Exchange platforms serve as platforms that allow its users to purchase, exchange or sell cryptocurrencies for other traditional currencies such as pounds, Euros, or dollars. Professional traders would require access to a host of trading tools. To help them accomplish this they need an exchange, requiring them to verify their ID.
Some platforms allow a straightforward trade without the need to open an account.
Kind of Exchanges You Will Find
- Brokers – These are the type of sites you can visit at will to purchase crypto coins at a price that is set by the broker. They work similarly as foreign exchange dealers.
- Direct Trade – Platforms that would provide a person to person trading and allow people from different countries to exchange their currencies. Every seller would set their specific exchange rate as the trading exchanges used do not have a fixed price.
What You Need to Look for Before Joining an Exchange?
Do your homework before signing up for an online exchange and trading. Following are a couple of things you need to know before getting involved in your first trade:
- Exchange Rate – You will find that exchange platforms all offer different rates. You will be pleasantly surprised to discover how much you can save if you browse around. Some rates can easily fluctuate to 10% if not higher.
- Geographical Limits – Certain user functions are only made available to those who reside in specific countries. Ensure the exchange you want to join permits complete access to all functions and tools required to trade with.
- Reputation – The best way to learn about a particular exchange is to go through the reviews section and browse popular industry websites. One can also pose your questions to forums such as Reddit or Bitcoin Talk.
- Verification – The majority of Bitcoin trading sites in the UK and US require some ID verification before any deposits or withdrawals can happen. Some of these exchanges will let you stay anonymous. Even though verification may take a couple of days, and be painful, it safeguards the actual exchange from any scam or money laundering scheme.
- Payment Methods – Do your due diligence by finding out which payment method is available. Do they accept wire transfers, debit and credit cards, and PayPal? If they offer limited payment options, then they may not be worthy of your business. Any crypto coins being bought with a credit card would always require identity verification, which comes at a premium due to higher processing and transaction costs. Also, to purchase cryptocurrencies through a wire transfer takes way too long due to processing time.
- Fees – Online exchanges should provide fee-related info on their sites. Before you sign up, ensure you understand their various transaction fees. These would differ, which depends on the type of exchange you intend using.
Funny how some refer to cryptocurrency as the 21st Century Unicorn. Very fitting, as this type of digital currency is the money of the future.
Nowadays, crypto has become a global phenomenon that most folks know about. Even though it may come across as geeky at this stage, where most people do not have the faintest idea what is all involved, many companies are aware of how important it is to welcome digital currencies in their lives and business.
A US senator nails it by stating that Bitcoin captured the imagination of many, struck fear in some people, and confused the heck out of anyone else.
Overlooking all the noise going on around cryptocurrencies, the majority of people, which include scientists, bankers, developers, and consultants, are limited in their knowledge of cryptocurrencies. They fail to comprehend basic concepts.
What exactly is cryptocurrency and how did it make Its appearance as a side product referred to as digital cash?
It was during late 2008 that Satoshi set up what was known as “a peer-t0-peer cash system” that worked electronically.
The best part of his invention is that Satoshi discovered a technique where he managed to decentralize a digital cash system. This would take the form of a peer-to-peer network used to share files.
This is how cryptocurrency saw the light of day. To learn more about the intricacies involved speak to your trusted cryptocurrency exchange experts. Read more at :