How to select a reliable trading platform to invest in cryptocurrencies and security tokens
Cryptocurrencies are the future of finance, so if you are ready to invest and leap into crypto, you need to choose a reliable trading platform first. You can also attract a broker to work with. Some brokers provide a social trading platform where you can operate, whereas other brokers offer you an opportunity to make your transactions in a broader selection of altcoins. So, we recommend identifying the kind of broker and choosing the most efficient trading platform to fulfill all your needs and requirements with cryptocurrency. Let’s observe the best trading platforms in the present day, and after that, we will specify the most common features for a trading platform that you need to know to invest in cryptocurrencies and security tokens.
Top 5 trading platforms
There are several exchange offices where you can trade cryptocurrency worldwide, and only ten countries have more than 50 cashpoints. If you are an experienced user, you know that cryptocurrency is not something you can buy at any place or from your regular currency exchange office. You will need an online platform where you can buy and sell. We have prepared for you the five best trading platforms to operate with:
It is the leading cryptocurrency exchange with:
- $2 billion daily volume;
- 1,400,000 transactions per second;
- 24/7 support;
- It’s striving to increase the freedom of money globally;
- About 200 cryptocurrencies traded;
- Secure asset fund for users.
It was founded in 2017 with a strong focus on altcoin trading and offered more than 100 various trading pairs between different types of cryptocurrencies. Binance offers future trading, margin trading as well as interest-earning savings accounts. The platform has a fee of 0.1% on the transactions. Also, they offer a credit card service to buy and sell cryptocurrency. This platform follows the rules and requirements of a unique system which is called SAFU (Secure Asset Fund for Users). Therefore, users have additional insurance in case the funds are stolen. Binance dominates the global exchange space, creating a significant portion of crypto trading volume daily. It is an excellent place for people who would like to trade or invest in lesser-known altcoins.
INX cryptocurrency trading platform
- Fast transactions;
- Professional customer support;
- Strong reputation;
- Available worldwide;
- World-class safety;
- Broad crypto trading offering.
INX cryptocurrency trading platform is your bridge into the world of crypto. It is a licensed platform to trade cryptocurrencies and digital securities. It provides the corresponding access to real-time market data or develops secure programmatic trading bots. Moreover, the platform performs its own broker-dealer and alternative trading system licenses as well as its own money transmitter license in different parts of the US.
- High level of security;
- Open-source code;
- Accessible in the US;
- No ID required.
Bisq is a trading platform where you buy and sell bitcoin privately and securely with open-source desktop software and without registration. So, you can start trading in minutes without approval from a central authority. Bisq does not hold your funds as well, as the data is always stored on-disk locally, and it is never sent to a central server.
- Easy to control;
- Best for beginners;
- About 30 million users all over the world;
- Accept debit and credit cards;
- Wire transfer.
Coinbase is a great platform for online Bitcoin change. It has an intuitive design, it is easy to use, so many beginners prefer this platform to exchange digital currency. Also, it is an essential platform for those who want to make a deposit or withdrawal. However, if you have compared the transaction fees with other platforms, you will definitely notice that it is somewhat higher. On average, the fees are about 0.5% premium, after which you need to pay a small fee depending on the amount that a person would like to trade.
- It is easy to choose between web and mobile platforms;
- It operates since 2007;
- The platform is used both for crypto and forex;
- Operates with more than 94 cryptocurrency pairs.
If you work with forex and crypto, eToro should be the best option for all other platforms.
Factors to consider an ideal trading platform:
As we mentioned above, in order to choose an ideal trading platform, you need to test differently, considering the pros and cons of each. However, we have gathered some common factors which you need to concentrate on:
Security is the first significant factor that users need to consider. When we work with crypto, we do not need to pay attention to the attractive app or high-quality graphics because it is necessary to consider the big names that have proved to have secure systems.
Laws and regulations
We recommend you find a platform that is compliant with the law in your country of residence. For example, traders from the US prefer such a platform as Gemini because it is based in the United States.
Availability of crypto
If you work with such coins as SushiSwap, Dogecoin, BakeryToken, or any other less popular, you need to be very careful with the platform you choose because not each of them operates with such coins. So, we recommend you double-check whether a particular platform supports the currency you wish to trade.
The most common payment methods for most of the trading platforms are:
- Debit cards;
- Credit cards;
- Wire transfers;
So, you need to check the available payment method before setting up a specific trading platform.
We have discussed the most popular platforms, and you know what cryptocurrency exchange platform is used for. However, it is still a good idea to test different platforms to know what is better for you as a potential user. According to the majority, the opinions vary from one user to another; however, we have defined Binance and Coinbase as the most popular platforms. In addition, before choosing a trading platform, check whether it has all the necessary functions and double-check the available currency to operate with.