How to Pick Crypto Exchange?

Published on: 17 July 2021 Last Updated on: 10 January 2025

Only a few years ago, people were skeptical about cryptocurrencies. Nowadays, blockchain technology is a leading investment direction and profit source. Hardly someone can be found on the planet who hasn’t heard about Bitcoin or Ethereum.

However, there is still a stereotype about the digital currency market. Few people are involved in it since most people think it’s a complicated and risky industry. Yes, the likelihood of losing all your money is high if you are completely ignorant about digital currencies.

To avoid such an unpleasant situation and, on the contrary, start investing in cryptocurrencies and making money, you should educate yourself about the market. So start your journey by picking a good crypto exchange. This guide will teach you how to identify a reliable digital currency exchange and make safe transactions.

What is Cryptocurrency Exchange?

Cryptocurrency exchanges are digital platforms where people can sell the currency they have or purchase another one. For example, on such platforms, you can convert BNB to MATIC. Moreover, besides crypto, your exchange destination can also be fiat currency, e.g., by giving BNB, you can receive US dollars. After performing currency exchange on the platform, you can either keep the money in your cryptocurrency wallet or transfer funds to your bank account.

How to Choose a Reliable Crypto Exchange?

Unfortunately, the availability of hundreds of crypto exchanges makes it difficult to choose a good one. Investors worry about the security of their funds and don’t want to meet scammers. Here are a few criteria that will help you identify a reliable instant crypto exchange.

1. Pay Attention to Security Procedures

One of the reasons investors become victims of scammers is that they don’t spend enough time verifying the platforms’ authenticity. First of all, you should check each platform’s Terms and Conditions and Privacy Policy sections to ensure that a legitimate company manages the website. But don’t entirely trust this information. Always make sure to check the exchange’s reputation on the internet. Finally, read customer reviews and feedback to learn what users think about the platform.

2. Availability of Multiple Payment Methods Matter

Crypto exchanges accept payments via credit cards, PayPal, and digital wallets. Most platforms also allow purchasing crypto by paying via other digital currencies. The exchange must accept payments via credit card or PayPal for beginner traders to acquire their first coins.

3. Large Variety of Supported Currencies

Almost all exchange platforms convert famous currencies like Bitcoin and Ethereum. However, few people know that there are thousands of digital currencies. Unfortunately, exchanges don’t support all of them. Hence, investors should choose a relatively popular cryptocurrency, on the one hand, and a platform that supports transactions to and from this currency.

4. Transparent Transaction Fees

Before choosing a crypto exchange platform, make sure that it has a transparent transaction fee policy. Unfortunately, some exchanges have hidden fees that investors notice after making several transactions.

Final Thoughts

Cryptocurrencies are good sources of income if you succeed in choosing a reliable exchange platform. Several criteria can help you with this task. First, make sure that the platform’s operation is legitimate. It should also support several currencies, payment methods and have a transparent transaction policy.

Read Also:

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How To Become A Successful Cryptocurrency Trader In 5 Easy Steps

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7 Most Popular Non-Fungible Tokens Of 2023 – So Far

