Cryptocurrencies like Bitcoin (BTC) and Ether (ETH) are still relatively new to the trading scene. Their value is rising dramatically, with some predicting that they will soon be used as accepted global currencies. As their popularity increases, it opens up more options for people looking to make money on them.
However, if you don’t understand the market, then you are at risk of losing your money. That is why having a guide to choosing the right cryptocurrency trading platform is very important. This applies even if you want to day trade or buy and hold for more than a year; we all know that it’s not good enough to invest in something blindly!
Both novice and experienced traders often use exchanges to buy and sell cryptocurrencies. This is because these platforms provide them with a central place where they can interact, as well as compare prices and trade their coins.
Here are key considerations that every trader should take into account when choosing an exchange:
Safety & Security
The number one rule of cryptocurrency trading is “Never leave your money on an exchange!” This is because you never know if the trading platform can be hacked, or even shut down by authorities. That is why a lot of people use cryptocurrency wallets to store their coins for a long time, just like how they would use a regular wallet.
Exchange Rate & Fees
As we all know, cryptocurrency prices fluctuate. There are many online services that offer information on what the value of various coins is at any given time, but these numbers can change fast.
So you should take a look at whether your chosen exchange offers price tracking features, including charts and historical data. This will help you make an informed decision when buying or selling cryptocurrencies. The bitql review indicates the fair fees and rates charged by the platform.
Speed
Since cryptocurrency is still very young, we cannot expect trading platforms to have the same speed as those used for traditional currencies. Nevertheless, you should look at how quickly your chosen exchange processes your orders and executes trades.
Customer Support
Lastly, if you have any issues with an exchange (especially complicated ones) you should be able to get help from the customer service team very quickly. Look at how long it takes them to reply; this will show you how invested they are in resolving your issues.
We’ve talked about the top things that people should look for when choosing an exchange. To recap, these are:
Safety & Security Exchange Rate & Fees Speed Customer Support
Coinbase is one of the most popular cryptocurrency platforms in existence today; it was founded in 2012 and gained over 1 million users by 2013. Users can buy, sell, send and receive cryptocurrencies like Bitcoin (BTC) and Ether (ETH). Coinbase supports Ethereum Classic (ETC), so you can also use this platform if you want to trade ETC.
The nice thing about Coinbase is that it ensures all the coins that are kept on its servers, so even if someone hacks into them or they collapse, your coins will be safe. Furthermore, Coinbase does not charge users any transaction fees for sending and receiving digital currencies between wallets.
Conclusion
The choice of your crypto trading platform is ultimately up to you, and it depends on what you want to use your cryptocurrencies for. It is okay if you find a platform that only offers one service; the important thing is that you will be able to make money from cryptocurrencies (even if they’re worthless).
With this guide, you will be able to make an informed decision on which crypto trading platform you should use.