For any traditional business owners, the investment in Crypto currency requires them to understand the use of new tools and adopt some of the new concepts and tools. So, investors looking forward to invest in the market, they have to have very good idea of what has to be done.
The trading of crypto currency needs to choose an exchange that deals into purchase and sell of CC like Bitcoin, Ripple or any other CC. One can find more than 1300 crypto currencies in the list to make the right choice and all of them functions in their own way.
Let’s look for the things that matters to us:-
- Policies of deposit, process and cost of each method
- Policies for withdrawal and costs.
- Recognize which fiat currencies they deal in.
- Deal in the product like crypto coins, gold, silver and many more
- Transaction Costs
- Where exactly the exchange is based? (UK / USA / Japan)
One has to be prepared with the procedure for the set up of the exchange and usually one should to know more about the CC. It is important to set up a separate bank account and the truth is that exchanges are the brokers of the valuables and they want to be sure about the individuality of the consumers. And one has to give the assurance and trust of the person they are dealing with. Though, the trust can be earned both ways over the period of time as only small investment is allowed in the beginning. The exchange helps keeping the storage for us. At times “Cold Storage” is also offered which helps in keeping the coins offline until any kind of indication is received by the buyers.
Nevertheless, if you are a known trader and investor/ veteran of the market, you might have already heard quite a few stories of Exchange programs being hacked which has resulted in many coins stolen; this is very much similar to your coins being in a bank account and it getting stolen however one thing you must remember is that your coins are digital only and that all of the block chain transactions are irreversible. Here, unlike your bank accounts, no deposit insurance is available. This makes it very important for you to be aware of the hackers that are always out there constantly trying to steal coins. In fact, they are ready to do everything they can to get at your crypto coins and steal them. Since most of the exchange programs offer password protected accounts and many other security tools including 2 factor authorization schemes, they can be something serious considerable for you in order to protect your financial account from hackers.
Another way to prevent hackers is using a digital wallet for your coins. Additionally, it is also relatively easier to move coins between your exchange account and wallet so make sure you choose a wallet that holds the ability to handle all the coins you want to buy and sell.
If you are looking forward to learning more about Crypto Currencies like Ripple then make sure you visit the link https://arya.xyz/en/blog/ripple