A Word About Crypto Exchanges
By: Igor Mitić
Tags: Digital Wallet, Cryptocurrency, Exchange, Bitcoin, Investment

A Word About Crypto Exchanges

… and what makes Kriptomat different

If the world of cryptocurrencies seems exciting to you and you’re looking for a way to start filling your digital wallet, then you should definitely understand what are crypto exchange online services and how they work. In this article, we will try to explain this subject in a simple and understandable way.

For starters, let’s describe the basic types of online crypto exchanges:

Standard, centralized exchanges

These work in a similar manner as regular stock exchanges. Buyers and sellers use them to trade based on the market price of digital currencies. Some of these exchanges allow only cryptocurrencies, and others enable users to trade fiat (state-issued) currencies for Bitcoin, Ether, and others. Kraken exchange is an example of this type.

Sometimes, exchanges allow users to buy or sell cryptocurrencies at a price set by the broker, which in most cases represents a market price plus a small premium amount. An example of this type of exchange is Coinbase.

Decentralized exchanges

Platforms used for direct, peer-to-peer trading between sellers and buyers based on smart contracts, but not at a fixed rate. With this type, sellers can set their own exchange rate, and buyers publish the rates for which they are willing to purchase the cryptocurrency. They are generally more difficult to use, have limited functionality compared to centralised exchanges, and are characterised by low trade volume.

Each of the mentioned categories has its own good and bad sides from the perspective of the customer. In other words, choose one that suits your needs and provides currency pairs that you’re interested in.

One of the key characteristics of the cryptocurrency market is that it’s extremely volatile, and this is especially the case in 2018. That’s why, besides really careful planning of your investments, you should consider these aspects when looking for a suitable exchange service:

Server/website safety

You definitely want to find a trustworthy service because your finances are in question here.

Exchange fees

This is self-explanatory; the lower, the better!

Support

Check if the exchange website has implemented an adequate customer support. Do your own research of customer experience.

Trading pairs

If you’re a beginner, then you’re probably interested in investing in Bitcoin or Ethereum. But if you’re looking to buy and sell other coins, then you should look for exchanges that support them.

Volume of trade

Contrary to exchange fees, the higher the volume, the better.

Payment options

Does it suit your needs? Will you use your debit card, credit card, SEPA form or other?

Interface

Is it user-friendly? It will be helpful if you’ve just stepped into the cryptomarket world.

Introducing Kriptomat

Starting from the second quarter of this year, the first localised exchange service with language options for the whole Europe will become operational. Kriptomat will be fully adapted to beginners, which means that the whole process of buying and selling cryptocurrencies will be easily accessible even to those who have never dealt with it before.

The best part about it is that the service will be available in as many as 27 European languages and adapted to all EU regulations, including the GDPR. Kriptomat’s founders took care to implement the highest security standards, as well as a free digital wallet for storing your currency.

Initially, the platform will support the most popular cryptocurrencies, such as Bitcoin and Ethereum, while other currency pairs will be introduced gradually.

Follow us on social networks and be among the first users of Kriptomat!