Non-fungible tokens came into the spotlight in 2021. They were introduced on the crypto market way before, but the public didn’t show interest until then. Despite the crypto winter, non-fungible tokens continued to be in demand because people have seen the worth of digital assets. Even if some holders were concerned that they would lose finances due to the bear market, NFTs proved resilient. 95% of the total number of NFTs are minted on the Ethereum blockchain, and when the Ether’s price drops, NFT values will follow suit. Even if most non-fungible tokens have lost part of their value during the crypto winter, the market seems to have bounced back since the beginning of 2023. Ethereum’s price registered a steady increase over the last few months, and the NFT market is expected to head on a growth trajectory, especially because developers have announced the launch of innovative platforms and projects. Here Are The Seven Most Popular Non-Fungible Tokens Of 2023 This article explores the most popular non-fungible tokens of 2023 so you know which project to invest in; suppose you want to join the market. 1. Bored Ape Yacht Club Bored Ape Yacht Club is one of the most well-known NFT collections available on the Internet. Yuga Labs LLC launched the project, which consists of a collection of 9,999 randomly generated images of apes, created according to 170 different traits. Those who join the Bored Ape Yacht Club gain access to numerous products and activities. The project is stored on the Ethereum network and has attracted famous investors like Justin Bieber, Jimmy Fallon, Snoop Dogg, Timbaland, Paris Hilton, and Steph Curry. Initially, each NFT cost 0.08 ETH, but as the project gained more popularity, the prices spiked to 91 ETH, with some apes getting more valuable than others. Mutant Ape Yacht Club is a collection derived from the original one, including 20,000 Mutant Apes. They were created to reward the Bored Ape Yacht Club investors and encourage crypto holders to join the NFT by offering alternative products connected to a well-known collection. 2. Jump.trade Jump.trade is a unique NFT project as it’s the first Cricket NFT people can play in the Metaverse. It sold over 55000 cricket player items in the first 10 minutes after the project was launched on the market. The holders can play games or earn passive income from owning the players. The game was launched in 2022, and since then, numerous cricket enthusiasts have joined the community. 3. Azuki Azuki took the NDT sector by storm in 2022 when it was introduced, and it has maintained its popularity ever since. The project consists of 10,000 avatars that offer owners access to The Garden. Azuki is also running on the Ethereum blockchain and offers holders access to exclusive events and products. We listed Azuki among the NFT projects worth adding to your portfolio because initially, there were 8,700 items minted for 3,400 and sold out immediately. It took NFT enthusiasts only 4 minutes to purchase the entire collection. In only 30 days, the project gained $300 million in trading volume, and everyone has started to compare it with Bored Ape Yacht Club. Azuki promotes the idea of mixing the digital and physical worlds in a community-only environment. Its alliances and characters are used in live events, NFT launches, and even streetwear. 4. World of Women Unfortunately, the cryptosystem is still male-centric. However, efforts toward diversity and inclusivity are made, and projects like World of Women are created to encourage more diversity. World of Women is an NFT project started by women in collaboration with The Sandbox, the well-known play-to-earn metaverse game. It aims to grant $25 million to offer women education in the crypto sector so more could join and take advantage of its benefits. The collection is composed of 10,000 pieces of artwork of randomly generated women. Reece Witherspoon, Eva Longoria, and Dez Bryant are only some of the celebrities who invested in this project. 5. Crypto Baristas Crypto Baristas are the ideal non-fungible tokens for those who love coffee, as they are unique characters pouring coffee. The project was developed on the Rarible blockchain and consists of 60 hand-drawn characters by the Coffee Bros and Tony Bui. There are three types of Crypto Baristas NFTs according to their rarity level. The project aims to create a community of people interested in innovation, coffee, art, and investing. This project is new in the sector, but the artwork was sold as soon as it was launched. The demand for secondary sales is huge at the moment, so it’s worth keeping an eye on the characters and their holders. 6. Cool Cats Cool Cats was launched in 2021 and has become the third most popular NFT project sold on OpenSea. Investors can purchase Cool Cats items using Ethereum and other digital currencies on exchange platforms like SuperRare, Rarible, and OpenSea. The Cool Cats community is one of the most active in the industry, and the founders are working relentlessly to improve the project. The NFT project boomed in popularity after Mike Tyson used a Cool Cat NFT as a Twitter profile picture. Among the celebrities who invested in cool cats are Alexis Ohanian, Reece Whiterspoon, and Steve Aoki. Related: Beyond Digital Artwork: 5 NFT Uses 7. Hape Prime Hape Beast developed Hape Prime which became viral on social media immediately after its release in 2022. The collection of NFTs includes 3D artwork of hype beasts, which have been transposed into streetwear items. Hape Prime is derived from the Bored Ape Yacht Club collection and is one of the most successful projects. At the moment, there are over 300,000 Twitter users following the official page of the project. Besides investing in NFTs, people also purchase clothing items from the collection the brand launched in 2022. What’s more to say? The NFT sector is constantly evolving, and new projects and platforms are launched daily. While some of them could grow to the popularity of the Bored Ape Yacht Club, others could remain unknown to the public for years. Whether you are an investor or collector, we hope the above top helped you figure out what projects you should turn your attention to. Read Also: When Will The Crypto Market’s Bear Run End: Experts Answer How A Crypto Lawyer Can Help You Understand Regulations Crypto Staking: Locking Up Crypto Holdings To Earn Interest

