Tips on trading
All the crypto exchanges are not created in the same pattern. Some points should be considered and some features should be searched before selecting any exchange.
- It is necessary to know in which country the crypto exchange is located otherwise funds to purchase the digital currency will be weird for them, many banks do not perform money transfer to the foreign countries even the platform is legalized. Experts also warn against using platforms situated in those countries where there are no customer protection laws.
- Know your customer and Anti-money Laundering comes under the Patriot Act of USA these helps the companies to know about the background of the customer with whom they are doing business. Do not consider that platform which does not ask for these formalities.
- Security is the top most important factor to choose a reliable exchange. But all the platform does not provide the same level of security. So before selecting any platform to try to find the how much security they are providing and try to implement some security measures on your own to safeguard your account.
- Using 2-factor authentication process adds an extra level of security to your account. You can also use encrypted emails for verification of all the transaction and back up your wallet at a regular interval.
- Using cold storage will give more protection to your coins than any other wallets, as it saves the coin offline away from the hackers.
- To trade your cryptocurrency you need a buyer, the exchanges with plenty of buyer and seller are good to invest on rather than in small exchanges with less population.
- Reasonable transaction fees add up the number of traders. It is also necessary to check whether the platform has any hidden fees applied for every deposits and withdrawal.
- Try to find out the previous traders reviews about the platform, what the pros and cons they have faced while trading in the platform. Search the social networking form on cryptocurrency there you will find the maximum number of reviews.
- A good customer support is need of the hour when you are facing difficulties with certain things in the platform like transaction verification, deposit, and withdrawal or trade orders. An easily accessible exchange with educated support staff is a great help in such situation.
Click on the link this post to know more about how to choose a reliable exchange.