There are many places online out there where cryptopreneurs can find the opportunity to swap XLM to BTC. Before settling on one, here are the factors traders need to consider.
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How to pick a reliable exchange platform?
It is recommended to consider security, trading volumes, and the list of cryptocurrencies you want to buy when choosing a cryptocurrency exchange.
As bitcoin becomes more popular and pricey, hackers want it more. Hacking attempts on Binance and KuCoin have cost tens of millions of dollars. Although cryptocurrency exchanges often compensate for stolen assets, no one wants to be in that position. So, safety must be a priority for the service.
Additionally, traders should factor in the exchange’s available cryptocurrencies. Using a cryptocurrency exchange with few coins may not be a problem. Crypto enthusiasts may want access to Godex.io 300+ cryptocurrencies.
Even if coins are available, this is insufficient without transactions. Target currencies should have adequate trading volume to ensure sufficient liquidity, allowing you to swap coins and dollars easily.
Low-volume marketplaces can hurt sales, as crypto market makers may not be active on those exchanges, which could lead to a lack of liquidity and increased price volatility.
. Slippage is when you place an order despite low volume. You risk buying or selling an item at an unfavourable price.
You’ve searched through the list of cryptocurrency exchanges and found a handful with good reputations, strong security, and no history of hacking or fraud. You should also consider how each trade will affect your daily investing.
Certain exchanges are distinguished by their fees and currency pairs. Consider how the fees may affect your investing plan. Do you plan to make daily deals? If so, use a cheaper exchange.
Safe haven for traders
Nowadays, exchanges should also be a ‘safe haven’ since individual digital security becomes more and more crucial. At Godex.io, users are not obliged to set up an account or indicate credentials when starting a transaction. This literally removes from the equation any data leakage. Traders do their business safely while having access to more than 300 cryptos. What are some other perks Godex.io deliver to users?
Stable rates and no limitations to transactions’ volume
When starting out the transaction, a user shouldn’t worry about it changing during the process. It stays the same as at the beginning, as at the end. Also, they can have as many exchange transactions as users wish with no limitations.
The service rests on three main pillars: speed, the convenience of use, and reliability or safety. It takes from 5 to 30 mins to complete the transaction, is absolutely frictionless and user-friendly and, as previously stated, absolutely safe. Before launching the project, the founders decided not to collect personal data in order to never undermine users’ safety.
The system is perfect for seasoned traders and newbies in the domain. When going to the Exchange Rate, beginners can find Top Gainers and Top Losers to become aware of what coins and pairs do well and not. It’s crucial to grasp the sentiment of the market for certain pairs.
Additionally, traders can find the list of all the cryptos available, price in BTC, market cap, volume and percentage change over the last day. What’s more, one can use a hardware wallet together with this platform, like Trezor.
Do your research
Reputation matters in exchanges. Before using it, learn about the exchange you’re considering. What do other users say about the exchange? What does the service say about itself? Have security issues arisen? How has that exchange helped solve problems? You may also find reviews from users and decide if the exchange is worth doing deals with.
If you have any exchange-related questions, feel free to ask the Godex.io team for more details. It’s always there for you.