Cold Winter Strikes! How to Choose An Excellent Cryptocurrency Exchange?
After China announced that it would implement more stringent supervision of cryptocurrencies, the global virtual currency market can be said to have worsened the situation. Bitcoin recently fell below 34,000 US dollars for the first time in three months due to multiple negative news. The wave rebounded but compared with the high of $64,000/BTC in April this year, and its price still fell by about 40% in a month or so. Accompanying the myth of Bitcoin’s rise is the high volatility of skyrocketing and falling. Some experts believe that behind this is the various behaviors of investors and stakeholders, trying to lead the way for this kind of investment that the central bank does not control.
As all, you know that Bitcoin’s skyrocketing or plummeting is often affected by the news. This plunge began with the biggest fan of Bitcoin, also known as one of the cryptocurrency troublemaker-Elon Musk.
When Musk announced that his Tesla would support Bitcoin payments, the price of Bitcoin began to soar and reached a historic high in April. But at the beginning of May, Musk “repented”, saying that he had suspended the plan to use Bitcoin to buy Tesla. Accordingly, Bitcoin fell by 10%. His reason is that Bitcoin mining transactions will lead to a rapid increase in the use of fossil fuels, which is not good for environmental protection. It is clear that the title of Uncle Ma’s “troublemaker “ is by no means a false name.
And along with the Chinese and American governments, they also end up dealing with cryptocurrencies. The US Department of Justice and the Internal Revenue Service opened an investigation into Binance, the world’s largest cryptocurrency exchange, on the grounds of suspected money laundering. The Chinese government issued a series of policies in May, which also severely damaged cryptocurrencies, including financial and payment institutions not accepting cryptocurrencies as payment and settlement tools, not providing services and products related to cryptocurrencies, and cracking down on Bitcoin mining and trading activities. The cold winter of the currency circle is approaching, and in such a harsh market environment, how to choose an excellent cryptocurrency exchange is extremely important.
At present, there are more than thousands of cryptocurrency exchanges in the world. For new users, how to choose from so many exchanges has become a headache for many people? As a veteran in the cryptocurrency circle, the author knows how important it is to choose an excellent cryptocurrency exchange because it is related to a series of issues such as the safety of investors’ funds, income, and services. My suggestion is to choose a good tier-2 exchange to start crypto trading. If necessary, you can consider replacing the tier-1 exchange, but it is not necessary to change to a tier-1 exchange. As mentioned above, Binance has been investigated by the US Department of Justice and the Internal Revenue Service. According to the investigation, this is the reason for the so-called stick one’s neck out.
So, the question is, what kind of cryptocurrency exchange is excellent?
We could measure and value it from the 3 points below:
It mainly includes investigating the financial background of the exchange, the length of time for stable operation, and whether there are negative news reports, and so on, even in the event of an incident that may affect the security of users’ funds, the exchange’s handling attitude, whether it takes timely measures and gives a reasonable response.
The more high-quality projects, the more users can be attracted. And the more users you attract, the more likely it is for each transaction to succeed. In this way, there will be no situation where you cannot buy or sell at a reasonable price.
3. Transaction fee
It is important to know how much to charge for each transaction. You must know that the biggest profit method for exchanges is to charge commissions. If you are making short-term investments, you should pay more attention to this issue. Some exchanges charge them frankly and honestly, while others are hidden, so you must read it clearly before signing up.
Taking tier-2 exchanges as an example, the author recommends BigONE exchange, the international version of Yunbi.com. At the same time, it is also a global blockchain asset spot exchange under INBlockchian (Coin Capital).
Why do I recommend BigONE?
1. Extreme Security Guarantee
BigONE uses a two-step verification and notification mode to keep hot and cold wallets separately and uses multiple signatures to monitor the status of users’ wallets and assets in real-time. Through a special private key management method, the private key will not be controlled separately, which fundamentally guarantees the security of user assets. Relying on solid technology and strict operating procedures prevents risks from many aspects and strives to become the world’s most secure blockchain asset trading platform.
2. Excellent One-stop Services
At present, BigONE has completed the layout of product lines such as spot, leverage, contract, DeFi, wealth management, PoS mining pool, etc. While meeting the diversified investment needs of users, BigONE keeps up with every hot spot in the market, helping users participate in them as soon as possible and lock up the profits.
3. Fast and Smooth Trading Experience
BigONE has launched a new trading system in January this year, adopting more advanced technology to ensure fast and smooth asset transactions, providing detailed real-time quotations and transaction returns, and striving to present a perfect user experience for users.
4. 100％ Asset Reserve
BigONE has a 100% asset reserve mechanism. All users’ deposited assets will be stored separately and safely. They will not be used elsewhere, and equivalent asset reserves are prepared for each asset deposit to ensure the absolute safety of user assets. BigONE provides users with an asset margin inquiry mechanism so that each user can check the status of BigONE’s asset margin.
I do not recommend other tier-3 or tier-4 exchanges because I always believe there will be no penny from heaven. Some tier 3 or 4 exchanges manipulate the market to steal profits from users. You must know that as an exchange. It is said that transaction fees are an important source of income. Reliable exchanges rely on trading volume to earn fees to survive. The more trading volume, the higher the activity level, the more profitable the exchange will be. Everyone must keep their eyes open. Of course, the specific choice should be considered in many ways according to one’s own personal situation.
In addition, if you want to get to know an exchange, participate in the exchange’s online and offline activities, or join its official community to communicate with other users. It is also a good way to feel the exchange’s operational skills, efficiency, and quality of customer services more intuitively.
BigONE is a global cryptocurrency exchange that provides a platform for trading various cryptocurrencies. It was founded in 2017 and registered in the Netherlands. The group operates in Russia, Brazil, Vietnam, Seychelles, Singapore, Japan, and Indonesia, providing marketing, investment, and blockchain technology research & development.