Cryptocurrency and cryptocurrency exchanges, both are riding on a trend of novelty. Under this scenario, choose your cryptocurrency exchange wisely by taking all precautions to keep your money and investments safe.
Cryptocurrency is making headlines in the financial markets like never before. Introduced in 2009, it’s been on an upswing since 2013. With increasing popularity and acceptance with this bitcoin cash to paypal kind of currency, many investors are looking towards this approach as a lucrative proposition that will yield disproportionate returns. Data backs these expectations whilst the cryptocurrency has given returns around 700% in the season 2017. Imagine this kind of return on investments and you can really multiply your money quickly.
Some trade analysts and financial experts call this a bubble and are cautioning the investors into getting into this type of digital trading. Among the main reasons for the skepticism is that this can be a decentralized currency and there’s no regulating authority over it. The risk of transactions becomes high and it solely becomes the responsibility of the cryptocurrency when it comes to ownership. There is also the underlying feeling that if the Government of your country bans the cryptocurrency, your investment may be rendered illegal. However, these are only fears and up to now, the digital currency has more positives to it than negatives.
So, if you’re convinced of plunging into the world of cryptocurrency, then by all means do this through a cryptocurrency exchange. Cryptocurrency exchanges are online providers that assist you to with the procedure of having your own personal cryptocurrency wallet and then transacting through it. Bitcoin may be the oldest cryptocoin in circulation and there are many others now like Ethereum, Namecoin, WorldCoin, Induscoin to mention a few. For choosing your cryptocurrency exchange, here are a few precautions that you need to always consider:
1. Check for Currency Options
There are numerous cryptocurrency exchanges on the net and the parameter that you need to first check is that how many choices of cryptocoins are given and currency conversions in just how many currencies is available.
There are numerous cryptocoins with the most used being Bitcoin and Ethereum. You must check that the exchange provides more options. Alternatively, you might go in for a change that gives its cryptocurrency like https://www.induscoin.info. Indus Coin is represented by the ticker code IDV and since it is specific to the provider, all information about the performance of the coin on various exchanges is mentioned. Hence, there’s transparency and you certainly can do better tracking of your coins.
Your cryptocurrency exchange must give you the flexibility of performing transactions in other currencies. Check for the currency conversions supported by your cryptocurrency exchange that will raise your scope of both investments and transactions.
2. Security is just a Must!
The digital world is just a place that will be largely infested with hackers and mischief mongers attempting to hack into your accounts or break codes for monetary gains. Frauds linked to FIAT currency are very common and there have been a number of incidences with cryptocurrency too. Therefore, while picking a cryptocurrency exchange yourself, check for the safety features that they provide.
The wallets supplied by many of the cryptocurrency providers are encrypted with a rule that way of Indus Coin. Here, whenever you create a transaction, it can be carried out only through a mathematical code known only for you and differs with each transaction. This code becomes a the main blockchain and each transaction is noted down in this public ledger. You can view your account balance and your transactions with your basic safety features, but transactions and trading cannot be done so simply. This method blocks hackers and Trojans and keeps the cash in your crypto wallet safe.
3. ‘An easy task to Use’ Option is Always Better!
The thought of cryptocurrency is new nonetheless it is extremely simple at the time of now. Transactions happen over the internet and there’s no alternative party involved making the chain really small. While choosing your cryptocurrency exchange, you will find two points of convenience that you need to consider. The registration part on the cryptocurrency exchange should be simple and the interface should be user friendly. This precaution is certainly caused by taken by everyone. What gets missed out is the next part, the liquidity part. The cryptocurrency exchange must also provide simple buying/selling or trading in the market. You may check for feedback online or take a quick check from someone who is also using cryptocoins as an investment tool.
4. Check for Trading Fees
Trading fees may be the fees that exchange levies for routing your transactions through it. Now, there’s undoubtedly that using a cryptocurrency may be the safest selection for using cryptocoins. What you can check may be the trading fees of a few of the cryptocurrency exchanges that fit your criteria. If the exchange is really serious about holding its customers, you will find the information on the website itself. If you don’t, do make an issue through email and get your questions answered before you take the last call.
5. Check for Customer Service Support
The trading part of cryptocurrency is precarious. It requires lots of awareness of detail in the short term and you need to constantly track it. In the act, you may even occasionally find misleading information. There could also be occasions when someone claiming to be a specialist tries to misguide you. Since the entire process is digital, sometimes there could be one in transacting that you might face and pseudo anonymity of the consumer may lead you to press the panic button. For all this troubleshooting, always go in with a cryptocurrency exchange that gives you 24X7 support service for e.g. Indus Coin.
Cryptocurrency exchanges, just like the currency, may also be evolving. You might find lots of common features and lots of unique features in cryptocurrency exchanges along the way of zeroing on the most effective one for yourself. Just be safe and do your research thoroughly in order to avoid fraudsters.