6 Things to Consider When Choosing a Cryptocurrency Exchange Platform in India
Cryptocurrency has grown a lot and not went anywhere. Peoples from enterprising millennials to major financial institutions are curious to learn more about the capabilities of this technology. Moreover, they need to know how to earn more profits from it. As it grows and crypto adoption gets an increase, more peoples would tell which is the best platform to buy bitcoin in India. There is many platforms avail but investors or traders have to cross-check across the platforms and have to gain knowledge on crypto investment. If you are new to the cryptocurrency world, you should need to consider some factors before which crypto trading will use.
Here are the 6 things to consider before choosing the best cryptocurrency exchange platform in India.
1. Authentication and Security
Before choosing the exchange platform, this is one of the best factors to keep it in your mind. One of the major issues that occur in the crypto industry today is pump-and-dump schemes. Every exchange has to be more responsible to keep prevent this fraudulent activity.
2. Purchasing Methods
The method of purchasing digital assets can vary from each platform. Some crypto exchanges need a deposit by bank transfer, some have PayPal, some accept credit and debit cards, and some exchange can be purchased by cryptocurrency. If you don't have any cryptos before joining with any exchange, it is important to look-out that you choose a platform that accepts fiat currency so that you can enter this market world. And also you have to take note of purchasing time because some platform process transactions instantly or others can take more days or weeks.
3. Supporting Tokens
Most of the exchanges support Bitcoin (BTC) and Ethereum (ETH), but the investors in this crypto industry have known that is just the tip of the iceberg. There are many variations in supported cryptocurrencies across various exchanges. Instead of your risk appetite, you can choose the exchange which supports all the cryptocurrency that you want to purchase.
4. Choose a Type of Platform (P2P or broker)
There are three main types of crypto exchanges available, so you need to know about it. A trading platform is a marketplace where you can buy and sell your digital assets. Each user only interacts with the platform and also each platform has a fee for each transaction.
P2P exchanges, such as Koin Bazar, can connect buyers and sellers to interact directly, relying on both users to agree on any given transactions. Cryptocurrency brokers like AvaTrade which is similar to the forex. These brokers can set the values for the cryptocurrencies and buyers can purchase it from the platforms.
5. Fee structure
Transaction fees and its structure vary across each platform, which is very crucial when choosing a crypto exchange platforms. Some exchanges offer discounts on a transaction fee. This occurs when you use their own token for transactions. Other platforms, charge a transaction fee on sales, permitting purchases free of fee.
6. UI and UX
For every crypto investor, one of the most important prospects is the user interface and its functionalities. When you are a seasoned cryptocurrency trader or buying bitcoin (BTC) for the first time, a good interface and good user experience help traders take actions on the platform which is more efficient. Moreover, the exchange which has a better user experience will see the largest transaction growth in the upcoming years. An exchange's value is largely tied to its user numbers which are able to boos their user number and transactions with the user experience.
Before you enter the Cryptocurrency trading world, learn some factors about Bitcoin (trading) trading and its available platforms and also you have to look-out the above-mentioned factors. However, check if the platform has fiat exchange options for the users. Here, I am suggesting that the Koin Bazar - India's safest P2P crypto exchange platform. The major benefits of Koin Bazar are simple & user-friendly, secure, and liquidity. So, register your account, complete the KYC procedures, buy Bitcoin (BTC), and start your consistent trading.