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Factors to Consider to Buy/Sell Cryptocurrency from Trusted Brokers

buy/sell crypto from trusted broker

March 23, 2021 | 

833 Views | 

JOHN K MWANIKI | 

Get Into Cryptocurrency Trading Today

The popularity of cryptocurrency has been growing steadily since the first one was launched in 2009. Traders and investors buy/sell cryptocurrency as it is increasingly becoming the center of trade and business transactions. 

People are doing away with the traditional business and investment techniques whereby intermediaries had to be involved. Cryptocurrency is popular as it has simplified trade in more than one way. 

Its growing popularity and media hype around it has made more people interested in investing in the crypto market. The increase in demand for cryptocurrencies has consequently led to the rise in demand for brokers

The ripple effect has seen an increase in cryptocurrency brokers in the market, but unfortunately, you cannot trust all of them. Trading cryptocurrency is by itself risky, and you cannot afford to risk losing your hard-earned money by working with scammers or unreliable brokers.

To be safe and get the most from your investment, you have to choose a trusted broker.

How to choose a reliable broker to buy/sell cryptocurrency

Here is what to consider to get a trusted and reliable broker.

1. Longevity

This does not mean that you cannot trust new brokers. Well, there are ones that have not stayed long in the market but can be trusted with your investment. However, in this case, you have to be more vigilant with the due diligence. 

It is easier to assess if you can trust a broker if they have been in the market for a long time. A broker's longevity is an indicator of being reliable; otherwise, their platform would not be existing. However, this should not be the only basis for deciding to buy/sell cryptocurrency with the said broker.

2. Customer support

The exchanges know they are not perfect and understand that the traders will face challenges as they navigate the platforms. You cannot trust an exchange that does not put the welfare of the traders first.

A competent broker will ensure a smooth flow of communication when support is required at any time. Look for pointers such as the availability of live char features, customer support contacts, and email addresses. 

3. Ease of deposits and withdrawal

This is one way to get an answer as to whether you should buy/sell cryptocurrency. Brokers that make it difficult for you to make deposits or withdrawals cannot be trusted. Remember that these transactions are the center of trading, and if you have problems with this, then there is no way you will execute trade effectively. 

The exchanges hold your funds so that they can facilitate your trading. If you have trouble making deposits, then it beats logic. More so, there is no reason to be denied of the profits you make. If the processes are challenging, you are right to question the broker's credibility and trustworthiness. 

4. Security

Cryptocurrency can be an expensive investment, and you need to be sure that your investment is secure. When deciding to buy/sell cryptocurrency with a given exchange, you have to ask yourself if you can trust them with your money.

Cryptocurrency exchanges and investments are a big target for hackers, and you don't want to be a victim. One good way to tell if your funds will be safe in the hands of a broker is by finding out if they are regulated. 

There are several regulatory bodies depending on the jurisdiction of the broker. Regulated exchanges have to comply with the agencies' set rules that ensure that investors' funds are safe. Working with an unregulated exchange is risking your money. 

You are likely to be exposed to unfair trade practices and also fraud. More so, you will not get compensation when anything pertinent to security goes wrong. Research the related regulatory bodies for brokers before you sign up with them.

This way, you can be sure that your investment is in safe hands.

5. Go through online reviews

Dissatisfied customers speak the loudest and will not hesitate to tell if they are unhappy. This is one of the biggest fears that brands have: having a ruined brand image because they were unable to meet their customers' expectations.

The best way to learn about a broker is from other traders. The review section of their platform will give you valuable insights. Whether the traders have a hard time withdrawing their profits, if the broker is running a scam platform, or there is no customer support, you will not miss the information.

If the reviews' feedback is positive, you can be confident to buy/sell cryptocurrency on the exchange.

6. Authenticity

As aforementioned, the increase in popularity of cryptocurrency trading has attracted many players in the market. Unfortunately, not all players have pure intentions. Before you decide to buy/sell cryptocurrency through a given broker, confirm their legitimacy.

There are several ways to spot investment platform scams. One is the lack of regulation. If the broker is unwilling to affiliate with a corresponding regulatory agency, then the chance is high they are running some illegal activities. 

If the exchange has been reported as illegitimate by a regulatory body, then you might want to consider steering away from it. The same applies if other traders have made a mention of the same. 

Cryptocurrency exchanges that also contact you out of the blue through emails or cold calls are also likely to be a scam. Trusted brokers will also not ensure you into making rash trading decisions. 

Stay safe as you buy/sell cryptocurrency

Trading cryptocurrency is not a walk in the park. Therefore, you need time to focus on understanding market trends and other things that will enhance your trading skills. Eliminate all worries and focus on what is profitable by choosing a trusted broker.

Buy/sell cryptocurrency through a regulated broker that has been in the market for a long time and with who other traders have a good experience. Due diligence is critical before you hand over your money to an exchange. Take your time when searching for a broker to find one you can trust.

Buy & Sell Cryptocurrency Instantly

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Total Market Cap The Total Market Capitalization (Market Cap) is an indicator that measures the size of all the cryptocurrencies.It’s the total market value of all the cryptocurrencies' circulating supply: so it’s the total value of all the coins that have been mined.

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