Tech

How to Choose a Safe Crypto Money Exchange?

Regulations coming to the crypto money markets and the crypto currency exchanges that have been emptied or stopped their transactions have been on the agenda of our country recently. So how to choose a safe cryptocurrency exchange?

One of the basic concepts taught to even engineering students, especially in departments on management informatics change management. One of the issues especially emphasized when talking about change management access to accurate information and this is the correct transmission of information.

Although studying these subjects seems like a chore for many people, what they are trying to do in universities is to guide the student in a way that enables them to transform theoretical knowledge into practical skills. In other words, we are telling the correct evaluation of information for a long time that people who drop their money from high school or people who run bookies not to lose in unreliable exchanges, do not have problems.

Is there a completely safe cryptocurrency exchange?

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The answer is no, but wait until the end of the post before using this answer to denigrate cryptocurrencies. No economic system in the world is safe. For example some in deposit funds (also referred to as “depositing interest” among the public) the reserve ratio of banks %3 was. In other words, it means that banks can trade as if they have 100 liras against 3 liras in their safe. So if everyone tries to withdraw their 3 liras at the same time 32 out of 33 people He will be a victim, even if the state compensates for this damage over time. Naturally, no system is completely secure.

Moreover, in our country, crypto money is basically It spreads from mouth to mouth. People have a tendency to use their trust in each other to trust something else. So go and “Our Igbo plays from there too“There are many who enter a stock market”. The knowledge of İbo’s skill is not questioned here. Celebrities and politicians in the advertisements are also technically similar, your trust in them It is used to attract users to sites.

The things we need to look at are actually none of these. How come a dried fruit seller?Chickpea Bank“Even if he put up a sign he went”Brother, I have $ 37K, let me deposit it in your deposit account“If we are not saying, we need to follow a similar logic for cryptocurrencies. Investing in crypto money is not betting, it is an economic move.

How to choose a safe cryptocurrency exchange?

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If you are going to choose a safe crypto money exchange, the number of details you need to look at is actually quite high, we will look at the most basic points in this article. Also, looking at these details That you can’t protect 100% let’s specify. Still, it will be useful for reducing risks.

1- Site Security

One cracking the crypto wallet it is almost impossible. That’s why malicious people often target exchanges. Many crypto exchanges, who are confident in this regard, also know the reservations security measures and security licenses also exhibits on site.

If a crypto exchange doesn’t have the following run from thereIf anyone praises the place again, don’t take it seriously:

  • The absence of HTTPS on the site: They pay attention to this now even on WordPress blogs. The most basic security measure is more like checking the door to see if it has a lock than the door has a lock.
  • No two-factor authentication: It is essential if you want someone who can somehow get the password from the database or computer and not cheat all your crypto.
  • How funds are stored: Exchanges that store funds in cold wallets rather than in hot wallets are usually better. It also has risks, but not as many as hot wallets.

2- Transparency

Another important issue is transparency. Okay, we are not saying that all employees of the company should be listed from top to bottom on the site, but if you are going to enter a stock exchange who is its founder, CEO or something? you should be able to see. Do not go into uncertain stock markets, look at projects.

Most exchanges own cold wallet information publications. After the Thodex hit, people started comparing wallet information one by one on Twitter to understand how much of an operation was carried out. Trusted exchanges also share cold wallet information.

3- Laws

One of the most basic ways to find out if something is reliable is responsibility and accountability. In this content, we have used only fictional names, except for the stock markets that are already bankrupt, so that the article is only suggestive, and we should not have provided unintentional guidance. This is our responsibility to you.

A similar situation is also valid for stock exchanges, but it is important for them to act in accordance with the laws and to have a structure that can be compromised with legislators, especially recently. Otherwise, serious problems may occur. There are similar reasons behind the fact that not every stock exchange is open to every country.

4- Liquidity

Technically, when a cryptocurrency exchange is traded, money changes hands. If there is no movement in the market, the trade cannot be traded, or if it takes too long to do, stay away from there. Even if you make a profit on small-volume exchanges, it is not always easy to use your earnings. In addition, price fluctuations can have a very negative effect. It is very poor as a stand-alone reliability scale, we have seen its example in Thodex.

“Brother and what are CEX and DEX, if you tell them too ..”

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There are two different abbreviations called CEX and DEX on crypto money exchanges. Of these CEX center It is used to describe the crypto money exchanges or blockchains found. DEX, on the other hand, are decentralized cryptocurrency exchanges and blockchains.

Both approaches are among themselves advantages and disadvantages has. Let’s say Atbank launched an exchange called Atcoin Trade, which is an exchange under its control. After all, this exchange has an owner, a bank that controls it, and this system is an example of CEX.

DEX, on the other hand, are decentralized exchanges that use nodes logic instead. thus malicious persons things get harder. It must attack all nodes at the same time, not just one node. Since it is not a centralized structure, anyone can control it. Although both systems have their own advantages and disadvantages, this is their main difference.

When you pay attention to the criteria written here, the percentage We cannot totally guarantee that you will make a face-safe transaction. Even if you choose an exchange that meets all the criteria, a law in the country where that exchange is located can turn everything upside down in an instant. However, these details will help you trade more securely.