During the pandemic crypto-investment strategies have become a mainstream way of earning money online. This trend attracts many scammers because of that so it is necessary to find a trustworthy blockchain coins exchange. There are many major players in the scene that are not worth a discussion. Huge transaction commission is the biggest drawback there.
Instead, smaller companies offer more attractive conditions that users are trading on. But in order to not compromise yourself and the data investors must learn how to pick up a good website to buy dash of bitcoin, for example. Quick tips for veteran crypto players or newcomers below.
Blockchain trading process explained
For a people who is new to the blockchain world the difference between regular trading on an exchange crypto trading should be explained. It runs on a decentralized system called blockchain with the most popular one being bitcoin one. It is fairly archaic so experts are betting on the Ethereum one talking over in the future. Bits of data about transaction, wallets and coins are stored across the whole network and cannot be modified. The system rely on crypto miners to stay on.
Choose the exchange suits you best
The next big topic to be discussed will be the 2 major categories of crypto trading platforms on the internet. They both have benefits and drawbacks of using them. Each investor should make an informed choice about the platform they are most comfortable to trade on.
Centralized trading networks
It is an approach which will be familiar for regular traders where all the transaction goes through the exchange. It makes all the operations more convenient due to fewer clicks and manual safety checks. The drawback is risks tied to «middle man» which are unnecessary verifications, prone to be hacked or scammed by owners.
Decentralized trading networks
On the other hand, investors have systems were trading happens between to users exclusively. As there are no way to hack an entire blockchain, this method is 100% secure. However, that also means users should rely on personal traits of each other. Sometime these sites have a rating feature to point on trustworthy trading agents.
5 boxes to check
While picking up a good place to invest in crypto a user should go for these traits:
- minimum trading volume;
- options to add and withdraw money;
- transactions fees;
- number of regulation inside the exchange.
Reading review articles on the platform of interest is also a viable alternative to doing it manually. Follow dedicated websites about blockchain like Cryptonews or any other news aggregators.