How to choose a cryptocurrency exchange | Points to watch and how beginners can use it effectively
Choosing a cryptocurrency exchange is important when trading cryptocurrencies.
If you choose an exchange too casually, you may risk losing your valuable assets.
Moreover, in 2019, a year with many hacking incidents, you should carefully choose not only overseas exchanges but also domestic ones.
In this article, we summarize the points to look for when choosing a cryptocurrency exchange and tips on how to use them effectively.
We hope you can select an exchange that fits your own investment style and that this serves as a reference for asset management.
Why you should know how to choose a cryptocurrency exchange
From around mid-2017 to the second half of 2018, the price of Bitcoin surged, and with that, the name “cryptocurrency” spread rapidly and many inexperienced investors entered the market.
There are several factors that sparked this, but the number one factor is arguably “the power of the media.”
Almost every day, cryptocurrency topics were covered on variety programs, and in TV commercials the three major exchanges Coincheck, Zaif, and bitFlyer were constantly airing ads around the clock.
Among these, Coincheck, which was especially popular for ease of use, rapidly increased its member count, and its sales reached 62.6 billion yen, easily covering up the Nem (NEM) compensation.
However, Coincheck at that time neglected security and prioritized sales, creating a management style focused on profits. In other words, a money-hubbing mindset, haha.
Coincheck did not allocate funds to security and poured a large amount into advertising, which led to the NEM hacking incident at the beginning of 2018.
This incident marked the beginning of 2018 as a year of trials, atonement, and reform for cryptocurrency exchanges.
Hacking incidents continue to occur at exchanges around the world, but choosing the wrong exchange can lead to significant asset losses.
【Table of contents for this article】
- Why you should know how to choose a cryptocurrency exchange
- How many domestic cryptocurrency exchanges are there
- How to choose a cryptocurrency exchange: points to look for
- How to choose a cryptocurrency exchange: how to use it effectively
- Summary of choosing a cryptocurrency exchange
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