“Risk something or forever sit with your dreams”. — Herb Brooks.
The value of the international digital currency market is above $700 million and the industry is still not standardized. The new exchanges for cryptocurrencies are growing rapidly, even though many of them are prone to cyberattacks. It is really crucial for the investors to look at all the aspects before choosing a crypto exchange and get all their facts straight about security and fees.
A good, user friendly, clear and transparent exchange attracts more users. If a user does not have to search for information hidden behind complex menu structures, it means the user can invest his time not in reading but in trading. Big volume exchanges may be the best, because these exchanges get plenty of orders to match buyers and sellers, and have economies of scale to keep fees low. Many researchers’ advice investors not to choose exchanges that operate from somewhere in the corners of the world. Instead, exchanges that operate from prominent locations should be preferred where there is at least some centralization and user protection. Also, it is easy to link well protected banking services to these exchanges.
It is important to note that if you choose overseas exchanges, you may have to wire money if you want to purchase. Some banks may refuse the transfer even if you are operating from a reliable exchange.
“This is a business. Be smart. Choose wisely”. — John Aniston
Experts suggest users to select an exchange that suits their personal individual needs. For Example, some serve sophisticated investors with easy systems for limit and stop limit orders while others are meant to serve everyday investors who place market orders. Some exchanges even curb the users for their small dollar amounts and require the user to apply for higher limits.
Insiders suggest that a good system exchange should offer security against money laundering, should know who their customers are, and should have an app for users to constantly check trading and to track prices. A good exchange should provide a quick and easy way to transfer cash between an outside bank account and the site’s wallet which stores the digital currency.
Apart from all this, to choose good exchanges there are some key considerations:
Patrick Grey, founder and CEO of HashChain technology believes that the biggest concern for any customer on a cryptocurrency exchange is the likelihood of fraud or hacks due to poor security or lack of investor protections. Experts suggest the users to surf the internet thoroughly and check for history of system crashes and trading halts.
A web search should reveal news of regulatory issues as the official sites have frequently come under pressure mostly by regulators in China and South Korea. China intends to curb power used by some miners, which is a challenge to the industry. South Korea plans to limit cryptocurrency trading only on licensed exchanges and imposing a tax on trading.
Even for the best exchanges, customer support is an area of concern. While dealing with trading, users can have many technical questions that they need assistance with. So customer support staff is a mandatory field that needs attention.
It is essential to look for what you will be charged with when you decide to trade on a particular exchange. Good sites list the rates before you click on the submit option but it is necessary to look out for any hidden tax or fee. Also it is suggested to keep an eye on exchange’s boost in technology since that can affect the cost. Coinbase and Bitfinex, two successful exchanges are embracing a new software SegWit, which will lower the fee by as much as 20%.
Securing the money that you have stored is important as many investors have lost a lot of money to hackers. Experts urge traders to select a platform that uses two step authentications for e.g. an exchange with passwords and an OTP that has an expiry date.
Below we have listed the top 3 exchanges.
Coinbase is one of the leading exchanges that serve millions of users. The site is built in a simple way so new users can also navigate easily through it. The company offers profitable offers for iOS and android as well with probably the best bitcoin exchange apps in the market. Coinbase is secure as it provides its customers with a pin locking feature and users can even disable the app in case their device is stolen.
The exchange is very reliable and easy. All the information is right there and the user doesn’t have to waste time looking for options. The exchange also provides mobile apps. The exchange is fast and Cex.io’s customer care is its biggest asset. They answer to problems quickly.
Coinmama is also a straightforward platform. You will need to provide the site with your name, email address, a password and your country. Once all the details are fed, you are ready to purchase coins.
It is important to look into every detail before you decide which exchange you are trading on. No matter how much you know about a particular exchange, it is not safe to keep money in it for a long time. Instead transfer the money offline and put it into a hardware wallet. Always look out for fee structures and security safeguards. Happy Trading!
PCEX is a reliable new crypto-exchange with multi-layered security, fast order-matching, low transaction fees and a well-trained broker channel for trader-support.