Cryptocurrency has become something of a buzzword in recent years, with everyone from seasoned investors to complete novices looking to get their hands on a slice of the pie in a bid to grow their fortunes. Back in 2009, Bitcoin made numerous millionaires globally, virtually overnight, when early adopters – who had seen an opportunity in this new innovation – were rewarded handsomely for their intelligent thinking. And since then, we’ve seen various other crypto offerings enter the market and begin to attract attention – putting cryptocurrencies at centre stage when it comes to some of the best global investment opportunities today.
If you’re new to the world of crypto trading then you might be considering dipping your toe into the water – but simply wanting to trade is not enough to see success. To get off to a solid start, you’ll need to choose the right platform through which to conduct your trading and investments – but with such a vast number available to choose from today, the options can feel overwhelming.
Making the right call could make or break your crypto trading strategy, so knowing what to look for in a platform is essential. Here, we take a look at how to separate the wheat from the chaff to ensure your efforts get off to a flying start.
What makes a good exchange platform?
There are many different factors to consider when choosing the right exchange platform for you – the first of which being the lowest possible fees. The less you spend on fees, the higher your profit output – so be sure not to overlook this in haste when starting out on your journey.
Coin selections are also worth your consideration. An exchange with multiple coins will give you various different choices – and a good exchange will have numerous altcoins in which you can trade to offer maximum versatility.
Transaction speeds are important, as those that fail to complete in a timely manner could end up costing you some of your profits – or worse, making you a loss. And excellent customer care is essential to ensure that you enjoy a smooth and seamless process from registration through to withdrawal.
As no one likes to lose money, a good exchange must also be secure, so look for one that has maximum measures in place to keep you and your data safe from cyber criminals.
Coinbase is one of the best trading platforms available today, and is especially tailored to those who wish to trade Bitcoin. The Bitcoin Rush trading review rated it one of the best, thanks to its easy-to-use interface, various payment systems and ease of withdrawal. Offering high liquidity, it also helps investors to make good trades. On the downside, Coinbase customer care can be slow, and their transaction fee can be on the high side, but all in all, it’s an excellent exchange platform to use nonetheless.
Binance is an exchange that has been gaining increasing popularity in recent times. Perfect for both new and experienced users, it features a mobile app for easy trading anytime, anywhere. Binance has many coins listed, making it a good exchange for versatile and flexible trading with a low fee of just 0.1%. One of the most secure platforms thanks to its two-factor authentication, it’s a top pick that ticks all the right boxes.
If you’re looking to trade with added confidence, then Bittrex could well be a good choice. Operated by security experts, it’s one of the most secure exchanges out there, and has never suffered a breach to date. Offering the best insurance for your money and with only a 0.25% trading fee, it’s an attractive prospect in many ways – but be aware that it does only allow deposits and withdrawals via wire transfer, which can be inconvenient for some people, and that some of its features are not available to everyone worldwide.
A platform for trading a decentralised system in which comprises servers almost worldwide, some fear that Bisq could be more susceptible to attack than others, and is another exchange that only accepts wire transfers as a means of payment. This is, however, a platform where you can trade without a KYC and so protect your anonymity – although the fees can be a little on the high side.
Kraken is easy to open as it is available worldwide, and is best known for its fantastic customer service. Offering quick withdrawals to easily access your money, trading fees vary from 0 to 0.36%. It has a low coin listing as compared to other platforms, but if you’re fed up with long wait times to resolve your online issues and want a fast and efficient service, then Kraken is a great choice.
The bottom line
With such a plethora of cryptocurrency exchanges to choose from, finding the best one for your needs can feel tricky. Each comes with its own set of strengths and weaknesses, so it’s all about determining what’s most important to you when making your selection.
With the right exchange platform, trading can be an enjoyable and potentially lucrative experience, and with demand for Bitcoin and other cryptocurrencies growing by the day, now could be the perfect time to start.
Disclaimer: Investing money carries risk, do so at your own risk and we advise people to never invest more money than they can afford to lose and to seek professional advice before doing so.