Since 2012, Bankless Times has been a go-to resource for beginners and experienced investors looking for in-depth reviews of different exchanges, brokers, wallets, and other investment platforms. Our team is dedicated to providing unbiased and free informational content to help our readers make the right investment decisions.
Thanks to our high editorial policies and ethical values, we ensure that we test all the platforms that we discuss on our site several times before reviewing or promoting them.
On this page, we disclose our testing process and list all the features we check before listing a platform on our site. However, note that these tests don’t apply to all platforms, as they all differ in functionality.
The testing process
At Bankless Times, we are committed to providing high-quality and well-researched review articles to help you make informed investment choices. Therefore, we maintain a rigorous multiple-stage testing process to ensure the information published on our site is accurate and that the platforms work as expected.
Below is our testing process, broken down step by step:
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Investigate: We first check out if a brand offers reliable services to determine whether it gets to the next step of the process.
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Research: Next, we dig deep into the brand to find out more about it and how the platform operates. This comprises diving into their website and reading up customer reviews to pinpoint its benefits and drawbacks.
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Test: We then sign up for the platform to get a first-hand feel for it. Our team members register for accounts on the platform and enter their details as required. If a demo account is available, they get started with it to determine how easy it is for novices. We then make deposits into the account and proceed to explore the different features available on the platform. Finally, we check out the platform’s withdrawal process and test out the available customer service.
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Write: Once we have all the information we need about the platforms, it’s time to write a review for the site. Our team of expert writers compiles all the information into one blog article. This may be a single platform post or a comparison of various platforms offering similar services.
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Edit: The writers then pass on the article to the editorial team, who fact-check the post again and ensure the post follows our editorial policy. They also check that the articles are easy to follow, especially for beginner users on our site.
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Make Updates: We regularly check the published articles on our website to ensure that the information on there is still accurate. Platforms may introduce features or get rid of others. So, we often review the information to ensure users remain up to date.
What we test and check
In this section, we break down how we apply the testing process to the different investment brands featured on our site.
Sign up process
The first thing we test out is the sign up process. Different wallets, apps, exchanges, and other investment platforms will vary in the onboarding process of new customers.
When signing up on a new platform, we check how easy it is to create an account and start using it. We also determine how much information is required to sign up. This is especially useful for investors who prefer non-KYC platforms. Users will typically prefer platforms that have a quick and easy sign up process. The platform’s verification process should also not be too long so they can start using the accounts immediately.
Funding your account
Most of the investment platforms that we feature on our platform will need you to make a deposit before you can start using your account. So, the next thing we test is the process of adding funds to your account.
When testing the funding process, we check different factors. For instance, what options do you have to fund your account? Platforms that allow for different deposit options, such as including both crypto and fiat deposits, are typically more flexible and attractive to many investors.
We also test out the various fiat deposit payment methods, such as debit and credit cards, bank transfer, and PayPal, to determine how easy it is to use any of the methods. Our team also checks the minimum and maximum deposits for each platform and whether the platform includes deposit fees. We also determine if and how the deposit fee varies depending on the amount transferred to the account.
Assets
Determining the supported assets and pairs on exchanges and other trading platforms is a crucial step in our testing process. We check what options they offer for both fiat/crypto pairs and crypto/crypto pairs and determine whether the platform offers the option to trade other assets like stocks and fiat.
Another key determinant for this factor is the minimum and maximum trades allowed on the platform. We also check the frequency with which new assets are added to the platform, giving its users more investment options. Platforms that offer varied investment options offer more flexibility, appeal to more users and will, therefore, rank higher on our reviews.
Ways to trade
The investing field is continuously evolving in line with investor needs. Many investors would have been more comfortable with just a few trading options a few years back. However, more investors are looking to diversify their portfolios using different trading methods as they come up.
Brands that cater to the different trading methods available offer more flexibility. They are a more popular option for investors who would like to try out various trading methods to diversify their portfolios.
At this stop, we check whether the platforms offer various options or are more suited to specific ones. We are keen on whether users have other options, such as CFDs, ETFs, Futures, Forward Contracts, and Options, in addition to the usual investment vehicles.
Fees
For most investors, the fees charged on an investment platform are a crucial feature to consider before signing up. Trading platforms, exchanges, wallets, and apps charge different fees depending on the services offered.
When testing out investment brands to be featured on the platform, our team is keen on various fees, including:
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Trading Fees: Most platforms charge certain fees to facilitate your trade whenever you buy or sell an asset. Trading fees vary by platform and may include marker and taker fees, spot trading fees, and spreads.
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Deposit Fees: Although you may make your first deposit for free, many platforms will charge you for consequent deposits to your account. Crypto and fiat deposit fees are also often different, even when on the same platform.
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Withdrawal Fees: you may have to pay the platform some fees whenever you’re withdrawing funds from your account. This fee may be a fixed rate or charged as a percentage.
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Network Fees: When making crypto trades, you will also have to consider the coin’s network fees. The fee varies during trades and depends on the network’s activity.
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Others: Platforms may charge different fees, such as one-off payments, overnight fees, and inactivity fees.
Speed and Interface
Users are interested in fast and efficient platforms, allowing for a seamless experience. When testing platforms, we check their speed and ease of movement.
For instance, investment platforms offering varied services should have a simple interface to make it easy for users to navigate between the different features. Testing out the user interface may also include checking how easy it is to get started on the platform or how quickly you can place an order.
Location and regulation
Jurisdictions often have varying financial policies and regulations. Determining an investment brand’s regulatory status is an important step in our testing process. One of the first things we determine is the geographical location where the app is based and whether it is regulated there. We also determine whether it is seeking any more regulatory permissions beyond its jurisdiction.
Another important feature for many users is whether they can access their accounts on different devices. Brands that offer access across multiple devices are more appealing to users who want to trade on the go. Additionally, we check the difficulty of switching between different access platforms, such as desktop and mobile, and whether activity across the devices is synced.
Security
Security is another crucial aspect of the investment field. Many investors have fallen victim to different security hacks and lost large sums in their investments.
When testing out the platforms on our websites, we are keen to determine the security features in place to ensure users’ funds remain safe. Platforms that offer a variety of security features will often convince more users to sign up.
Examples of security measures that platforms could incorporate include biometric ID (e.g, fingerprint), complex password requirements (e.g. length, alphanumeric), and 2 Factor Authentication (2FA).
Some platforms may also offer other security measures like insurance, should you lose your funds. Another security check we have in place is looking into the brand’s past to see if there have been any security breaches.
Staking
Most platforms will offer more than just trading services. These often include opportunities for users to earn revenue from their digital assets. Staking is one of the most popular earning options for digital asset holders.
We check out if a platform offers any staking options and what coins are available for this feature. We also look at the available staking period and any other terms stipulated by the platform.
Investors who are looking to hold their assets for the long term are more likely to choose platforms with the staking option so they can earn some revenue from their assets.
Additional features
Sometimes, a platform offers additional unique features that are not available on others. For instance, eToro’s copy trader is a game changer, as it lets novice traders learn to trade by copying trades from experienced users. For platforms whose additional features are large alterations, our team checks that the feature works as described by the developers.
Education and guides
Offering educational content on their website is one of the easiest ways for investment brands to onboard new users. Most platforms will have a section on their website that includes general educational content on crypto and investing.
We also check to see if the brands provide beginner guides to help new users navigate their platform and test out its features.
Support
Finally, we test out the platform’s support options. Given the delicate nature of finance, investment brands must ensure that they have several support options for their users.
For example, we check whether users can contact support and what contact options are available. We also test out the listed contact methods to determine their speed and efficiency.
