There are a variety of platforms for trading and buying these currencies. Before making a move in to this industry one should always consider the following points – important link!
1. AUTHENCITY
Before deciding on an exchange platform, such as a website, one must first gather information regarding the background of the business. The team that they are part of, their mission, the market history, as well as the credibility of the cryptocurrency exchange. It is up to you to decide if your information about the company can be helpful or otherwise. Exchange platforms are accountable for ensuring a fraud-free as well as error-free trading.
2. How to Purchase
In order to know the market, you should also consider different methods of exchange options that are possible.indirect trading methods trading is carried out directly between peer to peer networks across different countries whereas, there is a variety of exchange rates to choose from and every seller decides their individual rates. The Bitcoin platforms serve as a bridge between sellers and buyers. Each individual pays a price.
3. METHOD OF PAYMENT
There are many methods of paying through these exchanges that allows you to have exchanged for previously mined coins. In case you’re unfamiliar with the industry, you can purchase cryptocurrency through the exchange of cash in fiat currency. Payouts are accepted through Visa MasterCard, Visa, Debit Card or a Bank Account. Additionally, you can use your bitcoin wallet to purchase goods and services from traders.
4. Fees STUCTURE
The structure of fees for an exchange is different from another across the globe. This is usually the rate that determines the direction of a customer’s transaction because higher fees guarantee more security, and lower chance of risk when buying and selling Bitcoins. Certain Bitcoins charge only on the selling of bitcoins. Purchases of the currency are absolutely free.
5. CUSTOMER SERVICE
It’s challenging for a number of cryptocurrency exchanges to quickly respond on customer complaints. There are numerous concerns that are not addressed. If exchange companies fail to provide beyond the FAQ section the information they are required to provide, this can be a serious warning for their image with customers.
6. SECURITY
It’s possible to tell from the past performance of an exchange to determine if it’s been previously hacked. There’s a possibility of getting hacked in the future if the business is known to have been victimized in the past. Unless the developers have upgraded the system against hacking.
7. COIN EXCHANGE
Certain bitcoin exchanges only allow coins to be exchanged to altcoins Litecoin or Ethereum. While you should also look at more diverse options to ensure that there is a vast market for investment. This can boost your enterprise, be it purchasing or selling bitcoins.