The Bitcoin Basics

BITCOIN MARKETS (CRYPTOCURRENCY EXCHANGES)

Cryptocurrency exchanges are common places to buy/sell Bitcoins and other digital coins.

Evaluating Cryptocurrency Exchanges

These are some key issues when choosing an exchange (every factor listed below is important):

BASIC CONCEPTS

  • Acceptance: -Does an exchange accept your country?
  • Verification: -What are the requirements for verifying? -What are the trading limits before/after verification?
  • Deposit/Withdrawal Methods: -What are the available fund methods (Cards, Online Wallets, etc.)?
  • Asset Index: -Which coins/tokens are available in the exchange?

SAFETY/RELIABILITY

  • Safety of money: -Where is the headquarters base? -How many years in the market?
  • Online security-Are the cryptocurrencies of clients stored in cold storage, as they should? -In the case of P2P transactions, is there an Escrow Service?
  • Online reviews for this exchange-What other people say about this exchange (Caution, 50% of all the reviews you read are fake)?

COMPETITIVENESS

  • Transaction cost-What are the transaction fees?
  • Exchange rate: -What is the exchange rate for the crypto you need to buy? -What is the ask/bid spread?
  • Responsiveness of the Customer Service

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