The exchange-picking checklist: eight checks before the first deposit

Choosing an exchange means choosing a counterparty you will trust with money without legal guarantees of return. The checks before a deposit.

The checklist

• 1. Reserves: does it publish proof-of-reserves, what are they made of (a share of its own token is a flag), who audits.
• 2. Jurisdiction and licenses: where it is registered, whose regulation, what happened to users in past conflicts with authorities.
• 3. Incident history: hacks are not a verdict; the reaction matters: did it cover the losses from its own pocket.
• 4. Depth on your pairs: not the volume ranking but the actual order book of what you will trade.
• 5. Withdrawals: limits, timelines, freeze history. Forums are full of "verification for 3 months" pain - read before, not after.
• 6. Fees in full: taker/maker plus withdrawal fees (small venues recoup their dumping on trading fees there).
• 7. Treatment of your region: sudden geo-blocks with a "withdraw within 30 days" demand are a regular genre.
• 8. Live support test: ask a question before depositing - the speed and sense of the reply extrapolate to future problems.

And the eternal rule on top of any choice: an exchange is a workplace, not a vault. Our venue coverage - in the section.