Crypto Exchange Idea and Definition
Just like in the real world, you go to a special place functioning as a trading platform to exchange currency or money. In reality, these are banks, while we use cryptocurrency exchanges on the Internet. Such platforms act as an intermediary between individuals and those owning cryptocurrency. You can exchange your real money for crypto or cryptocurrency for another.
Moreover, such platforms offer price charts or wallet services, everything that could make your life with crypto easier, and you could simply buy, sell, or trade it whenever you want. Still, just like with banks, it is vital to pick only trustworthy platforms and avoid fraudsters by any means. Hopefully, by the end of this article, you will know some tips and tricks to find the safest crypto exchange.
Crypto Exchanges Variety
It’s easy to get lost in the banking world, but the situation doesn’t change for the better with crypto exchanges. Numerous companies and platforms provide their services in the field of cryptocurrency, so you better understand their differences before approaching one another. Overall, all exchanges exist in two large groups: centralized and decentralized.
Centralized Crypto Exchange Platforms
As it comes from the name, centralized exchanges operate with the help of an intermediary or a specific company responsible for its operations. These companies own such platforms and guarantee facilitating processes between buyers and sellers, matching them, and completing the transactions. Therefore, in case of any trouble, both parties can address the exchange owner to figure out the best solution.
Decentralized Exchange Platforms
On the contrary, decentralized exchanges are a whole other beast. Lacking an intermediary, these platforms provide a peer-to-peer network that includes direct transactions between users. Therefore, they completely eliminate the need for a third party to participate in the exchange and achieve this with the implementation of smart contracts. To our mind, this is a better option for more experienced users as the whole process may seem a bit more complicated, but at the same time, it provides more privacy and autonomy.
All in all, the final choice is yours. Consider all the elements of a platform before making your choice, and make it correspond with your needs.
Best Crypto Exchange, Ireland: Careful Choice
No matter whether you pick a centralized or decentralized platform, you definitely should pay attention to certain elements that stand out when you encounter fraudsters. Later in the text, we will attach a list of recommended platforms that have proven their credibility with years of service and hundreds of happy clients, but for now, let’s focus on what to look for while picking one.
Security Policies
Security measures should be undertaken by both parties, regulators, and online platforms when it comes to trading cryptocurrency. Moreover, the users themselves should not forget about certain precautions. Concerning Ireland, we cannot leave an elephant in the room unnoticed — the Central Bank of Ireland. They strongly believe on the subject, stressing the uncontrolled nature of crypto, that everyone should bear in mind during any transactions. They do not regulate crypto, which certainly has its benefits and drawbacks.
On the side of the platforms, they can also implement a number of security measures to prevent any illegal activities. These include:
- 2FA, or Two-Factor Authentication, is a second barrier of defense that comprises additional verification in the form of a code sent to the phone or a verification via a special app
- Cold Storage requires platforms to keep some of their assets offline, which becomes their main reserve in case of hacking attacks.
- Encryption algorithms that have developed significantly in the last decades may play a key role in sustainable trading on a platform. Advanced security protocols may keep the clients' money and the platform's reputation safe.
All in all, despite the difference in security measures, all platforms you work with should provide them. Therefore, trading on untrustworthy crypto exchanges may put your money at risk.
Investing in Coins
If you are lucky enough to find the best crypto exchange with most coins, you will definitely encounter a wide variety of them, as platforms in Ireland function just like in any other country and provide coins according to demand. Depending on what you want to achieve with investing or trading, you may focus on different coins. For example, the biggest and most well-known cryptocurrencies are stable and provide continuous income, but you are unlikely to earn a lot of money by trading them. These include Bitcoin (BTC) or Ethereum (ETH), and while they are widely recognized and even used in some countries as a way of paying for goods, the income you get will not be mind-blowing.
At the same time, other cryptocurrencies that just started getting their momentum represent a great place to start if you hope for fast and big revenue. Cardano (ADA) and Solana (SOL), the so-called altcoins, can be preferable for individuals looking for less popular trading options. Moreover, these coins focus more on sustainability and speed of transactions, which may be quite handy in certain circumstances.
Go For Trustworthy Crypto Exchannge Platforms
So, you have decided on which coins will look better on your account and want to buy them for real money. However, another question should arise: which platforms can one trust? Sadly, no one will say with 100% confidence where you can and cannot trade, as it is always a decision of one’s own. Still, there are certain elements of every platform that you should be wary of, and regardless of the fees or convenience of the trading system, stay on guard.
Never forget to check for the following elements of a reputable platform:
- The size and number of transactions normally matter the most when evaluating a platform. Logically, larger exchanges have a better reputation, and everyone can check it simply by searching it and comparing the reviews of other traders. Moreover, some platforms may even receive awards from the competition organized within the industry. Following such criteria means a trustworthy platform that is unlikely to lose your money.
- To prove a platform’s reliability, you can get feedback from traders. Surely, we tend to leave a negative review more often, especially when we encounter unexpected results like money loss or fraudulent activities on a platform. However, these reviews should be outweighed by positive words from other users, and in the end, the whole picture will be clear. To find such reviews, you may use online forums or social media, so don’t be lazy and spend a couple of minutes beforehand in order to protect yourself.
- Best crypto exchanges do not want to hide anything, so they provide a clear understanding of fees and the overall rules of the platform. Therefore, any trader can check the expected loss of money they will have from trading crypto or activities for which they may get banned. We believe that when a user understands it, in the end, this creates a friendly and comfortable atmosphere for both parties participating in the trading.
Keep in mind the above-mentioned elements and check any platform you encounter. This will ensure your safety and profits.
Crypto Exchange, Ireland: Takeaway
Despite the fact that the most widely popular platforms still can be accessed in Ireland, we would like to provide you with a better understanding of it by putting things in perspective. For sure, seeing crypto exchanges collected in one place will facilitate your labor of seeking the right one.