4 things to know before choosing a crypto trading platform
Crypto trading is one of the hottest topics in finance as the market is skyrocketing at the moment. If you have just entered the crypto market, you’ll be thrilled to know that digital currencies have entered a new era where they are tracking well to take over the stock and bank market. If you are an individual trying to expand your portfolio and you’re not investing your money into crypto, then it’s high time you considered it as an option.
However, trading in crypto needs to be done carefully as there are a lot of potential scammers out there. On top of finding a crypto token by doing rigorous research, you should also choose a platform that allows you to trade easily. This article highlights four important things you need to know before you settle on a particular trading platform.
The first and most important thing you should consider before making your choice of crypto trading platform is to consider how much security it gives you. As you are going to trade through that specific platform and use their wallet to store money, you need a guarantee that your investment is not at risk. You should always go for an exchange that offers two-factor authentication and is as decentralized as possible. Another important factor you should consider heavily is whether or not the exchange is insured against third party security breaches such as system hackers.
When it comes to choosing an exchange, you should look into the price that it offers on different cryptocurrencies and the trading fee they charge. Some exchanges offer large discounts when trading from one currency to another. For example, you can easily convert AUD to Bitcoin with Coinspot at a minimum trading fee. Always go for a platform that is transparent about how much they are going to charge you for using their services.
Simplicity and ease of use
Another factor that plays a huge part in your decision is how user-friendly the platform is. If you are a beginner trader, you’ll have to learn a lot about crypto very quickly before you can begin. If the trading platform you choose is too complicated, you are going to have a lot of trouble learning the most basic elements. Go for a platform that has a good desktop and mobile application, so you can trade on the go on your smartphone.
Last but not least, as you are going to spend a considerable amount of money on your crypto trading, you’ll need to make sure that you go for a platform that offers you top notch customer service while providing a secure trading environment. Before you invest in crypto currency and land on your chosen platform, take a moment to test their customer service response time by engaging with one of their team members online.
Story by Harry Wilson, a senior digital marketing consultant at Globex Outreach. Writing is his part-time hobby because he gets to share his experience with the world. Professionally, he helps map out a flawless digital marketing plan for the clients at his firm.