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.
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.