Buying and selling cryptocurrency is very easy nowadays, but you should make the right choice for choosing the right crypto exchange platform. First, you may choose a trusted platform like www.bitcoin-consistency.com as it has features like accurate trading calls, better use of artificial intelligence, and many more. As you are dealing with your hard-earned funds, the first thing that comes to mind is a safe transaction from fraudulent or digital fraud.
As crypto works on blockchain, It provides safety to its user’s transactions. And keep us safe from fraudulent transactions. So let us know the things that should be kept in mind while choosing the crypto platform.
Things to consider: –
- Location of exchange
One should check the location of the exchange, where it is situated, and from where it gets operated. We must be clear about the rules and regulation that operates the exchange. We should buy these digital coins from the local or home-based exchange to save costs and maximize profit. It will save you from a high exchange cost.
- Complying for KYC
In India, you must complete the KYC for buying these digital tokens. Opening an account on the exchange platform will demand you to complete KYC as per Indian government rules. KYC is necessary for you to redeem your profits. It will not take too long to complete the KYC, but it is a must to rule the financial crimes.
- Making a payment on the transaction
To invest in crypto, one has to add payment from their account, debit card, credit card, UPI, etc., or the wallet, and one can make and receive payments into their wallet account. One should check the safety level of transactions.
- Exchange fees
No exchange platform will offer you to trade for free. As they charge the minimum fees, we should be aware of the charges that the exchange applies to your transactions. Therefore, one must do some serious research on the cost charged. In addition, some of the platforms have hidden charges, so we must look after them.
- Order book volume
Most of the exchange releases their order book volume. This volume shows the number of transactions that took place over the exchange. It increases the exchange’s popularity among people and brings transparency to the buying and selling of digital tokens.
A strong order book shows that more people are using an exchange. This is because it has enough liquid funds to pay as it ends particular crypto from the exchange. Some small exchanges do not have the function to release the order book.
- Availability of coins: –
Before choosing the proper exchange, you must know the available coins you will invest in. Then, look at the adding facility of the coins and how fast exchange adds the coins to its platform before the coins become expensive and out of our investment strategy.
- Transparency: –
Many exchanges offer you more facilities but sometimes have hidden costs. So choosing the right platform is as much as necessary as your investment.
Transparency in the kind of order book, buying and selling charges, funds clarity, etc., inspecting these and finding them suitable for you. Then one should get to following the process of investment.
- Smoothness of trade
Some exchanges take time to transfer your digital tokens to your account. Which we think is not a good trade option. Because if it takes two to three days to transfer funds and in between if the price hits high, then you don’t have anything to sell. You will lose a chance to book good profit. So you should not only look at a profit on the screen. You should book it before it starts diminishing.
You must check the price you buy the trade and the price you charge if the token arrives after a few days.
- Security of deals
Security measures should be thoroughly checked by the investor on the web and the mobile app. For example, on the web, one should look for HTTPS. And on mobile applications, one should opt for two-step authentications to increase the security standards.
- 10.Goodwill of exchange
We must check the exchange popularity among the people. We must read the reviews asking a friend who has already used the app before suggesting help more in selecting the platform. We can get the reviews after searching it on the web, and a few sites show honest reviews that can help you select your platform.
Exchanges usually pay a heavy amount to media for advertising and to create goodwill among their investors. The attraction is made in the sense of providing security to the investors and offering something accessible to its investors.
These things should be kept in mind while choosing the cryptocurrency platform. We should invest after the proper research, and one should not become a victim of digital fraud. One should not lose hard-earned profits.