What is the best way to choose your Bitcoin exchange platform?
If you are planning to invest in the world’s most well-known cryptocurrency, it is important to do your research first, and find the best exchange platform.
One way to buy digital coins like Bitcoin is to use a Bitcoin ATM machine. But unless you are lucky enough to live in a city with a proliferation of Bitcoin ATMs (or even just one Bitcoin ATM) then you may fid this tricky.
Luckily you can also easily buy Bitcoin online using an exchange platform. Not sure where to find one? You can find them on sites like CFD Trader and start trading. But before you do, it is important to do your research on trading platforms to ensure that you choose the right one.
Do you need to use a Bitcoin currency exchange to buy and sell digital coins?
Before we go further, it’s worth noting that you don’t need to use a Bitcoin currency exchange to buy and sell digital coins. Well known online payments platforms like Venmo, Paypal and Cash App have extended their services to enable you to buy cryptocurrency on their platforms.
These can be an easy option if you are starting out and don’t want the hassle of choosing a cryptocurrency exchange. However, if you buy cryptocurrencies using these platforms, you may later find it difficult to to transfer your cryptocurrency to a more secure cryptocurrency wallet. (You can’t move your cryptocurrency off platforms like Venmo or PayPal at all.)
So what kind of things should you look into when researching the right Bitcoin exchange platforms to use? Let’s look at three key considerations.
Consideration number 1
The first thing you will need (and want!) to check before choosing a Bitcoin exchange platform is the fees that particular exchange platform charges. If you want an economic trade-in rate, you will have to select a exchange platform that offers you the best fees. As fees can vary considerably, maybe your best shot would be a stable platform like Binance.
Consideration number 2
Another thing which you need to research is the ease of use of a Bitcoin exchange platform. Is it reliable? Is its user interface simple to use? Does it have a good reputation in the market? What do other digital coin users and experts say about it?
It’s important to note that not all states or countries allow access to every crypto exchange, so you need to check that the exchange you choose is available where you live. In addition, some exchanges offer only a limited amount of coins, so make sure the one you choose offers the coins you want to buy.
It is important to do due diligence and check out any Bitcoin exchange platform before making your decision and trusting your hard earned money with them.
Consideration number 3
The final thing you need to check before choosing a Bitcoin exchange platform is security. What is their security system like? Again, what do cryptocurrency experts and digital coin enthusiasts say about it?
As trading digital currencies has grown in popularity, and the amount of money involved increased, so have the number of cyber criminals hoping to get their hands on your money – with some succeeding.
And unlike traditional banks, cryptocurrency exchanges re not backed by governments. So if they lose your money – as has happened in recent years – there is no back up. Different cryptocurrency exchanges offer different security measures and insurance policies.
It’s also worth noting that some exchanges come with an associated crypto wallet offering to help you keep your investment secure. That is why it is important to check our the security of a Bitcoin exchange platform before trusting them with your money.
What Bitcoin exchange platform is right for you?
As you can see, there is quite a lot to look into before trusting a Bitcoin exchange platform with your money. So make sure you do your research before you make your choice.