First and foremost, let’s answer the question, what is crypto exchange.
Crypto exchange websites are platforms where users conduct transactions with digital currencies. Such sites can be of two types:
A decentralized cryptocurrency exchange platform is a kind of intermediary between users. Clients conduct transactions from their crypto wallets. Exchange does not store users’ assets and is not responsible for them. Decentralized sites often don’t demand registration. Such platforms are quite popular, but they require an experienced approach.
As for a beginner trader, a better option would be to register on centralized crypto exchange websites. Here are some examples:
- WhiteBIT exchange
The Reasons Why A Centralized Exchange Is A Better Option
Now that we have found out, what is crypto exchange, let’s talk about the benefits of centralized platforms.
High level of security
Centralized platforms ensure safety and security for their users’ data and investments. They use various methods to make it impossible for hackers to reach clients’ funds. For example, WhiteBIT stores 96% of users’ money on cold wallets.
Also, the exchanges we have listed above propose users configure two-factor authentication, so third parties are not able to access users’ wallets.
A wide range of coins available
The centralized platforms we have mentioned in this article offer almost all existing cryptocurrencies, indeed, including the most common such as Bitcoin exchange, Ethereum, Dogecoin, etc.
The variety of tools
Another reason why chose a centralized exchange is a fact they always offer a wide variety of tools for convenient and profitable trading and passive income:
- Margin trading
- Trading with leverage
Quality customer support
When it comes to working with a centralized exchange, it always means a high level of tech support 24/7. Every trouble users might face during trading, registering, or configuring a profile is quickly solved with the help of customer support at any time.
Large centralized platforms charge tolerable fees for transactions and they never impose additional fees. Exchanges like Binance or WhiteBIT work transparently and clearly.
As a rule, centralized exchanges are suitable for novice users. WhiteBIT exchange is relatively simple to handle. Besides, it offers a demo account option, where clients can practice trading strategies without risk. Binance is a rather difficult platform for beginners, still, probably all investors have accounts on it.