Tips In Choosing A Cryptocurrency Exchange

In this cryptocurrency exchange era,  it is important to learn more about the capabilities of the incredible technology of crypto-mania. The most important thing to first know is how you are going to cash on the craze. This means that, you have to be careful before choosing a platform to work on.

With the growth of the trade and the widespread adoption increasing, you might find yourself asking which is the best platform among the many available that you should utilize to buy and sell the Bitcoins. There are several features that you will need to check out across users and exchanges which different platforms have in terms of investment knowledge and cryptocurrency like what is displayed at bitcoin era.

The Following Are Some Of The Things That You Will Need To Consider:

  • Security and Authenticity: You must carry out your independent research so that you are sure that you have chosen a secure and legitimate platform. You have to seriously look into the security protocol of the exchange. One of the issues being witnessed in the cryptocurrency industry is to do with pump and dump schemes. With exchanges, you will be able to avoid such.
  • Method of Purchase: Different platforms have different methods they use for purchasing. There are those which require that you do a bank transfer, others use PayPal, while there are those which accept debit and credit cards while for others, you will have to solely use the cryptocurrency to make your purchase.

If by the time you are joining you don’t have any cryptocurrency, then you need to pick a platform that accepts fiats currency to enable you to enter the market. you have to also understand how long the purchase is going to take to get completed. Some platforms transact instantly while others will take several days or weeks.

  • Trading Platforms, Broker, Or P2P Exchange: There are three main types of cryptocurrency exchange platforms that you will need to know before deciding which one is right for you.
    • Trading Platforms: They are very common and include coinbase and binance. These are marketplaces where you can sell or buy orders for your cryptocurrency. You will only transact with the platform. For each transaction, you will need to pay a certain fee.
    • P2P: It connects buyers and sellers so that they can be able to interact directly. Both parties have to agree on a given transaction. When it comes to P2P exchange, it will help to mitigate any congestion in the network, and maintain a system that is trustworthy, secure for the cryptocurrencies trade. When you deal on a P2P basis,  you will be able to alleviate any problems and issues which arise from the traditional exchanges.
    • Broker: A cryptocurrency broker operates almost in the same way a forex broker does. They are the ones who set the prices and buyers and sellers can trade through the platform for their cryptocurrencies.
  • Fee Structure: Fee structure and transaction fee vary from one exchange to the next which is an important factor to consider when choosing a platform to trade on. There are some platforms which offer discounts.
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