CRYPTOCURRENCY EXCHANGE, ITS IMPORTANT AND DEMERITS

By:Favour Michael.

In the rise in different cryptocurrency apps and many other related apps to cryptocurrency trading,I think it important to write about what is cryptocurrency application.

In this article, you will also discovered the very best cryptocurrency exchange that you can buy,sell, and also trade your coins for profit making.

These are the best-known cryptocurrency application out there, they are trusted by thousands of people around the world.

Let’s dive in immediately.

WHAT IS A CRYPTOCURRENCY APPLICATION.

Cryptocurrency application is a platform that operates on the buying, selling, and trading of digital assets ( coins) and also operates on Fiat to coins and vice versa. cryptocurrency application or exchange stands as a third party for the seller and buyer who used peer-to-peer option and also get a commission when trade using the platform.

IMPORTANT OF USING CRYPTOCURRENCY APPLICATION.

1) USER-FRIENDLY.

Using a cryptocurrency application makes the trading experience amazing because the app is built on better improvements in UI and UX. Even if you are new to cryptocurrency trading, a good app will make everything about cryptocurrency simple and understandable.

And again, as opposed to cryptocurrency wallets and peer-to-peer trading which can be complex, users of cryptocurrency applications can log in to their accounts, view transactions through applications and websites.

2) SECURITY.

One of the primary benefits of using a good crypto app is that they are trustworthy to safeguard your coins from theft and internet hackers.

Some cryptocurrency apps are built on blockchain technology which makes it difficult for the system to be open for hackers and traders prefer them often.

3)SAFETY.

Cryptocurrency application is safe for the buying, selling, and trading and also good if you want to buy a coin with Fiat or want to exchange your coins into Fiat unlike using peer to peer which is easier to get scam.

Crypto app is safe for the trading of spot and future and also the buying and selling of coins. Users are restricted from doing wrong or scamming because the app company has set up rules and regulations for users.

DEMERITS OF USING CRYPTOCURRENCY APPLICATION.

1) HACKING 

Most Mobile applications make use of cloud computing to host their software, this has made it easier for hackers to attack their server and access users’ information and data.

Cryptocurrency application is not exempt, if care is not taken by the platform company towards the security of their software, hackers can hack their server and stole users’ coins, information data and may even close down the platform.

2) GAS FEE.

The cost of running a cryptocurrency app is high, for the exchange company to close the costs and make a huge profit for the company owners, investors, influencers, and pay employees, there’s a need to charge transaction commissions from users.

Some exchange makes it low for transportation commission while some are high rate. chose a company whose rates are a bit lower and have high trading volume.

SOME CRYPTOCURRENCY APPLICATION.

1) Binance

2)Huobi Global

3)Coinbase (Pro)

4)Bitfinex

5)Bitstamp

6)KuCoin

7)FTX

CONCLUSION.

A cryptocurrency exchange is the best trade when you are using a good cryptocurrency app. with the knowledge that you have learned about what is crypto app is, its importants, and some demerits of it, I hope you can now enjoy your trading as the go.

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