedures

The KYC process that an exchange provides id one of the most essential security measures there is in the exchange space. The Know Your Customer practice entails collecting personal information on the users, making sure their actions are legal. When it comes to non-custodial exchange services, KYC is held in the cases of suspicious transactions, large sums put through the exchange, and appearance of the addresses blacklisted by the service. 

Time needed for your crypto exchange

The last, but not least point to note for an exchange is the timeframe associated with managing a swap. It's important to find an exchange that matches your time expectations when it comes to the number of confirmations necessary and the processing time.

A site can provide details on how long it would take for a transaction to go through. You can use the information to plan your trades, especially since the value of a chosen currency might change in that timeframe.

You have to see what works when you’re choosing an exchange that fits your interest. You can find many exchanges today, but you need to ensure you look for one that is appealing and fits whatever demands you have. It won’t be hard for you to make the right choice when you see what works.

How do I choose a platform to exchange crypto?

As you might see, there are many points one needs to consider before choosing a suitable cryptocurrency exchange platform. Features, assets, availability, required time, overall convenience... With the abundance of details to look at, how can the users make an informed choice of a platform? 

One way is conducting thorough research of all the service providers – comparing the UI, rates, fees presented by the service, availability in one's country and other points mentioned in the article above. This might take some time to figure out and get a full picture of the exchange space. The rates might differ, so getting the best offer every time (especially when operating different currencies and sums) might be quite a challenge. 

The other way is using cryptocurrency exchange aggregators. We have already covered the topic of why the space needs more interfaces like this in the previous article – you can check it here.

In short, aggregators help gather both the offers itself and the needed data on the services supported by the exchange. You can check how it works using Swapzone – you will see what's available when you’re trying to switch between currencies. The site gives you details on what offers are open through a full list of exchanges. You can also compare how long it would take for each trade to go through different exchanges. The information can assist you in choosing an exchange that fits your interests.



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Swapzone is a cryptocurrency exchange aggregator that discovers and pinpoints the most relevant cryptocurrency exchange deals on the market. Exchange 1600+ cryptos while saving your money and time.

Swapzone Blog
Swapzone Blog

Swapzone is a cryptocurrency exchange deal aggregator. We do things that would help you get the most out of your crypto swaps, make an informed choice of platform, check the rates and fees right away, and have all your exchanges in one interface. Like an instant exchange, but better. Here we are writing everything we think about the crypto space. Also, posting guides and tutorials. Tune in!

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