How to Choose Cryptocurrency Exchange?
Deciding
on cryptocurrency exchange is most imperative factor when a person is
investing or trading with Bitcoin or other type of cryptocurrencies.
It is just a matter of few minutes for an experienced investor to
select the most suitable exchange since he frequently involves in
crypto trading. However, sometimes he finds himself difficult on
selecting it due to emerging startups of Cryptocurrency
Exchange in India.
This guide enables newbie’s as well as established traders to
select marketplace that best fits their requirements.
What
is Cryptocurrency exchange?
It
is a digital marketplace, designed to buy, sell or trade different
Cryptocurrencies. Every exchange has their own exchange rate which is
not equivalent to each other – thus there are many factors that
come into picture while deciding on digital currency exchange.
Mode
of Payment:
Since
Bitcoin price has surged recently, i.e. above $4500 many investors
are seeking to invest in crypto market. In this regard, Bitcoin
exchanges are essential for trading bitcoin effortlessly.
One
of the key constraints to look into crypto exchange is the mode of
payment they consider. Few exchanges allow you paying via debit card,
few allows via credit card which typically affects the exchange rate.
Liquidity:
In
order to prevent substantial amount of risk, it is vital to know the
liquidity that exchange has. The liquidity is however an ability to
sell without the price being significantly affected and causing price
decline. Furthermore, increase in the number of buyers and sellers
are likely to increase the liquidity of exchange. It can be analyzed
by the volume of Bitcoin
Exchanges
at that particular point of time.
Processing/exchange
fees:
Nonetheless,
one cannot measure the price of cryptocurrencies on the day he wants
to invest or sale, consequently it is important to look over the fees
it has set for trading. This factor is to ensure that you are not
exorbitant as compared to other marketplace.
Though,
there are three types of fees “Network/Miner fees, Conversion fees
and Maker/taker fees, these are varying from exchange to exchange and
can fluctuate overtime.
Security
and safety
Being
assured on security of exchange is one of the paramount aspects.
Ensure that, it must have a secure protocol with two factor
authentication which provides secure login.
Final
thought
These
are few factors crucial on choosing marketplace to invest, sell or
trade bit coins or virtual coins.
Bitoye
has set itself apart as the most reputable and secure marketplace
which offer its exchange service at extremely low fees. The team at
Bitoye ensures transparent and quick transactions with higher
liquidity.
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