Cryptocurrency in Canada: Seven Things to Look for When Researching Platforms
Cryptocurrency is extremely popular in most countries, and if you’re interested in learning more about it, it’s good to research the various platforms that are available. The more you study cryptocurrency, the more comfortable you’ll become with the websites that are designed to buy, sell, and trade what is now known as cryptocurrency. Everyone has a different opinion when it comes to the best crypto platform in Canada, but below are a few things to consider before deciding on a particular platform.
1. Types of Cryptocurrencies Offered
There are lots of different cryptocurrencies available these days, but not all of the platforms offer all of them. Most of the platforms offer the more popular cryptocurrencies such as Bitcoin, LiteCoin, and Ethereum, but if you’re interested in some of the less well-known cryptocurrencies, you’ll have to look around to find a company that offers them. This doesn’t mean that the exchange isn’t reputable just because they only offer a few types of cryptocurrency, however.
2. Good Customer Service
If you run into any type of snag while on these exchange websites, you’ll want the problem taken care of immediately, which means you need a company with good customer service. One good way to determine their level of customer service is to contact them for something minor – anything – and see how quickly they respond. That will tell you a lot about their level of commitment to their customers, and it doesn’t matter what you ask them when you contact them. It’s their reaction afterwards that matters.
3. The Security of the Exchange
Let’s face it, if you’re going to be buying, selling, and/or trading online, that site needs to be secure. The best crypto platform in Canada will always be completely secure and safe with your financial information. Look for authentication measures such as two-factor authentication (2FA) or even Google Authenticator. The 2FA authenticator is one of the best and in fact, most of the more reputable exchanges use this particular security measure.
4. The Company’s Reputation
You might think you won’t be able to find out about the company’s reputation, but you’d be wrong. Get on third-party sites and find reviews from real-life users. Keep in mind that a few negative reviews don’t mean much, but if the majority of reviews are negative, you’ll want to leave that company alone and move onto another one. Online is the best place to find honest reviews from real-life customers, as well as reviews of the company/exchange itself.
5. KYC Protocols
KYC (Know Your Customer) and AML (Anti-Money Laundering) protocols are important when dealing with exchanges. Most reputable platforms will require their users to submit certain documentation to verify who they are so that KYC regulations are satisfied. Simply put, the exchange you use should be strict about KYC and AML protocols. If not, they may not be the best ones to work with when buying or selling cryptocurrency.
6. Exchange Fees
When you’re looking for the best crypto platform in Canada, you also need to consider their exchange fees. Almost all exchanges charge some type of fee to do business with them, and they often charge higher fees for higher-priced transactions. When you’re researching different exchanges, always compare these fees, but don’t make the mistake of letting this number be the only thing you consider when comparing different exchanges.
7. Prices of the Crypto
While most cryptocurrency is similarly priced across the various platforms, sometimes you’ll run across an amount that is way different than the rest. This can be a concern, especially if the price is much higher than the others. When this happens, it might symbolize that the company is having liquidity problems, in which case you might want to avoid them.