Crypto Trading Platform Features You Need to Check to Trade Effectively
More than a thousand cryptocurrency trading platforms are offering leveraged trading services. However, the differences between the individual providers are sometimes really significant. Different cryptocurrency trading platforms also offer completely different options and functions. Some are made for professional and private traders; others make fast exchanges possible. Traders can demonstrate their years of experience by allowing other traders to adopt these trading strategies and take a share of any profits made.
How to choose a suitable trading platform has become an important question that every trader thinks about before joining the cryptocurrency market. We will focus on crypto trading platforms features you need to check to trade effectively and some tips on choosing your ideal platform.
There are various factors that come into play when evaluating a platform: how long the companies have been in business, whether the platform has comprehensive features, offers simple operation, and supports PCs and apps. In addition, transaction fees, service responsiveness, reviews, and reputation are equally important when choosing a platform.
To get started in the best conditions, you will have to make sure you respect a certain number of parameters. Here are a few tips that will help you optimize your crypto trading when you are just starting out.
1. Using a secure cryptocurrency platform
This is the basis for any investment product. The choice of a secure platform is the central element before launching. There are several aspects to securing the platform.
First, it is essential to learn about the protocols for securing customer data. Such protocols must keep your personal information and the funds available on the account extremely secure.
Second, it is also important to register on platforms that a national financial agency regulates. This will ensure an additional level of protection for your assets.
2. The number of assets available on the platform
At this point, it is crucial to focus on two areas:
- The number of crypto projects available on the platform;
- The number of assets available on the platform (all the asset classes).
Second, it is also important to register on platforms that a national financial agency regulates. But it is also important to select a platform that offers other products such as stocks, stock indices, or commodities.
This second point will indeed allow the investor to set up a real diversification strategy for his portfolio. Some online platforms also offer the possibility to invest in bonds.
3. Consider platform fees
Making profit by using a broker depends on two parameters
- The evolution of the products price on which you invest;
- The fees charged by the platform used.
It is therefore essential to focus on the fees charged. These fees can be of several kinds: deposit and withdrawal fees, conversion fees, or spreads and commissions. Always keep in mind that a stock market appreciation results from your capacity to identify the most interesting assets and collaborate with a broker who charges the most negligible fees possible.
4. Read user reviews
In the era of the Internet, no one can stay off the radar. There is no substitute for user experience. For this, specialized forums or review platforms like Trustpilot are tools to use. They will allow you to form an opinion about a broker or a service based on the opinions of thousands of users. These platforms can quickly help detect a specific problem (customer service is not reachable, it’s difficult to withdraw funds, hidden fees or unclear terms of the platform use, etc.)
If you know people who use a platform, don’t hesitate to ask them about it. Feedback from the field will always be interesting to take into account when choosing a broker.
5. The features available on the platform
This is also an essential parameter. Those who wish to trade via some special big platform will obviously have to use a compatible broker. Also, if you want to learn about social trading, not all platforms offer this feature.
The prospect of using a demo account can also be a deciding factor in choosing the most suitable broker for your trading practice. On this point, we advise you to focus on platforms that do not limit the use of such an account in time. Indeed, brokers offering a demo account sometimes limit its access to a period of 30 days after the registration date.
6. Choosing a platform you’re comfortable with
If it is important to focus on objective criteria such as the security of the solution or the fees charged, other parameters can also play a role in the decision. For example, we think about the ergonomics of the platform or the tools’ ease of use.
Choosing a platform that you feel comfortable with requires testing several platforms. Platforms that can often be browsed using a demo account. This kind of account is both very interesting to test the features of each platform and allow you to test your own trading strategies. When you open an account on some platforms, the demo account is accessible on an unlimited basis, unlike other brokers who allow access for 30 days.
In this article, we have tried to give an opinion based on objective parameters. While these parameters can easily be listed (security, number of available assets, platform fees), they should not be the only elements to consider when choosing your online broker or exchange. For those who want to invest and diversify their portfolio, the broker solution will be more appropriate than the different exchanges.
The INX crypto trading platform offers a very suitable solution to get started in cryptocurrency trading. Especially if you are a beginner in trading who needs simple tools and a clear platform, it offers you a demo account, cryptos, and analysis tools that are both simple and easy to use – everything you need to familiarize yourself with the crypto-trading world.
When choosing one of the best trading platforms, remember that it must always be oriented towards your goals.