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.

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5 Awesome Facts About CryptoCurrency

Cryptocurrency has only been around for ten years or so but it is a phenomenon that many people are aware of, even if they have not invested themselves. There is a lot more to cryptocurrency than many people realize. This type of currency has a lot of potential in terms of how it could grow and what it can be used for. This adds to the excitement of what could happen next and a lot of people are now feeling this anticipation. Here are five amazing facts about cryptocurrency that you may not know. 1. No One Knows Who Founded Bitcoin : Bitcoin is perhaps the most well known of all the cryptocurrencies but the person that founded it has always remained anonymous. It is assumed that they have made a lot of money from their invention but they have never made any public announcements about their identity. The name Satoshi Nakamoto is often used but this could be a pseudonym or even the name of a group of people. 2. It Is Very Volatile The value of cryptocurrency can rise and fall very sharply and this makes it a very volatile market. However, it also makes it a good type of currency to trade because people are able to buy when the price is low and sell for a good profit when the price begins to rise. Cryptohead.io can be a very useful site to visit when you are looking to invest because they have all the information and advice that you will need to make an informed decision about your investment. 3. Cryptocurrency Can Be Broken Down Into Fractions : Almost all types of cryptocurrency can be broken down into fractions when a purchase is being made. This is usually a half or a quarter but can be as low as one-tenth. This means that even when the value of a particular cryptocurrency is quite high, people still have the chance to invest with a low amount by just buying a fraction of the currency. 4. You Cannot Get Any Access To The Currency Without Your Wallet : All of your cryptocurrency will be stored in your wallet and if you lose access to this then you will not be able to get hold of any of your money. However, as long as you take the necessary precautions to keep the details of your wallet safe then you should have nothing to worry about. Digital wallets are incredibly secure so they can be used with confidence. 5. Blockchain Is Essential For A Successful Currency : In order for a cryptocurrency to be successful, the right technology is needed to be able to support it. The system that is used to record and store information about any digital transaction is known as a blockchain and it has several features which help to make cryptocurrency work even better. It is available 24/7 and so people will always have access to their currency when it is needed and there are only going to be more features added to the blockchain in the future. Even though there have been issues with stability when it comes to cryptocurrency it is a trend that is likely to be around for a while. If you are thinking about investing in any type of cryptocurrency then it is always a good idea to do some research first. There is much more to learn about cryptocurrency than just the facts that have been talked about here. Read Also : What You Should Know Before Using ExpertOption Buying Stocks For Beginners: A Guide The Best Stocks To Buy Now That Will Pay Big Later

Commonly Misunderstood Facts About The Employee Retention Tax Credit

The ERC, employee retention tax credit, or employee retention credit, is a hot topic regarding business taxes. However, it is often overlooked because it originated with the PPP or Paycheck Protection Program. Additionally, as more people are talking about it, it seems that many misunderstandings have caused business owners to believe that they don't qualify for it when they do. Some of these misunderstandings stem from prior laws that have since changed, while others are based on the fact that some methods of getting ERC money are more popular than others. Additionally, there are other misunderstandings stemming from scams and confusion about the ERC. Here Are Four Common Misunderstood Facts About The Employee Retention Tax Credit Here are some frequent misconceptions regarding the ERC and the truth around them. 1. Two Eligibility Tests The most notable misconception is that a business must have a decrease in revenue to be eligible for the ERTC. This stems from the eligibility facet that states that companies must have a gross receipts decline compared to their pre-pandemic numbers to be eligible. This is one of the tests used to determine ERC eligibility and is the more popular option. However, some areas of confusion within this test include: An increase in revenue doesn't disqualify you if you still have a decrease in gross receipts. This test is based on quarters, so failing to meet it in one quarter doesn't disqualify you from others. There are multiple methods to apply a gross receipt test. PPP loan money is not included in the amount you claim for the ERC. While this is one test, there is also another. Although often overlooked, a full or partial suspension of operation due to government orders can also qualify your business without a decrease in gross receipts. Despite popular belief, you can still be eligible for the credit if you meet this requirement, even if you have an increase in revenue and do not have to shut down your business. 2. Credit Amount Employers who qualify can receive up to $7,000 per quarter per employee for the first three quarters of the year. Small businesses that opened during the COVID-19 pandemic can receive an extra $7,000 per employee. However, most companies will cap out at $21,000 per employee per year. If you have 100 employees meeting the salary requirements, you could receive $2,100,000. The ERC is refundable, which means it will be a refund credit for these employers. That means you can still write off other expenses on your taxes and get a return. That can make it more desirable than other tax credits, which must be taken immediately or forfeited. 3. PPP Loan Disqualification Another common misconception is that receiving funds through the PPP disqualifies employers from ERC eligibility. While that was initially true, recent legislation has changed this. You can now receive PPP loans and an ERC, but you cannot use the same wage money towards both programs. That means that if you take out a loan, the money from it doesn't count towards your ERC. Instead, the money that you spend on paychecks in addition to your PPP loan is what matters toward your ERC. 4. Third-Party Assistance This is more of a warning about issues that have caused concern among business owners. Due to the potential for significant credits, many scams have been established to help business owners file for ERC money. While some small businesses are qualified to help individuals analyze the ERC laws and apply them for you, there are still scams out there. If you file with third-party help, ensure your chosen company is appropriately qualified. These misunderstandings have kept many small business owners from applying for the ERC when they were eligible—small business owners who have previously missed out need to consider whether they qualify for the ERC. If you are eligible, you can receive thousands of dollars in tax credits. That can help your business recover from the recent pandemic and stay afloat amid future financially challenging times. Read Also: Five Ways an Employee Recognition Can Help Employees Perform Better The Role of Communication in Employee Retainment The Best Ways To Successfully Fund Our Dreams

