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Complete Crypto Trading Guide: 15 Important Features to Look for When Choosing an Exchange

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CrispyBull Editor
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The cryptocurrency market, once shrouded in uncertainty, has evolved into a more consolidated and organized space. Choosing the right cryptocurrency exchange is a critical step in your trading journey, and with the plethora of options available, it’s essential to navigate wisely. At CrispyBull, we’ve compiled an updated guide based on real-world experiences and the latest developments in the crypto sphere. Let’s dive into the 15 important features to consider when selecting a cryptocurrency exchange.

1. Reputation Check: Beyond the Surface

Before exploring a crypto exchange’s website, conduct thorough research. Gauge its popularity, user base, and online reputation. Utilize digital tools for heuristic marketing analysis, but be wary of paid reviews and sponsored content. Rely on qualitative data, genuine opinions, and feedback from real users. A comprehensive search engine check, social media exploration, and discussions with friends can provide valuable insights. If negative reports abound, proceed with caution.

2. Usability: The Interface Matters

After shortlisting reputable exchanges, scrutinize their online interfaces. User-friendliness is paramount, as navigating a clumsy software can hinder your trading experience. A smooth interface contributes to seamless transactions, reducing unnecessary complexities. A user-friendly exchange ensures you can focus on trading strategies rather than grappling with a convoluted system.

3. Security: Safeguarding Your Assets

Security remains a cornerstone in the crypto realm. Prioritize platforms that prioritize safety. Scrutinize the exchange’s security measures, including the development team’s expertise, employed programs, and backup protocols. Delve into how and where they store user data and funds. Thoroughly read uploaded information to ensure your assets are in safe hands.

4. Verification: The Necessary Hurdle

While creating an account may seem tedious, don’t underestimate the verification process. It’s a mutual safeguard for both traders and exchanges. Respectable platforms seek to know their clients, emphasizing transparency. Traders benefit by avoiding shady dealings and ensuring their funds are handled responsibly. Be prepared to complete the verification process, as it signifies a commitment to responsible trading.

5. Payment Methods: Convenience is Key

Consider your personal convenience when evaluating payment methods. Examine options such as VISA, Mastercard, bank wire, PayPal, SWIFT, and more. Understand the trade-offs; wire transfers might take longer, while card payments may involve additional identity verification and potentially higher fees. Choose an exchange that aligns with your preferred payment method for a smoother trading experience.

6. Fees and Commissions: The Unseen Costs

Fees and commissions are often overlooked but can significantly impact your trading outcomes. Examine deposit and withdrawal fees, broker commissions, and service charges. Some platforms offer fee-less deposits to attract users but compensate with high withdrawal fees. Comprehensive research is crucial, as fees typically range from 0.5% to 5-6%. Awareness prevents unpleasant surprises down the line.

7. Leverage: Balancing Risk and Reward

Leverage amplifies your trading funds, allowing for larger positions. While some exchanges offer high leverage, understand the associated risks. A common leverage rate is 1:2 or 1:5, depending on the deposit. While it provides opportunities for increased profits, losses are magnified as well. Exercise caution, considering your risk tolerance and trading strategy.

8. Coin Pairs: Matching Preferences

Crypto exchanges may not offer the currency pairs you desire. Check their listings to ensure compatibility with your preferred trading pairs, whether involving fiat currencies or cryptocurrencies. For those with external wallets, depositing digital assets may not be an issue. However, if you intend to buy coins with traditional currency, ensure the exchange supports your desired pairs.

9. Cryptocurrency Variety: Beyond the Basics

While major cryptocurrencies like Bitcoin and Ethereum are common, consider the exchange’s offering of Altcoins and support for Initial Coin Offerings (ICOs). If you intend to trade lesser-known cryptocurrencies, scrutinize the exchange’s Altcoin listings. Some exchanges may not support ICOs, particularly newly launched ones. Assess the platform’s cryptocurrency variety to align with your trading preferences.

10. Customer Support: A Lifeline in Times of Trouble

Customer support is often overlooked until issues arise. Prioritize exchanges with responsive customer support channels, including email, live chat, and phone support. Transparent exchanges provide avenues to connect with real people, fostering trust and ensuring tailored solutions. Learn from unfortunate incidents, such as a South African lady’s loss due to a fraudulent exchange with no contact details. Accessibility to support can be a game-changer.

