Tag / cryptocurrency exchange

Cryptocurrency exchange: What do you need to look for?

Oct 29, 2017

If you are in the crypto market you need to buy/sell currencies oftentimes. These exchanges generates quite big volatility and innovation what changes the financial market. You may need to swap traditional currency for cryptocurrency, or cryptocurrency for cryptocurrency. There is a possible way to find individual investors or money currency owners and trade directly, but the most confortable way to do an exchange is to use an exchange company.

To avoid losses and find a right partner for you you need to think about a few thing. What kind of fees you need to pay? There is a limit at the exchanger? What kind of data you need to shar with the exchanger.. etc. Let's think about it before you choose a website or company.

First things first

  • Be careful! - You should NEVER store any of your coins on an echxange account. If you have the privat keys to your coins they are yours, but if not the coins are not yours. You need a secure crypto wallet and you need to store coins there. There is no other way.
  • Regulations - It is the cryptocurrency exchanger regulated? There is a valuable and good support? Can you find any and fresh review about it? Check the reputation and the time when the exchanger started. Check the history of the exchanger as well. If you find something about hacking than forget it and search for another.
  • Instant or not - There are exchange services with instant exchange and others with possible deposit and waiting time. Instant cryptocurrency exchange services are quite better and safetier to work with.

Cryptocurrency exchange - other important questions

Actually if you use an exchange service you need to look for special features. Privacy can be one of the most important because most of the cryptocurrency users try to remain unrecognizable. What kind of data you need to upload for an exchange? Do you need to upload ID photo or proof about your address? These can be intersting questions for you before a transaction. It is the same with fees as well. You need to promptly know what kind of fees you need to pay and avoid hidden costs. You need to count with different fees if you would like to change cryptocurrency to cryptocurrency or you would like to get your money to your credit card or your bank account.

Speed is an other special question, but all of the main features and possibilities depends on reputation and the volume what the exchanger can provide. Small and new exchangers can be cheep, but you need to be careful andrun away from possible scammers. Always look for your safety and be advised.


 

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