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Factors to Consider while choosing a Cryptocurrency Exchange! (Mumbai)

Posted on: Wednesday, 18 April, 2018  11:24
Updated On: Tuesday, 24 April, 2018  14:00
Expires On: Friday, 27 July, 2018  05:54
Reply to: ajitgdc117@gmail.com

Cryptocurrency exchanges are important if you are looking at trading your cryptocurrency. Make sure you go in with the right one that helps you grow your money in the best way.

The acceptance and usage of cryptocurrencies have increased manifold in the last 5 years or so. There are more and more investors as well as merchants who are opening up to this concept of digital money. It all started in 2009 when Satoshi Nakamoto designed bitcoin and released a white paper by the same name describing its implementation. It took on from there on but for the ‘belief’ to set in, it took about 5 years. Since then, there has been noticeable traction each year with cryptocurrency registering a 1200% growth in the year 2017.

Investments in cryptocurrency have increased and as a result of that, a lot of cryptocurrency exchanges have also mushroomed. A new investor can easily get confused if he decides to invest in cryptocurrency. Under such circumstances, you not only want your money to be safe but also want a trustworthy cryptocurrency exchange that can guide you for your investments. Robust tracking mechanisms, on-time updates and prompt customer support system, all go into making a cryptocurrency exchange reliable. Talking about trust, Indus Coin is the name that pops up and in the recent times, it has really established its credibility through building trust across its customer base.

While looking for a cryptocurrency exchange, here are some factors that you must consider/check before making your decision:

1. Trading options and fees

There are many versions of cryptocurrency that you will find in the market like Bitcoin, Altcoin, IndusCoin and so on. While choosing your cryptocurrency exchange, you must find out the options that your exchange provides and the cryptocoins that it has in circulation. Trading can be done between pairs and you need to find the platform that enables you to do. Once that is found, you must check the liquidity of the exchange for that pair. If this is high, it means that you will have higher chances of selling your coins without having to cut prices.

A fee that is levied by cryptocurrency exchanges for enabling trading is another important aspect that cannot be ignored. Typically, exchanges charge some percentage of the amount being traded as their trading fees. This is mostly always less than 1% with the lowest being around 0.2%. Do remember to check this aspect but not get carried away by this only as many fraudulent companies would like to capitalize on this aspect to get customers.

2. Safety and security features

Since the money is ‘digital’ and there is no guarantee/warranty attached to it, it exists totally at your risk. Since there is no financial institution, Government or bank taking the liability, your money is really out there all by itself. You need to keep it safe and secure. However, a good cryptocurrency exchange would ensure that this happens and your money stays safe with them.

A safe cryptocurrency exchange would most definitely have PGP encrypted mails, email and SMS alert systems and 24/7 wallet monitoring. One such cryptocurrency exchange is www.induscoin.info that provides you with encrypted wallets. While you do not need to access your wallet through a unique code every time, you do need this encrypted code to make any transaction from your wallet. Although wallets have been made safe from hackers and Trojans, it is still advisable to keep only a small amount of your digital money in your wallet and not in excess.

3. Supported currencies

Cryptocurrency exchanges are not dependent on location of their users in any way. Since any one across the world can gain access to cryptocurrency and subsequently to these exchanges, you need to check the currencies that the exchange supports. For e.g. some cryptocurrency exchanges may only support dollars for their various payments and you may end up losing a large amount of money for this conversion. Not just this, the trading pairs of cryptocurrencies also must be as per your convenience and comfort level.

Always check for cryptocurrency exchanges that support all payment methods like debit cards, credit cards or bank transfers for both payments and withdrawals.

4. Purchase limits

Since cryptocurrency exchanges only exist in the digital space, they are at a constant risk of hackers. A reputed exchange like Indus Coin may hold millions of dollars at a given point of time and even if 99% of it is kept offline, the 1% that is online is at a risk of getting hacked. That is why all cryptocurrency exchanges set limits for its customers.

There are limits for deposits (minimum and maximum) and withdrawal. While some exchanges keep it constant, others keep changing it depending on your activity and transaction levels. There are also legal documents that they may ask as proof for setting your limit. Make sure you understand this aspect of cryptocurrency exchanges before you decide upon one for yourself.

5. Convenience and support

Volatile is the word best used to describe cryptocurrency and hence assurance is much needed when you deal with a volatile commodity. Hence, while looking for a cryptocurrency exchange you have to look for ease of usage of the portal. The interfaces should be user friendly and convenient to navigate. There should not be unnecessary and additional steps that keep your digital currency exposed to hackers during that period. Make sure you take feedback of the website from other users before you register there.

Customer support is also an aspect that is much needed. There are cryptocurrency exchanges like Indus Coin that offer a 24X7 customer support system and this is essential for everyone who is taking baby steps in the world of cryptocurrency.

Reputation of the cryptocurrency exchange and its overall approach to business are also overarching parameters that come into play while choosing a cryptocurrency exchange. All that you have to do is be cautious at all times and take deliberate and well informed decisions.

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