Electroneum Exchange: How to Buy and Sell Electroneum
You have heard of the new British Cryptocurrency that you can mine directly from your smartphone. It got you wondering, what if you don’t want to mine it? How can you buy and sell Electroneum? This article answers that question for you. Before we go any further, let’s answer this basic question;
What is Electroneum?
It’s a new cryptocurrency that was developed primarily by the British and launched through an Initial Coin Offering (ICO) on the 14th of September. The initial reason for the development of this cryptocurrency is an easy transaction in the mobile gaming world and in the online gambling market. Read more about Electroneum Here.
What is an Exchange?
An exchange can be defined as an entity where buyers and sellers meet on a particular item of interest. In this case, that particular item of interest is Electroneum. An offer to buy Electroneum and it for a specified price is created by the folks that use the exchange. In effect, the exchange uses the price to match buy and sell orders. The market price of Electroneum is then determined by the price at which these transactions occur.
Which Currencies Can I Buy Electroneum With On An Exchange?
You can buy and sell Electroneum using the base currency or currencies. This currency can be deposited and withdrawn from the exchange based on the user’s discretion. Most exchanges accept fiat currencies such as US Dollars, Euro and British Pounds. If it’s a local exchange that is located in a country, chances are, they’ll accept the local currency of that particular country.
There are some other exchanges that only accept cryptocurrencies in exchange for Electroneum. The implication is that you’ll have to offer an amount of Bitcoin which you must have deposited into the exchange in return for Electroneum.
What Does the Exchange Charge to Buy and Sell Electroneum?
When buying and selling Electroneum using an exchange, you’ll have to pay a trading fee. This fee only applies when you are converting from one currency to another and it varies from 0.2% – 1% of the currency you are changing from. You may also be required to pay a withdrawal fee to withdraw your money or crypto coins.
Safety Concerns When Using Exchanges
When you deposit your money or Cryptocoin in an exchange, you expect it to be kept safe until the moment you need to withdraw it. This is why it is imperative that you use am exchange you can trust. There are basically two basic concerns as far as using an exchange is concerned. They are;
- Exchange hacking.
Access to the public address and private key of your wallet is all an intruder needs to take over your wallet. This information is available on the exchange; yours and thousands of other traders. As such, exchanges are always a prime target for hackers. Any hacker that gets into their system will have no hard time transferring all the available funds.
As such, use an exchange that makes use of “hot” and “cold” wallets. That way, when the private keys are being used online, the hot wallet stores them. When the private keys are not in use offline, they are stored in the cold wallet.
Use only exchanges that offer two- factor authentication. If your exchange is not using this type of authentication, make your password more difficult to guess by using punctuation marks, upper and lower case letters, and numbers in no logical order when creating your password.