What to look out for when choosing a Bitcoin Broker
In order to start your journey of selling and buying bitcoin, you first need to find a trusted and reliable broker. However, with many sites claiming they are ‘the best’, it can be confusing and overwhelming to pick one site.
Today, we will be having a closer look at what you need to keep an eye on when choosing a bitcoin broker, ensuring that you will be able to make an informed decision towards the end of this article!
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1. Solid Financial Background
You definitely don’t want to end up with a broker whose asset base matches your investment when you wish to trade. A reputable cryptocurrency broker must have a strong financial foundation, which requires for them to have a sizable capital basis. This ensures that your cryptocurrency is secure and that the broker won’t file for bankruptcy.
2. Mobile App
With technology constantly evolving and new advancements coming our way everyday, it’s important to see if the site you choose is evolving along with the rest of the world. Can you only access the site through your desktop or can you download an app and buy and sell on the go?
Imagine how much easier it would be to earn money while simply waiting in line at the grocery store!
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3. Customer Service
You might be thinking to yourself ‘what does customer service have to do with bitcoin?’ It has a lot to do, especially when you find yourself encountering an issue with the site and need immediate assistance.
Say the site glitches or takes minutes to load, you would want to speak with someone to tell you what to do next. So, you head over to the customer service side of the site and begin figuring out how to contact them.
Do you have to fill out a google form and wait until they contact you? Can you email them? Call or chat with a representative in real time? How long is the average response time?
All of those questions need to be taken into consideration as when you lose the transaction, your only option would be to call for help. Even the UK’s best BTC brokers may run into some trouble from time to time, so make sure you know who to contact when all hell breaks loose.
More importantly, the team should be made up of individuals with extensive experience in the cryptocurrency sector. They ought to be fully aware of how everything operates and capable of offering you quick solutions in a matter of minutes.
You’re going to be giving this site your personal and financial information, so make sure the site has security features like encryption, two-factor authentication, and cold storage.
Also, make sure to have a look at its privacy and security policy. When was the last time the website updated its security features? Does it have a team of professionals who constantly monitor where the information is being stored and that only a few people have access to the information?
These are all important questions you need to find answers to. Imagine signing up to the first broker that you find. Later, you realise that the site was a scam and your money has been stolen out of your account. The hassle, stress, and worry you will go through is unimaginable, so keep cool and calm and make sure to spend those extra five minutes looking at the security policy before signing up.
5. User-friendly Website
Don’t find a website which makes you feel like you need a 30 minute tutorial on how to use it and navigate your way through it. Find one which has a clean and organised page you can understand.
6. Reviews And Experience
What do you do when checking out a new restaurant? You check customer reviews and ratings.
Same should be done when choosing a bitcoin broker. Check what other customers had to say about the site. Did they run into any issues? Did the company alter their service to solve the issue? Did they ignore it? Are they constantly updating their website to meet customer demands?
Have a look at the five star reviews to see what’s so great about the site, but also read the one and two star ratings and see how the company dealt with them.
You don’t want to go through the process of closing your account just because you didn’t do your research.
7. Cryptocurrency Dealers’ Commissions And Costs
You should also look at the commissions and other costs that cryptocurrency brokers impose. Make sure the broker is clear about the kind of fees they charge and any additional risks associated so you can make an informed choice.
8. Sign Up Process
Experienced professionals in this field may immediately determine whether a broker is reliable or not by merely glancing at the sign-up procedure.
You may encounter some issues in the beginning, but as time goes on, it will be simpler for you to tell the excellent brokers from the bad. A significant number of depositing fees is a blatant red flag that you can frequently encounter in some sign-up procedures. Most of the time, bitcoin brokers that ask their customers to make a sizable initial payment in order to sign up are likely defrauding them.
When you consider the fact that almost all reputable bitcoin brokers nowadays take little to no money from their potential clientele, this becomes more apparent. Choose these brokers as opposed to cryptocurrency brokers who demand significant sums of money.
What is the most important thing from this article? Don’t sign up without running a background check on the website.
Signing up without checking reviews, security measures, fees, and so much more will put you at a disadvantage. You will be giving your personal and banking information to a site you know nothing about, so think twice before you start inputting your credit card details!
Now, you are ready to start your bitcoin journey! As always, stay safe!