Know the Applicable Stamp Duty when Gifting an Asset

Ravi Krishnan was retiring from central government service. At this time, he decided to gift his three-bedroom flat in Navi Mumbai to his son Akaash. Krishnan is now 60 years old and would relocate to his native Bengaluru from Mumbai. Widower Krishnan has planned for his golden years well. He can easily manage with a pension of Rs.2.5 lakh a year in Bengaluru where he owns a house. While Krishnan was formally transferring the rights of his Mumbai flat to his son, he came to know that there are certain tax implications. He got down to assess what needs to be taken care of with regard to stamp duty gift deed. It turns out that the transfer of any immovable property, even from father to son, is considered as a gift as per the existing laws. Stamp Duty on Gifts Stamp duty is the tax levied on a property which is being sold or transferred. Stamp duty varies from state to state. It is in the range of 3–7% of the value of the property. The Transfer of Property Act mandates that the gifted property be registered as a ‘gift deed’. This should be duly signed by the person who is gifting it. It also needs to be signed in front of two witnesses. A gift deed is a legal document that endorses the transfer of property from the donor to the receiver. There is no exchange of money in this case. The rate of stamp duty, however, is the same as in the regular sale of the property. However, some states are lenient in terms of stamp duty gift deed when it involves gifting of property between close relatives. You can make use of a free stamp duty calculator available on various real estate aggregator websites. Then you will know the exact rate applicable in the case of your gift deed property. Components of a Gift Deed Details of the property that is being given as a gift Details of the donor such as name, father’s name, Aadhaar number, address, etc. Details of the receiver such as name, father’s name, Aadhaar number, address, etc. The date and place where the gift deed is being signed Signature and details of two witnesses who were present when the gift deed was executed Relationship between the donor and the receiver Income Tax on Property Gifts According to the Income Tax Act, 1961, you are not liable to pay tax on gifts received of up to Rs.50,000 in a year. What if the value of the gifts exceeds Rs.50,000? Then a gift tax is imposed on the receiver. The Income Tax Department has taken into consideration that movable and immovable assets change hands between close relatives. So, it has exempted the receiver from paying any tax for a property received as a gift. What is heartening is that there is no cap on the price of the property. However, the donor of such a gift has to be from a list prepared by the Income Tax Department. Which donors are exempt from taxes? That includes parents, spouse, siblings, siblings of the spouse, and direct ascendants and descendants of the donor and their spouse. As a receiver of the property as a gift, you would only need to pay income tax when you decide to sell it. The Income Tax Department will treat the proceeds from the sale of the property as an income. You are liable to pay taxes on such an income. The rate of the taxes, however, will be decided on your period of holding. Short-term capital gains will apply to holdings below 36 months. If the holding period is beyond 36 months, you will have to pay long-term capital gains tax of 20%. But in this case, you will also be entitled to indexation benefits. Conclusion The gifting of immovable assets attracts taxes. One has to pay stamp duty and registration charges when the transfer of rights of a property takes place. Stamp duty varies from state to state but is essential in formalizing the gift you have received. For property received as a gift, you will not be required to pay any taxes unless you decide to sell it. Read Also: 5 Gorgeous Hairstyles For A Perfect Date Night

How to Pick Crypto Exchange?

What is Cryptocurrency Exchange?