If you’re new to crypto world and having problem understanding the term Cryptocurrency Exchange, we’ve got you covered. A cryptocurrency exchange is a website where one can sell, buy or exchange cryptocurriences. Also known as trading platforms, these websites charge fees for connecting buyers and sellers.
But finding and selecting the right cryptocurrency exchange is not an easy task, especially when you’re new to crypto world. One can easily get confused with a lot of different cryptocurrency exchanges online. Since there’s no lack of novices and scammers, you shouldn’t finalize things in a hurry. Take your time and run the numbers to make sure the exchange you’re going to use is credible and professional. ‘
Below are some things you should consider when picking the right cryptocurrency exchange;
Is the exchange site is regulated?
Cryptocurrency exchange regulation should be the main point of your checklist because a non-regulated cryptocurrency exchange is unreliable and can even steal your money using special deceiving gimmicks. So, always prefer those exchanges that are regulated in your area.
Exchange fees
That’s probably the most important point you should keep in mind when picking a cryptocurrency exchange. It has been observed that many novices and scammers charge extra fees (most of them are hidden) simply to steal your money as much as possible. There’s no point in selecting those who charge extra. With a little patience, you can surely find heaps others who have been in the business for a very long time and know exactly how it’s done.
Jurisdiction
Is the cryptocurrency exchange site is located in a reliable jurisdiction believing in providing security to financial customers. You should also prefer those offering solid privacy as no one ever wants to compromise on their privacy. Most of the exchange sites we see online are scams and employ fake tools and software just to steal others’ personal information. You may also want to know about Initial Coin Sales and Initial Coin Offerings if you’re new to crypto world.
Ownership
you need to clear everything and investigate things like a boss. You should go to their website to make an assumption of their professionals and to know about their ownership structure. If you don’t see anything in their ownership structure, chances are that they’re nothing but a bunch of scammers waiting for the right moment to steal your money. So, it’s highly recommended that you should only shortlist those that have proper ownership structure and good reputation in the marketplace.
Transparency
You need to see if they are worth trying. It has been observed that many scammers use fake tools and software to steal others money. Those who are new to crypto world are the soft targets for them. So, it’s highly recommended that you should do your homework or consult with an expert prior to finalizing anything with any cryptocurrency exchange.
How you look at this? Please feel free to offer your comments in the comment section below.
