Cryptocurrency and cryptocurrency exchanges, both are riding on a trend of novelty. Under this scenario, choose your cryptocurrency exchange wisely by taking all precautions to help keep your hard earned money and investments safe.
Cryptocurrency is making headlines in the financial markets like never before. Introduced in 2009, it has been on an upswing since 2013. With increasing popularity and acceptance of the eth to inr type of currency, many investors are looking towards this program as a lucrative proposition that may yield disproportionate returns. Data backs these expectations while the cryptocurrency has given returns around 700% in the entire year 2017. Imagine this kind of return on investments and you are able to really multiply your hard earned money quickly.
Some trade analysts and financial experts call this a bubble and are cautioning the investors into getting into this kind of digital trading. One of the significant 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 when it comes to ownership. There is also the underlying feeling when the Government of your country bans the cryptocurrency, then your investment may be rendered illegal. However, they are only fears and to date, the digital currency has more positives to it than negatives.
So, if you should be convinced of plunging into the entire world of cryptocurrency, then by all means achieve this via a cryptocurrency exchange. Cryptocurrency exchanges are online providers that assist you to with the method of having your personal 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, below are a few precautions that you need to always consider:
1. Check for Currency Options
There are lots of cryptocurrency exchanges on the net and the parameter that you need to first check is that how several 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 need to check that the exchange provides more options. Alternatively, you could go in for an exchange that delivers its own cryptocurrency like https://www.induscoin.info. Indus Coin is represented by the ticker code IDV and since it is specific to the provider, all information about the performance of the coin on various exchanges is mentioned. Hence, there’s transparency and you are able to do better tracking of your coins.
Your cryptocurrency exchange must provide you with the flexibleness of performing transactions in other currencies. Check for the currency conversions supported by your cryptocurrency exchange which will boost your scope of both investments and transactions.
2. Security is a Must!
The digital world is a place which will be largely infested with hackers and mischief mongers attempting 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 selecting a cryptocurrency exchange on your own, check for the safety features that they provide.
The wallets supplied by many of the cryptocurrency providers are encrypted with a rule like that of Indus Coin. Here, when you make a transaction, it can be done only via a mathematical code known only for your requirements and differs with each transaction. This code becomes a area of the blockchain and each transaction is noted down in this public ledger. You can 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 cash in your crypto wallet safe.
3. ‘An easy task to Use’ Option is Always Better!
The thought of cryptocurrency is new however it is extremely 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 need to consider. The registration part on the cryptocurrency exchange must be simple and the interface must 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 offer easy buying/selling or trading in the market. You could check for feedback online or have a quick check from someone who’s also using cryptocoins being 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 choice for using cryptocoins. Everything you can check is the trading fees of a few of the cryptocurrency exchanges that suit your criteria. If the exchange is really serious about holding its customers, you may find the information on the website itself. If you do not, do make a query through email and get your questions answered before you take the ultimate call.
5. Check for Customer Service Support
The trading section of cryptocurrency is precarious. It needs a lot of awareness of detail in the short term and you’ll need to constantly track it. In the process, you may also occasionally find misleading information. There is also instances when someone claiming to be an expert tries to misguide you. Since the entire process is digital, sometimes there might be a mistake in transacting that you may face and pseudo anonymity of an individual may lead one to press the panic button. For all of this troubleshooting, always go in with a cryptocurrency exchange that offers you 24X7 customer service service for e.g. Indus Coin.
Cryptocurrency exchanges, like the currency, will also be evolving. You could find a lot of common features and a lot of unique features in cryptocurrency exchanges in the act of zeroing on the most effective one for yourself. You should be safe and do your research thoroughly in order to avoid fraudsters.