Crypto Consulting Group
The Crypto Think-Tank

How do I invest?


 
 
 
 

How do I invest?

 

 Digital Currency Exchanges

A digital currency exchange allows customers to trade cryptocurrencies for other assets such as fiat money, ether, or other virtual assets. You will have to submit bank account information to deposit and withdrawal which requires a verification process that can be long and strenuous. Most digital currency exchanges are operated through online platforms. These exchanges are a good place to learn when to buy or sell because offer many different graphs, and charting tools. You can set buy/sell orders for different prices and other features information and you see the transactions as they happen. However, even though the product they sell is decentralized in nature, these exchanges aren't. There have been several occasions where digital exchange servers have been hacked and even shutdown. Wait times are involved when you initiate buys. Once initiated, you usually receive the cryptocurrency in your wallet after 7-10 days. This is because they have to go through your bank to verify the money's there which usually takes this long. This is another reason why cryptocurrencies will disrupt the current banking system. 

Below are credible, insured and licensed exchanges in order from beginner to expert:

Level: Beginner

Security: Insured, licensed, 2FA  (Two-Factor Authentication)

Pro: Cross compatibility with GDAX makes it easier to transition to day-trading.

Con: When high market fluctuations occur, Coinbase has been known to crash because of high traffic. 

Level: Intermediate

Security: Insured, Licensed, 2FA (Two-Factor Authentication)

Pro: easy-to-use interface for an exchange, helpful tools to learn how to day trade

Con: Degraded services during heavy volume trading times

Level: Intermediate

Security: Insured, Licensed, 2FA (Two-Factor Authentication)

Pro: Various tools to take advantage of once high skill level achieved. Better graphs than GDAX

Con: Deposit and withdrawal delays and degraded service during high volume trading times.