Published on November 20th, 2019 | by Sumit Bhowal0
Questions You Need To Ask Before Investing In An Exchange
There are many exchanges available to trade in cryptocurrencies. But, with the many exchanges to consider, have you thought which of them is worthy to entrust your money? Sure, the exchange must be able to show you accurate reports and movements of currencies so that you will have an idea on which of the currencies is best to invest your hard earned money.
The exchange site interface must be very easy to navigate, so investors will not have a hard time understanding the market and the reports they show. Actually, finding the most reliable one is not as hard, as long as you have people to ask and seek advices from.
Moving on, to ensure that you are making the right decision when choosing an exchange, asking questions is necessary. Some exchanges have their own customer service support, hence it is best to send your questions before investing your money.
Some Of The Questions To Ask Are:
How Much Is Your Currency Prices?
The currencies of exchange may differ, hence asking their trx price, Bitcoin price, is necessary before investing. The exchange that offers the lowest price of currencies is best when buying but may not be the best option when selling.
What Currencies Do You Offer?
Make sure that the exchange offers their investors with wide variety of currencies to invest in. You would not want to buy a currency just because you are left without a choice. There are many currencies available in the market to choose from, but not all of them may be favorable to you because of your budget, location and investment strategy.
Choose an exchange that can let you invest in the currency you wish to.
How To Buy Units On Their Exchange?
What modes of payment does the exchange accepts when you plan to buy a currency? Do they accept debit or credit card? Cash etc. The option of payments they offer must be an option that you are comfortable using. You would not want to use a payment option that will just worry you.
What Contact Information Do They Have?
Do they have a hotline you can call? How about an email to send messages to? Do they have a physical address? Etc. It is important that you ask all the exchange contact information. Their contact information will give you security that they are here for serious business.
Do You Have A Minimum Or Maximum Requirement To Deposit And Withdraw?
This is a question to ask ensuring that you have the power to decide when to withdraw and deposit money. Some may require a high deposit onset, which other investors may not agree. Others may require withdrawal limit that is a bit too high, hence small time investors may not consider investing on their exchange as they want to withdraw their money immediately after seeing a small increase in their investment.
Asking relevant questions can help you find the right exchange to invest your money.