In This Article
If you use crypto, you almost certainly use a crypto exchange of some kind. Crypto exchanges are the platforms through which most of us buy and sell our tokens, and this sets the scene for our overall crypto experience. With that in mind, you’ll want to make the most of your crypto exchange experience and get the most benefit.
In this article, we’ll go through some of the core steps to walk away from your crypto exchange experience with as little hassle and as many perks as possible:
Use Anonymous Exchanges
If you’re like to average consumer, you’re probably concerned about your privacy and how big companies are using your data. If you’ve ever tried to sign up for a crypto exchange, you’ve probably had to disclose your name, and address, and even submit a government-issued ID to this effect. To avoid giving away such sensitive details, you can always opt for an anonymous crypto exchange.
These exchanges don’t require any know-your-customer details but instead, have you connect your wallet to buy and sell as you please. As Valerie Reilly states, these casinos are very popular for people who want to protect their privacy (source: https://99bitcoins.com/cryptocurrency/no-kyc-crypto-exchanges/).
Do Not Use it as a Wallet
Ask any crypto expert for storage advice and they will tell you that you mustn't, under any circumstance, use a crypto exchange as your primary crypto wallet. This is because your access to these tokens is tied to your access to your exchange account and this can be compromised or revoked. Worse still, the exchange could suffer a hack and all of these funds can be stolen, with no guarantee of ever being returned. The truth is that you can only really lay claim to tokens sitting in a wallet that you have the private keys and recovery phrase to and this doesn’t apply to crypto exchanges.
Use 2-Factor Authentification
Losing access to your crypto exchange account, especially to criminals, can be devastating, as well as costly. One of the best ways to avoid this is to set up 2-factor authentication, which will make sure no one logs into the account without confirming their identity. Usually, this will be done by phone, email, a dedicated app, and so on. Make sure to set this up and use it every single time you want to access the account. It might take time and be a little cumbersome at times but it is almost always worth it for your security and peace of mind.
Explore Trading Tools
When many of us think of crypto exchanges, our minds go to the traditional trading options, which mean selecting the token you want to buy or sell, choosing an amount, and completing the transaction. The truth is that crypto exchanges these days tend to have a more complex roster of tools available. These include leverage trading, spot losses, copy trading, trading bots, and much more. By limiting yourself only to the basics, you could be losing out on a lot of convenience and even money. So, take the time to look through the trading tools available on your crypto exchange and you might just find some hidden gems.
Look For Investment Opportunities
Crypto exchanges do more than just buy and sell tokens; many of them offer other avenues to make money from crypto. For example, staking is a low-risk way to make money off proof-of-stake tokens like Ether and Solana. In that vein, major exchanges like Binance and Coinbase offer staking for different time periods and this might be something to look into. The same can be said for crypto-based loans, yield farming, and much more. Most of these will be listed in the exchange’s navigation bar or help page so make sure to consult these.
Report Suspicious Activity
Despite all our best efforts, crypto exchange accounts might still be compromised in some way. That is why, if you see any activity within your account that looks weird, you need to take action. Maybe this is tokens being swapped without your authorization or a sign-in from a location you don’t recognize. In that case, immediately change your password and report to customer service. Doing this increases the chances that your account can be secured and the perpetrator stopped in their tracks. When it comes to this activity, always trust your instincts and remember that it is better to be safe than sorry.
Look For New Listings and Other Assets
Crypto exchanges are one of the first places to list promising new cryptos and before they do, they vet them thoroughly. This means that your crypto exchange can be a great place to discover new tokens to invest in. This is as simple as navigating to the ‘new listings’ page and looking at what is available. And becuase these assets are so well-vetted, you can be sure you’re not buying shitcoins.
On top of this, crypto exchanges might also list blockchain-based assets like non-fungible tokens (NFTs) and exploring these can help to create more diversity within your portfolio.
Join VIP Programs
Many crypto exchanges have VIP programs and you could benefit from joining them. Depending on the VIP tier you’re in, you could enjoy higher withdrawal limits, lower fees, personal account managers, free merch, and much more. The rules of these programs differ from one exchange to the other but they are worth looking into. In the event that you have to formally apply for the program, you might already qualify without knowing. As such, not signing up means that you are missing out on these perks. So, look into your crypto exchange’s VIP program and join if possible.
Conclusion
Your crypto exchange dictates how easy of a time you’ll have in the crypto world and so, you want to make your experience with it as good as possible. To do this, you want to secure your account at all times, take advantage of all the opportunities on the site, and stay informed of new developments.
