Bitcoin trading platforms are becoming increasingly popular as more people become interested in cryptocurrency, the demand for reliable and user-friendly bitcoin trading platforms increases. In this blog post, we will discuss choosing a bitcoin trading platform that is right for you.
We will cover a variety of factors to consider when making your decision, including security, features, and customer support. So if you are looking for a new bitcoin trading platform or just curious about what to look for, you must consider the factors listed in the section below.
1. KYC on Crypto Exchanges
Know your customer (KYC) refers to due diligence activities that a business should perform to help verify its clients’ identity and assess potential risks of illegal intentions for the business relationship. In other words, KYC is essential for exchanges to follow required legal rules and pre-determined policies and their commitments to prevent, detect and report any suspicious transactions or activity.
When opening a new account on an exchange, a user has to go through ‘Know Your Customer’ process, which includes verification of documents such as identification card, proof of address, etc., to prove who you are so exchanges can check they are complying with “know your customer” laws before allowing users onto the platform. Bitcoin Code is among the top trading platform that has amazing features, so, as a beginner, you must trade on this platform.
2. Currency and Mode of Payment Accepted on Crypto Exchange
This is an important factor that one should consider when choosing a Bitcoin trading platform. The currency and mode of payment accepted on the Crypto exchange should be compatible with your country and banking account. When you invest in Bitcoins, you need to pay for them either by bank transfer or credit/debit card. This amount will get converted into BTC instantly and credited to your ‘in-site’ wallet.
3. Fees on Crypto Exchange
The fee structure at most exchanges is dependent on the volume of trades. This means if you place a larger order, you’ll get a lower percentage for each trade. If you’re trading in large volumes, this could add up to some serious funds over time. Most platforms will likely have fees for all transactions- so check thoroughly before depositing any funds and determining whether your chosen platform suits your needs best.
4. Financial Services Offered by Crypto Exchanges
Exchanges provide you with fiat purchase options but often have issues funding your account. Authorities are also targeting them because of the anonymous transactions they enable, so there is a good chance that they will either consolidate or disappear completely at some point in the future. You might want to look into investing in a transparent bitcoin mining pool instead.
The Bottom Line
The bitcoin marketplace is quite new, and most people are not completely familiar with cryptocurrency trading. Thus, you need to have an idea of what kind of features each platform has to offer to make an informed decision.
Some important factors to consider when choosing your ideal bitcoin trading platform are minimum/maximum BTC amounts allowed per transaction, transaction fees, security measures and ease of use.