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 cash 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 of the eth to inr form of currency, many investors are looking towards this choice as a lucrative proposition that could yield disproportionate returns. Data backs these expectations since the cryptocurrency has given returns up to 700% in the season 2017. Imagine this type of return on investments and you are able to really multiply your cash quickly.
Some trade analysts and financial experts call this a bubble and are cautioning the investors into stepping into this sort of digital trading. One of many main reasons for the skepticism is that this can be a decentralized currency and there’s no regulating authority over it. The chance of transactions becomes high and it solely becomes the responsibility of the cryptocurrency in terms of ownership. There is also the underlying feeling that when the Government of your country bans the cryptocurrency, your investment might be rendered illegal. However, they’re only fears and so far, the digital currency has more positives to it than negatives.
So, if you are convinced of plunging into the world of cryptocurrency, then by all means achieve this by way of a cryptocurrency exchange. Cryptocurrency exchanges are online providers that help you with the method to getting your own cryptocurrency wallet and then transacting through it. Bitcoin could be the oldest cryptocoin in circulation and there are lots of others now like Ethereum, Namecoin, WorldCoin, Induscoin to mention a few. For choosing your cryptocurrency exchange, below are a few precautions that you have to always consider:
1. Check for Currency Options
There are lots of cryptocurrency exchanges on the net and the parameter that you have to first check is that how many choices of cryptocoins are given and currency conversions in how many currencies is available.
There are lots of cryptocoins with the most popular being Bitcoin and Ethereum. You should check that the exchange provides more options. Alternatively, you may go in for a change that delivers 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 details 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 flexibleness of performing transactions in other currencies. Check for the currency conversions supported by your cryptocurrency exchange that will boost your scope of both investments and transactions.
2. Security is a Must!
The digital world is a place that is 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 so common and there has been a handful of incidences with cryptocurrency too. Therefore, while picking a cryptocurrency exchange on your own, check for the safety features they provide.
The wallets supplied by lots of the cryptocurrency providers are encrypted with a code that way of Indus Coin. Here, whenever you create a transaction, it can be done only by way of a mathematical code known only to 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 can view your account balance and your transactions together with your basic safety features, but transactions and trading can not be done so simply. This process 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 as of now. Transactions happen on the internet and there’s no alternative party involved making the chain really small. While choosing your cryptocurrency exchange, there are two points of convenience that you have to consider. The registration part on the cryptocurrency exchange must certanly be simple and the interface must certanly be user friendly. This precaution is mainly taken by everyone. What gets missed out is the next part, the liquidity part. The cryptocurrency exchange must offer simple buying/selling or trading in the market. You may check for feedback online or take a quick check from someone who is also using cryptocoins as an investment tool.
4. Check for Trading Fees
Trading fees could be the fees that exchange levies for routing your transactions through it. Now, there’s without doubt that employing a cryptocurrency could be the safest selection for using cryptocoins. Everything you can check could be the trading fees of some of the cryptocurrency exchanges that suit your criteria. If the exchange is serious about holding its customers, you will discover the data on the site itself. If you do not, do make a query through email and get your questions answered before you take the final call.
5. Check for Customer Service Support
The trading part of cryptocurrency is precarious. It needs plenty of focus on detail in the short-term and you will need to constantly track it. In the act, it’s also possible to at times find misleading information. There is also occasions when someone claiming to be a specialist tries to misguide you. Since the entire process is digital, sometimes there could be one in transacting that you could face and pseudo anonymity of the consumer may lead one to press the panic button. For all of this troubleshooting, always go in with a cryptocurrency exchange that gives you 24X7 customer care service for e.g. Indus Coin.
Cryptocurrency exchanges, like the currency, are also evolving. You could find plenty of common features and plenty of unique features in cryptocurrency exchanges along the way of zeroing on the best one for yourself. You need to be safe and do your research thoroughly to avoid fraudsters.