Financial Plan For Your FIRST Small Business – Low Budget Plan

One of the common reasons why small businesses fail is the lack of working capital. Poor financial decision-making can be detrimental to your small business. This will not scare you or put you off the idea of starting your very first business. However, it is to convince you how important it is to draft a financial plan for your small business. The importance of predicting your financial health is not just to maintain a steady cash flow but also... Understand how lucrative your business is in the long run. How long will your business be at break-even (no profit, no loss)? When can your business start making a profit? Most importantly, what is the contingency plan of any financial hurdle? In this blog post below, we will be discussing the following: Importance of a financial plan for your small business. Elements of a financial plan for your small business. A template to create a small business plan (for any business). Importance Of A Financial Plan Here is why you should begin creating your very first-ever financial plan for your small business. 1. A Business GPS? Imagine yourself driving to a new destination without knowing where you are or in which direction you should proceed. This is what it is like to open a business without having a financial plan. A financial plan will give you a clear roadmap to your business journey, and determine how much to spend on each destination. 2. Where Is The Goal Post? We all have a vague idea of what a startup goal should be. However, getting overwhelmed is common without a clear picture. A financial plan will provide you with a clear goalpost. I am talking about tangible, measurable, and achievable goals. Whether you want to expand your business, increase profits, or reduce costs, a financial plan gives you a clear path. 3. What Ifs & Risks! It is given that your business won’t be smooth sailing forever! Businesses often face unexpected expenses. It could be something as simple as equipment breakdowns or sudden major market changes! As a business owner, being financially ready is a crucial step! A financial plan can help you set aside emergency funds, so you're prepared for these surprises. 4. A Long-Lasting Impression Want investors early on for your business? Then, it would help if you offered them a steady financial plan. Remember, lenders and investors want to see a well-thought-out financial plan before they commit their money. Therefore, having a solid plan shows them that you understand your business's financial health, its cash flow, and the potential profit opportunity. Hence, we are serious about making your business a success. 5. Improves Financial Decision-Making With a financial plan, you better understand your cash flow, revenue, and expenses. This knowledge helps you make informed decisions, like when to invest in new equipment or whether to cut costs. Important Elements Of The Financial Plan Of A Small Business Before you begin your financial planning, you should be aware of the different financial jargon for a business. 1. Cash Flow Projection This includes predicting the market, what effect your product will have on the market, and how much you can earn from it. Now, taking the potential amount you create capital expenditure for each month. The function of a cash flow projection is to ensure you have enough (at the end of the month) in terms of expansion. It is common for a business to live month by month with no profit for the first six to eight months of the business. Essentially you are establishing your business. However, if it crosses the one-year mark with just a break-evens, the following could be the reason: Your business is not making money because of the lack of demand. The expenditure is way over your income. You must start some cost-cutting methods. There is a lack of marketing, and your small business is not reaching the target audience. You do not have enough investment for the small business you are starting. Keep these points in mind when starting your cash flow! 2. Balance Sheet A balance sheet is a financial estimation of your small business’s current state. Here are some of the important items your balance sheet will have: Income & Expenditure Total owning & total owing (personal debts or small business loans). Assets that are currently under collateral. Upon reading it might sound simple. However, when it comes to a balanced business sheet, you will require a finance professional to craft one. 3. Personnel Expense This brings us to the next point in any financial plan for a small business. The personnel expense, or the amount you are spending on hired personnel. It doesn’t always have to be your employees. In fact, the number of employees for a small business will hardly reach 15 in the very first year. A personnel expense includes individuals working as consultants for the business, and the different professionals you hire to help with the internal work (e.g. Finance officer to create the balance sheet). Some of the common elements of a personnel expense are: Cost is based on the positions each professional is holding. Personal insurance plans for your workers (at least medical insurance). Expenses are spared for other professionals working externally with the business. 4. Assets The tangible assets that your small business owns: Current Assets: What the business currently owns. These include inventories, machinery & tech devices, prepaid expenses (for example, digital tools), and other office supplies. Tangible Assets: The one that physically exists under the name of your small business. Real estate (This will not include rented warehouses or offices. These will go under the expenditure section), land inventory, tangible investment (gold & bonds), and saleable merchandise. Non-Tangible Assets: These are assets that are not in a physical form. Intellectual property, pre-paid tools, investments (stocks, Cryptocurrency, mutual funds). Non-Operable Asset: Assets under your small business but from which you are not getting any income. For example, land you have an investment in but not yet open for any business-related functions. Operable Asset: Assets that your business owns currently, and that are bringing some income. For example: produced goods, factory space, warehouses, and office space. 