Now that you have a bit of knowledge about cryptocurrencies, let’s talk about how you can buy and sell them. We at Bitnomics would like to provide a comprehensive explanation as to what a crypto exchange really is, some basic mechanics around it, and why this is still one of the most convenient ways to gain exposure to cryptocurrencies today.
At its core, a crypto exchange is a platform, constructed with the purpose of enabling people (but not just people) to buy and sell digital assets. Bitnomics was founded in Estonia and is now licensed to provide exchange services on Bitcoin and Ethereum, two of the leading tokens in the world.
Before cryptocurrency exchanges were created, the only way to gain crypto exposure was via mining. People had to commit their computational power and receive rewards in exchange for that. This is no longer the case, mainly thanks to the work done by us and other brands in the industry.
The goal of a crypto exchange is to bring together buyers and sellers of crypto, creating a market. When you sign up for an account at bitnomics.co, it is possible to exchange fiat to crypto and vice-versa, taking advantage not just of competitive rates, but also of a user-friendly interface, which makes it easy for anyone to engage in this market.
A crypto exchange can be centralized, which basically means that the activity is overseen by an operator. Customers sign up, verify their account and proceed with the exchange operations in exchange for a fee. Alternatively, the exchange can also be decentralized – a relatively new model that no longer requires an operator or market makers.
Bitnomics aims to be a secure and quick solution for you to exchange crypto on, at any point in time, and that’s why the company continues to rely on a centralized model. It operates in line with the latest regulatory requirements set out by the authorities in Estonia, where the exchange is currently headquartered.
Using the services associated with an exchange comes with several costs. When accessing your account with any exchange, you will notice that there is a difference between the buying and selling price. This is the first cost involved in the transaction. Also, the exchange might charge you an additional fee, based on factors like the payment system chosen or the type of customer you are (individual, corporate, etc.). We’ve done extensive work to ensure that Bitnomics is an attractive place cost-wise and thus far clients seem to appreciate that.
The integrity of an exchange is directly linked to several factors. Regulatory compliance, transparency, and professional customer support generally suggest that a brand cares about the client’s experience. Bitnomics uses only reputable banks, payment services providers, and third-party service providers, to ensure that people using our platform are always protected from a financial point of view.
Online exchanges are advantageous because they put the cryptocurrency holder in charge of their own tokens. We at Bitnomics don’t offer wallets, so once you set up a transaction, we will send the cryptocurrency to a wallet address that you initially provide.
