Which Digital Currency Exchange Should I use?
There are lots of different things you should be looking for from any digital currency exchange that you make use of, and today I am going to be looking at what makes what can best be described as the perfect exchange.
The very first thing you should be looking for of course is an exchange that is going to allow you to buy and sell the exact cryptocurrency that you wish to purchase or sell on, as not all of them offer their customers every single digital currency to exchange.
Another thing that you are going to have to decide when using any digital currency exchange is the type of payment method you wish to use to buy your cryptocurrencies, and also how you wish to get paid when selling them too.
Plus, the speed at which the exchange will allow you to buy or sell digital currencies is important, for when some exchanges get very busy there can be a long delays, much more so when you want to sell any digital currencies, which could affect the price you get for them, possibly in a negative way!
It does seem you have to have a very large list of wants and demands when you are hunting around for an exchange to use, but by making sure they offer everything you need them you will get a fully rounded and completely hassle free experience when using one of them!
Avoid Paying High Fees
One aspect of using a digital currency exchange that can be annoying is that there are going to be several different fees that you are going to have to end up paying when using one of them, and if you are not careful those fees really can add up.
There can be fees for using one certain payment method to buy your digital currencies, so try and select and have available a payment method that is going to see you paying the lowest amount in fees or changes.
When you wish to sell digital currencies another thing you can often end up having to pay is a fee for the exchange to send you out your proceeds of the sale of any digital currencies, in fact some of them may also additionally charge you a percentage fee on any profits you made when originally buying a digital currency.
There are also fees involved for buying digital currencies which are simple transaction or processing fees based on just which digital currency you have chosen to by.
I really do urge anyone who is interested in buying or selling any type of cryptocurrency to pay careful attention to the fees they are going to have to pay, for if you buy them regularly then you could end up paying some very high fees which is something no user of digital currencies is going to want to be forced to have to do.
Alternatives to Digital Currencies Exchanges
Keep in mind that you are not always going to have to use a digital currency exchange if you do wish to buy and sell digital currencies and as such there are some alternatives you may consider using, which may be considerably cheaper to use.
If your chosen digital currency of choice is Bitcoin then there are now lots of ATM;s in many towns and cities across the globe that are designed to allow anyone to be instantly able to buy or sell any quantity of Bitcoin that they require or wish to sell.
Also, you can of course choose to sell or even buy Bitcoin from other users by doing a simple peer to peer transaction, by opting for that method you can of course negotiate the price you are going to have to pay for your Bitcoin or the price you will get for it with the other person.
At the end of the day though it is ultimately going to be competition that forces don the cost of buying and selling digital currencies, and as over time more and more exchanges do come online and become available you will then start to see the fees and charges that are imposed on users of digital currency exchanges start to fall, so let’s hope that is something that happens sooner rather than later!
Petar has spent the last few years following rise of cyptocurrencies, lending insights to the potential icos coming to market as well as how current currencies are operating. Petar background is in the finance sector and is a banker by trader so money is always on the mind.