How to Choose a Bitcoin Exchange Site
By Space Coast Daily // October 19, 2020
A bitcoin exchange site allows you to buy, sell, and trade bitcoin. This makes it an important decision, as you will unfailingly need it for your trade to come to life.
However, there are too many exchange sites on the internet today, including the fake ones out there to scam people. But you still need a bitcoin trader official website and deciding on the best site to opt for might prove difficult, especially for beginners. This article seeks to guide you on choosing the right bitcoin exchange site.
Check the Cryptos Available
Many exchanges focus only on bitcoin since it is the most common crypto. However, if you’re interested in other kinds of cryptocurrency, you should opt for exchange sites that give you a wide range of options.
Check your options to see the cryptos they trade in and if the ones you’re interested in are available. This is to allow you a smooth trading journey. You wouldn’t want to trade bitcoin on one platform and have to create another account elsewhere to trade another crypto.
Check the Fees
Check the trading and withdrawal fees, including hidden fees. Look at the fees closely and ensure you’re not missing any detail out, as some sites are known for their hidden fees that you’re likely to overlook.
High-priced fees or too many charges might be dangerous for your trade, as it could affect your profits in the long run. If you’re looking to make gains from your bitcoin trade, then you need a platform with reasonable fees.
There will always be a charge for trading and withdrawing but the point here is to ensure you aren’t being cheated. You can have options and compare their prices to know which suits you best.
The security of an exchange app should never be overlooked, as it can mar your trade and ruin all your efforts. To avoid this, there are certain things to look out for in the security of an exchange site.
Look at the technology of the site to know how secure it is; this could be from the HTTPS- ensure there’s an “s” that signifies that the site is secure rather than a plain HTTP without the “s”. It should also have a two-factor authentication feature, so no one can get easy access to your account. Check if it monitors all your activities on the app and also provides SMS or email alerts to reduce fraudulent attacks.
The legal security aspect is also important. To avoid any legal issue, opt for an exchange site that is in the country you reside in, especially to make payments easier and other verification methods that may arise. You may also want to check if your funds are insured by the company in charge of the site, so you can be reimbursed should anything fatal happen.
Finally, look for transparency. There shouldn’t be secrets in how your funds are handled or the team behind the company. If you notice any form of secrecy in how your funds are managed, you should consider changing your exchange site.