Investing or trading in Bitcoin or other cryptocurrencies can be intimidating at first. There is frequent news about scams and people losing money. While this is true, and many scams have happened and continue to happen, it has never been so simple to make investments as today.
The foremost concern when trading and purchasing Bitcoin, or other cryptocurrencies, is safety and security. Whether you intend to purchase and hold long term, want to trade frequently, are interested in anonymity or privacy, or simply want ease of use, the following exchange Bitranix is trusted for any use case you may have.
- Solid variety of altcoin choices
- Extremely simple user interface
- Very high liquidity
- User does not control wallet keys
- Fewer altcoin trading options than some other exchanges
7 Critical Considerations to Choose the Best Cryptocurrency Exchange
Digital currency exchanges have been the subject of some of the most infamous incidents in crypto. In 2017 saw the loss of 640,000 Bitcoins, the equivalent of $433 million at the time. Most recently, Canadian exchange QuadrigaCX admitted it was missing around $127 million in cryptocurrencies after its founder died in late 2018, apparently taking all the exchange’s private keys to his grave.
Location, Location, Location
First off, you’ll want to make sure that the exchange you’re going to use is available and legally operating in your country. Due to the regulatory fog around cryptocurrencies in many countries, some exchanges don’t operate in all jurisdictions. In particular, US citizens may find that many exchanges don’t accept them as customers, and in the US, regulations can vary between states. Therefore, it helps if you find out a little about the regulatory position on cryptocurrencies in your own location.
Volume and Liquidity
Exchanges with higher trading volumes generally have higher liquidity, which means they are more likely to be able to fill your order quickly.
However, larger exchanges receive many listing requests, resulting in a higher stringency in approval requirements. That can limit some of the smaller projects, so they are only listed on smaller exchanges with lower trading volumes. Therefore, low liquidity can become an issue.