How to Choose the Right Bitcoin Exchange
By Space Coast Daily // October 7, 2020
The first step to trading bitcoin is to learn the basics and choose a bitcoin exchange to use in the long run.
However, there are several exchanges available today, including bitcoinera.app, making it quite difficult to make the right choice. The bitcoin exchange serves as the intermediary between the buyer and the seller, which makes trading easier without going through a broker in person.
Bitcoin has been making waves in recent years and as of July 2020, it was worth over 11,225 U.S. dollars. Its market capitalization was also reported to have reached a level of 117.8 billion U.S. dollars in the first quarter of 2020.
There is no doubt that more people are gradually joining the train today but before you do so, here is a quick guide on how to choose the best decentralized crypto exchange:
1. Reliability
How reliable is this exchange regardless of what happens? One major thing to consider is how it works when the trading volume is high or when the buy price is low. Do a quick research to find out any history of website crashes or any fault with the app that might disrupt your trading process. This will help ensure you have a smooth trading experience and you can buy or sell at any time regardless of anything.
2. Reputation
Reputation is one of the major reasons why most people would rather opt for popular apps. Check the reputation of the company that provides the app to be certain if it’s something you’d like to associate with. You can also look through their site and their recent news and trends on bitcoin to see how valid the app is and the kind of services they provide.
3. Security
Security is important when it comes to finances and should never be taken lightly. Bitcoin does not work with any third-party authority, like a bank, which would make it impossible to get a refund if you lose your money. Confirm if the app has two-factor authentication enabled and if there’s generally a tight security system in place.
4. Fees
You will be charged for each trade by any app but you should know how much it’ll cost you. Check out the rates and charges before signing up and don’t forget to look for the hidden fees and fine prints. If the price is too high or too low compared to the standard rate used by others, you should be careful and not fall into a trap.
5. Customer Support
Customer support is especially important for beginners; you will need all the help you can get, as many things could go wrong. Will you be able to access a human being to help you when you’re stuck or will you be directed to a bot? If you think you’ll need proper customer support, you should opt for a service that provides one.
Conclusion
Before you choose a bitcoin exchange, do your research and ensure you’re opting for the one that suits you best. Most importantly, check for already existing reviews to help you make an informed decision.
