One of the biggest inventions of the last decade was cryptocurrency, introduced in 2009 by Satoshi Nakamoto. This digital currency didn’t receive a warm welcome straight away because its decentralized nature and its lack of regulation made investors skeptical about its potential. Today, more than a decade later, the market capitalization of the cryptocurrency market has reached billions, with Bitcoin leading the race. It started off with Bitcoin, but there are more than 5,000 cryptocurrencies that you can now find in the market. The real hype began in 2017 when Bitcoin, along with other altcoins, reached their peak and helped people make fortunes within a matter of days.
The returns offered by the cryptocurrency market are second to none and this has driven people to this market in hordes. Millions of people all over the globe are interested in investing in and trading crypto and they are looking for a platform to go about it. The number of crypto exchanges has, therefore, shot up significantly to cater to the high demand. You can find numerous exchanges at your disposal, but not all of them are reliable. You need to find a trustworthy exchange to get started. One of the options you will come across is BitExChain.
This is a relatively new exchange in the market and was founded by a firm based in Estonia, known as CoinFarm OU. But, can you trust it? The only way to find out is by taking a close look at this exchange. It claims to provide its clients with a secure platform for buying and selling crypto, but every exchange will make the same claim. So, let’s take a closer look.
To start with, you need to consider whether the exchange you are considering is regulated or not. An unregulated exchange is a risky option because they don’t follow any proper standards. Luckily, BitExChain doesn’t fall in this category because it is registered with the Financial Intelligence Unit in Estonia. This means that they follow the rules and guidelines set forth by the authority and their services are monitored. Plus, to obtain this regulatory status, the exchange has to fulfill certain requirements in terms of policies and capital.
- Crypto Options
Now that you have ascertained whether your chosen exchange is regulated or not, the next step is to take a look at what cryptocurrencies can be bought and sold on it. After all, if you have a specific cryptocurrency in mind, you want to ensure it is available. BitExChain understands that most people entering the crypto market are interested in the pioneer crypto, Bitcoin. Therefore, the exchange has ensured that everyone signing up for their platform will be able to buy and sell Bitcoin. In fact, they have also added Litecoin, another popular cryptocurrency, for the convenience of their clients.
- Pricing and Refunds
Why would anyone invest in cryptocurrencies? The goal is to make a profit and the only way it can be done is when you are able to buy and sell crypto at competitive price. Prices often vary from exchange to exchange and you should ensure that you opt for one that offers you reasonable rates. You will definitely not be disappointed with BitExChain in this regard. They are offering some of the best prices in the market for Bitcoin and Litecoin. This is due to the fact that the exchange uses average price calculation, along with market volatility, to offer best prices at the time of execution.
- Account Opening
After you have ascertained that the exchange can offer you good crypto options and solid prices, you need to take a look at their account opening procedure. Some exchanges have very complex procedures, which can be quite discouraging. Luckily, BitExChain doesn’t fall in this category. They only ask their clients to fill out a single form on their website. The following information is required to do so:
- First name and last name
- Country of residence
- Phone number
- Email address and password.
You also have to choose your account currency from four choices, which are EURO, USD, GBP and South African Rand. The exchange also asks its clients to agree to their Terms & Conditions. Once you do so, the registration process will be complete.
- Account Verification
Before you can start buying and selling, there is some verification required by BitExChain, as part of their security measures. They send a verification email to your given email address for activating your account. Next, the exchange asks its clients to follow the rules of the KYC and AML policies i.e. Know Your Customer and Anti-Money Laundering.
These require proof of address and proof of ID. The former can be submitted through a bank statement or a utility bill like gas, water or electricity, which shows your full name and address. These documents shouldn’t be older than three months. The latter needs any form of ID issued by the government, such as passport, national ID card or driver’s license. Make sure they don’t expire within six months. Along with this, BitExChain also asks for a selfie to confirm identity. Lastly, a picture of your debit or credit card is also needed, if you want to use them for adding funds to your account.
Can it be Trusted?
When you put all these features together, it is not difficult to conclude that BitExChain is a trustworthy cryptocurrency exchange that can provide a good platform for buying and selling cryptocurrencies.