Choosing A Bitcoin Exchange Platform: Here Are Points To Consider

If you’re looking to invest in bitcoin, the first step that you need to take is to create an account with a reputable exchange platform. When it comes to Bitcoin investment Site, there are different exchange platforms available; in such cases, you should follow the required steps to be able to choose the right one that meet your needs and requirements.

Here are ten essential points to consider when choosing your exchange platform. Read on to know further in detail to have an overall better understanding.

1) Reputation

The past is prologue for your exchange, as you need to determine whether it’s trustworthy. One such reliable online crypto trading platform is Bitcoin Era. The reputation of an exchange platform can be determined by looking at things like: security measures, customer support, and customer feedback. Look for customer-submitted reviews on the Internet to make sure your chosen crypto trading platform has good reputation in the market.

2) Fees

Trading fees are basically determined by supply and demand. Usually, there is an upfront fee that you will need to pay when depositing. On top of that, they usually charge a small transaction fee depending on your trade volume. Look out for exchanges with lower trading fees as they can save you quite some money over time!

3) Payment Methods

You should check if your chosen crypto trading platform has multiple payment methods available for ease of convenience. For example, if you’re using Ethereum, it makes sense to purchase Bitcoins and then trade them for other coins. There are companies that charge large fees whereas some don’t. In such cases, you should look out for one that charges less.

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4) Security

Security is paramount when choosing your bitcoin exchange platform. You will want to look for an exchange that has security measures in place, such as two-factor authentication and SSL encryption. Some exchanges even offer cold storage, which means your bitcoins are kept offline on computers that never touch the internet. This ensures that if there’s ever any theft or another type of breach, you’ll still have access to your coins.

5) Customer Support Section

Having a question about your account or transaction? You can reach customer support at any time through email, chat, and phone. You should check if your chosen crypto trading platform offers reliable customer service so that you get support at the times of emergences.

6) Banking services

A lot of bitcoin exchanges provide buying and selling features. However, some companies offer more than just that. If you are looking for an exchange with more services, then you should be ready to pay a little extra for these additional benefits. Your chosen crypto trading platform also allow users to send money internationally at competitive rates.

7) Verification Requirements

No exchanges exist that allow you to buy bitcoin with no verification. Most reputable exchanges require ID verification of both parties in transactions involving fiat currency, cryptocurrency, or altcoins. If one exchange accepts customers from certain countries while denying them from others, it is an excellent indicator that they’re in trouble.

8) Storage Options

Before choosing a crypto trading platform, you should make sure to check the required storage option terms. You should ensure to check if your chosen crypto trading platform is reputable, insured and what their withdrawal limits are.

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9) Trading options (leverage, margin trading, etc.)

Many exchanges offer leverage trading, which can be helpful if you’re getting started with cryptocurrency investing. If you’d like to leverage trade, keep in mind that that option is present in your chosen crypto trading platform.

10) Country restrictions

Most exchanges operate in certain countries and some do not operate in certain other countries. If you’re based in New York, for example, it’s going to be hard for you to open an account with a Canadian exchange. Thus, make sure that your chosen platform is accessible from your area.

Conclusion

You might be ready to buy your first bitcoins, but before you do there are a few things you need to consider. You should never in a rush when looking for a crypto trading platform; always do the required amount of research to make an informed decision.

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