Things To Consider Before Choosing a Bitcoin Exchange: Bitcoins are becoming so famous worldwide, be it for their features that allow fast, secure and effortless transactions or for the fact that they allow risk-free, safe, and profitable trading. However, most people do not know that the bitcoin exchange is essential in trading because these platforms allow you to trade; they act as a communication medium between sender and receiver. One such reputed trading site for a bitcoin exchange is Bitcoin Revolution.
Centralized exchanges involve an external party in trading processes, while decentralized exchanges give you the freedom to trade independently. Many exchanges are available online, and you must keep a few things in mind before choosing the proper exchange. To learn about the factors that make an exchange ideal read the article below.
Transparency is the most crucial factor you look for while choosing an exchange because you cannot trust any random exchange with your private data and assets. An ideal exchange will not hide anything from you, allowing you to know how your assets are stored and will even provide you with cold storage addresses.
Another thing to consider while selecting an exchange is the ease of trading, and you should research the time taken for a transaction and trading in bitcoins before choosing an exchange. Some exchanges even provide lock-in prices, which keep the price fixed until the delivery of cryptocurrency, even if the price fluctuates in the market.
It is advised to research an exchange’s reputation before choosing one because you will trust the organization with very precious assets. Furthermore, there have been cases where exchanges pay a considerable sum to the media to improve their public image and reputation, so it will be beneficial if you take opinions from the people who already use that exchange, this way, you will receive an honest and unbiased opinion.
Scams and Frauds
These days, many scams are happening while trading in bitcoins; these can be in the form of celebrity endorsements or by using catchy phrases like guaranteed results or double your money. In some cases, scammers even blackmail people about some personal pictures or videos that they threaten to leak in public. Moreover, scammers have even approached innocent people on dating sites and made them think that they are in love with them. When the trust is built, they ask people about their crypto wallet details. So while choosing a website, you must check how hard it is to log into your account; the more complicated the process is, the more difficulty the scammers will face while extracting information from your account. Also, the security check should be tight on the exchange.
Customer help services
Since you can trade in bitcoins at any time of the day, there are possibilities that you might need assistance while trading at night; if the customer care services of your exchange are reasonable, it would be beneficial. An ideal exchange will try to respond to your problems as soon as possible and give you practical solutions. Some exchanges even provide answers in your desired language, making it more convenient to ask questions.
The most crucial factor to keep in mind while choosing an exchange is the transaction fees, and you can always weigh all the options and choose the one that offers the lowest transaction fees. But the transaction fee typically ranges from 0.1 to 0.2%, and some exchanges even offer additional discounts.
While trading in bitcoins, you would have to look at your exchange home screen most of the time, so it is essential to ensure that you are comfortable with the visuals and that the background lets you concentrate properly. Therefore, it would be best if you never went for an exchange, you feel uncomfortable with while trading.
In conclusion, you should consider a few essential factors while selecting an exchange: security, transaction fees, visuals, and customer care facility. Furthermore, choosing a suitable exchange is a base in your bitcoin career, so you should never rush into taking decisions; always do background research about the exchange before making up your mind. Moreover, choose an exchange you can trust because there is no point in handing your assets to an exchange you do not trust.