“Cryptocurrency” and “exchanges” are two terms that go hand in hand.
Those who operate cryptocurrencies can be divided into two main groups. On the one hand, there are those who have good experience with it and who know exactly how it works. And on the other hand, there are those who are relatively new to this game.
Cryptocurrency for beginners .
It does not matter which group you belong to. Most people find out that this is the case after a very short time in the game. But we will still mention it: The terms “cryptocurrency” and “exchanges” go hand in hand, because exchanges are platforms where you can buy cryptocurrency.
In this article, we will take a closer look at just this. We will look at which exchanges are on the crypto market today and which exchanges are preferable. In addition, we will take a closer look at what you should base your choice of stock exchange on.
Cryptocurrencies and exchanges
Before we go into more detail on the subject, we have to take a closer look at the very concepts of “cryptocurrency” and “stock exchanges”. We have seen that “cryptocurrency” and “stock exchanges” are two terms that go hand in hand, but what is the very definition of these terms?
Cryptocurrency is a term used for a digital means of payment. It thus belongs to the same category as banknotes and coins that most people are familiar with, but cryptocurrency is not visible in the same way as banknotes and coins. Instead, it goes digital.
Cryptocurrency is developed based on cryptography. What distinguishes cryptocurrency from ordinary banknotes and coins is that a third party is often involved in the transaction, but this is not the case with cryptocurrency. Cryptocurrency is a decentralized payment method!
As mentioned above, exchanges are a platform that allows you to buy cryptocurrency. But you can also use this platform to sell cryptocurrencies, if you prefer. It actually does not get more complicated than that!
English e and foreign stock exchanges
In the same way as those who use crypto, we can divide exchanges into two main groups. In connection with stock exchanges, it is common to distinguish between Norwegian and foreign stock exchanges.
What is meant by Norwegian and foreign stock exchanges is actually in the concepts themselves. But a Norwegian stock exchange is a stock exchange that is simply Norwegian. And then it goes without saying that a foreign stock exchange is the opposite – it is a stock exchange that is not Norwegian, and which is operated somewhere abroad.
However, this is no indication of which stock exchange is best. Both Norwegian and foreign stock exchanges can be equally good. But it is not to be underestimated that it is most practical for Norwegians to use Norwegian stock exchanges.
The reason for this is that Norwegian stock exchanges like to operate with payment methods and the like that most Norwegians know from before. But it is of course entirely up to you to decide which exchange you want to use. English e and foreign exchanges can work just as well!
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You should think about this before choosing a crypto exchange
But you should of course base your choice on a little more than whether the stock exchange is Norwegian or foreign. There are quite a few small details that play a big role in choosing which crypto exchange to use.
First and foremost, you should find several crypto exchanges that appear to be good options for you. In this process, you should compare these exchanges against each other. However, it is important not to find too many that make the process difficult for you. Keep the number to a few.
Below we will take a closer look at the factors you should emphasize when choosing a crypto exchange.
What is the reputation of the crypto exchange you are considering?
The first question you should ask yourself is what reputation the current crypto exchange has. Is this a crypto exchange that you have heard a lot about before, or is it a crypto exchange that is apparently relatively new? It is very important to take this into account.
If you are relatively new to the game, then it is not certain that you are able to answer this very question. But that does not mean you should skip it. Instead, you should find another way to get the question answered. It might be asking someone you know.
However, it is not a matter of course that you know someone who has experience with crypto exchanges, but that does not mean that all hope is gone. Because there are actually a lot of resources on the Internet that you can use to find answers to your questions.
This is a question that you can get some valuable input by taking a look at what has been written about them in various forums around the web. Forums like BitcoinTalk are a great example of that! Reddit can also be useful in this case.
What payment methods are available?
If the crypto exchange in question has a good reputation, then the chances are greater that you choose to proceed with the process. Then it is important that you map out which payment methods are available on the crypto exchange you are considering using.
There are many different payment methods, but this is probably something you know well from before. In connection with crypto exchanges, it is important that the crypto exchange in question offers one or more payment methods that you are comfortable using. So this is only up to you!
Below you can see some examples of which payment methods may (and should) be available on the crypto exchange you end up using:
Debit and credit cards.
The common denominator for these payment methods is that they are probably payment methods that you have heard of before. If none of these payment methods are available at the crypto exchange you are considering using, then we would think twice before using it.
What course does the crypto exchange operate with?
The next question that should be answered is: What course does the crypto exchange operate with? This is perhaps one of the most important things in connection with the choice of crypto exchange.
