Many exchanges offer many different services. Some exchanges will focus their efforts on offering a robust storage solution while offering less advanced features such as algorithmic trading tools. Bitcoin trading platforms can seem intimidating at first, but they are fairly straightforward.
In this article, we will discuss what you must consider while choosing a bitcoin trading platform.
Let’s take a look at them.
Table of Contents
1. Fee
Most of the platforms have a pretty high fee, they can ignore a few percent, but they don’t want to lose customers. The most important thing is that the platforms with low fees are more likely to be reliable. I do my research on bitcoin best rates. The fee should not be too low or too high.
If you find a bitcoin trading platform with a normal fee, you need to choose it. If you don’t want to pay higher fees, you must choose the Bitcoin Profit app.
2. Trading volume
I suggest considering the trading volume and choosing the platform with the highest rate on this indicator. It’s really strange to consider some negative ratings about some services and continue using them according to their high trading volume and good reputation. This means that you are sure that the platform will not collapse suddenly, and your funds are safe.
3. Security
It’s really important to know if your money will be safe on a certain site or during the bitcoins’ transferring from one wallet to another. It is better to use a system with two-factor authentication, which provides maximum security of users’ accounts. Also, it would be good if there was an option to enable 2FA through SMS, for example.
If exchanges don’t have this option – I suggest using Google Authenticator instead of SMS verification. For instance, you can choose OKCoin, which works with Google Authentication and SMS codes (a phone number should be connected to a user account).
4. Reputation
The reputation of the bitcoin trading platform is an important thing to consider. If you are not experienced with it, several points need to be considered. Open forums are always a good place to find information about these topics because people leave reviews after using them. Searching can usually give you more results than just reading reviews on websites.
5. Insurance
Security is paramount for online funds, so you must ensure that the website through which you are purchasing your coins has adequate protection for your investments. As well as having state of the art security software, a good provider will also offer additional layers of insurance in case something unforeseen does happen to their site.
The Bottom Line
If you are looking for the best Bitcoin trading platform, it depends on your needs. Some would argue that an exchange is an exchange, but that’s not true. Each one has its pros and cons, whether it’s security features they offer or fee structures or how difficult they are to use etc. So it’s best to do your research and see which one fits your needs the most.
Read also: Four Different Ways To Adapt With The Crypto Market