Cryptocurrency: Choosing The Right Exchange
Do you have extra money? Instead of saving, why not invest it to cryptocurrency? But before investing, it is important that you choose the right “exchange”. Exchanges are portals that connect your world to the exciting crypto worlds. There are many available exchanges, but unfortunately not all of them are the best and most suitable for you.
When you want to buy cryptocurrency, it is very important to choose a safe and reliable exchange in order to avoid scams and bad services. On cryptimi.com you can find the list of the best and safest cryptocurrency exchanges where to store and buy cryptocurrency.
Checklist Choosing The
Right Exchange
You may be new in the industry, or just know bits and pieces of information about Xero accounting in Australia, hence you do not know exactly where to start and which exchange to choose. This checklist can help you kickoff on a good note and invest your money to the right exchange:
Validity
This indeed is very important when
choosing an exchange. Ensure that the exchange you are planning to invest your
hard money into is available to the place where you live, Like for Coinbase, it
may be huge, but sadly for people in Indonesia and India, this exchange is not
available in their area.
This information is available on the website of the exchange or you can read through the internet to know more about the exchange’s validity.
Reputation
So once you validated that the exchange
is available in your area, know its reputation. Has the exchange been hacked
recently? Are the people happy with their investment? How secure it is to
invest money from this exchange? Are there are any complaints filed against the
exchange? Do they provide insurance? And other relevant information to assess
the exchange’s reputation.
Reddit and Twitter are good sites/sources to check for such information. There are also sites where people are free to share their sentiments and converse with people who have had experience trading in different exchanges.
Exchange Rates
Next on your checklist is confirming the
exchange rates. Different exchanges follow different exchange rates. This may
be time consuming, but it is highly advised that you choose three to four
exchanges and compare their rates.
This can help you a lot finding success in getting the most out of your money’s worth.
Safety
Never set this factor aside when
choosing an exchange. Remember, you are about to invest your hard earned money
and losing it should not be an option at all. Choose an exchange that will ask
you to provide identification verification. Some are annoyed with this process
as it is time consuming and they thought their private information are being collected, remember, exchanges that
require such can offer you one hundred times of security and safety.
Taking an extra step to ensure your
money is safe, must be considered. A few minutes or an hour of your time is not
wasted considering that it can provide you peace of mind.
Sure,
you can work on your research and follow a different checklist when choosing
the exchange to invest your money. Needless to say, the checklist above can
help you a lot taking one step closer to finding wealth in the world of cryptocurrency.
Do not forget to check about the other aspects of investment such as crypto
tax.