What Is A Crypto Exchange
A Crypto Exchange is a platform where people can buy, sell, invest, and trade in digital currencies like Bitcoin BTC, KuCoin Token KCS, Ethereum (ETH), and Terra Classic USD USTC. There are many Crypto Exchanges providing services to customers worldwide like KuCoin. KuCoin is a one-stop solution for all crypto-related needs, be it trading digital assets, getting educated about them, dealing with NFTs, or even earning by providing services and affiliate programs.
Before starting trading in digital currencies, traders need to be educated in the best possible way to maximize their success rate in this field. Here is a checklist that will help the newcomers before registering with any Crypto Exchange:
The liquidity of their assets should be checked before registering with any crypto exchange. Dealing with exchanges whose assets are not liquid enough may become a hassle for its customers.
- Having USD Worth Of All Crypto Assets
The exchange should have enough USD to cover all their crypto assets in case everyone decides to liquidate their assets. The exchange should be able to do that for them without declaring bankruptcy.
- Staking Services
Staking is earning money through digital assets without the need to sell them. One can think of it as putting their crypto assets into a savings account and earning some percentage of interest on it monthly. Services like these make a crypto exchange more useful and a one-stop solution for the users.
- Easy Withdrawal
Withdrawal should be hassle-free. There should be many blockchain options for withdrawal, and the withdrawal fees should be as less as possible.
- P2P Services
Peer to peer (P2P) is a method of cryptocurrency trade in which traders trade directly with each another without the involvement of a third party facilitating the transactions. Such services should be available in a crypto exchange as they give users multiple options to explore and more control over their profit. However, the exchange and credentials of the traders should not be implicit, which may introduce the chances of fraud. The trade should be transparent so that newbies and non-skilled traders do not get rugged by scammers and hackers.
- SEC (Security Exchange Commission) Regulated
The exchange should be regulated by the security exchange commission of the native country of the user so that if any mishap occurs, a strong, well-functioning organization with authority takes legal action against the exchange. There is no way of holding a crypto exchange that is not regulated by a security exchange commission accountable.
- Crypto Exchange Security
Multiple authentication methods, such as e-mail verification, phone number verification, google authentication, and two-factor authentication, should be provided to users’ accounts to secure them the most against hackers or anyone who may try to misuse the assets of the exchange’s customers.
- Educational Services And Societal Contributions
The exchange should have a well-functioning and up-to-date academy to facilitate new learners and newcomers to the crypto industry. The exchanges should adopt an attitude of giving back to society through awareness campaigns about the future of cryptocurrency and its uses in the metaverse, which is a sign that the exchange is authentic and serious in terms of contributing to the advancement of society.
Their application and web interfaces should be user-friendly and designed so that people who have no idea of this world can easily understand its methods and technicalities.