Are you going to try yourself in crypto? It can be very promising if you do it correctly, and for that, you would need some information.
To start with, you need to buy your first coins. Choose them correctly. While for now, Bitcoin is no doubt one of the most expensive and demanded, there are many other coins that can change the situation in the near future. For example, Monero, Cardano, Polkadot are among those that can make people reassess their relation to cryptocurrencies. Ethereum has also shown itself as pretty promising. So, read as much as you can about the coins that interest you and choose those that you understand.
Now, when you have decided what coin (or even some of them) you are going to buy, choose an exchange where you will get them. Here, you need to select based on several criteria.
An Instant Exchange
Are you willing to find out how a cryptocurrency wallet works and to get one to buy and sell cryptocurrency? Then, you might like the services provided by an instant exchange. There, you can count on:
- The best crypto exchange rates: usually, instant exchanges use a special tool that chooses the best rates. Thus, you can count on very profitable deals.
- Instant transactions: such an exchange pulls liquidity from custodial services, thus, there are no liquidity issues, and the transactions take just the time needed to confirm the transaction in the blockchain.
- Plenty of coins: if you want to buy or sell a rare coin, you, most likely, can do it on an instant exchange platform.
- An opportunity to check the result before requesting the transaction with a special tool, LTC to BTC converter.
Cons? Well, you have to use your own wallet. An instant exchange doesn’t provide one. So, if you are going to use the instant service, consider getting a cryptocurrency wallet that supports the needed coins.
A Custodial Exchange
This is the easiest way to buy and sell coins for complete beginners. However, to deal with a custodial exchange, you need to register an account. Usually, after that, a verification process follows. Many exchanges (most of them) also impose limits on trading coins, withdrawals, etc., and these limits can be raised by providing additional documentation.
Custodial exchanges have their liquidity pools thus, the fees are lower than the fees that an instant exchange charges.
A custodial exchange provides custodial services, as you can guess from the name. It means that the private keys to your coins are stored by the exchange, you don’t have access to them. If the exchange is hacked, your coins might be stolen, too.
Now, you know what exchange to choose to buy and sell your cryptocurrency. Along with the above-mentioned factors, don’t forget about such a major aspect as safety. Check whether the exchange`s website is protected. Read reviews that customers leave online. Make sure you are choosing a reputable service that can handle the issues that might arise.