Cryptocurrency exchanges include platforms that facilitate the trade and investment of cryptocurrencies in place of other assets, including other cryptocurrencies and FIAT currencies like the dollar and the euro. In effect, cryptocurrency exchanges work as intermediaries between buyers and sellers and make it possible to earn commissions from trades and by charging reasonable transaction fees for their services.
The following qualities distinguish some digital exchanges from others:
Quality #1 Trustworthiness
A cryptocurrency exchange platform should provide a trustworthy exchange for cryptocurrencies where trades can be completed without any hassle without diminishing the value of the transaction. The deductions that a platform makes are reasonable and will help users to profit well from their trades and transactions.
Quality #2 Security
A cryptocurrency exchange platform should ensure secure trading for all its users. Your savings, in the form of digital assets on the platform, should not disappear or get divulged to any third party.
Quality #3 Legal Recognition
One of the most important attributes of an excellent cryptocurrency exchange platform is recognition from government entities. Avoid using platforms that are investigated by your country’s government or the SEC of that country. Do not opt for unverified platforms that could be involved with wrongdoings.
Quality #4 Popularity
The popularity of a platform is usually a good indicator that it is doing its business legally and without cheating traders out of their profits. Hence, opt for exchange platforms that are popular and ask for reviews from those who are using them.
Quality #5 Transparency and Integrity
One of the strongest attributes for the ideal digital exchange is transparency in dealings and fees along with safeguarding the integrity of information. Choose a platform that is transparent in the services it provides and the charges for these services. Make sure there are no red flags that indicate any illegal or unethical activity.
Quality #6 Adherence to Anti-money laundering (AML) and Know Your Customer (KYC) Protocols
It is very important to use exchange platforms that complete the KYC and AML protocols swiftly and efficiently. The platforms will have a robust mechanism in place to assess the identity of users as well as corporate entities that are doing business on the platform. A platform that doesn’t practice KYC protocols could be involved with illegal activities. Choose crypto exchanges that adhere to KYC and AML protocols.
Why choose eBankX?
eBankX is probably the safest and the most secure digital exchange that allows you to trade in FIAT and cryptocurrencies under its canopy. Not only does it meet the highest criteria for an excellent exchange platform but it has 100% proprietary code to boot. The platform also offers a robust mechanism to save your digital assets and even rewards its users for trades and referrals through its cryptocurrency, EBX. The fees are low and the rewards system is manifold. Plus, you can get 25$ worth of EBX tokens per referral with tokens that are now worth just $0.20 in the pre-launch phase.
Register with eBankX, complete your KYC, enable Google 2 Factor Authentication to secure your account, and then you are ready to trade with cryptocurrency and FIAT any time! You can use your debit card or bank transfer to start connecting your digital assets online.
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