Cryptocurrency also known as virtual coins are starting to dominate over fiat currency as a new method of a cashless and seamless transaction. Because of the convenience it provides along with its other perks such as transparency, anonymity, and profitability, it becomes so popular with people of different ages and ethnicities. For this reason, various crypto exchange platforms are now operating in different parts of the world as a unified movement towards financial freedom away from the government’s jurisdiction.
Why Avail Cryptocurrency?
Cryptocurrency is a portmanteau of cryptography and currency. Ingeneral, it refers to the virtual coins that are used in buying or selling products and services on the internet with the incorporation of cryptographic encryption, which protects the transaction from possible unrecognized third-party interception and even from the government’s intrusion. This kind of system is mostly decentralized wherein the sole control is not bestowed on a single entity instead it is shared among users using a peer-to-peer network that ensures all transactions are legal and monitored. Since cryptocurrency is founded on security, transparency, and a decentralized system, it obliterates fraudulence that makes it ideal for money transactions compared to its non-virtual counterpart—fiat currency, which is prone to hacking and identity theft. Therefore, numerous people are investing in cryptos nowadays particularly the millennials, who thirst for financial education and independence.
Characteristics of An Ideal Crypto Exchange Platforms
Confidentiality
Since cryptocurrency-related transactions are prohibited in other countries, it is important to check how a crypto exchange platform maintains anonymity to exempt yourself from taxes imposed by the government and possible lawsuits for breaking the laws.
Diversification
It is an advantage if a crypto exchange platform can cater to different virtual coins and fiat currency to make the transaction convenient, fast, and seamless. Because of this, it is also easier to convert cryptos to fiats, cryptos to its other forms, and vice versa.
High Return Potentiality
Before you exchange your cash for cryptos, make sure that the exchange platform has an updated market price value of your favorite cryptos to avoid significant losses.
Less to Zero Transaction Fees
Since crypto exchange does not involve so much complexity with the omission of other financial entities, it will require less to zero transaction fees. If the platform charges you so much, then it is a major red flag.
Fast and Secure Transaction
If your chosen crypto exchange platform passes the aforementioned characteristics, then it is an assurance that every transaction you will make will be fast and secure.
For more information, you may check different crypto exchange platforms like Paragon Traders particularly for those who are residing in Luxembourg.