The reason for this is that different crypto exchanges naturally operate with different courses . While one crypto exchange operates at a high price, another crypto exchange can operate at a price that is much lower. The best thing would be to choose the crypto exchange with the lowest price.
In practice, this simply means that you can save a lot of money. If you choose a crypto exchange that operates at a very high rate, then it means that you have to pay much more than what is really necessary. Especially when there is a crypto exchange that is much cheaper.
This is why one should always research more than one crypto exchange. If we look at this in percent, then the difference can actually be several percent – preferably up to 10% or higher!
The price of cryptocurrency can vary greatly, from stock exchange to stock exchange, so it pays to follow.
Do you have to pay any kind of fees?
After you have mapped out which payment methods and which exchange rate the relevant crypto exchange uses, you may want to look at what the crypto exchange actually requires for you to be able to complete the transaction.
There may be fees for most things you do on a crypto exchange. It is not just money transfers that are a transaction. Transactions can also be making a deposit and withdrawing money that another person has sent to you.
If there are any fees when making a transaction, then it is not uncommon for the size of the fees to vary from crypto exchange to crypto exchange. It is important to keep in mind at all times.
If you compare a crypto exchange with a regular bank, it is no secret that the size of the fees is without a doubt larger at the regular banks than it is at a crypto exchange.
Does the crypto exchange have any geographical restrictions?
It is also important to examine whether or not the crypto exchange in question has any geographical restrictions. Geographical restrictions mean that not all of the cryptocurrency exchange’s features can be used worldwide.
This is usually a small detail that most people do not think about, but it is important to keep it in mind because it is very awkward if it turns out that you can not use the absolutely essential features even if the crypto exchange meets all your requirements.
Therefore, this should be one of the first things you check when you find a new crypto exchange that you find interesting.
The probability of this happening is greater if you use a foreign crypto exchange . If, on the other hand, you use a Norwegian crypto exchange (and are located in Great Britain ), then this is probably not something you need to worry about to a very large extent.
Does the crypto exchange require you to verify yourself?
Before making a final decision, you should also check to what extent the crypto exchange requires you to verify yourself or not. This can give you a clue as to how secure this crypto exchange is.
There are crypto exchanges that require you to verify yourself. Both Norwegian and foreign do so. A Norwegian crypto exchange can ask you to identify yourself with, for example, BankID.
But there are also crypto exchanges that do not require anything from you. This means that you do not need to verify yourself at all, but these are crypto exchanges you should be a little skeptical of. It is not certain that it is a good idea to use these crypto exchanges.
If you come across a crypto exchange that does not require you to identify yourself, then it is also not certain that they are so concerned that your information should be stored securely. In other words, there may be a greater chance that you will be tried for fraud or the like.
Which crypto exchange should you choose?
So to the question that most people are wondering: Which crypto exchange should you choose? As mentioned above, there is much more that plays an important role than where the crypto exchange is operated from. We have also looked at this above.
But it is not to be underestimated that it will be very practical for Norwegians to use a Norwegian crypto exchange. This is not to say that a foreign crypto exchange will be a bad option, but it can make the process much easier for you. On the other hand, a foreign exchange will often be significantly more competitive in terms of fees, etc. For example, eToro is virtually free of charge – at least on some products.
If, contrary to expectations, you do not find any Norwegian crypto exchanges that meet all your requirements, you can of course consider some foreign crypto exchanges.
Then we would recommend you to start with the questions we have answered above. If the current crypto exchange satisfies in all these areas, then there is nothing to indicate that you can not use it if that is what you want.
How to create an account on a crypto exchange
After you have found the crypto exchange you want to use, there is only one thing left. And it is to create you a user account on the crypto exchange judgment you have chosen! In general, we can say that this is a very simple process.
But even if it is a relatively simple process, it does not mean that you register on all crypto exchanges in one and the same way. There are several different crypto exchanges on the crypto market today, so the chance of that is very small.
Below we will take a closer look at what you generally have to do to create a user account on a crypto exchange.
First of all, you have to register. How to do this can vary from crypto exchange to crypto exchange, so just follow the steps they outline for you.
Then you have to prove that you are who you say you are. You do this by verifying yourself. This is also something that can vary from crypto exchange to crypto exchange.
Make a deposit
After you have registered and verified, you must make a deposit to your account in order to proceed.
Invest in cryptocurrency
After the deposit is made, just start investing in the cryptocurrency you want to invest in!
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