Wondering how to choose a Bitcoin Exchange? Keep on reading. It’s a fact that the whole concept of buying and selling Cryptocurrencies is new, and this is the reason why most people find it intimidating. But the truth is that it is just like the normal stocks you invest in. The only difference between normal stocks and Cryptocurrencies is that one is decentralized.
If you can walk beyond the fear of investing in a new asset, you will find that investing in Cryptocurrencies is the same as investing in Stocks.
Yes, both the assets are different and need different considerations while making an investment; with the Bitcoin Motion exchange platform, you can trade in Cryptocurrency effectively.
What Are Crypto Exchanges?
Crypto exchanges are platforms where people can buy and sell Cryptocurrency. You can even use them to trade one Cryptocurrency for another. For instance, you can use a platform to buy Bitcoin using fiat currencies. And then convert the fiat currency into Ethereum.
The platform is supported with the latest technology and is attacked by the Blockchain network. This helps the platform track and monitor real-time Cryptocurrencies.
Once your trading is done and you have made a profit out of the investment, you can convert back your Cryptocurrencies to fiat currencies, giving the option to withdraw the funds.
There are hundreds of Cryptocurrency exchange platforms present in the market. All claim to be the best platform. But we know that all cannot be the best. In that case, how to select the best platform to invest in Cryptocurrencies.
What Are The Criteria For Choosing Crypto Exchange?
When choosing a Crypto Exchange platform, it is important to know your mileage. You may want to exchange Altcoins. In that case, you need to ensure the platform you are working with offers Altcoins.
Once you have found a platform that meets your needs and requirements, check these other aspects as well.
Method Of Purchase
The method of buying Cryptocurrencies varies from one platform to another. Some platforms accept bank accounts payment, while some accept cards. In fact, we have also come across a platform that uses other third-party applications to accept deposits.
It is important that you study various payment options available on the platform and see which is best suited to you. For starters, if you are trading for the first time and have no Crypto token to work with, you need a platform that allows you to use fiat currency to buy Cryptocurrencies.
Authenticity & Security
Conduct thorough research before choosing a platform to ensure how secure they are. The authenticity and security of the platform will help you determine whether the platform is secure for making any transaction.
Before you make your first deposit, ensure to check the reputation of the platform and various security protocols.
Supported Coins & Tokens
Generally, all of these platforms support major Cryptocurrencies like Bitcoin and Ethereum. However, there are thousands of coins that investors might want to invest in, and the platform doesn’t have them.
Thus, you have to know if the platform you intend to use offers your desired Cryptocurrencies or not. For instance, Bitcoin Motion is a platform that caters to different Altcoins for investors to invest in.
The transaction fee structure is different for various platforms. Understanding the fee structures of the exchange platform helps you know what you are dealing with and how much profit you can make from every investment.
While you are at it, ensure that you are not choosing a platform that has any hidden charges. Choose a platform that has flat transaction charges and offers a flexible fee structure.
User Experience Matters As Well
If you have started trading recently, you need a Crypto Exchange platform that is basic and comes with an intuitive design. As you gain experience from basic exchange platforms, you can move forward with more complex Crypto Exchange platforms.
While you are doing so, you must always ensure that your platform is offering a good user experience. Design and user interface can make a difference in how successfully you are able to navigate the platform.
Finally, customer service. What happens if something goes wrong? Are there dedicated team members to help you out? Ensure the platform you are using has excellent customer service.
Watch this space for updates in the Hacks category on Running Wolf’s Rant.
To stay in the loop, subscribe to our Newsletter.
Alternatively, feel free to check out our Featured Posts or scroll down to view posts related to this one.
If you live in South Africa and you're looking for a live music gig or music festival to attend, feel free to check The SA Gig Guide on our sister site (SA Music Zone).
You're also welcome to feed your brain some knowledge on our other sister site, (Interesting Facts).