How to choose cryptocurrency exchange? This question is asked by everyone who begins their adventure with cryptocurrencies. Where to invest to earn the most? What factors to consider? The best exchanges have a two-step login, authorization of transfers, encryption and a policy of counteracting money laundering and financing of terrorism.
Commission rate
Here the matter is easier to analyze and more measurable. Of course, if we use a given exchange occasionally, the commission is not a key issue. However, if we do it, it often turns out to be of great importance. Reason? The commission will be charged not on a single transaction, but on the turnover. So it is not important whether we earn or not. The commission will be charged. Therefore, the more we intend to invest, the more we should focus on how much it is. In addition, there are two types of commission. MAKER commission, which is charged when the user places a new buy / sell offer in the offer table. On the other hand, the TAKER commission is charged when the user realizes the already existing offer of another user.
Amount of cryptocurrencies
As we wrote above, it is good if the stock exchange offers us a large selection of altcoins. The more of them, the more confident we can feel when we want to invest. There are also opinions on the market to pay attention to whether the stock exchange offers suspicious coins, such that may be insolvent. However, a proven exchange is one that controls the currencies allowed on an ongoing basis.
Stock market liquidity
Usually, the liquidity of the stock exchange is ensured by a large number of orders. A liquid exchange is one that is most often visited by customers and the most frequent buying and selling transactions are made on it. The liquidity is influenced by factors such as support, which improve the operation and technical efficiency of the platform.
Possibility of FIAT deposits and withdrawals
A FIAT currency is a means of payment, the value of which is determined and collected by the issuing government, and not for physical goods or merchandise. Usually, the support of this currency is given as an advantage of a given exchange, but not all exchanges accept it. The reason is that an exchange that does not offer FIAT currency may operate without the supervision of various institutions. The stock exchange that operates on the FIAT currency is controlled by state institutions. This generates high costs and is time consuming. What does this mean for the investor? For example, when using FIAT, verification is required. In addition, a tax obligation arises when the cryptocurrency is exchanged for FIAT.
ByBit – Opinions about a crypto exchanges
Currently, when we want to learn something about a given product or service, we usually rely on the opinions that we find on the Internet. No wonder. Mostly, negative opinions are largely due to the fact that someone has not skilfully operated the cryptocurrency exchange, and thus lost. However, if we read that a given exchange blocks, hinders withdrawals, blocks accounts, or often technical problems, then visit a page with a ranking of cryptocurrency exchanges like Tradersunion.com. On this page, you can easily find the best-rated exchanges such as ByBit. It ranks second in Cryptocurrency Exchange Ratings 2021. On the ByBit review subpage, you will find the listed features for which the exchange was ranked so high, such as: Execution of orders, Investment instruments, Withdrawal speed, Customer Support work, Variety of instruments, Trading platform and this in overall rating gave 9.5 out of 10. On ByBit, you have the following cryptocurrencies: BTC / USD, ETH / USD, XRP / USD, EOS / USD and BTC / USDT, USDT pairs – ETH / USDT, LINK / USDT, LTC / USDT, XTZ / USDT, and Laverage is up is 1: 100 ans spread loss from $ 1.
Advatages of the ByBit Trading Company Crypto Exchange
- It is possible to open long and short positions with subsequent mutual recalculation.
- There is an order book that allows you to assess the depth of the market and current trading volumes;
- Combination of futures and perpetual contracts trading;
- It has a minimum entry threshold. The cost of a BTC/USD futures contract is USD 1;
- It has a convenient, intuitive proprietary trading platform that is presented in the browser version, which eliminates conflicts with the operating system and braking when sending orders;