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How to choose a trading platform for crypto: exploring your best options
Today, cryptocurrency is steadily conquering the trading world. Crypto traders use its volatility to make fast profits and successfully multiply their deposits. But there are still many newbies who are still not sure where to trade cryptocurrency. In this article, we will help you choose the best and reliable trading platform for crypto and reveal what you should pay attention to in the first place.
Pros and cons of crypto exchanges
Financial markets could not ignore the emergence of a new effective trading tool, and in response, specialized cryptocurrency exchanges appeared. These are trading platforms, which exchange one crypto for another, as well as exchange cryptocurrencies for real currencies of different countries.
Cryptocurrency exchanges provide transparent data on all transactions, a wide range of cryptocurrencies, and a possibility to influence and manipulate the market. Simply put, you have access to all necessary data and easy access to trading.
However, there is no regulatory system, which has certain risks associated with the complete loss of a deposit (keep in mind: they do not provide any insurance!). Also, despite the fact that exchanges are designed specifically for cryptocurrencies, trading on them has some pitfalls. Unfortunately, many of them have problems with withdrawal, and some of them allow to deposit or withdraw only crypto, not real money.
In addition, there are the following significant disadvantages:
- low or no leverage;
- risk of hacker attacks;
- difficulties in executing large trades due to low liquidity;
- limitations on the deposit, strict verification requirements.
These disadvantages significantly cool the ardor of traders. However, in addition to exchanges, there is another marketplace where it is even better to trade cryptocurrency: FBS Trader and FBS Personal Area.
What are the options?
Today, crypto trading services are offered by many specialized exchanges, so every trader wonders which one to use. Here are the most famous trading platforms:
- Binance offers some of the best trading conditions. Whether you are a beginner or an experienced trader looking to trade cryptocurrency, this is one of the easiest and cheapest ways to do so.
- Coinbase is the #1 exchange in the U.S. and one of the largest cryptocurrency exchanges in the world, secure and accessible in many countries.
- Kraken is one of the first and safest bitcoin and other coin trading platforms.
- FTX is one of the best modern cryptocurrency exchanges with its own FTT coin.
- KuCoin is a top exchange with low commissions and a wide range of cryptocurrencies and its own coin KCS.
This list could go on for a long time, but let's take a closer look at the alternative.
Forex brokers quickly realized that they could offer cryptocurrency trading and added this tool to their trading platform, offering higher leverage and lower commissions.
When deciding on what to choose, keep in mind the advantages of trading crypto with brokers, such as FBS:
- no need to open a new account if you have an account with a broker;
- familiar Meta Trader platform, which is also usually more functional than the platform offered by exchanges;
- easier process of making large trades.
FBS Trader and FBS Personal Area (Meta Trader 5) platforms provide the best crypto trading experience with low spreads, fixed leverage, and easy deposits and withdrawals. Here you can trade crypto using all customer benefits and bonus programs.
Last week was full of surprises! Stock indices have shown significant growth…
The US dollar is heading to close the seventh day in the red as it remains under selling pressure. The US data at 15:30 GMT+3 (jobless claims and Philly Fed Manufacturing Index) may support the greenback if it's strong.
S&P 500 and Nasdaq are still near all-time highs, supported by robust corporate earnings. Gold keeps moving inside the ascending channel.
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