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                              What to Look for When Selecting A Bitcoin Trading Site

                              Aman Chaudhary by Aman Chaudhary
                              May 30, 2022
                              in Crypto
                              Reading Time: 4 mins read
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                              Cryptocurrency Exchange
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                              Bitcoin is a decentralized digital currency that functions without the need for a central bank or government. With fluctuating value and volatility, Bitcoin can be an incredibly difficult asset to invest in, especially if you are just getting started or have little experience with cryptocurrency. The cryptocurrency market is still in its infant stages, but it is growing at a rapid rate and only seems to be gaining steam as more and more individuals are becoming privy to the benefits of a decentralized currency over the traditional centralized banking system. As the cryptocurrency ecosystem continues to grow, so does interest from new investors who want to get in on the action.

                              The current Bitcoin investment industry is still in its infancy, and it is not nearly as large as the investment market in traditional stocks and bonds. There are currently no bitcoin ETFs, making it extremely difficult to invest in the cryptocurrency directly. The lack of standardization and lack of regulation within the industry means that few cryptocurrency exchanges are trusted or reliable.

                              This makes it extremely important that you do your research before choosing a bitcoin investment platform. Bitcoin is one of the most popular investments right now, and if you want to invest in bitcoin then Bitcoin Profit has a lot for beginners.

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                              Table of Contents

                              • 1. Location of the exchange
                              • 2. Complying with KYC
                              • 3. Reputation and transparency
                              • 4. Insured deposits
                              • 5. Purchasing power
                              • 6. Sufficient liquidity
                              • 7. Customer service
                                • Conclusion

                              1. Location of the exchange

                              The first thing you want to look at when examining any cryptocurrency exchange is the location of where the exchange is being hosted. If it is located overseas, there is a greater chance that your personal and financial data will be compromised because of poor privacy laws. In the event that the exchange gets hacked, it will be much more difficult to get your money back if they are not based in North America or Europe. Two of the most well-known and trusted bitcoin exchanges, Coinbase and Gemini, are both located in the United States.

                              2. Complying with KYC

                              Know Your Customer laws were created to combat money laundering, and any exchange worth doing business with should be compliant. Any reputable bitcoin exchange will require you to provide your personal information and ID when opening an account. It is important that you do this if you are investing any significant amount of money.

                              3. Reputation and transparency

                              Before depositing any funds on a cryptocurrency exchange, it is important to make sure that the exchange has an established reputation. Many of the most well-known exchanges, such as Coinbase and Gemini, have been around for several years. These exchanges operate transparently and are constantly being audited by third-party regulators like Ernst & Young to ensure that they are following all global laws and regulations.

                              4. Insured deposits

                              If the exchange that you choose is not insured, there is always the chance that your assets will be lost if the exchange were to go out of business. It is important to choose an exchange that is registered with the government and has strong financial backing. Coinbase, for example, has insurance on their stored crypto assets and allows customers to purchase INSURED bitcoin with FDIC-insured dollars.

                              5. Purchasing power

                              Many cryptocurrency exchanges are using the Blockchain technology to create more opportunities for investors. Many exchanges have created new tokens over the last few years that can be used as a means of payment. By using these tokens, you are able to purchase assets with the value tied directly to their value on the BlockchainBlockchain.

                              For example, if you have enough bitcoin stored on an exchange and you want to purchase a digital asset, you will need to buy bitcoin first and then convert your bitcoin into the particular digital currency you are looking for. Purchasing cryptocurrency directly from the exchange is never recommended.

                              6. Sufficient liquidity

                              Liquidity is one of the most important factors to consider when choosing a cryptocurrency exchange. If a specific coin or token you want to purchase does not have sufficient liquidity, it will be very difficult for you to trade in that particular currency. In some cases, you may even need to conduct several trades of other currencies before being able to make your desired purchase. When examining a particular exchange, it is important that you look at the volume of trades that have been made in both fiat currency (dollars or euros) and digital assets. You should also look at the trading fees when opening an account.

                              7. Customer service

                              Most cryptocurrency exchanges are still in the process of growing and establishing trust with their users. Overall, the customer service experience is still fairly hit or miss. If you are looking to make a large purchase or deposit, it is important that you have good communication with your support team prior to making any transactions.

                              Conclusion

                              While cryptocurrency is a promising asset, and new technologies are being developed to make digital currencies more secure, it is still a very volatile asset. It is important that you do your research when choosing an exchange and trust your instincts if anything appears suspicious.

                              Try to avoid the smaller exchanges that are not regulated, and do your research before opening an account. You should also consider your location and stick with a trusted exchange like Coinbase or Gemini.

                              Also read: How to Start Effective Cryptocurrency Day Trading from Scratch?

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