Which cryptocurrency exchanges to use?

Non-customs cryptocurrency exchanges

If you do not want a foreign entity to have access to your funds but only you have access, you should probably use non-customs . Such a service is totally different from a platform like Binance. This service allows you only you have access to your funds. Thus no entity, whether we are talking about a public or private one, will be able to do operations on your Wallet or close it.

Unlike the custodial exchange in which you have to make an account and go through a long identification procedure, this type of exchange allows you to trade Bitcoin or other cryptocurrencies without having to make an account. In order to be able to use the services of such an exchange, you must have your own Wallet (here may be redirect to the page how to make your own way) or in the situation where you want to pay to someone you can only enter the destination address (QR code or wallet address).

An example of such exchange is Abarai , where you can purchase bitcoin or other cryptocurrencies without having to go through long registration and identification procedures.

Using Abarai you can buy bitcoin or other cryptocurrencies without someone else having access to your funds. You alone make a Wallet to store your cryptocurrencies. You can also sell bitcoin or other cryptocurrencies and receive the money on the card or account.

Abarai offers a wide range of exchange services. You can use various payment methods to buy or sell Bitcoin, Ethereum, Litecoin and many other cryptocurrencies, such as:

• Credit Card or Debit Card

• SEPE transfer or swift transfer

• Astropay or Netseller

• Skrill

• Cash using the services in physical locations (here redirect to the locations page)

Custodial cryptocurrency exchanges

There are many custody platforms, both from Romania and from the outside. Probably the best known is binance . It is used by millions of people around the world. To use the platform, you must make an account and go through your identity check (KYC). If everything is okay and the account is approved, you can access the services offered. After recording, you receive a digital wallet. This is related to your account. But this Wallet is not just yours. It has access to it and the company that manages the platform. It is a convenient system, but it involves confidence in a third party that manages your funds.

All transactions made on a custodial exchange are related to the user's identity. The platform keeps this data for at least 5 years. This means that every action remains registered: what you bought, when and in what value. The same thing happens on the platforms in Romania. A well -known example is Bitcoin Romania , which follows the same model. Identity check, long -term stored data and possible access from the authorities.

In addition to having control over users' funds, custody platforms come with another major risk: security. Because they are visible, large and store the assets of many people, they become constant targets for hackers. The history of crypto is full of examples in which these platforms were compromised. Sometimes the attacks targeted the entire platform - all funds were stolen. Other times only certain individual accounts have been affected. Regardless of the extent, the risk remains: when you do not have the keys, do not have the funds.

Advantages of using a non-customs Exchange:

1. Complete control over your funds : You are the only one who can control your funds, and the private keys are stored on your own device and not on the servers of an exchange platform.

2. Increased security crypto.com Exchange platform

3. Privacy and anonymity: On an exchange platform each transaction is associated with your user and the event is kept on the platform servers. For example, you cannot send money to your brother or cousin on an Exchange platform without the transaction is not registered as yours.

4. Financial independence : Users can at any time make transactions without taking into account the financial policies and availability of an exchange platform.

Disadvantages of using a custodial Exchange:

1. Security risk : The cryptocurrency exchange stores your funds and for this reason, your funds are much more vulnerable. Exchanges are among the favorite targets among hackers, because they store large amounts of money, and they have many vulnerabilities.

2. The risk of insolvency of the Exchange : If a custodial exchange goes bankrupt or becomes insolvent, users may not recover their funds. The legal procedures can be long and complicated. Although some exchanges claim that they have insurance on all funds, in reality it can take years or even not get the money back in an event like insolvency/computer attack.

3. Limitations on withdrawals : some exchanges may impose limits on withdrawals or even freeze funds in accounts, especially in situations of financial or legal uncertainty. I can ask for additional documents to put the user in difficulty, thus delaying access to funds.

4. More severe government regulations : Custodian exchanges are more subject to the regulations and compliance requirements imposed by the governments than the non-customs. This is due to the fact that they are digital wallet suppliers and have much greater responsibilities compared to a non-Custodial exchange, which only realize the effective exchange and do not store the customer funds.

In conclusion, a non-customs Crypto Exchange offers a safer and more private alternative for users who want to keep control over their cryptocurrencies and maximize their financial security.

If you want to know more about cryptocurrencies and Bitcoin we recommend to visit our academy . Another very good source where you can find out more about Bitcoin is coinmarketcap .