For those of you who are just starting their journey in the crypto world, there is an interesting analytical path ahead. Let’s imagine, you’ve grasped the market basics and see the opportunities for earning. The question remains on how to convert your coins. Is it safe to use crypto exchanges and where to start? The first step is to understand there are different possibilities for conversion. You have to test several platforms to choose the one fitting your needs.
How Can You Convert Cryptocurrencies on Crypto Exchanges?
Let’s start with some basic things. Crypto platforms are used for several purposes:
- You can convert fiat currencies, like dollars, euros, etc. to crypto – it does not mean that you have to use only the most popular currencies here. If you’d like to exchange rubles or Hong Kong dollars, it’s as simple as euro or dollars. The most popular ones use various exotic currencies, hence you can choose any money forms for transactions.
- You can convert one coin for the other – most crypto exchanges do not support all coins available on the market. Two-step transactions take place in such cases. For example, if you want to sell Dogecoin you’d have to explore doge to btc chart, choose the exchange where you plan to sell Dogecoin for Bitcoin, and afterward sell the bitcoin for fiat money.
Accept their general functions it’s interesting to discuss some myths related to these instruments. One of the most popular is – anonymity. People choose crypto platforms to guarantee the security of personal data. But, sometimes to perform even a small transaction you have to provide a copy of your passport. In addition, many governments control crypto merchants and as a result, traders look for alternative platforms focused on personal data safety.
How to Choose the Proper Crypto Exchange?
A common problem in choosing the proper platform for your transactions is the inability of the trader to understand, which one is the fastest and the most secure. Every exchange position itself as the best one.
To reduce the noise, it’s a good practice to compare the fees of the major exchanges. At a glance, you’ll keep able after being brought up-to-the-minute data concerning how much each trade costs in bucks for a single Bitcoin. The distinction among alternate charges about adversary websites can stand amazing – and within partial cases, it’s driven through local demand yet their personal trading volumes.
Talk of buying and selling volumes brings us closer to liquidity, any other vital part on lookup in accordance with full then searching crypto exchanges. This describes how much rapidly a trader can purchase or sell their asset within the marketplace. Low degrees of liquidity can cause delays between finding an inclined partner because of a transaction, developing a high risk to that amount, and commodity pleasure value extra and be valued much less now the profession is finally completed.
Security is another concern. Over the previous decade, thousands regarding millions of dollars’ cost on users possessing have been stolen. Many of them from the greatest cryptocurrency exchanges via hackers who have been able in imitation of averting their protection measures. To avoid the issue a good thing is to have cold (offline) and hot (online) wallets simultaneously. Using the cold ones you limit the external access and with hot ones, you speed up your operations.
Last however not least, you’ll need to seem to be because a crypto trade that is user friendly and has a simple navigation. Choose the platforms that do not require any special skills to master, have comprehensive guides for newcomers and effective customer support.
Best Crypto Exchange Profile
Wrapping up the above-mentioned features, the profile of a perfect crypto exchange is quite simple:
- Fixed fees
- Competitive fees
- High level of security
- Anonymity of transactions
- Easy navigation
- Good customer support
All these features make the crypto exchange the perfect platform for any crypto investor.
