A decentralized monetary network used to be the dream of one anonymous man/woman who goes by the name Satoshi Nakamoto. This unknown entity managed to achieve its dream to create a decentralized cryptocurrency. Cryptocurrency is an electronic medium of exchange that exists out of the reach of monetary policy and control. It uses sophisticated algorithms and computer engineering methods to be anti-counterfeit and to render its trackability almost obsolete. Thanks to their decentralization and security, users have a much wider array of uses under a big umbrella of anonymity. Bitcoin was the first cryptocurrency but it wasn’t the last; nowadays, there are hundreds of different cryptocurrencies with different market values.
We will be presenting you the best 3 tips that can help you choose which cryptocurrency exchange is the most suitable for you.
Safety and Reliability
You need to do a fair amount of research before choosing a cryptocurrency exchange to make sure you are getting the safest and most practical platform that you could get. Trading volume is a very good indicator of the reliability of the exchange platform and the direction a specific token will take in the future. A common way for exchangers to pump their metrics is by using bots, the best way to avoid such exchanges is to check the proven track record and go with the best exchanger that is publicly known for its reliability. Crypto Head has done a great job of coming up with the best 10 exchangers available in Canada today.
Available Tokens for Exchange
It’s no big deal to find an exchanger that supports Bitcoin and Ethereum since they are the most prominent cryptocurrencies in the market currently. The main difference between exchangers is the variation of tokens available for exchange. Some have a lot of supported altcoins while others have only three or four supported tokens. Make sure to research exchangers to know if they support all the types of coins that you would like to trade while monitoring the rates of exchange due to market cap and volume.
Trading Platform and Fees
Choosing the best cryptocurrency exchange method can be a deal-breaker. There are 3 main methods; machine or platform based, where the user only interacts with the website by scheduling orders to buy or sell cryptocurrency without directly interacting with the seller or the buyer, with a transaction fee on every trade; peer-to-peer aka P2P, dependent on getting both sides to agree to the transaction, making it an accurate, secure and fast way to communicate and make trades; cryptocurrency brokers, where the price of the token is already pre-determined by brokers and the buying process is fully completed through interaction with the platform.
Time to Exchange
The amounts and types of tokens are constantly increasing every day, researching the market and exchanges is the only sure-fire way to make sure you are not wasting your investment due to lack of knowledge. Cryptocurrency exchange has become one of the greatest digital investments one can rely on, especially in the long run. Once you get your priorities in line, this seemingly uncharted territory is going to become an exhilarating and action-packed adventure.