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.
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:
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.
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.
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.
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.