4 Basic features of a Cryptocurrency Exchange
Cryptocurrency exchanges are where people buy, sell, and trade cryptocurrencies. They are an integral part of the cryptocurrency ecosystem. This post will talk about what features you should look for in a cryptocurrency exchange.
- Exchange type
The first thing you should look at is what kind of exchange it is. It can be either centralized (C-CEX) or decentralized (Binance). The crypto exchange singapore is a good example of a centralized exchange.
You should look at how much fees are charged for each type of transaction. For example, in the C-CEX exchange, there is a 0.20% fee on every trade you make, while in Binance, the trading fees depend on your 30-day trading volume and range from 0 to 0.05%.
- Trading pairs
You should check the trading pairs that are available for your desired cryptocurrency. For example, in C-CEX, you can trade BTC/USDT, ETH/BTC, ETC/ETH, while on Binance, there is a wide variety of cryptocurrencies (over 100) and tokens to choose from.
- Supported countries
You should check the supported countries that an exchange supports. For example, Binance can only be accessed from a computer with an IP address originating from China, and US citizens cannot use C-CEX to trade on their platform since they are bound by strict KYC/AML laws of the USA.
And if you have ample knowledge, just start your bitcoin journey within a well-known bitcoin wallet.