Buy cryptocurrencies - Exchanges like Yobit.net under the magnifying glass

in #crypto6 years ago

Buy cryptocurrencies - Exchanges like Yobit.net under the magnifying glass.

2017 ended for investors with a bang. At least for those traders who invested capital in cryptocurrencies. The rally in the course of the year with absolute dream wins at Bitcoin, Litecoin, Ripple, Dash and Co. came to a sudden end in mid-December. Falling prices have led to significant losses. Meanwhile, the market has calmed down, the price movements are no longer characterized by quite so extreme price fluctuations. And the predicted end of digital currencies still does not seem to be in sight. Nevertheless, the options for traders remain limited. There is still no trading possible with the cryptocoins via currency exchanges. Stay only crypto Exchanges like Yobit. Do you need special Yobit experiences here? How serious is the occurrence of crypto exchanges in practice?

Crypto Exchanges: Serious Marketplace Vs. Shark tank
image1.jpg

Cryptocurrencies show how money is used as a means of payment. Within a community, confidence in the currency and its value arises. The rules for payment transactions are a second point that characterizes cryptocoins. Despite the development so far, cryptocoins are not a recognized means of payment. Thus, the trade is not possible, at least on the official stock exchanges. The basis for trading in cryptocurrencies are special marketplaces - crypto-exchanges. Originally their number was limited, in recent years the market has grown very dynamically.

The largest crypto exchanges convert tens of millions of euros into one day. Which trading venue is suitable for trading with cryptocoins? Trading volume is not the exclusive yardstick for a decision. It all depends on a professional trading platform that focuses on ease of use and comprehensive performance. A high priority must also be given to the aspect of respectability. In this context, some crypto exchanges have unfortunately revealed gaps in the past. Readers interested in Yobit.net and Co. can find more information at Fraudstest.com. How to recognize a reputable crypto exchange?

Seriousness: The trademark of the crypto exchanges

A very recent example of how fast even crypto exchanges can be a target of hacker attacks is the example of Bancor. The trading center was facilitated by the action by more than 13 million euros. According to media reports, the hackers fished 25,000 ethers and 230 million NPXS tokens. Vulnerabilities are making centralized crypto-exchanges prone to hacks.

To look at the technical architecture of a crypto exchange as an investor is only one point on a long list of security features. Generally, you should pay attention to the following points:

EncodingCustomer serviceAuthentication.
When it comes to encryption, of course, it's all about the security of data transmission. Here, the standard SSL encryption has prevailed. The latter is known from online banking and offers the security that the data transfer can not be read by anyone. This security must also apply to mobile applications - such as the Yobit App or the Yobit Wallet.

What does customer service have to do with seriousness? Quite simply: The construction of the support costs money. If the operators of the crypto exchange are prepared to take the necessary small change into their hands, they will probably also invest in security - for example in protection mechanisms against DDoS attacks.

Authentication is primarily about registration / login and security features for commerce. The fewer hurdles criminals have to overcome, the more likely the theft of cryptocoins will be. A two-factor authentication (2FA) should be the minimum at this point to have access to the account at all. In order to confirm transactions, the use of special tokens - comparable to the TAN in banking - is another relevant security element.

Coins act - and keep safe

Cryptocurrencies have one advantage: the anonymity of transactions. However, this feature also plays into the hands of criminals. Coins lost once through a hack can not be easily retrieved. Since the crypto exchanges are not official trading venues, the state-defined investor protection does not apply here either. Due to this situation, the wallet of a crypto-exchange should always only store as much capital as is directly necessary for trading in the cryptocoins.

The rest is kept outside the crypto exchanges. For this, the grip on hardware wallets - a safe in USB stick format - has been established. Their selection must not be taken lightly. In the past, investors have experienced one or two unpleasant surprises with their wallets.

The topic ICO

In terms of cryptocurrency trading, crypto-exchanges are an opportunity for many investors to participate in the price action. If you want to be part of the Altcoins from the very beginning, you can count on ICOs. These are comparable to a stock or bond issue. The advantage: Cryptocoins, which are "drawn" within the framework of an ICO, score points with a discount.

But: traders must be able to accept losses at this point. Analysts see the number of those ICOs that are classified as frauds in the low double-digit percentage range. For every investor it means that the project behind the initial coin offering has to be scrutinized before investing. Otherwise, a profit that is believed to be safe threatens to dissolve in the air.

Coin Marketplace

STEEM 0.16
TRX 0.15
JST 0.028
BTC 55885.64
ETH 2358.26
USDT 1.00
SBD 2.31