Cryptocurrency and cryptocurrency exchanges, both are riding on a wave of novelty. Under this scenario, choose your cryptocurrency exchange wisely by taking all precautions to help keep your cash and investments safe.
Cryptocurrency is making headlines in the financial markets like never before. Introduced in 2009, it has been on an upswing since 2013. With increasing popularity and acceptance of the bitcoin cash to paypal kind of currency, many investors are looking towards this program as a lucrative proposition that can yield disproportionate returns. Data backs these expectations because the cryptocurrency has given returns as much as 700% in the season 2017. Imagine this kind of return on investments and you can really multiply your cash quickly.
Some trade analysts and financial experts call this a bubble and are cautioning the investors into getting into this sort of digital trading. One of the main reasons for the skepticism is that this can be a decentralized currency and there’s no regulating authority over it. The danger of transactions becomes high and it solely becomes the responsibility of the cryptocurrency with regards to ownership. There’s also the underlying feeling that when the Government of one’s country bans the cryptocurrency, then 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 are convinced of plunging into the world of cryptocurrency, then by all means do so via a cryptocurrency exchange. Cryptocurrency exchanges are online providers that help you with the procedure of having your 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 call a few. For choosing your cryptocurrency exchange, below are a few precautions that you should always consider:
1. Check for Currency Options
There are lots of cryptocurrency exchanges on the internet and the parameter that you should first check is that how several choices of cryptocoins are offered and currency conversions in how many currencies is available.
There are lots of cryptocoins with the most popular being Bitcoin and Ethereum. You need to check that the exchange provides more options. Alternatively, you might go in for a change that delivers its own cryptocurrency like https://www.induscoin.info. Indus Coin is represented by the ticker code IDV and since it’s specific to the provider, all information regarding the performance of the coin on various exchanges is mentioned. Hence, there’s transparency and you certainly can do better tracking of one’s coins.
Your cryptocurrency exchange must provide you with the flexibleness of performing transactions in other currencies. Check for the currency conversions supported by your cryptocurrency exchange that may boost your scope of both investments and transactions.
2. Security is a Must!
The digital world is a place which is largely infested with hackers and mischief mongers trying to hack into your accounts or break codes for monetary gains. Frauds linked to FIAT currency are so common and there has been a handful of incidences with cryptocurrency too. Therefore, while picking a cryptocurrency exchange for yourself, check for the safety features they provide.
The wallets given by most of the cryptocurrency providers are encrypted with a signal like this of Indus Coin. Here, whenever you produce a transaction, it can be done only via a mathematical code known only for your requirements 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 along with your basic safety features, but transactions and trading can not be done so simply. This technique blocks hackers and Trojans and keeps the money into your crypto wallet safe.
3. ‘An easy task to Use’ Option is Always Better!
The idea of cryptocurrency is new however it is very simple at the time of now. Transactions happen on the internet and there’s no 3rd party involved making the chain really small. While choosing your cryptocurrency exchange, you will find two points of convenience that you should consider. The registration part on the cryptocurrency exchange must certanly be simple and the interface must certanly 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 could check for feedback online or take a quick check from someone who is also using cryptocoins being 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 without doubt that using a cryptocurrency may be the safest selection for using cryptocoins. Everything you can check may be the trading fees of a few of the cryptocurrency exchanges that suit your criteria. If the exchange is really serious about holding its customers, you will discover the information on the site itself. If you don’t, do make a query through email and get your questions answered when you take the ultimate call.
5. Check for Customer Service Support
The trading element of cryptocurrency is precarious. It takes plenty of attention to detail in the short-term and you’ll need to constantly track it. In the process, it’s also possible to sometimes find misleading information. There may be occasions when someone claiming to be a professional tries to misguide you. Since the entire process is digital, sometimes there might be a mistake in transacting that you may face and pseudo anonymity of an individual may lead you to press the panic button. For all of this troubleshooting, always go in with a cryptocurrency exchange that provides you 24X7 customer service service for e.g. Indus Coin.
Cryptocurrency exchanges, like the currency, may also be evolving. You could find plenty of common features and plenty of unique features in cryptocurrency exchanges along the way of zeroing on the very best one for yourself. You should be safe and do your research thoroughly to avoid fraudsters.