Trading in cryptocurrency has gained in popularity since these types of currencies first became popular. There are many exchanges available for trading – but the question now is – how to pick a crypto exchange. Basically, cryptocurrency exchanges are all virtual resources where you can exchange one Cryptocurrency for another. Some support the exchange for cryptocurrency for fiat money and vice versa. But not many exchanges allow you to trade different pairs. Exchanging one Cryptocurrency for another is possible only if there is a corresponding pair on that exchange.
Social training exchange
Recently developed is a cryptocurrency social trading exchange and it is currently gaining momentum. The team that developed the Binaryx exchange developed and worked on a cryptocurrency exchange platform that is a single marketplace for all traders. All Binaryx’s users can trade, buy and sell all cryptocurrencies; including:
- Bitcoin Cash
- And others
There are important factors to know when choosing an exchange, one being security. Because there is no centralized authority in the world of cryptocurrencies, there is no one to complain to or blame if you ultimately lose your cryptocurrencies. Even though most exchanges offer users hardware wallets for storage of their funds, it is still not possible to completely restore the exchange wallets that traders use.
Another factor is the location of the crypto exchange and must be considered before deciding to use it. By location; this means places where the exchange operates at full power. Also, it is essential to see the company’s registration as it pertains to regions where it operates.
Example of location
An example is Coinbase that does not offer all features in some regions located in Asia. Although you are registered and use that platform as your wallet for cryptocurrencies, you may not be able to transfer funds at all to purchase cryptocurrencies if you are in one of these regions in Asia.
How to pick an exchange
These are two examples that you must consider when looking for an exchange to trade at. If this is new to your research on the internet will help you know what to look for in a good trading exchange.