The exchange is a business partner, and its reputation is important
For those who want to invest in cryptocurrencies, there are now many more options available than ever. As cryptocurrency exchanges continue to develop their business models to keep up to date, the investor may have a question how to choose a cryptocurrency exchange so that it meets its needs.
Max Kordek, CEO and co-founder of Lisk:
“You need to learn a lot of things in order to choose the right exchange for investments, and the main advice I would offer traders is to expand their knowledge of the cryptocurrency industry. Make informed decisions instead of rushing speculative movements. Even if it is difficult to ignore the hype around certain cryptocurrencies, you need to come to a reasonable and balanced decision. New or inexperienced traders should understand the essence of exchange operations and pay attention to how secure these exchanges are. Such information will be invaluable to potential traders seeking to make reasonable trading decisions. ”
Frank Wagner, CEO and co-founder of INVAO:
“I think that when choosing an exchange for investment, it is important to consider the verification process on it. While most exchanges require an identity card in order for the user to be able to complete transactions, some of them allow anonymity. It may take 2 to 5 days to verify, but this step is necessary to protect the exchange from fraud or money laundering schemes. After all, security is important to the user. ”
Casey Kuhman, CEO and Co-Founder of Monax:
“The biggest advice I would give potential investors is to conduct their own research and invest only in those exchanges that are trustworthy. There are many reliable sources that offer comprehensive reviews and compare the security features of various crypto exchanges. I also recommend that users regularly copy their data to offline offline storage. For all transactions, I would recommend using a VPN, as this guarantees maximum security. ‘
Craig Mack Gregor, CEO and co-founder of DSTOQ:
“The popularity of cryptocurrency exchanges is growing and it is important that users understand how to make reliable investments. I would recommend that investors first study the difference between centralized and decentralized exchanges. In most cases, it is centralized exchanges that control the funds of traders and their personal information. Decentralized exchanges provide users with greater transparency and control over their transactions. Unlike centralized exchanges, in decentralized exchanges, no third parties control user funds. Thus, decentralized exchanges are more resilient in terms of security. ”
Nicholas Guillot, Head of Ultra’s Blockchain Platform Game:
“There are a number of factors that investors should consider before investing in cryptocurrencies through exchanges, namely: the results of their own research on a particular platform, its reputation and level of security.
Regardless of your experience as a trader, it is important to conduct a study and find out which cryptocurrency exchange best suits your needs. The exchange is like a business partner, and its reputation plays an important role. It is not difficult to find out information about exchanges these days. The main thing is to separate hype from reality and come to informed decisions.
For experienced traders, security should always be a top priority. After creating an account, you should go through two-factor authentication, which will enhance the security of your account. It’s also better to use bookmarks so you don’t look for the exchange website on Google.
If you want to buy a significant amount of cryptocurrencies, it is best to use hardware wallets such as Trezor or Ledger. It is necessary. Do not store coins on exchanges – regardless of their reputation. ”