Bitcoin easily ranks as the most popular cryptocurrency. Ever since it was launched in 2009 by an anonymous person or persons, its coverage and value have rapidly increased to become the world’s leading digital coin. This has led to the emergence of a very active and fluid BTC market alongside numerous trading platforms.
Several factors play a role in making Bitcoin’s popularity to rise up. Key among these is the no-fee payment system and anonymity. It is possible to exchange the crypto with traditional fiat currency in a highly secure and anonymous environment.
By being anonymous, you get to perform online transactions without fearing that the government is monitoring whatever you do. Countries that have unstable currencies are widely accepting it as a means of payment.
As more people are eager to make the most of these benefits, they rush to BTC trading platforms to either buy or sell their coins. However, not all platforms are legit. You can easily lose your money or coins by visiting a scam.
That makes it necessary to be vigilant. Remember the whole concept of BTC is to ensure anonymity. Thus, if you were to transact on a scam trading platform, your chances of getting back the coins are virtually impossible.
There are a number of factors that you can put into consideration so as to select a legit Bitcoin trading platform. Bitcoin Trader is a perfect example of a legit platform and you can use it as a guide for what to look for in a cryptocurrency trading portal.
#1: Fund Security
You worked hard to earn your Bitcoins by mining them or you are going to spend a considerable amount of money to buy them. Thus, the last thing that you want to happen is to lose them on some scam trading platform. That is why the number one consideration has to be fund security.
There are numerous cryptocurrency platforms that have gone bankrupt, making investors lose their hard-earned money. Allow yourself a sufficient amount of time to research your chosen trading platforms. As you do so, have a look at what measures they have put in place to guarantee the security of your funds.
In most cases, it is easy to get this information by perusing through the platform’s website. Carefully read through what is published there. You can also have a look at its years of operation.
Even though you are not going to consider more than 10 years of being operational (even BTC itself is less than a decade old!), at least 3 years of operation means it has been able to ascertain funds security for investors. That is why it is still operating.
Funds security is closely linked to liquidity. Higher liquidity is recorded in a trading platform that has a higher number of buyers and sellers. Good research should help you with this.
There are times when the trading volume gets too high and there are also low moments. A legit trading platform should be able to operate smoothly under any of these considerations.
You shouldn’t go for a platform that is only able to operate under certain conditions and will be quick to close down when the conditions are no longer favorable.
To be able to gauge the reliability of a trading platform, scour through the Internet for reviews and also the website itself for any cases of trading halts and system crashes. Experts recommend that you mostly rely on major social media platforms when you want to evaluate the reputation of an exchange.
That’s because this is environment does not face any regulations and so the platform creator could actually create a wrong perception of their current standing.
A legit Bitcoin trading platform is highly reliable. You will find investors describing it as a website that they could turn to at all times – when the volume was low and when it was exploding out of proportions.
#3: Transaction Fees
Whenever you transact on a trading website, you will be charged a fee. This is the cost of using their service. To gauge whether or not a platform is legit, keenly observe what their charges are and whether they are in line with industry standards.
There are two things that can happen for a fraudulent platform – the prices will either be extremely low so that they attract you before taking off with your money or it could be too high to increase the scope of how much they take away from you.
It is important to be keen during this analysis. Remember to factor in the issue of price wars. Different platforms will always use price as a way to attract customers. Some will set it low to attract customers who do not want to be charged too much in fees while others will set their prices a bit high to create the impression of a premium site.
Whichever the case, the price should never be at extreme ends. If you notice that with your chosen platform, think twice before you select it. You may want to go through social media sites to hear what people are saying about it.
A good site should present details of how much you will be charged right before you click on the SUBMIT button. Closely take a look at the hidden fees.
#4: Customer Support
In case you have a challenge, will you be able to easily reach their customer support desk or you will be steered to a user forum or FAQ page?
Customer support comes in handy since issues can crop up any second. If you are not able to reach an expert human for guidance, then how do you expect to tackle these?
Most fraudulent platforms tend to hide all ways of contacting them. You will not be able to reach them via email, phone, or even social sites. They only have a static page with a few FAQs to create the impression that they address different user problems.
Even the most reputable exchanges have some difficulty when it comes to customer support. However, they at least attempt to give you alternative solutions to reach them. If your chosen website has gone complete dark, do not even think about funding your account.
Getting started with a legit BTC trading platform is easy. Simply consider the factors described above and you will be good to go. Happy trading!
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