Discussions around cryptocurrencies are very prevalent today, with everyone seemingly interested in getting into the crypto space. As a result, it wouldn’t be a surprise if you want to start trading the different types of cryptocurrencies such as Bitcoin, Ethereum, Dogecoin, Litecoin, or Ripple. But for you to buy and sell these cryptocurrencies, then you must sign up on a crypto exchange.
The cryptocurrency exchange is simply a platform through which you get to buy and sell cryptocurrencies. As a crypto trader, there are a lot of advantages you’ll enjoy for choosing to buy and sell cryptocurrencies through crypto exchanges. If you still don’t see the need to sign up, here’s a guide to enlighten you why you should consider this decision
If you’re new to crypto trading, it’s best to go with a cryptocurrency exchange like Swyftx Cryptocurrency Exchange or other online exchanges. These exchanges often develop their interface to give users get a friendly and familiar way of trading and investing in cryptocurrencies. As a result, you won’t get demotivated by the complexity of trading, which is an issue when buying and selling cryptocurrency through peer-to-peer transactions and crypto wallets.
But with cryptocurrency exchanges, you have a much simpler time when trading as you can easily log into your account, complete transactions through sites and applications, and trade, as well as check your account balances.
You want to have peace of mind when buying and selling cryptocurrencies, knowing your money doesn’t end up in the wrong hands. This is exactly what trading through a cryptocurrency exchange offers you, thanks to the additional layer of security measures they put in place. Therefore, the security of your transactions is guaranteed when trading through such these exchanges.
3. 24/7 Trading
Another advantage of using cryptocurrency exchanges is that they’re always running 24 hours, 7 days a week. If your schedule is usually tight when the markets are open, crypto exchanges serve as the perfect alternative to traditional exchanges. Thanks to being able to buy or sell your cryptocurrency, regardless of the usual business hours, other crypto traders don’t enjoy any unfair advantages over you. Plus, prices could dip during the off hours!
The core value of all cryptocurrency exchanges is maintaining transparency, which is why you’re given access to the crypto order books. Being an investor, it’s necessary you want to avoid losing money in a way that could’ve been prevented. This is because trading through a cryptocurrency exchange allows you to see the depth of both the buying and selling sides of all markets you have trading assets. Therefore, you have a better picture of the market’s outlook and what you should expect after placing a huge order.
You don’t enjoy such an advantage when trading through traditional exchanges as they usually conceal their order books. For this reason, you should only consider cryptocurrency exchanges as they surpass your expectations as a crypto investor.
Cryptocurrency exchanges are also usually transparent on how much money they’ll charge you for each transaction. The fees charged differ from one cryptocurrency exchange to another, ranging from 0.10% to 4%. These fees aren’t that high, compared to what you would’ve been charged by conventional brokers, further showing why trading in a cryptocurrency exchange is a ideal platform.
Cybercrime has become a societal menace, and many people today are increasingly cautious about providing their confidential information. Cryptocurrency exchanges understand this and have, as a result, not made it a must to fill out KYC (know your customer) forms. Because of this, you’re assured of remaining anonymous when trading cryptocurrencies.
6. Fractional Purchasing
Not every trader has the money to buy a whole cryptocurrency, with the more valuable ones priced at astronomical values. However, you shouldn’t worry about not participating in the buying and selling of cryptocurrency, thanks to crypto exchanges. When using a cryptocurrency exchange, you’re able to buy a fraction of your desired cryptocurrency.
For example, if you only have $800 to invest in Bitcoin, you can buy fractions of Bitcoins with a similar value rather than being required to purchase a full Bitcoin. Because of this, you enjoy the opportunity as a small investor to invest in cryptocurrency and build a balanced portfolio, regardless of how much money you have.
As a novice in crypto, it’s easy not to see the need of trading using a cryptocurrency exchange. If you’ve thought about this, this post should’ve shown why signing up for a cryptocurrency exchange is a decision you won’t later regret. Consequently, you can enjoy trading crypto smoothly without experiencing too many issues, all thanks to cryptocurrency exchanges.