If you are an active trader, it is apt to keep your bitcoins in an exchange so as to facilitate transaction and trading.
The best way to keep your currency safe is by following simple points mention below
- Keep your password strong and don’t store that in your email, the best option is to write it somewhere or use store password app.
- Use two-factor authentication – we already explain that in our previous article how to use 2FA
- Never login exchanges from a public computer or never type your password by standing just below any camera.
- Never share your exchange registered email password with anyone.
However, using 2FA will add the extra layer of protection, If you are using wallet to store your BTC then read How to Protect and Keep Bitcoin Wallet Secure from Hackers
Which Exchanges are Trustworthy?
When it comes to choosing a trustworthy exchange, it is important for a trader to do extensive research. A trader should choose an exchange based on the following parameters such as
- Exchange Popularity among Traders
- How many years old Exchange is
- How many Twitter Follower Exchange Have
- From Where Exchange is Operated
- Whether Exchange have any Payment gateway or not
- Exchange Volume in Fiat Pair
Based on the criteria recommended above we have listed some of the best exchanges to store your bitcoins.
Key points to find a Trustworthy Exchange
It is always good to do background research of the exchange platform to check its trustworthiness.
- Transaction fee
- Payment Gateway
- Verification requirements [ KYC ]
- Exchange rate
- Transaction pattern
- Customer support
- Exchange Location
How to Find Fraud Exchanges?
Though these currencies have been welcomed in the digital world, many people are still unaware of the basics when it comes to virtual currencies and exchanges.
Here is a list of recommendations to spot fraud exchanges.
- Scanty information – fraudulent exchanges have scanty information and provide no information about their public profiles.
- No support Channel – fraud exchanges do not give a proper reply to the user query and takes huge time to resolve a technical issue.
- UnKnown Coins – Scam exchanges list unknow coins that don’t have any proper website or identity, they just take a small fee and list any coin.
- No social profile – scam exchange generally have few followers in different social media portal like twitter facebook.
- Fake volume – fake exchanges mainly from China provide fake volume and try to confuse traders that they have organic volume.
Where the Exchange is Located?
Majority of the trustworthy exchanges are located in the United States, United Kingdom, Canada, Singapore, most of Europe and Asia and reason is that Bitcoin is legal in all such places.
The customers are allowed to buy bitcoins if exchanges are allowing you to buy BTC using credit or a debit card or any other payment methods available in their country. It is also advised to buy bitcoin from the local exchange that operates within your country.