How do you choose the right cryptocurrency trading platform for you?
I know you got confused in the last article, all platforms seem worthy to start trading with, but don’t worry I will focus shortly on some factors that will help you choose the best cryptocurrency trading platform for you and your specific circumstances.
These are the seven most important factors through which you will be able to choose the best and most suitable trading platform for you:
1. Safety
The most important and first thing that you should pay attention to is safety, you should always be careful and vigilant.
There are many fraud attempts taking place in the field of cryptocurrency trading in various ways.
So before you start trading on any platform, you must be 100% confident that it is safe, and you will easily see this through the confidence of other traders, especially experts, and in general always go towards the major trading platforms.
Insurance systems are also a very important feature of cryptocurrency trading platforms, it will be safe for you to deal with a platform that guarantees that you will compensate your money or part of it in the event of any problem of any kind.
2. Costs and commissions
The second factor on our list relates to the costs and commission that the platform takes on the services it provides to you as a trader, of course, choose according to this factor, but after you make sure of the security of the platform.
There are a lot of systems with cryptocurrency exchanges, they may be charged based on the value of your transfers or your activity on the platform, or they may have a fixed subscription or other systems.
In this case, you will be the only one who will be able to tell which of these platforms is the best for you and the most suitable for your needs and resources.
In any case, make sure that there are no hidden costs or commissions in the platform you are dealing with, your trading platform should be very transparent about this.
You may also consider the currency pairs that you can switch between, the higher cost may be offset by the availability of more cryptocurrencies available for exchange, so keep this in mind.
3. Payment and purchase system
The way you inject your money into the platforms varies from one to another, some platforms accept bank transfers and others accept transfers issued by PayPal or similar services.
Some platforms may accept payment using bank cards, and some platforms only allow payments with digital currencies.
Study the platforms on your list, and choose the one that will provide the right payment options for you and your circumstances.
4. Ease of use of the trading platform
Not all platforms are the same, although there are a lot of similarities between them, there are some that can be a little tricky, especially for beginners.
So try to get to know the user interface of the platforms well, and choose the most suitable for you according to your ability to deal with it.
The user experience of the platform and the ease of moving and making transfers will be very important factors in choosing the right cryptocurrency trading platform for you.
5. Good mobile trading platform app
Some people consider having an application for the platform available on their mobile phones so that they can trade anytime and anywhere.
The professionalism of the application and its characteristics are some of the common things that are looked at and evaluated.
6. Availability of digital currencies for trading
Availability or Liquidity is a very important factor because the platform you are using must always have cryptocurrencies in large quantities for the buying and selling processes to be quick.
In the simplest possible explanation; Availability is due to the quality of many users of the platform who are buying and selling heavily, which provides many digital currencies and buying and selling opportunities on that platform.
This will make it almost impossible to make you want to buy some cryptocurrency and find no seller, or vice versa to sell some of your cryptocurrency and find no buyer.
As a trader this is very important and vital to you, in times of high volatility you will need to trade as quickly as possible before prices change.
7. Customer service trading platform
Customer service is one of the big advantages of cryptocurrency exchanges, so try to take advantage of it as much as possible.
You will have a lot of questions, you may have some problems or face any difficulties while trading, and having someone help you and answer your questions and doubts in no time is very helpful.
Do a search around the internet for reviews of cryptocurrency exchanges, and try to choose one that has good and fast customer service.
Conclusion
Cryptocurrency trading platforms are a very large and important part of the trading process, which can sometimes affect your success and profits.
We made sure to provide you with a complete guide to help you get to know what trading platforms are, and the most popular platforms used around the world by experts and beginners alike.
We also talked about the most important criteria and factors for choosing the right platform for you, to help you if you are new to profit from cryptocurrency trading.
As you may have noticed, almost all platforms have their advantages and disadvantages, and you will never find one that is perfect and completely suitable for you.
Therefore, you must choose carefully, and choose the platform that has drawbacks that you can adapt to.
In the end, I hope that the article was interesting and useful to you and that it encourages you to enter or continue with it, I highly encourage you to ask us about anything that comes to your mind in the comments box below.
I would also be happy if you would share with us which cryptocurrency exchanges you are using or intend to use.
