In case, you were thinking of investing in the cryptocurrency market, you should rest assured that it would be slightly daunting task for you, especially if you do not have adequate knowledge. The traditional investor, who looks forward to investing directly in the cryptocurrency, would be required to make use of several kinds of latest tools along with adoption of various new concepts. Therefore, if you decide to venture in the market, it would be in your best interest to gather adequate knowledge on what to expect from it while playing crypto games.
Purchasing and selling of cryptocurrencies would need you to choose an exchange dealing in products that you would purchase and sell, be it Bitcoin, Litecoin, Ethereum or any of the other available tokens in play. You would come across several kinds of exchanges to choose from. These would be doing things in their own manner. Therefore, it would be pertinent that you should look for things that work in your interest. It would be inclusive of the following:
- Cost of withdrawal and policies associated with it
- Depositing methods, policies along with costs of each method
- The product they deal in
- The fiat currencies they deal in for making deposits and withdrawals
- The transaction costs
- Where is the exchange based?
You should be prepared for setting up process of exchange to be lengthy and detailed. The exchanges would like to know about you in detail. It would be similar to setting up of new bank account; exchanges would be deemed to be brokers of valuables. They would be like to ensure that you are the one who you claim to be. They would like you to be a trustworthy person with whom they deal with. It appears that trust has been earned over time, as the exchanges would enable only small investment amounts to start with.
Your exchange would keep your cryptocurrencies secure for you. Several would offer cold storage that would simply imply that your coins would be kept offline until you would be indicating that you would like to do something with them.
Several stories are prevalent in the market about exchanges being hacked and coins been stolen. You should think about your coins being in something such as bank account at the exchange. However, it would be pertinent for you to remember that the coins you hold would be digital coins. In addition, the blockchain transactions would be irreversible.
Exchanges provide password protected accounts for protecting your crypto currency for Crypto Games playing needs.