5. Products & Services The products and services you are planning to offer will also come into the financial planning for small businesses. These include the following: The raw materials are required to create the goods. Factory costing. Warehouse costing. Transport & Drop shipping costing. Worker’s salary & insurance. Contingency management funding. (In case of any accident or unpredictable situation). The summation will give you the total cost of production. With which you can create and understand the market value of your product. This step is very important to assess the profit and loss of each item. 6. Income Projections Another crucial part of small business finance planning is prediction. This is how you can predict whether your income will have any substantial income. Here is how you can protect your business income (before starting it): Check business income projections of competitors through several data analyses. Is your small business subject matter trending in the market? What is the current market share of such companies? Are investors willing to invest in a business venture as such? In fact, check some of the Shark Tank successes, and analyze which business venture seems more profiting by investors themselves. The inflation rate of the past decade regarding the product or service you are about to sell also matters. 7. Marketing You cannot spend everything on logistics and not worry about marketing. One cannot ignore this matter, especially in today’s day and age when small businesses are reaching new milestones by a simple influencer shoutout, or social media virality! Here are some of the factors in which you will need to spend in marketing: Social media marketing tools. Influencer marketing. Small ad-films over YouTube. Website building and digital marketing (Website domain and SEO tools). 8. Risk Management No business is protected from the risks that come to every business in its lifespan. However, the contingency plan is not getting ambushed by a sudden change. Here are some of the financial risks/uncertainties your new business could face: Market Risk: The ups and downs of the current & dynamic economy. In fact, after the pandemic, things have become a little less predictable. Reputation Risk: Social media is indeed bringing customers and businesses closer. However, the downside of such connectivity is the risk of a tampered reputation, especially when audiences jump to conclusions upon hearing anything on the internet. Competition Risk: This is a common risk every business faces. When your competitors launch something new & exciting, there could be a significant shift in sales numbers for you. Environmental Risk: One good example of environmental risk that has previously impacted businesses majorly is the pandemic. Political Risks: The political scenario of your country can have a considerable effect on your business, especially in terms of export-import & business expansion. This is one of the reasons why having a financial contingency plan for managing sudden risk is one of the crucial components of a business financial plan. Business Template For A Startup As promised, we have a business template that will help you take that very first step for your startup. Financial Plan For Startup (Template) Table of Contents 1. Financial Overview: A Financial Overview will consist of a financial overview of your business’s current state. Also, please provide the key points and takeaways of the financial data that you will provide. 4. Assumptions – Market Research: This is the step for market research and predicting the business’s profit potential. 5. Break-Even Analysis: A table or graph which provides information on the number of units your business needs, and how much you need to sell to make a profit. 6. Financial Statements: This will include the following charts. - Profit & Loss (Optional if you have a startup) - Cash Flow Statement (How the monthly cash flow will look) - Balance Sheet (Monthly/Quarterly/Yearly Income & Expenditure) Elements For Your Balance Sheet The following is what your balance sheets should include based on items required: monthly, quarterly, and yearly income & expenditure. Operational Financial Plan Business Location and Facilities Technology and Equipment Key Operational Processes Supply Chain and Inventory Management Management and Organization Financial Plan Organizational Structure Key Management Team Roles and Responsibilities Hiring and Training Plan Financial Plan Start-up Costs (for new businesses like loans, downpayment; collateral, and personal investments) Revenue Projections Expense Projections Cash Flow Statement Profit and Loss Statement Break-even Analysis Funding Requirements and Strategy Funding Needed Purpose of Funds Potential Funding Sources Funding Timeline Key Risks Risk Mitigation Strategies Financial Tools to Ease Your Job In the modern age of technology, you can always lean on tools to automate some of the financial tasks. So, if you need that digital assistance when Begin Your Journey! This is a sign for you to begin your journey as a first-time business owner. Yes, it is overwhelming, and yes it can be intimidating (hence the long procrastinating period!). Creating a financial plan for even a startup can be intimidating. Here is how you can make this journey a little easier. Start with defining your business first. The executive plan is a must. You should know what your business is all about. Then, move through the basic income and expenditures. Take help from professionals in tax advice and create a detailed balance sheet. Finally, consider seeing your whole financial plan in a timely manner. It is important to take one step at a time. Hopefully, we can give you enough answers about a business financial plan. How is your journey going? Please let us know in the comment section below. Read Also: Tax Implications For Independent Event Planners Use Online Event Payment To Streamline Your Payment Process Everything you Need to Know About Term Insurance Plan Premium Financial Planning For Contractors: Ensuring Project Viability

