Things to Consider While Finding Bitcoin Exchange in 2020
Table of Contents
All about Bitcoin Exchange in India and how to find the best platform
Bitcoin exchange is an online platform to buy and sell bitcoin. One can buy or sell bitcoin through regular currencies or cryptocurrencies. It functions moreover like a brokerage. Here one can do money deposition through a bank transfer as well. When someone wishes to trade from one currency to another, there is a certain conversion charge applied.
As far as India is concerned, one can deal or expend Bitcoin in following ways-
- Through a native or global exchange
- Through any native dealer on a marketplace to buy bitcoins from them
- Upon selling products or services for bitcoins.
Trading bitcoin in India through an exchange
Irrespective of the platform, one opts for bitcoin India exchange, it is essential to verify Aadhar and Pan Card. This is essential for linking with bank accounts for cash deposit and removal. Those having bitcoin can also go for different global exchanges for trading.
Finding the best exchange in India:
The most crucial aspect to consider is the selection of the right exchange platform. Key factors one must consider are safety, transparency, record, user experience, and the price. It is worth spending adequate time to find out the best platform based on the above factors. Sometimes despite analyzing things based on the above factors, people still fail. This is because they fail to differentiate between entirely crypto exchange and crypto to fiat exchange. In crypto to crypto, only cryptocurrencies are taken into account. In the case of flat to crypto, one can deal with foreign currencies.
Things to consider for finding the best exchange in India:
To find the best bitcoin exchange in India, one must keep in mind that mileage might differ. One might go with an exchange supporting a particular currency, margin trading, etc. One needs to find a reliable Indian bitcoin exchange for trading cryptocurrencies. It is practically not possible for anyone to trade digital assets without having access to a cryptocurrency exchange. Considering the importance of exchange platforms, it is essential to understand the critical aspects of selecting the best crypto exchange. This can also help those who want to know how to exchange bitcoin in India.
Needless is to say that security plays the most crucial role in any trading or exchange. Not just about crypto, this matters for all financial activities. There is every possibility of theft of funds if there is no safety assurance. No matter how nominal the charges are, but it goes in vain if the safety is not adequate. To avoid safety threats, it is suggested that one must take the following points into account.
It is essential to ensure that the web id or address of the concerned bitcoin exchange must begin with HTTPS. One must avoid HTTP connectivity.
- There must be a two-factor authentication to ensure login safety. Two-factor authentication means apart from username and password; there must be an exclusive piece of detail of the user.
- All the customer deposits must not be online; it should be in cold storage.
- Auditing programs handling exchange aspects consistently and message mail notification provide the customers with higher safety assurance.
- One might wish for whitelisting the IP address as well for greater security. Withdrawal of wallet address also assures more excellent safety.
b) Legal aspects:
Those who belong to India should look for the best bitcoin exchange only from India. It is recommended to avoid legal issues. Moreover, it turns things more straightforward in terms of meeting with regulatory variations.
There are indeed exchanges that might insure the funds. This is undoubtedly a great thing as they guarantee about compensating if they lose your fund.
Clarity and Precision of the platform:
The following two aspects are essential to be ensured regarding transparency.
- Is the exchange making it open about its owners, team members, and address?
- It must publish the detail of the cold storage address. Upon asking, it should be flexible to reveal audit detail.
No matter how renowned the platform claims it to be, one should not keep funds for a too long duration. Only as much amount essential for trading should be there. After all, one can never ignore the threats of hackers. As various digital assets are stocked at one platform, hackers come up with attractive plans to hack the user’s funds. The best recommendation thus would be to keep the residual amounts within private wallets like the Bitcoin wallet. One must not merely go by bitcoin to INR exchange.
More significantly, the trading volume, the higher the exchange turns out as liquid specific. One must understand that it’s the liquidity that turns the transactions swifter. It sets things easy and involves no issues with volatility issues. At the same time inquiring bitcoin exchange rate, it must also be essential to ensure whether it offers ‘locked-in’ price. This is to guarantee charges during the transaction process.
One can undoubtedly expect the best exchange rate or profit upon taking the above aspects into account. A cryptocurrency exchange is indeed among the most profound ways of buying and selling bitcoin. But due to the constraint of RBI, one might not be able to finance the crypto exchange account through Indian banks. To name the best bitcoin exchange in India, there are many options one can find. However, one should enquire well and go with the one offering at a low price. From that perspective, Bitxmi would be a great option. It is hugely reputed for the least trading fees.
Click here to read more about Crypto news
Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.