Theemergence of crypto exchanges has, in a way, revolutionized Bitcoin trading. Once you decide, you want to invest in this cryptocurrency, you need to find a crypto exchange because the first step to take toward Bitcoin technology trading is to buy the currency so that you can start trading. After that, register yourself by opening an account, and start trading after you get your coins.
What a crypto exchange is?
Cryptocurrency exchangesare online-based platforms that provide you a marketplace where you can buy as well as sell cryptocurrencies with fiat money and with cryptocurrencies too. It works like a bridge between the two parties, the buyer and the seller.
In recent times, many online crypto exchanges have come up, but not all of them are reliable where you can invest your hard-earned money. So, you have to give some effort to find a good and reliable platform out of many. Some factors that are discussed here in this article, will give an idea of how to find theright exchange where you open your account. Though the fee charged by an exchange is an important criterion it must not be your sole selection criterion.
Stepsto select the right crypto exchange
Research well
When you open an account with a crypto exchange, you need to share certain personal details for the platform to verify before it allows you to create the account. So, to be safe, research is a must. With the increasing number of frauds and scams happening online, it is always recommended that you should be fully confident about the credibility of the online platform before proceeding to invest your money in it.
Reputation matters when it comes to crypto exchanges. You can ask some experts about reputed exchanges.
You must browse through the internet to find customer reviews of the exchange.
Also, try to find out if the exchange has had security issues and maintains transparency in its financial dealings.
First-time traders must be particularly wary in selecting an exchange. One crypto exchange that offers training programs, trading robots, and demo accounts for new traders to be able to confidently stride into the crypto world is.
The physical address of the exchange
Transparency in transactions must be your foremost concern when it comes to selecting the right platform. If the site does not share its address with its clients, it cannot be believed and you must stay away. The laws of the country where it is located may cause legal hassles for you later so you must know its address. Also, in the event of your account being hacked, it is easier for you to address your grievances with the exchange directly.
Must provide higher security
An exchange with stricter security regulations means better security of your virtual funds. Though you may have to store the majority of your coins in a cold wallet, it is always better to ensure that your assets that are with the exchange are safe.
Besides these initial things, some of the other factors to consider are:
It’s per day turnover
Supportive customer-cell
The range of coins it offers for trading
Availability of graphs, charts, and other assessment tools
Steps needed to usea crypto exchange
Once you have decided on the crypto exchange platform where you would like to register yourself, you have to follow a few steps that enable you to trade Bitcoin.
Create an account
You need to furnish your details for verification by the exchange. This is done to prevent scams and also to follow the federal regulations laid down to ensure the safety of the customers. This process may include the submission of your driving license or passport and at times, you are also asked to submit a photo to cross-check the documents. After verification, your crypto trading account will be opened on the platform.
Deposit money in the account
Now, you must have funds in the account to be able to start trading.So,link any of your bank accountswith your crypto account and transfer some money.
Buy the coin
To buy Bitcoin, you have to enter its ticker symbol BTC. Since the Bitcoin price is high, you can buy fractional shares of the cryptocurrency also to start your trading venture.
Storage
Safe storage of your assets is important. Decide on the type of storage you need, hot and cold wallets, and secure your Bitcoin. Cold wallets are more secure whereas hot wallets are more convenient to use.
Conclusion
These are the simple steps to registering with a crypto exchange. Don’t forget to consider the necessary factors when you are going to find an exchange.