INTRODUCINT THE CRYPTOCURRENCY
Exchanges are marketplaces where different financial instruments are traded including securities, commodities, derivatives and etc. They are aimed at fair and secure trading and sending out price information for all the securities on that exchange and the buying and selling prices are set. These exchanges help the economy expand. They also brings about liquidity. They can be a physical location or an electronic platform where in either case people trade and most countries have them. Some of the most well-known exchanges are the New York Stock Exchange (NYSE) located on Wall Street in Manhattan in New York, the Nasdaq, the London Stock Exchange (LSE), and the Tokyo Stock Exchange (TSE). Nowadays, you can trade more than just shares, including securities, bonds, derivatives, currencies, cryptocurrencies, precious metal, oil, and etc.
Cryptocurrency exchange is where you can buy and sell cryptocurrencies or digital currencies in exchange for other assets. It is also referred to as a digital currency exchange (DCE). And unlike the traditional exchanges, the cryptocurrency exchanges are electronic and no human interaction is required. Unitedbit offers the most commonly used cryptocurrencies (Cryptos) including; Bitcoin, Ethereum, Tether, Bitcoin Cash, Litecoin, Zcash, Dash, Dogecoin, Groestlcoin.
Deposit and withdrawal on Unitedbit
You can deposit and withdraw via any of the abovementioned cryptos above, but keep in mind that we do not accept any kind of fiat money such as dollar, euro, pound or etc. So you can exchange your fiat for crypto and then deposit that into your account. You can also withdraw through the cryptos mentioned above.
Why do we need a cryptocurrency exchange?
• They give us a gigantic pool where people place their buy and sell orders so buyers and sellers find it easier to find a match and sell their crypto.
• cryptocurrency exchanges are used for day trading
• They make crypto easy to work with; that is you will not experience losing crypto as it has happened to some people. You might have heard of the people who have accidentally lost their Bitcoin keys as they had thrown their hard drives away on which they had stored those keys.
• The crypto exchanges also help you recover your funds in case you send them to a wrong address. But if you are not using a crypto exchange services to seek out help from, you must know that since there is no bank involved, your transaction is irreversible which means you have lost the money forever.