Factors to Consider When Looking for a Bitcoin Exchange
Bitcoin exchange services are cropping up daily owing to the increase in popularity of cryptocurrency. If you are in the market for such a service, it is important to take your time when evaluating the available options. This is because only a handful of the many available services are dependable. You should do your homework well to avoid falling prey to dishonest providers. Seeking the help of knowledgeable friends and relatives would also be a wise decision. What should you look for in an exchange?
Location is among the most important things to consider. Bitcoin exchanges happen throughout the world. However, since different countries have rules and restrictions regarding transacting using cryptocurrency, it is important not to choose just any exchange. You should familiarize yourself with restrictions to know what would happen during trading. If you are a trader based in the West, an exchange located in China might not be a good choice for you. The fees in China would be higher, verification would take longer, and quality support might not be possible.
The reputation of a service is a primary factor to consider. Assuming that any service that claims to be reliable is indeed reliable would be a bad decision. It is advisable to research the founders prior to making a decision. To be on the safe side, it is important to check the types of reviews the providers have on their website. You should also factor in reviews from independent reviewers. Chat forums would be dependable sources of information.
Security is immensely significant. An exchange could be dependable. If your protection is not warranted, selecting them would be a bad decision. Technology is advancing rapidly, which makes it a challenge keeping hackers at bay. Consider whether your choice company has a history of being hacked. If yes, get to know whether they have strengthened their defenses and how. Any service that requires traders to store everything on the exchange are suspect.
Ease of funding, withdrawing, and trading fees are factors to consider. Make certain they support your choice method of converting fiat. If your choice service offers many funding and withdrawal methods, inquire regarding verification, limits, and fees. This helps you know exactly what to expect. You should know that trading fees are what you pay each time you trade and not the cost of depositing and withdrawing. Get to know how much each trade would cost you. It is advisable to choose an exchange that is upfront regarding their fees. Beware of services with hidden fees.
Consider client support and ease of use. Their platform ought to be easy to manipulate. It should also be quick loading whether it is downloadable or web-based. In case you prefer trading on the move, you have to be sure that the platform does not choose a platform that would restrict you to using a desktop. Ensure that you would always enjoy a high level of client support.