Choosing the Right Trading Platform

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Crypto Trading Platforms:

There are different types of crypto trading platforms that can help you gain a better grasp on how Cryptocurrency trading works. As a newbie in the world of Cryptocurrencies, it's important for you to ask a few questions about the different available platforms out there. In fact, many newbie traders out there are afraid to use a platform because they're not sure of how their money will be handled or if they have a handle on the actual concept of trading. Luckily, there are different types of platforms and it's important to know which one fits your needs the best.

Types Of Currencies Get Trade?

The first question you should ask about when looking for a Crypto trading platform is what are the types of currencies being traded? Basically, there are currently 5 main types of coins that can be traded on a Cryptocurrency exchange platform. These are LTC, Nucleo, DoCoE, Cryptopia, and Bitshares. It's important that you learn about the differences between these before you decide which one you'd like to use.

What Cryptocurrencies Supports Variety Of Currencies?

Another question to ask about a Cryptocurrency exchange is which one supports more than just a handful of currencies. For instance, if you only intend on having millions of users, it would be pointless to trade on a platform that supports hundreds of currencies. However, if you do plan on having millions of users and you want to have a good understanding of how your profits are calculated, then it would be a smart idea to select a Cryptocurrency exchange that supports a wide variety of currencies. Of course, this comes at a price, but in the long run, it'll be cheaper for you to go with a Cryptocurrency exchange that has both.

Potential Cryptocurrency Exchange:

The next question to ask yourself about a potential Cryptocurrency exchange is how user friendly the platform is. Some people are comfortable using web-based applications when they're working with their finances. However, if you're going to be investing a significant amount of time into buying and selling coins, then you need to ensure that your platform is easy to use. Otherwise, why would you bother using it?

Online Brokers:

One popular option that many people are choosing today is trading with online brokers. There are two different types of online brokers - the proprietary and full service. The main difference is that the proprietary type of broker requires you to provide them with information about your portfolio, and they keep a portion of the profits. On the other hand, full service Cryptocurrency exchanges will allow you to trade freely without the assistance of an outside party. However, you will lose some advantages by using these online brokers.

Cold Storage:

A final consideration to make is whether or not you should go with cold storage or not. Cold storage, also known as self-storage, was created to provide traders who don't want to deal with the hassle of having a trading platform in their homes with an option. By storing your profits in self-storage, you're taking the headache of dealing with commissions out of the equation. However, this isn't advisable for beginners because it's hard to predict when the market will return to a fair price. For instance, during the recent boom in the gold market, there were instances where physical gold investments didn't appreciate in value.

Determining Fees Before Choosing Right Crypto Platform:

Another aspect of choosing the right Cryptocurrency trading platform for your needs is to consider fees. This is where the pros and cons of a platform shine. With most free online brokers, a trader doesn't pay any fees until they actually start earning money on the exchange. On the flip side, when you choose to deal with a full service broker, a trader will have to pay various fees. These include transaction fees, account maintenance fees, and other miscellaneous fees that you typically won't need to worry about while you're trading. As long as you're aware of these fees, and how they may affect your bottom line, you can make a smart decision regarding which platform is the best choice for your needs.

High Rates Crypto Companies:

If you're still deciding between several platforms for your trading needs, perhaps it's time to take a good look at one of the two highest rated companies, EToro and Metatrader. These two companies provide traders with an average profit of over 8 percent and almost a half million users, which definitely make them the top picks. The low price that they charge is another reason to use them, and their stellar customer service, secure storage and high profit levels are just a few of the perks to using EToro or Metatrader.

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