Sunny Jain June 8, 2020
Cryptocurrency Exchange:- A Comprehensive Guide
Best cryptocurrency exchanges are not just about ordering in terms of volume. It is also not about making doing comparative analysis in terms of fees applicable. Other aspects like accessibility should not be the limitations as well when it comes to the best exchange for cryptocurrency.
In most cases, exchanges recommend as per the targeted client’s location, mode of paying, etc. Some others recommend as per the experience level of the user as well. While considering the top exchanges, one must go through the range of services they offer. Instead of small exchange aiming at only a certain type of clients, broader exchanges always offer better options. It is a good idea though to take help of experts while struggling to find the best exchange for crypto.
Cryptocurrency Exchange: Most basic aspects to consider while choosing
The fundamental aspects one should consider while selecting the best cryptocurrency exchange 2020 are, its location, charges applied, security, level of liquidity, and user interface. These are the most fundamental aspects. Moreover, one should use a cryptocurrency exchange for trading purpose. One may use it for purchasing as well. But, one should not use for storage purpose.
It is essential to conduct thorough research prior to selecting an exchange. The first thing to check is the past. Make sure that it holds no history of cyber attack and all. Best Cryptocurrency trading platform never involves in any kind scams as well. Those who are strictly looking for bitcoin exchange should pick anyone among Bitxmi, Coinsbit, BitForex, and HCoin, Binance.
Bitxmi is one such hugely popular platform these days with incredible cryptocurrency exchange rates. It offers many advantages, like its token holders, are going to have explicit discounts on platform charges. They conduct special meetings with top token holders as well.
Considering the growing demand for cryptocurrency other than US market, those looking for a reliable exchange at those parts should go with HCoin. This is quite a reckoned trading platform being registered in Seychelles.
BitForex is an equally trusted exchange platform having it’s headquartered in Singapore. The biggest factor that makes it hugely reliable is due to the fact that it is active in more than 180 nations and around 300 trading pairs.
Coinsbit is currently one of the most popular bitcoin exchange platform. The company is quite known for its ability of wining confidence of the customers ensuring the most secure user-friendly and advanced trading features.
Binance is a cryptocurrency exchange that provides a platform for trading various cryptocurrencies. They also provide a crypto wallet for its traders, where they can store their electronic funds.
Check out the entire line-up of tokens:
Be it about finding the best exchanges to buy bitcoin or others, community exchange is crucial. One must check out the complete list of tokens they do support. Most importantly, make sure that the cryptocurrency exchange doesn’t restrict too much from a geographical perspective.
It is meaningless to sign-up for exchange if one can’t do trade on it. In this context, it is suggested to go with the ones based on the specific nation. For example, those who belong to India should rather stick to the best cryptocurrency exchange in India. This strategy works as far as legislation, and other regulations are concerned.
a) Check out the liquidity level.
The best way to judge a Crypto exchange’s liquidity is to check the volume of trading they do. They should be efficient enough in fulfilling the order of a user at any time. In accordance with the kind of trading, one aims at, liquidity certainly plays a key role. For example, bitcoin is a prominent name in the crypto world. Hence, best BTC exchanges are the ones who fulfil irrespective of the size of the order.
Keeping these things in mind, experts often suggest going with centralized exchanges. It provides the best liquid and quite swift in terms of its approach as well. In fact, here, one can place an order within a few seconds only.
Things depend upon the type of coin as well. For example, those trading for comparatively not-so-popular coins are recommended to go with decentralized exchange. After all, not everyone can deliver the excessive listing prices of a central exchange. However, when it comes to prominent names like bitcoin exchange, centralized exchanges are the best.
b) Compare exchange rates; don’t just blindly go with top ones.
One thinks of bitcoin exchange or trading aiming the profit. The profit comes through reaching platforms offering better rates. It is important to analyse rates of different platforms prior to deciding. In this context, it is not necessary that only the top platforms provide the best rates. With growing competition, newly surfacing platforms are also giving tough competition.
c) While choosing the best app for the exchange.
In this era of technology, people use both trading exchange apps and websites as well. Generally, these app and websites vary in terms of their ability of wealth deposition, preparing quotation planning, etc. One must judge the extent of deposition and withdrawal as well while making sales and purchase. This factor is equally important as of the safety aspects.
Those looking for the best cryptocurrency exchange app should emphasize more on platforms like Google Play. Other renowned platforms like Apple App Store can be equally trustworthy as well. The point is that one should go with only the reliable platforms to download the app. It is considered an easier option for beginners to do trading and exchange through apps.
It’s simply about downloading and logging in to start with. Upon downloading or having an app through a renowned platform, as mentioned, security is never a concern. They come up with an authentication system for identity verification. In general, they send SMS code from the authorised phone or may authenticate through mails as well.
Keeping all these things in mind, one can easily make the most of cryptocurrency exchange even as a beginner.
Join Bitxmi Exchange and get $10 worth of BXMI token after your first trade
Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi’s role is to inform the cryptocurrency and blockchain community about what’s going on in this space. Please do your own due diligence before making any investment. Bitxmi News won’t be responsible for any loss of funds.