Rating of cryptocurrency exchanges - helping a beginner to choose a reliable exchange Automatic translate
Cryptocurrency exchange is a platform (program) with a set of functions for trading, exchanging, storing digital funds. Earnings on cryptocurrency are more like business, because here they rely not on chance, but on the need for a systematic technical analysis of the markets and a balanced approach to investments. Therefore, the choice of platform is a serious step. Since they all differ in the degree of anonymity, functionality, working tools, security level, etc.
How to choose an exchange for a beginner
As a rule, a beginner does not need so much: the choice of crypto pairs, instruments, tolerable commissions, deposit / withdrawal conditions. Only with time, participating in transactions, does an understanding of the missing facts come, and then he approaches the search for a new trading platform more responsibly.
The main thing with which a beginner should decide is the degree of openness in work. User verification opens up much more opportunities, higher limits, while working with fiat provides a higher level of protection. They are completely decentralized, maintain confidentiality, but the client needs to think about security (where to store funds), besides, they do not accept fiat, if necessary, they will have to do it somewhere or in exchangers.
Each state has its own attitude and requirements for operations with cryptocurrency, the degree of responsibility of each crypto exchange depends on this. Some companies offer contingency insurance. The legal issue of the country of registration and the degree of responsibility of the exchange itself in the event of a hack should be studied first.
Initially, exchanges are differentiated by the contingent of users for whom they are designed: beginners and amateurs; amateurs and professionals. The working conditions at the site depend on this and, importantly, the size of the mandatory initial deposit. For example, Bitfinex positions itself as a platform for professionals and the initial deposit is equivalent to $10,000. It is hardly possible for a beginner from scratch to start with such sums without prejudice to the budget.
The exchange for beginners has soft conditions, a lot of educational material, the option to hire an adviser, a broker, etc. Opens a demo account for the first time, so that the future trader can see for himself the specifics of trading before finally deciding that this business is worth his time and money.
Where to look
Trader’s forums contain a lot of reviews and characteristics for a variety of exchanges, for someone this information is enough. You can use the developments of aggregator sites that conduct reviews on all existing exchanges. The convenience is that the filter system allows you to classify registrations available by country and the initial requirements are left to choose your own from the selected ones.
It’s even easier, and much higher in terms of security, to study the rating of cryptocurrency exchanges that is suitable for the topic (for beginners, minimum deposit, no verification, etc.) . Since the list of recommended ones includes only obviously reliable platforms that meet all the necessary requirements. With the help of filters, it is enough to conduct a comparative characteristic and choose the one that best suits your needs.
What criteria are considered important for work
The volume of trading, in other words, the number of transactions during the day, depends on the number of users registered on the site, which means it can affect how soon the placed orders are executed.
The number of crypto pairs traded increases the scope for creating more trades and as a result can affect profits.
A variety of instruments, stop, loss orders, staking, landing, margin trading. Although it is not recommended for beginners due to lack of experience to start with margin leverage.
Input / output methods, support for fiat funds.
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