11. Liquidity: The Lifeblood of Trading

While delving into technicalities, understand liquidity’s importance. A high liquidity rate facilitates faster transactions, quick bank transfers, and easy withdrawals. Opt for exchanges with proper liquidity to avoid prolonged waits for fund transfers. Assessing liquidity ensures a smoother trading experience, minimizing potential delays in accessing your funds.

12. Legitimacy: Boring but Essential

Delve into the legal aspects by inspecting a crypto exchange’s juridical documents. Legitimate exchanges provide clear information about their registration and legal standing. Ensure they possess the necessary legal numbers for conducting financial transactions. Legitimacy is non-negotiable when entrusting your assets to a cryptocurrency exchange.

13. Country Restrictions: Know Your Eligibility

Understand the interplay between country laws and the exchange’s target group. Some platforms may be limited to specific regions due to regulatory compliance. Ensure eligibility to register and create an account, considering potential restrictions based on your location. Additionally, be aware of exchanges that may only deal with a specific fiat currency, potentially leading to cumbersome currency conversions.

14. Exchange Rate: Beyond Cryptocurrency

Exchange rates don’t only apply to cryptocurrencies. Similar to traditional currency markets, rates can vary between institutions. While a stable Euro may be expected in European countries, cryptocurrencies exhibit more volatility. Examine average values most exchanges follow, but be aware that differences can reach up to 10%. Awareness of exchange rates contributes to more informed trading decisions.

15. Mobile Apps: Trading on the Go

While seemingly indulgent, the availability of mobile apps can be a valuable asset. Depending on your trading strategy, having access to your positions, checking prices, and managing bids from anywhere becomes essential. Mobile apps cater to the dynamic nature of crypto markets, allowing swift reactions to market movements even while on the move.

In conclusion, the crypto trading landscape has matured, providing a more stable and organized environment. Armed with these updated tips, you can confidently navigate the complexities of choosing the right cryptocurrency exchange. Remember, your journey into the crypto seas is unique, and making informed decisions ensures a smoother and more successful trading experience. Happy trading!

Crypto Bull Tom Lee Predicts Ether Rally, While Bitcoin Jumps with 4%

By
CrispyBull Editor
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The last 24 hours were interesting for the crypto lovers. Bitcoin suddenly made a progress and surged from $ 6.450 USD to more than $ 6.700. It splashed a momentum that it has not experienced in the late few months. Recently, the Bitcoin showed an extremely low level of volatility and got stabilized around $ 6.400 – 6.500 USD. But these last hours surprised even the most skeptical crypto bears and certainly brought a hopeful movement at the coins’ horizon.

A chart showing the Top 10 Cryptocurrencies
Add an imageSelect an image from your computerBrowseType caption (optional)

Now, bids and predictions go to the $ 6.800 USD mark of resistance. According to many crypto evangelists, Bitcoin will definitely skyrocket again, as it was assumed at the beginning of the year. Opinions say it will break the resistance in the next 12 to 24 hours and if that happens, Bitcoin will enter the $ 7.000 USD range. An evolvement like that would certainly ‘clear the way up’ for the currency and a moon would be expected.

Meanwhile, Ethereum keeps a relatively low price of a little bit over $ 220 USD. If it seems too cheap for you, compared to last year's tremendous prices, do not be fooled – this is more than a 6% increase for the last 24 hours. The market volume was relatively low the past week but just for 12 hours, it showed a small boost.

A chart showing Ethereum/USD
Chart from tradingview.com.

All of this is happening at the end of a weird month for the cryptocurrencies. Some of them occurred to have bugs, prices were keeping on the low and predictions were getting too negative. Vitalik Buterin for instance, the co-founder of Ethereum, even went to the conclusion that no other crypto boom is possible.

There isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore.

Publicly announced the Ethereum father in an interview for Bloomberg earlier this month.

Watch the full Vitalik’s interview here: https://www.bloomberg.com/news/articles/2018-09-08/crypto-growth-nears-ceiling-ethereum-co-founder-buterin-says

On the other pole stands Brian Armstrong, CEO of Coinbase, who forecasts a bright future for the cryptocurrency market. Armstrong seriously thinks that more than a billion users will be in the crypto ecosystem by five years from now.

