Bitcoin exchanges are websites where you can buy, sell or exchange bitcoin for other digital currency or traditional currency like US dollars or Euro or others.
For those who want to trade professionally and have access to trading tools, you will likely need to use an exchange that requires to verify your ID and open an account.
Types of Exchange
Trading Platforms/ Exchange Platforms – The websites that connect buyers and sellers for exchange process and take a fee from each transaction.
Direct Trading – The platforms offer direct person to person trading where individuals from different countries can exchange currency. Direct trading platform doesnot have a fixed market price, since each seller sets their own exchange rate.
Brokers – These are websites that anyone can visit to buy cryptocurrencies.The broker set the price for tarding , who are similar to foreign exchange dealers.
Important things to notice befoe joining in an exchange
1. Fees :
Before joining, make sure you under went the deposit, transaction and withdrawal fees details . Fees can differ depending on the exchange you use.
2 . Payment Methods :
An exchange with limited payment options may not be convenient for you to use it. Purchasing cryptocurrencies with a credit card will always require identity verification and come with a premium price as there is a higher risk of fraud and higher transaction and processing fees. Choose exchanges that supports wide variety of payments options.
3 . Geographical Restrictions :
Be sure the exchange you want to join allows full access to all platform tools and functions in the country you are in.Some exchanges will allow some of the features in some countries.
4 . Reputation :
The best way to find out about an exchange is to search through reviews from individual users and well-known industry websites. Search for reviews about the exchanges on internet.
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Top comments (1)
Searching for reviews of people you don't know is not going to help you. Bitcoin's history is long enough to provide plenty of examples (remember GLBSE?) of "good reviews" that meant precisely nothing.