The choice of crypto exchange is a crucial first step before entering the world of crypto assets. Choosing a platform must not be done haphazardly to avoid losses such as fraud or theft. That’s why you should choose good exchanges.
Here are the things you need to know to detect that an exchange is good or not.
Check the legal credibility of the company
This legal credibility is important because it aims to protect the customer. Companies that have good credibility have a good level of trust in the eyes of customers. For example in Indonesia, a trusted exchange has permission from Bappebti as a crypto supervisor in Indonesia.
Check how big the team is behind the company
Many people think that building an exchange is only by making a website for users to buy and sell. However, in reality it is not that easy and of course it takes a lot of resources to manage the company. The bigger the team means the better the stability and professionalism of the IT platform being built. And make sure the founder and his team have never been involved in a fraudulent investment company or entered in the OJK task force.
Consider the buy and sell order book
Usually, if there are a lot of buy and sell orders indicate the number of users who want to buy and sell. But for this to be careful, there are many exchanges that falsify orderbooks so that they look a lot because now many third party services provide market maker services.
Check traffic from the Exchange
Because visitor traffic is one of the most factors that cannot be falsified even by market maker services. The easiest way to observe the traffic exchange is by looking at ranking through alexa.com, similarweb.com or google play store, the statistics recorded here cannot be falsified because the number of users online and traffic is not easy to fake!
So before you start trading or arbitration, make sure the exchange place that you use has passed all the factors that I mentioned earlier. If an exchange cannot be trusted by one of these factors, it is better to avoid trading there.
One trusted marketplace is Indodax, which has been established since 2014 with more than 2 million members and is registered by bappebti and on coinmarketcap.com. The rest, Indodax has also passed the certification of ISO 9001: 2015 and ISO 27001: 2013 and is registered at the Ministry of Communication and Information!