How to choose the best platform for crypto currencies
The idea of digital money that is not dependent on a central bank and can’t be artificially inflated in order to smoothen out the business cycle had grown in popularity in recent years and that can be seen in the price of crypto currencies. Not only mining crypto currencies had become popular, but also trading them, as the mining process became more difficult.
What should a crypto currency trading platform have?
If you want to trade online crypto currencies, there are some key aspects you should watch for before choosing a crypto currency trading broker. You want trading crypto currency to be fast, smooth and precise. In order to have those things, you need to carefully choose a broker that offers the best services.
Tip #1 Open a demo account first. Don’t jump in and open directly a live account. Demo accounts are available so you can see what the broker is capable. Open a demo account first and if you are satisfied, go ahead and open a live account.
Tip #2 Liquidity Provider. One key aspect beginning traders don’t pay attention to is the liquidity provider that works with the broker. You can find more about this detail by contacting a representative from the brokerage company, but more easily you need to look for the following: highly accurate quotes, instant order execution and no requotes. Even though you picked up a broker, always check the quotes at another broker as well. Even though the price might vary due to different liquidity provider, you need to make sure, the quotes are real and the broker has only good intentions. You can also find reviews online about all the brokerage companies, including the trade.com online platform. See what feedback you can find in order to have a big picture of the broker’s activity.
Tip#3 Regulation. An unregulated broker should be avoided since there is a huge conflict of interest in the trading industry. Make sure the broker you are going to pick is regulated by at least one public agency.
As a final reminder, don’t forget that trading is not easy and you need to study and put in the effort if you want it to be profitable. Avoid making the mistakes the beginners make in order to accelerate your learning curve and become a professional trader. With hard work and persistence, you will certainly manage to master the market.
Risk Warning and Disclaimer
No information or opinion contained on this site should be taken as a solicitation or offer to buy or sell any currency, equity or other financial instruments or services. Past performance is no indication or guarantee of future performance.
First published: 20 January 2018, 12:09 IST