10 Best Cryptocurrency Brokers in August 2022 | CoinJournal
type of negotiation available
If you want to do a particular type of trading, this may narrow down the crypto brokers you can use. For example, if you want to buy and hold cryptocurrencies, you will need a platform that makes it easy to buy real cryptocurrencies. this is the case for most of the platforms on this page, although a couple of them only trade derivatives.
Futures trading can be done on some platforms that offer futures alongside real cryptocurrency trading. these include binance, kucoin, and okx. If you prefer to trade CFDs, you will need to choose a CFD platform such as Capital.com or Skilling.
Reading: Best bitcoin broker
If there are particular cryptocurrencies you want to trade or invest in, you’ll need to find out if the platform you’re considering using offers them. Binance and Kucoin have the largest selection of coins available, making them a great option for people looking to buy new or obscure coins. other platforms may have a smaller selection of coins but offer more desirable features or user experience, making them preferable for those who only want to buy the most popular cryptocurrencies.
You should be able to determine the selection of currencies available on each platform’s website. You may also want to find out what trading pairs are offered for the currencies you want. some platforms may only offer crypto-to-crypto trading pairs, while others may offer fiat-to-crypto pairs.
regulation and reputation
When making the leap into cryptocurrency trading, it is best to find a broker that has built a solid reputation for reliability over several years, such as etoro. Platforms with a large user base and many satisfied customers are probably best.
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Sending money to an unregulated broker can be risky, as they won’t necessarily have high security standards, and it’s unlikely you’ll have any recourse if you lose your money. therefore, the safest way to trade cryptocurrencies is to do so on a regulated brokerage platform that adheres to industry best security practices. you can check a platform’s website to find out which regulatory bodies, if any, they are governed by.
security and protection
If you are going to entrust your funds and personal information to a bitcoin broker, the least you should expect is that they keep them safe. Since crypto platforms contain a significant amount of valuable assets, they are an attractive target for hackers. therefore, you should look for a platform that secures your assets and stores them offline.
The most secure platforms will also protect your account and personal data through methods such as encryption, address whitelisting, and two-factor authentication. regulated platforms like the ones listed on this page are the most likely to take these security measures.
user experience and features
The best platform for user experience and features comes down to personal preference. A new investor just getting into cryptocurrencies may prefer a simple platform without all the bells and whistles that make buying crypto easy. An experienced trader, on the other hand, is probably already adept at navigating complex trading platforms and would prefer a broker with advanced tools and features.
If you want to do any type of technical analysis, you will need to choose a broker that provides indicators and charting tools. Other features you might want to check out include copy trading, recurring purchases, gambling, savings accounts, trading bots, and a mobile app.
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You don’t want to deal with hidden costs, so be sure to check the fine print to determine what fees you can expect to pay. Many cryptocurrency broker platforms use a spread between the bid and ask prices, and the size of the spread varies from platform to platform. You may also be charged a commission or merchant fee for each transaction you make.
Most platforms charge a fee for deposits or withdrawals, or both, and the amount of the fee may depend on the payment method you choose. other possible costs to consider include inactivity, account management, and nightly fees.
A cryptocurrency broker obviously needs to provide services in your country if you are going to be able to use it. the list of countries served by a platform should be available on its website. Certain types of trading, such as CFDs or futures, may be prohibited or restricted in some countries, which could affect what services a platform offers in which countries.
If there is a specific payment method you want to use, this may affect your choice of cryptocurrency broker. bank transfers and credit/debit cards are widely accepted, so they can be used on most platforms. other payment methods can also be used on some platforms. etoro, for example, accepts paypal, skrill, neteller, and trustly, among other methods, all of which can be used to make free deposits.
On some platforms, you’ll find that accepted payment methods vary between countries and may have different fees, so it might be worth looking into this before signing up.
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