Over the past few years, Bitcoin and other cryptocurrencies have grown in value rapidly, and for a good reason. No wonder why many investors are flocking to them. Cryptocurrency is a decentralized type of currency, and it is highly controversial too. In addition, new crypto coins are created every day, resulting in a bull market that drives Bitcoin prices higher. However, a crypto bull market is volatile, so it is essential to approach it cautiously.
Identifying which platforms, you want to use for trading your cryptocurrencies is a huge decision. There are many websites and exchanges to choose from, but which one should you choose?
Coinbase is the biggest, most popular Bitcoin exchange. It accepts deposits in US dollars and through credit/debit card payments. Coinbase has several features, which make it a go-to platform for beginners. Despite the fact that cryptocurrency trading is still a relatively new concept, it has grown increasingly popular in recent years thanks to bitcoin and other cryptocurrencies. If you’re new to cryptocurrencies, it can be hard to know where to start. Coinbase is one of the leading cryptocurrency trading platforms, and its beginner-friendly features make it easy for novices to get started.
Gemini is a crypto-to-crypto exchange created and owned by the Winklevoss twins, Cameron and Tyler. Gemini is different from other exchanges because it’s based in New York (where securities laws are stricter) and registered under SEC as a licensed trader. Gemini supports 40 different coins, with banking options that include ACH and wire transfers. Security features include two-factor authentication, cold storage, and 2FA.
eToro is the largest and most successful social trading platform that has crypto brokers on its system. eToro is the first broker to offer a crypto/crypto pairing, allowing you to trade the most popular tokens against each other. eToro offers many tools for beginners to intermediate-level crypto traders, including in-depth technical and fundamental analysis guides. It also provides educational resources like webinars and podcasts, as well as support for its users 24/7 through chat, phone, and e-mail.
Kraken is a U.S.-based exchange that aims to cater to both novice and professional crypto investors. Kraken offers the platform to trade Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, as well as the ability to trade against 50 other currencies. It has various trading account options, ranging from $3,000 to $25,000. Additionally, it offers mobile apps for iOS and Android as well as an interface for desktops and computers
Crypto.com, formerly known as Monaco, is one of the longest-standing crypto companies in the world. As a cryptocurrency wallet provider, Crypto.com also enables crypto-to-crypto trading. According to the (audited) company’s 2018 yearly report, 74% of Crypto.com users traded cryptos on the platform, with 65% of those being conventional cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), and Litecoin (LTC).
Why use a Trading Platform?
Crypto trading is one of the most exciting and fast-growing industries of 2018. With new platforms designed to simplify your crypto experience, you can trade crypto for US dollars, euros, and other fiat currencies, as well as for digital goods like apps and gifts. The emergence of online trading has made it easier for both people and institutions to make profitable trades. A lot of online trading platforms exist, but relatively few are easy to use. There are various reasons why you should use trading platforms, but the most crucial one is the ability to control your investments using any device with an internet connection. When investing in the stock market, you have to ensure that your trading account is safe and secure.
Can I make money on a trading platform?
This is definitely not an easy question to answer, but yes, you can make some money on trading platforms, and most likely, you could make more money than you ever could offline. Trading platforms, also known as exchange trading, are online platforms where you can buy and sell any type of financial instrument. You can trade currencies, commodities, stocks, bonds, and other financial products, and all of these are exchanged through “orders” or “trades.”
Cryptocurrency trading platforms are as daunting as the stock market, so choosing the right one is noteworthy. Crypto is still the wild west, and investors need to be extremely careful. In fact, investors who understand the importance of choosing a reliable platform should run a legit check and a website security test.