Crypto is not a new concept to me and I have not started gaining interest in the area recently after the buzz. I have been reading Crypto for a very long now. I remember when I made my decision to become a crypto trader many mocked me saying that I was going to invest all I have in something which can’t be seen if the phones’ battery goes off. I have to acknowledge how all of this was damaging to me but what proved to be even worse was fake Crypto exchanges.
Although initially, I kept telling myself that it is not an easy path and that I will have to learn the art of staying focused and not thinking what others say or do but it did not work for long. Fake exchanges are more damaging than anything else to a crypto exchanger. I used to say this year’s before today and I still stand by my words. Unfortunately, the situation keeps getting worse with every passing moment and exchangers do not know who to ask for help. People often quickly blame the government and the regulatory authorities for the increasing rates of scams, which is not entirely wrong, but I seriously feel that it is somewhere the traders too who are at fault. Had we been in a habit of researching and making thoughtful decisions, these imposters would have never grown up to become giants. Things are sad but this does not mean that traders should give up on their passion. I believe that if someone gets ready to step into a world full of risks then it must be their passion driving them.
If you are passionate about this area and you want to make a living in this profession then you will have to adopt a few habits and one of them is researching and looking for facts yourself. The faster you pick up these two, the better it will become for you because trust me, you do not want to suffer at hands of these tricksters. You should always be mindful of the fact that these firms are on a journey of upgrading and updating. This is why they never fail to come up with the most innovative methods to trap and exploit the young buds out there.
Keeping in mind the current situation, I have decided to review my exchange firm, KeepABit. I got to know about this firm through a friend who was already a customer of this company. She said that she has never been as satisfied with any firm and that I should give it a shot. I was not sure if my experience with this one would be equally good because I had an idea regarding how traders think differently and then demand accordingly even if it has to be the same branch of trading. But she somehow convinced me to look into this firm. I remember I opened the website and I could feel that I had landed at the right place.
This feeling was a result of a series of encounters with fake firms. I have seen that fake Exchanges have websites designed in ways that an expert can tell they are up to something unethical and wrong. But a loom at the website was not and should not be enough. However, I will have to agree with how it pulled me into studying the firm. I remember it took me around 5 months to fully study the aspects of the company and be sure if I could trust it with my money.
My conclusions proved right largely and my working experience with this firm was great. Although there are some negatives which will be talked about later, the positives have always overcome them and this is why the firm has become a choice of most of the exchangers globally. So, let’s quickly see what qualities made it possible in a relatively small time span.
Qualities
- Registered with authorities
With the high scam rates these days it is important that you look for exchange firms that are registered with the governmental authorities. Getting registered with one is not an easy job unless you are not a scam. The authorities scrutinize the firms before issuing them a license to work. If you come across a firm that is registered with the firm then half of your stress should go away because that firm cannot be fake. However, I have seen that many firms claim to be registered but in reality, they aren’t and that is the catch. So be sure before trusting what you find written on the website.
While I was researching for KeepABit, I made sure I looked into this. If you go to the Legal Section of the website you can also see that all the laws and policies are in accordance with the Australian Transaction Reports and Analysis Center (Austrac). Such traits show that you can totally trust the forum if it offers features that are in accordance with your needs.
- Super easy to register
The next thing which we need to talk about is how easy it is to register with the forum. After looking at how much the website can offer you, often exchangers think Registration might be very lengthy and complex. However, this isn’t the case at KeepABit. All you need to do is fill a very simple form where you need to add up basic information like your name, email, phone, etc. Once you do that, next you simply need to get your account verified. After that, pick an appropriate payment and there you go. You are all ready to trade crypto of your choice.
If you ask me, I would say that easy registration is no less than a blessing because I have been exchanging crypto with forums that have a very exhausting registration process. While I was joining this one, I was particularly happy to see how they have made everything very simple and convenient.
- Two Factor Authentication
I believe that an exchange firm should be called a trash can if it fails to provide its users with high-level security. To make sure that your assets are not vulnerable to hackers and imposters, the firm has introduced a Two Factor Authentication procedure. This is put out to make sure that no irrelevant person can ever access your account. Many people find it somewhat burdensome but if you have been exchanging for a small time, you would know that this is a great feature because it makes your assets very safe.
The process is not a hard one. You will have to install Google Authenticator to get a code that you will have to enter before you sign in. You will also have to scan a QR code and the 16 digit key that you get should be saved somewhere because that’s a backup key.
- Video lectures to help learn and convey effectively
If you open the website you will find videos to teach you the basics of crypto exchanging. I have seen many forums like to add ebooks and large documents to help the young traders but I have noticed that these videos are more effective in reality. It is so because young traders these days are not in the habit of reading a lot. They like to watch and listen rather than read and hence it is better to come up with engaging videos.
Drawbacks
- Live chat not available
This is one thing that I have noticed. Many websites have the option available to live chat and this makes it very easier to convey the issue. Here at KeepABit, we do not have an international number, which is available for all. So exchangers living outside Australia and Estonia could have relied on live chat for a more one to one conversation. The non-availability of this option has left the exchangers with only two options to get in touch with the support representatives and that are email and form submission. None of these gets you as fast replies as love chat so this should be improved.
- Supports 3 currencies only
The next thing I want to talk about is that the platform allows traders to make deals in only types of fiat currencies. Although they cover the most used ones like euro and US dollars because the platform is made use of all around the globe, they should consider adding up more options to the menu. The same goes for crypto. You can trade the 2 most popular cryptos Bitcoin and Ethereum. Although I understand how the options have been kept limited keeping in mind the blockchain access feature there are more currencies that are also reliable and stable that can be added to the options to make it more diverse.
KeepABit is not an average exchange firm that is least concerned about the customers. I have seen all these years that they put in a lot of effort to make the working experience better. You can look into this one for access to a better-exchanging environment.
Disclaimer: This review is written from my own experience and my self-knowledge only and this is not a recommendation.