This is the second article by #BitForex of a series of articles we will make available to those who want to learn more about Blockchain and the crypto-world. Our last article was about ‘what trading means’. Today’s article is about how to select a good!
Nowadays there are many different services available online for exchanging digital currency. Due to the high amount of services available out there, people that are not very familiar with this industry and with the blockchain, but want to test the waters, may experience difficulties in finding the right exchange for them. Following a few simple rules may help you find the exchange the best suits your needs.
In order to choose a suitable exchange, you first need to know what to look for in an exchange so that you can trade successfully when you open a trading account. To successfully choose an exchange, you’ll need to pay attention to the following factors:
Daily Trade Volume
One of the most important indicators of the quality of any exchange is their daily trade volume. On this indicator, you can also evaluate the movement around a particular pair (BTC/ETH for example) and predict their course. A great example would be #BitForex, which at the moment is the fastest growing digital-asset exchange in the world, currently ranking number 4 on CoinMarketCap!
Deposit and Withdrawal Funds Functions
Before registering and depositing your coins, carefully read the terms and conditions regarding deposits and withdrawals. The higher those the fees charged for those functions, the lower will be your profits.
Trading Pairs
Some top-end exchanges specialize only in popular and well-known crypto-currencies. In 2018 there are still platforms where you can trade only BTC/USDT, which is a big drawback for crypto users. At # BitForex, you can trade up to 6 currencies at a time.
No need to download additional software.
The absence of scripts (specialized programs) can also be regarded as an advantage. Do not download programs from little-known exchanges. Otherwise, your capital can be stolen irretrievably.
5.Conclusion
Following these rules will significantly increase your chances to choose a suitable exchange and this is already guarantees 50% of success, the remaining 50% is on your own desire for self-education, motivation and readiness to do your research.
Trading today is one of the most promising ways of making money. It can even supersede your current job and give you the opportunity to have a bigger income, but as an every-single business, it requires immersion in work, putting in effort and choosing the right tools, one of which is — a good crypto-exchange!
#BitForex team hopes that this set of information can help you with throwing yourself in trading and we wish you happy trading!
By: Ivan Shadrin
12th July, 2018
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