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On Luno's website
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On Coingate's website
On FTX's website
On BitData's website
On Nexo's website
On BlockFi's website
On Independent Reserve's website
On Bitit's website
On Coinhako's website
An exchange or platform is a place you can go use to buy, sell or trade cryptocurrencies. You can trade using different payment methods such as fiat or digital currencies.
Some platforms are designed for novices while others are for experts. Make sure you pick the right one for your skill level and that utilizes the various currencies you intend to trade.
There are three main kinds of exchange platforms:
|Changelly||Competitive exchange rates|
There are six main methods::
Bear in mind that some platforms only allow some of these options. You need to choose one that fits your payment preferences.
Pay attention to the different fees of each payment method. Each one has a different level of fees, processing time, and other limitations. Research before purchasing any crypto.
Pay attention to any fees that you may need to deal with. Once you know about these fees, you can figure out which one is best for you. Take a look at these typical fees:
Platforms have regulators that are designed to protect you from such scams. Failing that, there are a few steps you can take to make it more difficult for you to get scammed:
There are three main types of exchanges:
For those buying BTC with hard cash, or vice versa, you need a broker who allows that, such as the first option above. On the other hand, if you wish to exchange one cryptocurrency for another, you’ll need a broker that allows the second option.
If you tend to need both options as you shuffle your currencies around then sell them off, you will want the third option, as they can do both for you.
You need to know what types of trading you mean to do before choosing a platform. Take a look at the difference between a cryptocurrency and a fiat currency:
As you exchange currencies, there will be certain fees to watch out for. Make sure that you utilize discounts and take advantage of times when a certain currency has a higher worth so that you end up saving more on top of the fees.
Most platforms have limits on regular accounts. If you plan to make big transactions and save a lot of your chosen currency, you should look for a platform that has higher limits than most.
Some platforms are designed to be user-friendly for the sake of novice entrepreneurs. On the other hand, other platforms are designed for experts giving them advanced options and features.
Both types of platform are beneficial to certain people. Make sure you choose a platform that suits your needs.
Most if not all trading platforms will be designed with easy access from any PC, laptop, tablet, smartphone, etc.
Sticking with a particular platform for the long-term will likely see you getting promotions and discounts every once in a while. These promotions and discounts help reduce the impact of fees and help you earn more in a shorter span of time.
Every platform is different, so check out promotions they tend to offer before joining.
Bitcoins vary in cost on a daily basis. Every time someone buys or sells, that currency’s value changes. Make sure you keep track of this and take advantage of better exchange rates when they present themselves.
The liquidity of your currency is quite important as well. A cryptocurrency with low liquidity is much more difficult to trade with than one that has high liquidity.
Check out CoinMarketCap to find out the liquidity of the cryptocurrencies you intend to purchase.
Some platforms have limited payment options. Make sure to check the type of payment you intend to use, such as bank transfer, credit card, PayPal, etc. Ensure that your chosen platform supports this method.
If you don’t wish to be known on a platform, look for one that doesn’t require upfront ID. That being said, the more verification a platform requires, the safer your currency will be. A platform that doesn’t require any personal details will also be much easier to get into.
When it comes to choosing a platform, you will also need to consider how long it takes for transactions to be processed. Make sure you pick one that suits your level of patience!
You really want a platform that has lots of security. It may be annoying to jump through hoops, answering questions and filling in security measures. However, for something as important as this, you want it to be as safe as possible.
Every platform also has specific restrictions and regulations to help keep trade honest and efficient. Make sure to research the exchange regulations of your chosen platform before locking into it.
Some of these regulations limit certain countries as well. If you intend to trade internationally, make sure to choose a platform that fits the countries you mean to trade through.
You don’t want to join a platform that has poor customer support. You need to know you can trust the platform and the people who manage it. Be sure to check out reviews from your fellow traders before making any decision.
The best way to learn if a platform is reliable or not is by reading the reviews of people who have used it before. If most of these reviews are positive, then you should be okay. If not, consider using another platform.
You need to check that the trading platform you are considering lists the cryptocurrency you want to trade.
Any trade above $50,000 should be done through an over-the-counter service, just to be safe.
There are a few that do. Binance for example offers various leverage trading products.
Yes, you can look on sites such as CoinMarketCap to find all crypto exchanges.
Exchanges are required to put steps in place to follow Anti-Money Laundering and Counter-Terrorism Financing regulations. (Also known as AML/CTF) This is why you must have some form of ID before using them.