Crypto Exchanges
Crypto exchanges are relatively new in the history of cryptocurrency. Although bitcoin made its first appearance in 2009, actual exchanges and platforms for buying, selling, and trading cryptocurrency are recent. In a short space of time, however, the number of crypto exchanges has mushroomed.
It can be hard to decide which exchange to use, which can be a perilous choice, given the number of exchanges that are fraudulent or at least unsafe. It’s important to research crypto exchanges carefully before opening an account.
Types of Crypto Exchanges
- Crypto Brokers
- Centralised Crypto Exchanges
- Decentralised Crypto Exchanges
A centralised crypto exchange offers various crypto services, such as buying and selling cryptocurrency and crypto mining. There is a central authority that provides oversight for all activities on the crypto exchange. Often centralised crypto exchanges also hold licences from national regulators, but often they are unregulated.
A decentralised crypto exchange features peer-to-peer transactions. The exchange provides a venue for these transactions, but there is no centralised authority that oversees activities. These exchanges are largely unlicensed and are vulnerable to numerous crypto frauds.
How to Choose a Crypto Exchange
Before selecting a crypto exchange, it’s important to look for the following:
- Protect your crypto data – don’t share your codes or keys with anyone
- Use 2-factor authentication for crypto exchanges
- Be alert for fake bitcoin wallets and apps
- Avoid crypto schemes – sign up only with regulated brokers and platforms
- Templates for filing a claim with law enforcement or exchanges
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