How do you choose the right trading platform?

23 46
Avatar for Dots
Written by
3 years ago

Some things to consider before you choose the stock exchange you intend to trade in include security, liquidity, fees, and user experience. To choose the best crypto exchange platform for your needs, evaluate several factors.

To review and compare the best exchange platforms, follow this link.

This guide gives you some advice on choosing the best exchange platforms, but keep in mind that it's up to what you are looking for. Once you find a stock exchange that meets your basic requirements - such as the currency support or trading pairs you want, and any advanced service you need - check out these other aspects as well:

Safety:

If the exchange platform is unsafe your money can be stolen, and this leaves any other advantage offered by this platform without any real value. In this regard, see the following aspects.

Technology:

  • The web address of the exchange should start with HTTPS, not HTTP.

  • For login security, two-factor authentication (username and password) must be used, as well as a small portion of your personal information.

  • It must provide the ability to store customer deposits without an Internet connection, that is, "cold storage".

  • Provides auditing software that monitors exchange platform activity 24/7, and its use of SMS and email alerts gives customers additional security guarantees.

Legal aspects:

Exchange platforms are advised to be used in the same country in which you live, as this could facilitate compliance with regulatory changes in the country. However, other exchanges can also be used in other countries, but note that some exchanges only support a limited number of countries.

Transparency:

Does the stock exchange reveal the names of their owners and the team?

Transparent exchanges also publish their cold storage address, or help verify their reserves in other ways, such as publishing financial audit information.

However, remember not to hold more money on the exchange than you need to trade. Store the rest of your coins in portfolios that you can control (you can read more about wallets here).

Other things to consider when choosing the right stock exchange:

Liquidity:

The higher the trading volume, the more liquid the exchange, and this makes completing transactions quick and easy, without having to deal with many of the major price changes. Also, check if the exchange offers "guaranteed" prices, meaning that it guarantees you the exchange price at the time of the transaction even if the price does not stabilize after it.

Be aware that liquidity can be quite different for different trading pairs. It could be high for the bitcoin pair and the euro, for example, but low for bitcoin in front of the British pound.

Fee:

Compare all exchange fees, which are usually less than 1% per transaction and may decrease if your trade volume is greater.

User experience:

  • If you are interested in anonymity, you may not choose an exchange that requires you to disclose much of your personal information.

  • Is the user interface simple and easy to use on the desktop and mobile device?

  • What do other users say about the advantages and disadvantages of a specific platform, the support it provides and so on? Check out crypto community forums like Bitcoin Reddit or Bitcoin Forum.

Some of the stock exchanges are listed on the official website of Bitcoin Corporation (bitcoin.org).

Also, prices on different exchange platforms vary.

Keep in mind that Bitcoin and all of its infrastructure is still in the development stage and things may change quickly. New regulations may be introduced and new technologies or even new problems may arise. So keep up with the news and keep up with it, there is one way to know how to choose the best crypto exchange platform, which is to do your research, and good luck!

Thanks for reading🌹, I hope this article has been useful to you. If you liked the article, support me with your upvote, comment and subscribe. 🙂

16
$ 0.00
Avatar for Dots
Written by
3 years ago

Comments

I'll save this article.

$ 0.00
3 years ago

Thank you, I hope you'll find it useful

$ 0.00
3 years ago

Yes Ma'am it is very useful.

$ 0.00
3 years ago

👍🌹

$ 0.00
3 years ago

Beautifully written.

$ 0.00
3 years ago

Thank you, I hope you have benefited

$ 0.00
3 years ago

Absolutely did. Thanks

$ 0.00
3 years ago

I am glad your comments, thank you

$ 0.00
3 years ago

The web address of the exchange should start with HTTPS, not HTTP.

For login security, two-factor authentication (username and password) must be used, as well as a small portion of your personal information.

I agree perfectly with those two but It looks like both have been covered by most trading platforms. Nice article anyway

$ 0.00
3 years ago

Yes, thank you for your comment🌹

$ 0.00
3 years ago

Welcome. I just subscribed to you

$ 0.00
3 years ago

🧡

$ 0.00
3 years ago

Hope you would do same after reading my articles

$ 0.00
3 years ago

Yes, of course, I will wander through your articles

$ 0.00
3 years ago

Thanks

$ 0.00
3 years ago

🌹🧡

$ 0.00
3 years ago

This is a helpful piece to all new users and traders. I became aware of the liquidity concepts. Now i know how it works. Nice article

$ 0.00
3 years ago

Thanks, enjoy🙂

$ 0.00
3 years ago

I hope I can find as many as secure cyptowallets or even making my own cryptowallet so that I will be able to earn on my own account <3

$ 0.00
3 years ago

I wish you all the best of luck

$ 0.00
3 years ago