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 this eth to inr form of currency, many investors are looking towards this approach as a lucrative proposition that can 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 cash quickly.
Some trade analysts and financial experts call this a bubble and are cautioning the investors into stepping into this kind of digital trading. One of many major causes for the skepticism is that this can be a decentralized currency and there’s no regulating authority over it. The risk of transactions becomes high and it solely becomes the responsibility of the cryptocurrency with regards to ownership. There’s also the underlying feeling when the Government of one’s country bans the cryptocurrency, your investment may be rendered illegal. However, they are only fears and so far, the digital currency has more positives to it than negatives.
So, if you are convinced of plunging into the planet of cryptocurrency, then by all means achieve this by way of a cryptocurrency exchange. Cryptocurrency exchanges are online providers that help you with the procedure of getting your own personal cryptocurrency wallet and then transacting through it. Bitcoin could be the oldest cryptocoin in circulation and there are many others now like Ethereum, Namecoin, WorldCoin, Induscoin to call a few. For choosing your cryptocurrency exchange, here are some precautions that you need to always consider:
1. Check for Currency Options
There are numerous cryptocurrency exchanges on the net and the parameter that you need to first check is that how many choices of cryptocoins are given and currency conversions in just how many currencies is available.
There are numerous cryptocoins with the most used being Bitcoin and Ethereum. You must check that the exchange provides more options. Alternatively, you may go in for an exchange that gives 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 can certainly do better tracking of one’s coins.
Your cryptocurrency exchange must provide you with the flexibility of performing transactions in other currencies. Check for the currency conversions supported by your cryptocurrency exchange that’ll raise your scope of both investments and transactions.
2. Security is really a Must!
The digital world is really 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 linked to FIAT currency are so common and there have been a small number of incidences with cryptocurrency too. Therefore, while choosing a cryptocurrency exchange yourself, check for the safety features which they provide.
The wallets provided by lots of the cryptocurrency providers are encrypted with a signal like that of Indus Coin. Here, once you produce a transaction, it can be achieved only by way of a mathematical code known only for you 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 together with your basic safety features, but transactions and trading can’t be done so simply. This process blocks hackers and Trojans and keeps the money in to your crypto wallet safe.
3. ‘Simple to Use’ Option is Always Better!
The thought of cryptocurrency is new however it is very simple at the time of now. Transactions happen over the internet and there’s no third 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 certanly be simple and the interface must certanly be user friendly. This precaution is mainly taken by everyone. What gets missed out is another part, the liquidity part. The cryptocurrency exchange must provide easy buying/selling or trading in the market. You might 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 could be the fees that exchange levies for routing your transactions through it. Now, there’s without doubt that utilizing a cryptocurrency could be the safest option 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 really serious about holding its customers, you may find the info on the site itself. If you don’t, do make a problem through email and get your questions answered before you take the ultimate call.
5. Check for Customer Service Support
The trading element of cryptocurrency is precarious. It requires a lot of awareness of detail in the short term and you’ll need to constantly track it. In the process, it’s also possible to sometimes find misleading information. There is also times when someone claiming to be a specialist tries to misguide you. Since the entire process is digital, sometimes there may be one in transacting that you may face and pseudo anonymity of an individual may lead one to press the panic button. For all this troubleshooting, always go in with a cryptocurrency exchange that offers you 24X7 customer support service for e.g. Indus Coin.
Cryptocurrency exchanges, just like the currency, are also evolving. You could find a lot of common features and a lot of unique features in cryptocurrency exchanges along the way of zeroing on the very best one for yourself. You need to be safe and do your research thoroughly in order to avoid fraudsters.