Cryptocurrency

How to Choose a Crypto Trading Platform

Cryptocurrency has spread its wings worldwide, leading to a fast adoption rate by individuals and businesses globally. According to reports, over 300 million people use cryptocurrency. In addition, the commercial world is also joining the crypto market as over 18,000 businesses now accept crypto as payment. 

The figures above show that digital assets will be part of our daily lives in the future. Moreover, because of the decentralised nature of crypto, it is easy for cryptocurrency investors to trade their coins with other traders. 

However, you need a platform that allows you to make transactions seamlessly. Like the stock exchange markets, these platforms are also known as crypto trading or cryptocurrency exchange platforms. 

What is a crypto trading platform?

A crypto trading platform or exchange is a platform that promotes the buying and selling of cryptocurrencies in exchange for other crypto assets and even local currencies. Consequently, the trading platform acts as an intermediary between both traders. However, they are entitled to commissions, trading fees and withdrawal fees.

Types of trading platforms

There are two types of crypto trading platforms: centralised and decentralised.

A centralised trading platform acts as a third party between buyers and sellers. In addition, these platforms are owned and managed by an organisation. Furthermore, they are more organised and less risky because the platforms focus on security.

Centralised platforms are much more popular than decentralised platforms, and over 90% of traders run their transactions on them because they are more stable.

On the other hand, a decentralised exchange is less organised and much riskier. The platform allows anyone to verify transactions, increasing transparency because it is locally handled on the blockchain.  

Traders can engage in peer-to-peer transactions on the decentralised platform without the help of a third party. While this may be a good thing, the lack of restrictions makes the platform less secure. It is also important to note that it does not allow crypto to fiat transactions. 

What to look out for when choosing a crypto trading platform

Security

As the adoption of crypto grows, more investors are at risk of losing their funds to hackers and other fraudulent actors. Therefore, you need to pick a less risky and customer-focused trading platform. 

You can also spread your investments across different platforms to avoid losing them at once. For example, one trading platform that focuses on security is Billium. The Dubai market regulators licence Billium; therefore, you are safe from irregularities and hostile actors.

In addition, the platform works with a high level of customer-service-driven privacy. So you do not have to worry about regulatory scrutiny and asset seizure.

You should also know that Billium prioritises your safety compared to other platforms. Therefore, when the platform senses a suspicious transaction through testing, your money returns to your wallet instead of being withheld by the platform.

Availability of Coins

You do not want to trade on a crypto platform with a limited supply of cryptocurrencies. Consequently, if you are highly enthusiastic about cryptocurrency, look out for trading platforms that have an unlimited collection of digital assets that you can access.

Copy Trading Functions

With cryptocurrency having new investors daily, platforms are also trying to make trading much more effortless. However, not everyone understands how to make a profit in the crypto market; hence there is a need for guidance. 

One crypto trading platform that allows newbies to make the best investment choice is Billium. Billium enables new investors to follow the steps of professional traders with a track record of trading success. 

Furthermore, these professionals are chosen based on how much they have made through their investments so that new investors can avoid copying unprofitable deals.

Top Two Crypto Exchanges

Coinbase

This is one of the biggest crypto exchanges in the world. The platform is among the few that allow you to invest directly with US Dollars. Furthermore, Coinbase has an ample supply of cryptocurrencies, making it possible for you to transact with Bitcoin and over 40 digital assets.

Coinbase allows you to earn interest and rewards when participating in different activities. Lastly, signing up on the platform automatically gives you a $5 BTC bonus after your first trade.

Billium

Billium is a fast-growing, Dubai-based cryptocurrency exchange that trades some of the more popular cryptos, including Bitcoin, Ethereum and Tether. Besides its unique copy trading features, Billium stands out as one of the most innovative trading platforms, especially for new users.

As a Billium trader, you can benefit from the liquidity aggregator. This function gathers data from other crypto exchanges and uses the information to make transactions that would bring the highest returns without the risk of slippage. 

Other advantages include a friendly interface, scalp-trading, high-frequency trading, an advanced API for trading robots, reliable order execution, and a highly liquid order book. Additionally, traders can enjoy both spot and margin trading. Margin trade allows users to bargain with borrowed funds and multiply profits.

Conclusion

If you were confused about what crypto trading platform to invest with, this article has shown you the types and functions of a crypto exchange and what to look out for when choosing one for your investment.  

While there are many outstanding crypto trading platforms, you should sign up with the best platform that would allow you to make the best profit when you trade and invest without you being an expert.

Angela Scott-Briggs

Editor, TechBullion.com | Interested in Innovations in Business, Finance, and Technology .

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Angela Scott-Briggs

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