Choosing the right bitcoin exchange is one of the most important tasks in your journey to trading or investing in bitcoin. The wrong bitcoin exchange might hinder you from hitting your financial goals as planned, and it might also not allow you to enjoy the process. There are many bitcoin exchanges today, including great ones like the bitqt official. However, while looking for the one that suits you best, there are certain things you must look out for to be certain that you’re on track. This article highlights some of these things you must consider.
Reputation
The cryptocurrency industry is still relatively new, which means there are constantly new apps on the rise. The first thing you must look out for is the reputation of the exchange. You can confirm this by running quick research online to see what they have done so far and what other people are saying about them. Look into their terms and conditions and how they operate. How do they intend to manage and keep your funds safe? How they operate must be transparent enough such that you can easily explain to someone else how it works. If you’re unsure of their reputation or how they intend to help manage your funds, you should consider another option.
Security
Bitcoin scams are on the rise and the first quarter of 2020 recorded $24 million lost in scams. The decentralization of bitcoin makes it impossible to reverse transactions, which is why you must take security seriously. Check the security methods used on your preferred bitcoin exchange and ensure it offers two-factor authentication to meet today’s cybersecurity standards. Also, check for the level of anonymity the exchange offers and if you are comfortable with it. While bitcoin allows for some user anonymity, you also want to ensure you are giving out only the required details.
Functionality and Features
Each exchange has its functionality and features but there are however key things you must look out for. Check the trading features and functionality of the app to be sure it suits your level. Some apps might have certain features that can only be understood by expert traders but might get you confused if you’re a beginner. Confirm if the exchange can manage the transaction you want to perform and this includes checking if your credit card is accepted, if they trade the cryptocurrency you intend to trade in, and other important things to ensure you have a great experience.
The fees are also important. While every exchange would require fees to complete transactions, you want to be sure you’re not paying more than you should. Always compare prices and check for hidden fees.
Conclusion
While choosing your bitcoin exchange, have options available and compare their features, functionality, and fees. More importantly, ensure they work in your geographical location and have your preferred payment methods. The goal is to make trading or investing in bitcoins easier for yourself and it starts with your choice of a bitcoin exchange. The tips shared in this article are a great way to start when making a decision.
