With the surge in demand for cryptocurrencies, it is not surprising to discover that the number of cryptocurrency exchanges has also shot up exponentially. After all, if you want to invest in cryptocurrencies, you have to use an exchange to buy and sell this digital currency. With more crypto exchanges in the market, people have enjoyed some benefits like having a greater variety to choose from, which allows them to find one best suited for them. However, it cannot be denied that it also creates a great deal of confusion because you cannot distinguish between good and bad exchanges. Yes, there are some bad crypto exchanges out there as well.
If you do some research, you will find stories of exchanges turning out to be fake, frauds or scams or them being hacked, leaving their clients high and dry. It doesn’t mean that all crypto exchanges are the same; it simply means that you need to be overly cautious when you are shopping for a crypto exchange. You don’t want to give up on the idea of buying and selling crypto because it is undoubtedly a lucrative investment, but your priority should be to minimize the risks as much as possible. This can only happen when you have a good and reputable crypto exchange, such as BitExChain.
The fact that it is a rather new exchange often prompts people to question is legitimacy, but a closer look at it will clear away any doubts you might have about it.
Checking out BitExChain
To start with, you first need to consider BitExChain’s regulatory status and you will not be disappointed in this regard. An Estonian company by the name of CoinFarm OU established this exchange and it is fully licensed and registered with the Financial Intelligence Unit in Estonia. This means that the company complies with strict guidelines and standards and is monitored regularly. It is quite reassuring because you know that the exchange will not disappear overnight with your investments.
Buying and Selling at BitExChain
Once you have determined that BitExChain is a legitimate platform, the next thing you need to do is check which cryptocurrencies it is offering to you. As stated earlier, this is still a new exchange and is in the process of adding more crypto to its asset index. For now, the exchange has started with the top offering in the market i.e. Bitcoin, the first crypto that has the highest market cap. Along with this option, you can also buy Litecoin through this crypto exchange.
With BitExChain, you will be able to buy either or both of these cryptocurrencies at some of the most competitive prices in the market. Their pricing strategy is to calculate the average prices of a cryptocurrency and to consider the market volatility of the asset when a transaction is executed. This results in the best possible price you can get. Order cancellation is possible, as long as it hasn’t been confirmed and executed. A refund will be given in case of cancellation, but you have to pay a fee for it.
Account Opening and Verification at BitExChain
You will find that BitExChain’s account opening procedure is pretty straightforward, as opposed to other exchanges out there. You just need to complete a single form that requires some very basic information like your name, email address, country, phone number and a password for your account. Four account currencies are given and you can choose one that seems the most feasible to you. These are South African Rand, USD, GBP and Euro.
Next, you should go over the exchange’s terms and conditions because you have to agree to them and you should be 18 to sign up. Your account will be created, but some verifications are needed before you can proceed with buying and selling crypto. First, it is your email verification that’s needed and this makes you eligible to send, receive and exchange crypto via BitExChain.
For the actual buying and selling, BitExChain requires clients to follow KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures. The former asks for a government-issued ID like a passport, ID card or driver’s license, along with a selfie is needed. A bank statement or a utility bill, whether electricity, water or gas, is also requirement. Last, you have to submit a photo of your debit or credit card, if you intend to use one on the platform. Your verification will be complete and you can begin buying and selling Bitcoin and/or Litecoin.
Security at BitExChain
One of the most prominent features of BitExChain is their security structure, which is incomparable. The crypto exchange is well-aware of the security risks in the crypto markets and has been very proactive in addressing them. To start with, it has used the highest encryption technology for securing every bit of information it accumulates on its platform. The exchange also supports and encourages 2FA (two-factor authentication) to keep its clients’ accounts safe. Compliance with KYC and AML is also mandatory for a secure environment.
To provide a complete solution to its clients, BitExChain has also ensured that an FAQ section can be found on its websites. Here, common queries are answered for the customers’ assistance. If further help is needed, they have an email, phone number and a contact form that can be used to reach out to their representatives. BitExChain also has a crypto wallet for Bitcoin and Litecoin, saving customers the hassle of looking for one to store their holdings. It can be used free of cost and also boasts some advanced security measures and technologies that can make it easy for investors to manage their crypto. Suffice it to say, BitExChain is certainly worthy the hype and a good place to buy and sell crypto.