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Things you should know before trading crypto
25.12.2018, 03:53
Beitrag: #1
Things you should know before trading crypto
For many, the first entrance to the Crypto world is through digital currency Exchanges. Basically, this is the market that allows users to trade cryptocurrency into other assets, including fiat money or other digital assets. This new playground for trader has many similarities to the conventional stock exchange with trading activities like bid and ask. The only difference is that this type of exchange doesn’t need intermediaries, such as the bank, middleman, and broker, and the goods traded is digital currencies.


[Bild: Things-you-should-know-%2Bbefore-trading-crypto.png]


See also: Blockchain application in E-commerce


With around 200 active trading platforms (mostly operate without a legal framework), having a basic understanding of crypto exchange is essential to make the right decision of investment. Here are some important factors you should consider when choosing a trading platform.

Security and authenticity


Security is the most important factor when it comes to choosing an exchange. Check if that exchange offers cold wallets storage or not. A cold wallet is essential, especially when you want to safely store your money offline and out of the reach of hackers. SSL encryption and 2FA should also be considered.

Support


When considering signing up for an account on a crypto exchange, make sure that they offer online customer support. You will never know what you might get into while trading and the lack of customer support will put your effort and money at risk. Email support is a must. Some even offer live chat support.


User interface


You would want to find a convenient, easy-to-use trading platform. A complex, confusing user interface will only cause you trouble in the long run.


Fee
Transaction fee is always a controversial topic for traders, which is also the reason for your losses. If you are a long-term trader, look for one with low fees to minimize your costs. Search the keyword "transaction fee" of the crypto exchange you are about to use and compare it with others to find the best deal.

Big or small ?


Why waste your time thinking about this question? It is common sense that people would rather choose the exchange with the larger business scope. Right?


Well, the answer is no.

Every exchange has its distinctiveness and special features regardless of their business size. Therefore, your choice of crypto exchange should be made based on your practical needs rather than whether the platform is big or small. For large and prestigious exchange platforms, they tend to offer the best services for a large group of customers. In other words, their services are created based on the demand of the majority. If you want to have it “personal”, you should look for small-sized exchange platforms as they often deliver customized services. Most of the exchanges offer something different for its users, which is also their competitive advantages. Therefore, choose the exchange based on your needs.

In the case of Gemini, founded by Winklevoss twins, US traders have the opportunity to use a trading platform which is authorized by the New York State Department of Financial Services. However, if you are not a US resident, this may not be the ideal trading platform for you as they only accept US dollar deposits.

The name RightBTC also receives a lot of attention recently from the media and crypto community. This exchange builds its reputation from low transaction fee and high reliability (only verified cryptocurrencies are listed on this platform).

One more thing to mention, small-sized exchanges might be your only choice if you want to trade new or small cryptocurrencies. Regardless of the risk, this is another opportunity to earn a profit or a way to improve your trading skills.


See also: Blockchain application in Law


In summary, traders should pay close attention to the above factors for choosing the right crypto exchange. “The crowd is not always right”. Make the choice based upon your needs, not the trend.
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