It makes sense that any company out there who has a cap table… should have their own token. Every open source project, every charity, potentially every fund or these new types of decentralized organizations [and] apps, they’re all going to have their own tokens,

The crypto mind said in front of TechCrunch at the beginning of September.

Yesterday (September 27th, 2018), Thomas Lee expressed a similar to Armstrong’s opinion. Lee is a famous financial bull with almost 15 years of experience in J.P. Morgan Chase & Co. before he moved to Fundstrat Global Advisors, where he now executes the role of a Managing Partner and the Head of Research. His latest post on Twitter states a prediction for a future rally of the Ether. The bull foresees the immense price of $1.900 by the end of the year. Lee explains the Ethereum downfall with the EOS’s dump, which is based on the Ether platform. EOS, he told CNBC, oversupplied the market, selling Ethereum and then moved to their new token.

It was a difficult year for the Ethereum, which was the crypto star of the last one. That is why all negative assumptions about its near prospective are absolutely justified.

But Thomas Lee believes that

[…] the sentiment is currently overly negative on ETH,

Cites CNBC and continues with the bull’s expectation that:

We believe Ethereum is about to stage a trend reversal and rally strongly.

All in all, the cryptocurrency market is currently at a good stage. A warm-wind movement was sensed by traders and people seem to trust the positive foresight better. Lee’s assessment has only three months to prove itself right, though.

Facebook’s Access Tokens Hacked, The Company Now Faces Up to 1.62 Billion Fine

By
CrispyBull Editor
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On Friday, 28th of September, millions of users could not log in into their Facebook accounts and were unexpectedly logged out of the system. If you, just like me, did not pay tons of attention to the bother, it was not the case. It occurred to be a major hacking break into the leading social media’s system. 50 million users’ accounts were hacked and many others experienced a software inconvenience as they could not reach their own profiles.

What happened was a break into the Facebook accounts’ tokens. The company allegedly knew about the system vulnerability since Tuesday, some digital security specialists say, but could not prevent the hack. There were three multiple bugs which led to the breach. According to Forbes:

The perpetrator’s ultimate aim was to steal what is known as “OAuth bearer tokens.” Essentially, these tokens prove the Facebook user is the rightful owner of an account and denote what they have access to.

Web security researchers say the hack affected much more than 50 million. It was not only their Facebook account though, but all applications related to the server and all external websites reached with Facebook credentials. Among these could be other social media, marketplaces, news portals, and magazines, etc.

The breach happened through Facebook’s ‘View As’ and video upload feature. The ‘View As’ is an option for the user to see how his/ her profile would look like if examined by a non-friend. Facebook was aware that this a sensitive spot in their system but could not prevent the break.

What the hack means is not only that a third party could see your personal information, photos, likes and shares on Facebook but that the hackers could do literally anything with your profile. A social media user told us on Friday he found out that he shared, commented and joined pages without his knowledge.

The breach shows a major danger for the web security. This was exactly the reason for the European Union to come up with the idea of the new GDPR (General Data Protection Regulation). Now, according to the Wall Street Journal, Facebook could be fined with the maximum sum for breaking the GDPR. Europe’s biggest Facebook law observer, Ireland’s Data Protection Commission, is trying to understand what exactly happened on Friday. The highest penalty for violating personal data equals 4% of a company’s global revenue for the year. With Facebook, that would be $ 1.63 billion USD. Yet, it is not clear if the Commission is going to apply the penalty regulations. If it occurs that Facebook ‘was not guilty’ for the hack, attempted to prevent it or used any compliance at all, it could all go smoothly for the giant firm.

In the last few years, Facebook is constantly attacked for its low-level security and exposing users’ personal information to web danger. The Cambridge Analytica scandal is still on, in which an application developer transferred data of more 87 million profiles to Cambridge Analytica. Facebook keeps denying privacy violations but is pointed at the biggest personal data abuser in the whole web.

New York Blockchain Hackathon and Conference This Fall for Women

By
CrispyBull Editor
-

Women in blockchain is an important topic that we should keep talking about. Recently, many new initiatives are launched to support the female participation in the developing tech field. Among others, you can take a look at the Twitter accounts named ‘Women in blockchain’ or to some interesting articles in Medium.

Why is this so important?

