Did you know that the market capitalization for the crypto market has reached over $2.5 trillion? Without a doubt, more people start crypto trading every day since it has proven to be a profitable market. But, with so many crypto trading platforms out there, it can be difficult to choose the right one.
Would you like to know what to look for when searching among the top crypto trading platforms? If so, we encourage you to keep reading since we’ll tell you some important features to consider in today’s post.
Be Extra Careful
Unfortunately, due to the popularity of buying cryptocurrencies, there are many trading platforms that are, in reality, scams or frauds.
For example, some of them may try to sell you cheap BTC (Bitcoin), but you never receive your Bitcoin once you complete the transaction. Additionally, they may only want your personal information, so they pose a legit trading platform and then steal your personal data after you sign up.
So, be sure to find one that has a physical headquarters that you can verify it’s real. Also, you should search the trading platform on the internet and see what other traders are saying about it.
If the exchange has its own coin, make sure they have a reputable blockchain developer. An exchange coin typically serves as the backbone of the exchange. This means if an exchange’s coin is compromised it could lead to major losses for both the exchange and it’s users.
Cryptocurrencies Available to Buy
As a top-notch crypto trader, you’ll want to trade with several different crypto coins, so finding a platform that has plenty to choose from is a must.
For example, some trading platforms offer as little as ten cryptocurrencies, limiting your trade ability. Additionally, you’ll want to make sure that the platform has the following popular cryptocurrencies:
- BTC (Bitcoin)
- ETH (Ethereum)
- MATIC (Polygon)
- XLM (Stellar Lumens)
- DOT (Polkadot)
Of course, you should also look for one that offers less popular coins. For example, check if you can buy Axie Infinity as it’s an up-and-coming currency that has gained lots of investors.
Hidden Transaction Fees
Nothing is worse than gaining a considerable profit only to see it get cut in half due to pesky transaction fees.
For example, some trading platforms charge you a little extra to transfer your funds to a wallet, which means they’ll take a piece of your hard-earned profits. Besides, some platforms like to charge a fee for depositing money, so be extra wary that these hidden fees don’t eat a chuck out of your investments.
As with most technological things, trading platforms are prone to be attacked by hackers. But, of course, what’s worse is that they can steal all of your bank information, which means you can lose all of your money.
So, be sure to choose one with several security measures like two-factor authentication to prevent your information from being stolen.
Which Top Crypto Trading Platforms Will You Pick?
Hopefully, with this thorough guide, you’ll know which of the many top crypto trading platforms to choose from. But, of course, take your time as you search since it’s an important decision to make since it’s about your future financial well-being. And once you choose the right one, be sure to get started since cryptocurrency is the future of finance!
Would you like to continue to master the art of crypto trading? If so, be sure to take a look at our other crypto-related topics!