Sunday, Aug 14 2022 | Updated at 11:33 AM EDT

Stay Connected With Us F T R

Jul 20, 2022 03:56 PM EDT

Choosing The Correct Cryptocurrency Exchange!

Close

Photo by Kanchanara on Unsplash

(Photo : Kanchanara on Unsplash)

Most people find investing or trading in Bitcoin or other digital currencies intimidating. How about it is effortless to start investing or trading in cryptocurrencies. It has been achieved by the easy availability of cryptocurrency exchange platforms. There has been a tremendous increase in platforms for users to trade in cryptocurrency. Crypto exchanges are platforms in which users can buy and sell different cryptocurrencies. In addition, Crypto exchange offers us the option to add and withdraw funds. There are hundreds of crypto exchange platforms, and investors should decide which crypto exchange platform they want to register. If you are interested in Bitcoin trading, you may consider using a reputable trading platform like bitprime-gold.co

Features to Check 

User Interface And User Friendly: The platform's user interface should be so easy that anyone can quickly work through it. It should be appealing to the user. The users should feel any discomfort while using the exchange at no point in time. It should be elementary to add and withdraw funds from the exchange. The customer care section should be helpful and have a genuine interest in solving user problems. The current market price of the crypto must be visible and comparable on the exchange. The user interface should be such that even a person with no proper knowledge about trading and investing can use the platform. 

Fees And Other Charges: crypto exchange platforms charge fees from their users. The users should conduct thorough research on the fee structure of the exchange. Users should make sure that they understand all the hidden costs they would incur while investing or trading on a particular crypto exchange. The platform the user chooses mustn't have hidden charges. Superficially saying an investor should choose the crypto exchange platform which charges the most nominal fees. If the user pays more on fees and other charges, they will have less to invest or trade. 

Cryptocurrencies Available: This is the most important criterion that any investor should carefully see before registering on the crypto exchange platform. All cryptocurrencies are not present on all crypto exchange platforms. Only a limited number of cryptocurrencies are available on a particular platform. The availability of cryptocurrencies is different on different platforms. So the user should make sure that the cryptocurrency he wishes to invest in or trade-in is registered on the platform; otherwise, he will not be able to buy it. The availability of a cryptocurrency also depends on the country in which the particular crypto exchange is registered. Most investors don't study the availability of cryptocurrency on the platform before registering themselves. Bitcoin and Ethereum are present in all crypto exchanges.

Modes Of Payment: Users should check the different methods of adding funds to the crypto exchange. Usually, all crypto exchanges have one of the following facilities to add funds through net banking, mobile banking, e-wallets, and UPI. So if the user is not comfortable with the payment options available with a crypto exchange, he will have to register with another crypto exchange.

Safety And Security: another essential criterion that the user must check is whether the crypto exchange has a firm safety policy. As crypto exchanges use the internet to function, they are prone to online fraud and viruses. The crypto exchange should be able to fight against hackers and prevent the loss of its customers. The crypto exchange also has the personal data of its customers, which is highly sensitive and needs to be kept secure. Users should check if, in the past, the crypto exchange has faced any lapse of security. The investors can also store their cryptocurrencies in cold wallets, which provide offline storage to keep their crypto safer. 

Before registering with any crypto exchange, the users should conduct thorough research. For example, they should check for previous security lapses, the exchange's reputation, review the experience of other investors, and the charges of the crypto exchange platform. Investors can also register on multiple crypto exchange platforms. However, it is recommended that an investor use multiple platforms to divide the security risk. Furthermore, focusing on a single site or trading platform increases the risk and hackers' conscious interference. Therefore, avoid common mistakes and suffer more.

See Now: Facebook will use AI to detect users with suicidal thoughts and prevent suicide

© 2017 University Herald, All rights reserved. Do not reproduce without permission.

Join the Conversation

Get Our FREE Newsletters

Stay Connected With Us F T R

Real Time Analytics