A beginner’s guide on how to choose a reliable cryptocurrency exchange

Having crypto mania? Or planning to invest in a cryptocurrency exchange? Getting confused is natural but here are some of the crucial things you must know before investing in the cryptocurrency exchange.

Nowadays, everyone from prominent enterprises to major financial institutions is rushing to learn more and more about this incredible technology. And choosing a right and a reliable Bitcoin cryptocurrency exchange is very difficult due to the security and the regulation issues encountered by the users who are already into this era.

Due to the widespread adoption of cryptocurrency, more people are anxious to know that which crypto trading platform to use in order to buy and sell the crypto assets.

So before investing into the exchange, you need to consider dozens of features to choose the best crypto exchange.

What is actually a crypto exchange?

Cryptocurrency exchanges are the websites where you can trade the cryptocurrency assets that is you can buy, sell or exchange the cryptocurrencies for other virtual currencies or traditional currencies such as US dollars or Euro. It is just like a stock exchange or a currency exchange and is also known as digital currency exchange.

Exchanges are of different types- trading platforms, brokers, and direct trading.

Trading platforms are basically the online websites that associate buyers and the sellers and charge fee for each transaction. Brokers are the websites where anyone can buy cryptocurrencies at the rate set by the broker. They operate in a similar manner like foreign exchange dealers.

In direct trading, individuals from various countries can exchange currency, they don’t have a fixed market rate and each seller sets their own rate of exchange.

Things you need to look out for before starting trading
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Now it is important to choose a cryptocurrency trading platform with care as numerous crypto exchanges have been hacked recently withdrawing the trust of the people from the crypto exchanges.

So here are the things you need to consider before investing in the exchange:

  • ·    The Reputation of the exchange: The easiest way to search whether a particular exchange isreputed or not is to go through the reviews from the users of the websites. You can also ask questions on various forums related to the Bitcoin era such as BitcoinTalk etc.
  • ·    Does the exchange ask for your verification?  Most of the Bitcoin trading platforms in UK and US need some sort of ID verification so as to make withdrawals and deposits. Some exchanges allow you to maintain your anonymity, in that case, you must not go for it as later on, you might have the risk of money laundering.
  • ·   The fee structure of the exchange: It is critical to know the fee charged by the crypto exchange as different exchanges have different fee structures. So before joining an exchange, make sure you know the exact deposit, withdrawal, and transaction fees. This will prevent you from further confusions.
  • ·   A good user interface: whether you are buying Bitcoin for the first time or you are a seasoned crypto trader, a good user interface supports the user actions to be more informed and effective.

So the exchanges with the best user interfaces will have a great customer base and higher transaction volume as compared to other exchanges. 

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