Bitcoin is a global currency that has similar value in every country of the world. With an increase in its value, many people seem to be purchasing either to keep or trade. The popularity and importance of Bitcoin have also contributed to its being listed on many exchange platforms globally. It is almost impossible, especially with the many regulations aimed at clamping down cryptocurrency activities, to buy Bitcoin without an exchange.
Crypto exchanges don’t allow you to buy Bitcoin alone, but they also create a system that enables you to exchange Bitcoin for other digital assets available. The continuous expansion of the cryptocurrency market has increased the presence of cryptocurrency exchanges. It appears that new cryptocurrency exchange platforms spring up daily. The challenge with this is the possibility of fraudulent individuals and groups posing as exchange platforms.
These platforms lure traders to carry out activities on their platforms and end up scamming or duping them. As such, traders need to pay close attention to the site they buy Bitcoin from or trade. How trusted is the Bitcoin trading site? What factors have been put in place to ensure the security of every transaction carried out on the platform? Answering these questions is essential if you don’t want to lose your digital currencies to scammers.
What Are the Factors to Look for in a Crypto Trading Site?
- The Site’s Trading Reputation
Many who invest in cryptocurrency have been victims of scams from several trading sites because of their naivety. Before trading on any site, you must consider the reputation of the site you are working with. To do this, you can check through Google reviews to know what other traders think about that particular site.
Alternatively, you can check the site’s social media accounts for more reviews and an overview of the services offered. A trading site without a social media presence is not worthy of your attention when buying Bitcoin. Is the exchange mentioned regularly in a popular crypto newspaper? If not, it might not be trustworthy.
- The Security Systems in Place
The issue of hackers and crackers breaking into firewalls is one that the cryptocurrency market has been grappling with for a long time. Regardless of the design of the site you want to buy Bitcoin from; you must pay attention to its security features. First, you must ensure there is a two-factor authentication process in place before accessing your profile. Then, check the compatibility of the two-factor authentication with acceptable standards like those provided by Google Authenticator and Authy.
- The Transaction Fees Charged
Every Bitcoin trading site charges a particular fee for transactions carried out on it. Worthy of mention is the variation of prices from one Bitcoin site to another. As such, you should not expect a uniform fee from all the sites you will be reviewing before settling for one. Ensure that the percentage charged by the site does not compromise your profit after completing the transaction. In other words, you have to go for the site with the best bitcoin price percentage for every trade.
The Importance of Buying Bitcoin from a Trusted Site
One of the many benefits of buying Bitcoin from a trusted site is that you don’t get to lose your money. If you are trading on a fraudulent site, the chances are that you will be defrauded of your money, and you will not be provided with any Bitcoin that equates to such money. Another benefit is that it prevents the possibility of leaving you vulnerable. It will interest you to know that some of these fake sites don’t only scam people out of their money, but they also collect personal details.
It is essential to exercise care when working with websites that keep redirecting you to another page. There is a high possibility that such a website is fake and designed to collect user’s details for further fraudulent activities. Even after the failed Bitcoin purchase, you can still lose money from your account.
Furthermore, buying Bitcoin from a trusted site guides you on the best strategies to engage when transacting. Such a site will also provide you with the latest news and happenings in Bitcoin’s world to help you make informed purchasing decisions.
In conclusion, as a new trader, there is no need to rush when you want to purchase Bitcoin. One of the many strategies you should learn is the importance of buying from a trusted site. You can surf the internet for the options available, compare them against themselves, and pick the best that suits your needs. Then, when you find a trusted platform, it is always best that you stick to them, except something tangible comes up that forces you to change to another platform – which must also be a trusted one.