The Complete Guide to Choosing Crypto Trading Platforms for Beginners

0
147
crypto trading platforms

Did you know that the global blockchain market will go up to $23.3 billion by 2023? For those who haven’t traded crypto before, this is a hot statistic to know.

Now is the time to get into cryptocurrency trading, but how can you get started? It begins with picking a trading platform to use.

Keep reading to learn considerations to make when choosing crypto trading platforms.

Focus on Security Features

When choosing crypto trading platforms, security should be at the top of your mind. You should always pick a program that offers two-factor authentication.

Two-factor authentication, or 2FA, is a level of security accepted by modern standards. If you prefer a certain platform that lacks two-factor authentication, reevaluate your choice.

Check what other security features a platform offers before making a final decision.

Learn About the Fees

Trading with cryptocurrencies likely won’t come free. Almost every trading platform will charge a small fee for the trades you make. The fees are not standard across every platform.

The fees you come across might be charged on a percentage-per-trade basis. This means that a regular buyer and trader will acquire high costs over time.

Keep in mind that there are also trading platform options that charge a withdrawal fee. Compare multiple platforms and find one that fits your budget.

Research Trading Platform Reputation

Reputation is a crucial factor when choosing crypto trading platforms because you can find out if a service lives up to its claims.

For example, a platform might advertise as a safe crypto trading platform but its clients say otherwise.

Because cryptocurrency trading is still relatively new, there are a lot of scammers out there looking to take your money. Use Google Reviews and other review sites to learn about reputation via real clients.

Check the User-Friendliness

User-friendliness is especially important for beginners looking into crypto trading platforms. If you can, opt for a free trial to learn how user-friendly a platform is.

An easy-to-use interface will make it simple for you to perform trades. If you know someone who is into crypto, ask them where they got started.

Discover What Cryptocurrencies Are Offered

Most cryptocurrency trading platforms have the top cryptocurrencies available for trading. It’s easy to find platforms that offer Bitcoin, Ethereum, and Tether.

However, if you want to buy quant or other alt currencies, you’ll need to look for a trading platform that specifically offers them.

Learn About Insurance Funds

The best crypto trading platforms offer insurance funds. This is a form of protection for investors under certain conditions.

As a beginner, this is especially important to consider. Once you learn what is protected in the trading market, it’s easier to perform trades. Choose an exchange that protects your investment up to a certain amount.

Tips on Choosing Crypto Trading Platforms

Making crypto investments is a huge financial decision. To ensure you are protected and have the ability to make huge profits, you need to pick the right trading platform.

By understanding these tips on choosing crypto trading platforms, you’ll have everything you need to make a knowledgeable decision.

For more helpful tricks like this, check out the other articles on our website.