Are you planning to develop a digital asset portfolio? Cryptocurrency investment indeed has a bright future but starting one could be a daunting task for beginners. Crypto exchanges or bitcoin trading sites are where you can begin everything, and we’d come with the list below.
However, you need to know how to start crypto trading before choosing a cryptocurrency trading platform.
Investing in Cryptocurrency
Crypto investment works similarly with stock investment, but digital currencies have extremely volatile markets. Parties can carry out most crypto investments on a cryptocurrency exchange platform or trading platforms, also known as a brokerage platform. You can sign up for an exchange account and make a deposit. Traders can buy digital currencies with their deposits then sell them for gains that banks to your exchange balances.
You can then either withdraw them to a digital wallet for holdings, trade them for other crypto or fiat currencies, or spend them on goods and services.
Crypto trading platforms may provide services differently in each country depending on the financial law and regulations. The service availability may vary for each country even though investors use the same trading platform, and so are the payment options. It’s the trader’s responsibility to choose a suitable cryptocurrency trading platform or exchange for their cryptocurrency investment.
Best Crypto Trading Platforms
It’s a challenging yet honored task to list down the best bitcoin trading platform online. The rating of these exchanges and trading platforms below follows their performance, popularity, features, and other indicators. The list below could be your quick reference if you want to start investing in cryptocurrency.
The newsmaker crypto trading platform Robinhood is the best pal of retail traders and well-known for its no-fee trading. The rise of Dogecoin following the migration of stock owners to crypto due to the epic battle between Wall Street elites vs. WallStreetBets retail investors has raised Robinhood Crypto’s name. Anyone can start trading Robinhood and pay no commissions for trades they’ve placed.
However, you should be aware of the Robinhood Crypto routine practice that cuts out your profits through PFOF.
At this point, Robinhood is less accountable for the actual all-in costs per trade. While, indeed, you pay no fees for your transactions, you don’t know the actual trade costs as you have little information about the pricing structure. However, Robinhood has been the major attraction for beginner traders during the pandemic.
Know Little bit About Cryptocurrency Investment – Allocation & Diversification.
eToro is the famous yet innovative trading platform that has pioneered copy trading, a breakthrough in the modern trading world. eToro is currently serving almost 10 million users from more than 150 countries around the world. With copy trading in eToro, you can copy expert traders’ trades and gain what they gain proportionally. It supports extensive crypto trading pairs that flex crypto-crypto and crypto-fiat trading experience.
eToro only charges conversion with small fees(based on the market rate ) but keeps crypto sending and receiving free of charge. The withdrawal fees and limits are subject to the cryptocurrency you’re trading. Despite being innovative and user-friendly, eToro offers a competitive crypto trading experience. Above all, eToro has a respective trading environment within the platform that welcomes traders of all levels.
Coinbase could have been the most familiar crypto exchange platform. It offers an instant process for cryptocurrency exchanges. Despite Bitcoin, Coinbase also supports various digital currencies and altcoins. Coinbase also has its wallet service with a low transaction fee. It could be a practical yet convenient way to hold crypto assets with Coinbase Wallet. Coinbase charges a low commission fee for bitcoin purchases with a linked bank account(ACH).
With a proper establishment in various countries and an easy-to-use interface, Coinbase has become a significant attraction for new traders. On the other hand, Coinbase offers high liquidity that allows you to manage crypto assets more conveniently. However, Coinbase may not be the best option for traders who’re looking for privacy as the platform tracks how you spend the digital currencies.
On the other hand, Coinbase has a more limited payment option, but you can certainly enjoy their debit card instant buy feature.
Kraken is another popular exchange and trading platform that supports extensive options of popular currencies. It’s a web-based crypto trading platform that uses a maker & taker fee system. Your positions as a taker or a maker would determine the fees you’d pay as well as your trading volume within a month. Kraken is generally more competitive for its fee schedule. It’s even more affordable than Coinbase and other comparable trading platforms.
With comprehensive trading coverage, traders of all levels can diversify their crypto portfolios in a streamlined manner. Despite Bitcoin, some trending digital currencies like Dash, Monero, and Ripple are available on Kraken. It’s how to buy ripple instantly from an exchange. The only downside is that Kraken doesn’t have a mobile app version yet. However, the web platform comes with an excellent user interface that supports better trading accessibility.
Gemini is an exclusive exchange with selected digital assets for trading, but it’s also the most expensive crypto trading platform. Indeed, Gemini charges multiple times what platforms mentioned above would charge. A crypto transaction could be costly with Gemini but for powerful reasons. Gemini has a very reliable security performance, and all USD ensures all accounts on the platform. Gemini also comes with a user-friendly interface that every trader can use easily.
Despite the high fees, you may also consider other factors. As a consequence of high-security protocols, Gemini requires more personal information from its users. You may not find complete options of cryptocurrencies on the platform. Gemini is perfect for traders that need high-performance yet secure trading platforms but don’t mind high fees and privacy.
Another recommended Cryptocurrency trading platform is Alphagaglobal Investment. The award-winning platform offers various trading and investment options for both beginners, mid-level and expert investors looking to make a profit. When you visit the trading and investment site, create your account with very little requirement for personal information, which makes trading anonymously very easy.
Those are our top 5 best cryptocurrency trading platforms you may consider to start trading digital currencies. You may select the one that suits your needs and preferences the most. Good luck!