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Factors To Consider On Cryptocurrency Platforms

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With cryptocurrency and blockchain technology improving as the days pass by, many individuals have been considering investing in cryptocurrency. In this age of technology, we can do a lot on our mobile phones, tablets and laptops. Almost everything is in the control of our hands and can be accessed using the internet.

Before, it would take a lot for you to have cryptocurrency. One must have a high computing power device for you to do transactions on the blockchain network. But now that there are a lot of improvements and developments through a few clicks, you can get ready with your cryptocurrency investment.

Even though you can choose any platform or application for your cryptocurrency investment, it is still good to assess and consider some factors before diving into your investment. A lot of new and old investors now use a cryptocurrency exchange platform. It is where all potential investors can use cryptocurrency to buy, trade or hold.

Cryptocurrency exchange platforms are essential nowadays because of cryptocurrency volatility; the platforms can also open up opportunities for making large profits. However, no matter how convenient the platform to connect cannot remove the fact that cryptocurrency is volatile.

If you want to invest in cryptocurrency and know more about it, opt for reliable platforms and services like Kucoin, Binance, and BitiCodes; these sites can help you decide on starting your cryptocurrency investment.

COPYRIGHT_WI: Published on https://washingtonindependent.com/ebv/factors-to-consider-on-cryptocurrency-platforms/ by Kenzo Norman on 2022-11-16T07:12:45.572Z

Security

Since you will be investing and will be shelling out some money for your investment, the best thing to consider on your chosen platform will be the security that it can. It will be essential to ensure that you will use a trusted and secure crypto platform.

These days a lot of platforms look legit but are a scam. Before you register, you must find out who is behind the platform and the security that it will be offering. You must assess if any of the names have been associated with attempted scams and hacks.

Another thing that you can do aside from doing your research about your chosen platform is you can also read the first-hand experiences of the former and current users of the platform and find out their experience using the platform. You may also check how transparent the cryptocurrency exchange platform is and whether it can provide certain information about its location, regulatory policies and the team of employees.

Payment Method

Every cryptocurrency exchange platform offers different payment methods; most options are credit or debit cards, some purchases via PayPal, some offer the cryptocurrency exclusively and no other option. It is important to assess the platform's payment methods so you know how you can invest in the system, and it would be ok for you to buy your cryptocurrency investments in your way.

If you're one of the old investors, you might not care about the mode of payment anymore. Although if you're a beginner and new to cryptocurrency investment and market, you should assess deeply the options that would be best for you.

Some other things that you should assess are you need to double-check how long it would take on your cryptocurrency platform to process your transaction and turn it into your digital money. Most platforms offer an instant process, but for others, it may take hours or even days. If speed would be a dealbreaker for you, we had to deeply inquire about this and write down a list of all cryptocurrency platforms that do not have instant transaction processing.

Fees

Fee
Fee

Since every transaction requires high computing power and a validator, it wouldn't come for free. There will be charges when making a transaction. It will vary every time depending on the day and the amount you send or receive. So, before you proceed with choosing a cryptocurrency exchange platform, you need to compare all the exchange charges, especially if you will be trading from time to time and in large volumes.

You also need to look at the withdrawal fees because some exchanges have different withdrawal fees for other platforms. On purchasing cryptocurrency, many offer a quick way to buy cryptocurrency using credit or debit cards, yet it would come with 5% fees and sometimes even higher.

Reputation and Community

You can never be too sure what the crypto exchange platform says about itself; it is important to assess your cryptocurrency exchange platform and focus on those whose reputation is stable and high. Some investors might try to convince you to try some lesser-known platform, but that is not something most experts suggest.

Since the cryptocurrency market still it would. Even if you use the most secure and reliable platform, one can never be social when dealing with an unreliable cryptocurrency. You don't want to lose your investment. You must choose a high-reputation cryptocurrency exchange platform that can give you real security.

Verification Process and Regulation

Verification
Verification

On verification, one should assess what kind of personal details, valid IDs and documents are required before you can proceed with creating your account. You should also assess what legal and regulatory compliance did the platform undertake.

Those platforms with little to no verification requirements are less secure, and you should double think if you will proceed with that platform. On the regulations, you should know what restrictions the platform has. You should also assess if those restrictions affect your cryptocurrency investment.

These are just some basic factors to consider in choosing your trip to a cryptocurrency exchange platform for the application. It will still be the best option to assess what could be the best for you. It may depend on your utilisation, assets and lifestyle and how you will use your cryptocurrency exchange platform.

Nevertheless, these cryptocurrency exchange platforms are just here to help us manage our investments. We must remember that cryptocurrency is highly volatile, and we might lose our investment in time.

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About The Authors

Kenzo Norman

Kenzo Norman - Kenzo is a journalist-turned-marketer who is fascinated by how storytelling and targeted marketing can result in content that changes businesses. He is responsible for implementing inbound marketing strategies that help his clients raise brand awareness, generate leads, and gain new customers as an Account Executive. Jason enjoys reading on the beach, tracking down mono records, and playing guitar when he is not working.

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