5 Factors To Consider When Selecting A Bitcoin Exchange In Canada

Likely you are in this situation:

You have been following current news on Bitcoins. The trend is showing a bright future as this coin is gaining value against Canadian Dollar. Also, most of your peers are joining the bandwagon. You are in a situation where your desires are growing day by day. 

Apparently, the first staircase in joining the digital currency world is obtaining the virtual coins. However, there are now more than a hundred cryptocurrency coins since their discovery in 2009. Despite this, you have a desire of exchanging your dollars into Bitcoins and start trading with them. 

Now a hundred and one Bitcoin exchanging firms are approaching you. Some are going an extra mile to offer you Bitcoin faucets tickets as a way to woo you to join them.  You are indecisive as you do not know the genuine exchange bureau.

Does this statement fit your situation? Well. Relax! Here are some considerations when selecting a Bitcoin Exchange in Canada:

a. Trading fees

As you know, exchanging currencies is a business like any other. Also, the reason you are seeking to have the digital coins is to earn a profit in future when their price escalates. So, you will need a Bitcoin converter to convert your coins back to Canadian dollars.

Do you think the exchange bureaus will do this task for free? They will charge a  percentage of your cash for facilitation purposes.

Nevertheless, like the typical exchanging firms, these bureaus differ on the amount they charge for their services. Some will charge a higher percentage than others. Notably, the rate depends on the monthly exchange volumes.

When an exchange receives high volume, the percentage charged decreases, and the opposite is true. Thus, before considering a Bitcoin exchange, it is essential to check on the trading fee you will be paying for the services. Simply, always go for exchanges with lower trading fees.

b. Ease of use

Of course, unlike the usual exchange bureaus where you get in with the currency you are exchanging and come out with your preferred one, Bitcoins are virtual currencies. As such, their exchange takes place through the digital platforms. In a simple language, digital coin exchanges are a special type of e-commerce business.

For this reason, the standard rule of digital/online trading applies to them. So, when selecting an exchange, you need to consider its ease of use. You do not need an exchange that’s unresponsive to various computing devices, takes forever for your transaction to be completed and also it is hard to navigate.  Your platform of choice should be adaptive to modern mobile and computing operating systems.

c.    Basic information about the exchange

As you are aware, Bitcoin is still a new currency. Many countries have not enacted laws to control or regulate its use. Due to this fact, without being careful, you can lose hard earned money in the hands of fake BTC exchanges. To be on the safe side, it is vital to check basic information about an exchange before making trading decisions.

 You need to know their locations, who are the shareholders or founders, how long it has been in operation, and also its reputation.  If this information is unavailable, that should be a red flag to question on its authenticity. 

d.    User experience

User experience is another aspect to consider before selecting a Bitcoin exchange. If current users are complaining about the exchange services, it would be a bad idea if you subscribe to it. To know the sentiments of the present traders about a given exchange, you need to visit various Bitcoin forums and discussion boards.

All in all, with this information, you can now choose the right Bitcoin exchange in the right way.