Nowadays, a growing number of people, from monetary organizations to regular financial investors, are interested in digital money. You can easily create a crypto trading account where you can trade digital currencies if you want to participate in the activity.
In order to help you choose the finest record for your needs, we decided to compare two prominent platforms that assess the greatest crypto transactions currently accessible: BitAlpha AI and Kucoin.
How Does a Cryptocurrency Exchange Work?
A cryptocurrency trade is a platform where you may exchange digital currencies. The way that cryptocurrency exchanges operate is very similar to other trading processes that you may be aware of. They provide you with accounts via which you can submit various types of requests to purchase, trade, and invest in the cryptocurrency market.
Even though these features are less frequently available to US-based customers, several cryptocurrency exchanges allow advanced exchanging features like margin and prospective trading. Others provide features like cryptocurrency marking or advances that let you collect interest on your cryptocurrency assets. The greatest trades include informative services that help you stay updated on cryptocurrencies.
KuCoin vs BitAlpha AI
Let’s compare the two crypto platforms. Below are some of their key differences.
Investors who have issues with their accounts cannot get in touch with someone immediately by phone or email at KuCoin because there is no live chat support service available. This, however, is one of the top features of BitAlpha AI. Upon registration, investors will be linked to reliable brokers who will serve as their advisors all throughout. Their customer support is available 24/7 to assist and attend to their client’s queries.
One key difference between KuCoin and other top exchanges such as BitAlpha AI is that KuCoin offers its clients a very cheap deposit fee. In KuCoin crypto deposits are free. On the other hand, BitAlpha AI has a minimum initial deposit of $250 which may seem too costly for other investors.
KuCoin’s customer satisfaction ratings are exceptionally low, even though unfavourable reviews are typical for cryptocurrency exchanges. Consumers mention troubles with customer service, market fraud, and withdrawal issues. In contrast, because they offer customer support for queries and services, BitAlpha AI may have a better potential for trading transactions than its rivals.
Investors can finance their BitAlpha AI accounts via a bank transfer, debit cards, or credit cards. E-wallets and crypto wallets might also be supported by some of their affiliate brokers. Unlike KuCoin, Investors have to make a payment using a different cryptocurrency. The simplest approach to get started in the cryptocurrency sector for newbies is to buy a well-known cryptocurrency like Bitcoin or Ethereum at massive platforms that accept standard payment methods like fiat payments. When everything is finished, investors can deposit coins right into their KuCoin account.
A high-level security system is in place at BitAlpha AI to protect your data, your transaction history, and the trading platform from any unauthorised users. KuCoin has a history of multiple hack attempts in 2020 where approximately $200 million was stolen from their exchange. Although recovered, stolen funds have been on the move since the hack took place.
Quick Tips on Choosing the Right Platform
Besides expenses, while picking the ideal cryptocurrency exchange for your preferences, take into account factors like reliability, trading activity, and whether a trade keeps track of the digital currencies you’re keen to buy.
As cryptography has gone mainstream, it has become a hugely important objective for hackers. Hacks on popular exchanges like KuCoin have cost millions in damages. Even though trades frequently return the coins that are lost, no one wants to experience massive losses. By distributing your cryptocurrency acquisitions across several trades, you can reduce your risk. Despite the facts that you need to carefully record your password or that you risk losing access to your cryptocurrency for good, these stockpiling options are not accessible online, making them almost difficult to hack.
Availability of Coins
Consider the available digital currencies for a specific trade carefully. You might be just alright using a cryptocurrency exchange that primarily exchanges a few coins. On the other hand, if you’re a crypto beast, you might want to get every single one of them via the hundreds available platforms online.
Volume of Trades
If there are no transactions taking place, the availability of coins alone is insufficient. In an ideal scenario, you’ll need to make sure that there is enough trading activity for your target coins to ensure stability, allowing users to easily exchange coins and cash. Transactions in low-volume markets might cost you. In the unlikely event that there aren’t many volumes and you submit a request, that is known as slippage. You can find yourself buying at a greater cost or selling at a cheaper price than you would want.
Finally, even when you can view a trade’s website, you shouldn’t assume that it is accessible in your location. Many statewide lawmakers are still sorting out how precisely to manage digital forms of currency from a legislative and regulatory perspective.