As bitcoin continues to soar, what should you look out for in an exchange?

Bitcoin, the now infamously volatile cryptocurrency, has climbed to US$47,204 after surging past US$44,000 a day earlier.

But bitcoin is not the only crypto Elon Musk has chosen to meddle in, with the world’s richest person also fuelling the surge in the price of dogecoin, with the tongue-in-cheek crypto featuring a Shiba Inu dog as a mascot, hitting a record briefly on Monday.

According to a financial expert, crypto has been thrust into the mainstream due to both increasing interest from retail and institutional investors, increasing levels of mass adoption, and record-low global interest rates.

With crypto now well and truly in the limelight, Nigel Green, CEO of deVere Group, explained that new investors looking to jump on the craze need to know what to look for in an exchange.

“More and more people are wanting to invest into cryptocurrencies, knowing that they are the future of money,” said Mr Green.

“But many, even those who have extensive knowledge of the stock market, have concerns about selecting the right cryptocurrency exchange.

“The total capitalisation of the cryptocurrency market is now an estimated $1.2 trillion, but it is still lightly regulated. This means that it’s vital that investors know what to look for in an exchange,” he cautioned.

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Source: As bitcoin continues to soar, what should you look out for in an exchange? | nestegg