Well, the crypto world is really a men’s world (not that the atomic one is not). Here, the data is tremendously male: 91% of the people dealing with cryptocurrencies and blockchain in any way are men. Research shows that only 5% of the crypto owners are women which means that they possess $550 billion of the global market cap. Certainly not a lot compared to what men have. For the last six year in the blockchain project, only 8.5% of the founding team are women. In short, women are not accepted seriously here, they do not seem to have access to technologies, trading platform and innovation, they are still in the subtle position, even in the 21 century. From my personal experience as a woman, writing for cryptos and blocks every single day, it is an extremely hard business for the female crypto unicorn. We do not even hear their voices, what to say about crypto developments or opinions.

It is crucial to empower women in blockchain. I wish I would not have to explain why since it is so obvious, and it is such a social issue. It is a matter of gender equality, which includes essential factors of life, such as income equality (which we still do not have anywhere around the globe), freedom, social acceptation, human rights, individual self-esteem and the belief that business success is not sex-based.

A new non-profit international organization was created with the intention to work exactly in that direction. It is called CryptoChicks and presents itself to be:

We are a non-profit blockchain educational hub with a mission to grow the professional and leadership potential of women in blockchain technology through education and mentorship. Our events are open to everyone, but we are particularly focused on educating women because we believe that women’s involvement will help blockchain realize its enormous potential as an instrument of positive change in the world.

The goal is, through educational videos, texts, and materials, to help women understand what the heck is this mysterious crypto and blockchain technology. CryptoChicks already have ambassadors in various countries like Russia, Bulgaria, Pakistan, etc. The mailing address is in Canada, though. They organize many events, meetups, and conferences, where women can meet, share thoughts and crypto developments, as well as famous cryptocurrency people and blockchain businessmen.

The latest event, organized by the CryptoChicks and the WomenForBlockchain organization, will take place at the New York University, from 5th to 8th October and will combine a hackathon and a conference. Women developers, entrepreneurs, attorneys, designers and all with blockchain ideas are welcome, the invitation reads. Unfortunately, the application was due to 28th of September, but you still have the chance to go and listen, if in the area. If not, there are many other ways to get involved in the ‘women in blockchain’ movement and help to raise awareness.

1Broker Exchange Shut, FBI Agent Buys Unregulated Security-Based Swaps

By
CrispyBull Editor
-

On September 27th the U.S. Securities and Exchange Commission posted an official press release with the news that 1Broker platform was shut due to alleged money laundering accusations and violating the U.S. local regulations on trading operations. The statement says that:

The Securities and Exchange Commission today filed charges against an international securities dealer and its Austria-based CEO for allegedly violating the federal securities laws in connection with security-based swaps funded with bitcoins.

The company 1Pool Ltd. is registered in the Republic of Marshall Islands and supports two exchange platforms – 1Broker and 1Fox. Both of them deal with cryptocurrencies and crypto-related funds and operate as brokers between traders.

The story with the violated regulations dates two years ago. It seems that 1Broker’s verification process did not meet U.S. standard because, according to the release, investors could register only with a name and an email. The Federal Bureau of Investigations nosed the case out and hired a Special agent to chase the deals. He was put under cover and went online to check out the platform’s operations. Despite not compliant with the mandatory investment requirements, the agent could successfully buy security-based swaps funded with Bitcoins.

Although our terms of service explicitly state that customers have to verify that using our service is legal in their country of residence, the domain was closed because a Special Agent with the Federal Bureau of Investigation was able to create trades on 1Broker.

Reads the announcement posted on the 1Pool Ltd. website. Apparently, the company relied on clients’ honesty and awareness to state local security laws and to check if they are even eligible to execute trades on the 1Broker platform.

Now, the firm reassures all their customers that their funds are safe.

This means that the trading panel is not accessible anymore – funds, servers, and databases are not affected. Currently, our top priority is to allow customer withdrawals. The company holds enough funds to cover all withdrawal requests, of course.

At the moment, company’s official speakers say, 1Pool Ltd. works closely with the authorities and received a green light from their attorneys to develop a read-only version of 1Broker where traders and investors can track their assets. Open positions are frozen at the prices of the prior moment on 28th of September when the site was finally seized. The Marshall-Islands based firm says it works primarily on users’ withdrawals, but the process might take a few days.

Updates are to be posted on 1Pool Ltd. official website: https://1pool.ltd/

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