Cryptocurrencies are amongst the most discussed topics that keep on trending all over the media and social media. Over the past few years, we have seen cryptocurrencies gaining an immense amount of attention, which initially came from individuals and youngsters.
The past few years have brought a lot of veteran investors and influential people with celebrity-like statuses into the discussion about cryptocurrencies. While everyone has their own opinion regarding cryptocurrencies, no one can refute how rapid the rise of cryptocurrencies has been. We’ve seen veteran investors such as Warren Buffet and enthusiastic entrepreneurs such as Elon Musk talking about cryptocurrencies, which is an indication of how popular this concept has gotten.
Cryptocurrencies have enabled the masses to invest their money and make profit off the investment by making profitable trades, which is an opportunity that enables a lot of people to make money from the comfort of their couch. While there are a lot of considerations associated with trading cryptocurrencies, one of the most important ones is that of which cryptocurrency exchange to use.
Choosing the Best Cryptocurrency exchange
Before getting into which cryptocurrency exchange is the best, it is important to know why a cryptocurrency exchange is needed. A cryptocurrency exchange is a platform, often located virtually, that allows users to trade fiat currency (such as Dollars, Yen, Riyal), for cryptocurrencies that are currently circulating in the market.
You simply cannot trade or deal in cryptocurrencies without involving a cryptocurrency exchange first, which makes it a very important element of the entire process of cryptocurrency trading. In order to step into trading, you must first seek the best cryptocurrency exchange. Here are the factors which would determine the best cryptocurrency exchange.
Reputation
Since there are thousands of cryptocurrency exchanges out there, you can analyze the reputation of an exchange in order to filter out the ones that you certainly need to stay away from. The reputation of a cryptocurrency exchange can speak volumes about how reliable and efficient it is and obviously, you would want a reliable and a secure cryptocurrency exchange to trade cryptocurrencies. Word-of-mouth and internet are quite reliable and accessible sources to get an idea about the reputation of a cryptocurrency exchange.
Features
With thousands of exchanges and platforms emerging, you should seek cryptocurrency exchanges that are well-equipped and offer features that can help you make profitable trades. Platforms such as https://bitcoinformula.net/ are easy-to-use and convenient platforms that not only support a lot of crypto and fiat currencies, but are also equipped with algorithms to enable you to make the most out of the rising volatility of cryptocurrencies.
Platforms and cryptocurrency exchanges with such features are usually the best ones as they allow you to make secure trades and minimize exposure to risks.
Security
Security is one of the biggest concerns while trading cryptocurrencies. Anything that has to do with transactions and payment must provide complete security and in case of cryptocurrency trading, it becomes an even bigger consideration. Since you’ll be linking your debit/credit card to convert fiat currency into cryptocurrencies, you must ensure that the cryptocurrency exchange that you’ll be using is entirely secure.
Payment Methods
As discussed above, in order to step into cryptocurrency trading, you’ll need to convert your fiat currency into a cryptocurrency first. In order to convert your fiat currency into cryptocurrency, you’ll need to select a payment method. Ideally, you should prefer the cryptocurrency exchange that offers the payment method that you’re comfortable with, in order to ensure that the process is convenient and you have peace-of-mind.
Rates and Fees
Of course, when you’re trading cryptocurrencies, you would want to pay the minimum possible amount in transaction and processing fees. Different cryptocurrency exchanges offer different fees and it would be smart to choose the one that offers lower fees and seems reliable at the same time.
Moreover, since the conversion from fiat-currency to cryptocurrency happens at a certain exchange rate, usually one that’s close to that of the market, you can find different exchanges offering different rates. In order to ensure that you do not lose money while exchanging fiat into cryptocurrency, you should look around and opt for an exchange that offers decent exchange rates.
Conclusion:
Though there are many popular cryptocurrency exchanges that provide numerous amazing features, it becomes difficult to choose the best one. We have mentioned some factors that helps you choose the best cryptocurrency exchange.
(Syndicated press content is neither written, edited or endorsed by ED Times)
