Cryptocurrency and cryptocurrency exchanges, both are riding on a wave of novelty. Under this scenario, choose your cryptocurrency exchange wisely by taking all precautions to help keep your money and investments safe.
Cryptocurrency is making headlines in the financial markets like never before. Introduced in 2009, it’s been on an upswing since 2013. With increasing popularity and acceptance with this eth to inr kind of currency, many investors are looking towards this program as a lucrative proposition that could yield disproportionate returns. Data backs these expectations since the cryptocurrency has given returns up to 700% in the entire year 2017. Imagine this kind of return on investments and you can really multiply your money quickly.
Some trade analysts and financial experts call this a bubble and are cautioning the investors into getting into this type of digital trading. Among the major causes for the skepticism is that this can be a decentralized currency and there’s no regulating authority over it. The danger of transactions becomes high and it solely becomes the responsibility of the cryptocurrency with regards to ownership. There is also the underlying feeling that when the Government of your country bans the cryptocurrency, then your investment may be rendered illegal. However, they’re only fears and up to now, the digital currency has more positives to it than negatives.
So, if you’re convinced of plunging into the planet of cryptocurrency, then by all means do this via a cryptocurrency exchange. Cryptocurrency exchanges are online providers that allow you to with the method of having your own cryptocurrency wallet and then transacting through it. Bitcoin is the oldest cryptocoin in circulation and there are lots of others now like Ethereum, Namecoin, WorldCoin, Induscoin to name a few. For choosing your cryptocurrency exchange, here are a few precautions that you must always consider:
1. Check for Currency Options
There are lots of cryptocurrency exchanges on the internet and the parameter that you must first check is that how many choices of cryptocoins are offered and currency conversions in how many currencies is available.
There are lots of cryptocoins with typically the most popular being Bitcoin and Ethereum. You need to check that the exchange provides more options. Alternatively, you might go in for an exchange that gives a unique cryptocurrency like https://www.induscoin.info. Indus Coin is represented by the ticker code IDV and since it’s specific to the provider, all information about the performance of the coin on various exchanges is mentioned. Hence, there’s transparency and you can certainly do better tracking of your coins.
Your cryptocurrency exchange must offer you the flexibility of performing transactions in other currencies. Check for the currency conversions supported by your cryptocurrency exchange that may increase your scope of both investments and transactions.
2. Security is a Must!
The digital world is a place that will be largely infested with hackers and mischief mongers trying to hack into your accounts or break codes for monetary gains. Frauds related to FIAT currency are very common and there were a small number of incidences with cryptocurrency too. Therefore, while choosing a cryptocurrency exchange for yourself, check for the safety features that they provide.
The wallets supplied by most of the cryptocurrency providers are encrypted with a code that way of Indus Coin. Here, once you create a transaction, it can be done only via a mathematical code known only for you and differs with each transaction. This code becomes a part of the blockchain and each transaction is noted down in this public ledger. You are able to view your account balance and your transactions along with your basic safety features, but transactions and trading cannot be done so simply. This method blocks hackers and Trojans and keeps the money in your crypto wallet safe.
3. ‘Easy to Use’ Option is Always Better!
The concept of cryptocurrency is new nonetheless it is very simple at the time of now. Transactions happen over the internet and there’s no 3rd party involved making the chain really small. While choosing your cryptocurrency exchange, you can find two points of convenience that you must consider. The registration part on the cryptocurrency exchange should be simple and the interface should be user friendly. This precaution is certainly caused by taken by everyone. What gets missed out is the following part, the liquidity part. The cryptocurrency exchange must provide simple buying/selling or trading in the market. You may check for feedback online or have a quick check from someone who’s also using cryptocoins as an investment tool.
4. Check for Trading Fees
Trading fees is the fees that exchange levies for routing your transactions through it. Now, there’s no doubt that using a cryptocurrency is the safest selection for using cryptocoins. Everything you can check is the trading fees of some of the cryptocurrency exchanges that suit your criteria. If the exchange is really serious about holding its customers, you will discover the data on the site itself. If you may not, do make an issue through email and get your questions answered before you take the final call.
5. Check for Customer Service Support
The trading element of cryptocurrency is precarious. It needs lots of attention to detail in the short term and you will need to constantly track it. Along the way, you may also occasionally find misleading information. There could also be occasions when someone claiming to be a professional tries to misguide you. Since the entire process is digital, sometimes there may be a mistake in transacting that you might face and pseudo anonymity of the user may lead you to press the panic button. For all this troubleshooting, always go in with a cryptocurrency exchange that gives you 24X7 support service for e.g. Indus Coin.
Cryptocurrency exchanges, just like the currency, are also evolving. You may find lots of common features and lots of unique features in cryptocurrency exchanges in the process of zeroing on the best one for yourself. You need to be safe and do your research thoroughly to prevent fraudsters.