Cryptocurrency exchanges influence the development of the entire digital economy. If trading on the stock market is still available to a very narrow circle, then all cryptocurrency trading has completely moved to the world wide web. Literally, everyone can trade crypto coins. To do this, you need to figure out what a crypto exchange is and know how to choose a worthy platform. Details are in the guide from ProstoCoin.
What is a cryptocurrency exchange?
Cryptocurrency exchanges are web resources that allow you to trade cryptocurrencies: exchange digital coins for others with maximum benefit or for national currencies like dollars, rubles or euros. Crypto exchanges are increasingly turning into huge ecosystems for working with crypto assets, where you can trade coins and learn how to trade, raise funds for your projects or invest.
The first cryptocurrency exchange appeared in 2010 when few people had heard of Bitcoin. The site was called Mt. Gox, and on the very first day, 20 BTC were sold on it, and a quarter later, the exchange’s turnover exceeded 150 thousand coins. This platform ceased to exist after a successful hacker attack in 2014, but others have taken its place.
Today, there are more than 300 platforms in the network, which differ in trading volumes, degree of reliability, commission size, accessibility and convenience for beginners. All of these parameters should be considered when choosing a crypto trading platform. Especially if the plans are to use exchanges as the main source of income. Read more on alligat0r.com
The best crypto exchanges offer their users favourable conditions and high-quality tools for online earnings. Given that some crypto coins show a daily growth of 100% or more, top cryptocurrency exchanges can be considered one of the best ways to place investments and increase capital profitably.
What to study while picking a crypto exchange
The choice of a trading platform must be approached responsibly and carefully. Each site has its pros and cons, as well as nuances that must be taken into account. Take a close look at the reviews of crypto exchanges and pay attention to the following criteria:
- Daily trading volume. The higher this indicator, the greater the level of trust in the platform in the market. Sites with a trading volume of up to $ 1000 cannot provide decent earnings and a wide range of offers for buying/selling.
- Reputation and reviews. If the exchange has a dubious reputation and many negative reviews about it on the network, you should not trust it with your capital.
- Several trading pairs. A large number of trading pairs open up great prospects for making money. At the same time, you should be sure that no dubious project tokens are added to the listing.
- The need for verification. Each site has its own access rules. Most require verification. The package of documents is also different. For some, it is enough to provide a scan of the passport, while others also require bank statements or documents confirming the place of residence.
- Support. Pay attention to how the support service works. Will it be convenient for you to contact technical support?
Important parameters when choosing are also the convenience of the interface, the supported methods of depositing and withdrawing funds, the trading instruments presented. The more convenient it is for you to work with the exchange, the faster you can conclude transactions and the higher the potential income.