Bitcoin Goes up, Other Coins Go Down: Exchange Outages and Trader`s Outrage
Can you imagine a situation when the Bitcoin price is surging, the price movement of other coins is also promising good profit, and suddenly, the exchange where you are trying to earn, has connectivity issues?
This is a nightmare for every trader. However, it is possible if not to avoid it, then at least to minimize the risks. To do so, you need to select a good cryptocurrency exchange platform. Here are some features to pay attention to when choosing a platform to swap your cryptocurrency safely:
- Geographical location and applicable restrictions: it is connected with legal matters. Exchanges usually cater to people in specific locations, there, where cryptocurrency is legal.
- Volume and liquidity available on the exchange: on it depends whether the exchange can complete your transaction, doesn’t matter how big or small it is. Some exchanges even have their own inventory of coins to ensure any order can be completed asap even if the liquidity level isn’t sufficient.
- Anonymity: some exchanges offer an opportunity to exchange coins without providing any sensitive information. There, you don’t need to register, verify your data, etc.
- Security: an exchange shall apply all the possible security measures to ensure a top-safety level for your information and coins. As a minimum, the website shall be SSL-protected. But the more security measures the exchange applies, the better it is.
- Two-factor authentication: it adds an additional very reliable security level to your wallet. Now, all the exchanges offer it.
- Customer support: it shall be available when the exchange works (24/7 in the majority of cases), be professional enough to reply to any of your questions regarding the exchange immediately, and be helpful enough).
What about Additional Benefits?
Along with the list of mandatory features, you might want to get additional benefits that are ordered by specific exchanges only. In this regard, you can add any benefits that are relevant to you. Here, we will try the most interesting advantages, and you can complete the list with your options or disregard some of them:
- A choice between a fixed or a floating rate. This option is offered by the majority of decentralized exchanges. It offers an opportunity for both experienced traders and newbies to feel comfortable and choose the conditions that deem the most convenient.
- Reversible transactions: yep, even this is possible. Well, to make things clear: if a transaction was recorded in the blockchain, it cannot be reversed or canceled. But as you remember, every transaction takes some time to be completed. If you change your mind within this time when the exchange tools are comparing the deals and choosing the best ones, you can contact the exchange customer support, and they might manage to cancel the transaction. While it is possible, not all exchanges offer this opportunity. Thus, check in advance whether this option is offered if it is important to you.
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Some More Ideas?
Whatever features are important to you, look for them. There are many exchanges out there, and you for sure will find the one that suits your needs most. Don’t hesitate to ask customer support about everything that you need to know.