Help Your Business With A Government Loan

The COVID-19 pandemic has caused unforeseen hardships to a lot of entrepreneurs in Malaysia who launched their enterprises in the last couple of years. No one could have estimated the amount of damage to the economy the pandemic would cause or the length of time it would take to recover. The sign of a government loan is like fresh air in the business world, which swift away all your investment-related headaches. However, there are government loans that you can apply for to help ensure your business survives and has a chance to prosper once the coronavirus has been conquered. 3 Tips For Applying For The Government Loans The government loans strategy is more robust and well revised. You may be thinking of applying for the loan, but your business is not a big one. You think the government is not willing to lend money to your business. But it is possible. Here are three easy tips for applying for a government loan. 1. Promoting The Small And Medium Enterprises These government loan schemes are targeted to help the most financially vulnerable businesses, which are small and medium enterprises (SMEs). SMEs are typically started by well-intentioned but underfunded people who want to put their particular skill-set to use. They might be launched with only a few employees. Still, by careful management and conservation of their assets, they can grow to make a significant contribution to the state of Malaysia’s economy. The government loan schemes target businesses applying for lower loan totals than a giant corporation would need. With the world beginning to see the value in micro-finance and recognize the healthy input of small businesses on a country's economy, the Malaysian government felt that with the effects of the pandemic likely to last for some time, it was the perfect time to offer these loans to the public. The small and the medium enterprises will need significantly less money as the loan, but the success chance is more. 2. Apply Through Existing Financial Institutions To receive your working capital loan, you apply through an existing financial institution. These are not loans per se but rather government-backed loan guarantees under the Working Capital Guarantee Scheme (WCGS). You receive the loan through the institution and pay them back directly. The government insures the institution against default. The financial institutes are taking a short period, but as you are now dealing with them, your debt payments period will rise. Even if you’ve been turned down for a loan by the financial institution because you didn’t qualify under their terms, you can reapply under the terms of the WCGS government loan schemes. Government loans require more guarantees and the assurance of return. When you are applying through the existing financial institute, the process will take a small period for sanctioning. 3. Six Types Of WCGS The diversity among the business is always present. Therefore, your proposal business planning everything can be different. There are six types of WCGS applying to different people and different kinds of business models. These schemes offer differing amounts of loans as well, so you should choose the scheme to apply for that meets your financial needs. They each have different qualifications, and you need to read the qualifications of each loan scheme and choose the best one for your situation and business. WCGS is a loan scheme that offers from 100,000 to 10 million Ringgit. WCGS-SU is a loan scheme targeting startups that offer from 50,000 to 500,000 Ringgit. WCGS-B is a loan scheme targeting Bumiputeras that offers from 100,000 to 3 million Ringgit. WCGS-X is a loan scheme targeting export companies. It offers loans of from 100,000 to 10 million Ringgit. WCGS-W is a loan scheme targeting Woman-owned businesses. It offers loans of from 100,000 to 1 million Ringgit. ADGS is a loan scheme targeting companies that engage in automation and digital products and services. It offers from 100,000 to 10 million Ringgit. To find out more about these government loan scheme’s qualifications, inquire about WCGS schemes with the financial institution that handles your banking. Conclusion: Applying for a government loan is making all your hard work easy. Usually, government loans have a low-interest level. The time limit is also going to be more stable. If you follow these tips, you can easily apply for a government loan and start your journey in a more relaxed way. Read Also: Benefits of NBFC Business Loans What Are the Alternatives for Small Business Startup Loans?

How to Pick Crypto Exchange?

What is Cryptocurrency Exchange?