The last couple of months have been undoubtedly one of the most exciting periods in the world of crypto trading. One pump followed the other and even quite a few new traders with little experience could make money relatively easy when joining uptrends early enough.
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After kind of a small break since the end of June, when most crypto markets went down more or less as sort of a natural price decline following the previous highs, the next upwards moves could come quickly again. In case the overall bull trend of the reserve currency Bitcoin should go on this summer, it’s likely that even more new active traders are going to join the game of crypto trading as well.
However, starting to trade isn’t that easy as it might sound. Firstly, a lot of theoretical knowledge is needed in advance such as the ability to technically analyse charts and develop a reasonable trading strategy before actually buying coins. Another important question is which platform to choose. There are quite a lot out there and you might have heard of one or the other, like Bitfinex, Poloniex or Bitmex, for instance. All platforms have different features, benefits and target groups.
This differs from complete trading beginners to experienced traders as well as from people with little amounts of Bitcoins compared to others with well filled wallets. BitcoinTradingSites is a comparison platform showing all broker features at a glance, you can directly compare 2 to 3 sites, such as Bitmex and Bitfinex in the given example.
There are platforms which are designed for professional traders with all advanced order types that are needed for any trading scenario, while others only offer the most basic order types like buy, sell and maybe stop-loss.
Some sites have especially high volume which is good for traders with big positions, so their orders are more likely to get filled quickly. Some sites only offer Bitcoin, others have a big altcoin portfolio and there is a range of trading platforms in between, which offer a couple of big altcoins next to BTC.
Another thing is the kind of deposits you can make. There is only a couple of Bitcoin trading sites which have fiat deposits enabled, by wire transfer or credit card. For that purpose the signup process is more complicated as you have to verify your identity. The latter is not needed on sites which only allow crypto deposits. In that case you have to own Bitcoin or other coins in advance, of course. You also have to keep in mind that wire transfers can take up to a couple of days, so you can’t start trading before the money arrives.
These are just a few examples of many differences where crypto trading sites differ from each other. Other differences are in fees, leverage, the availability of demo accounts and more. So it’s good to know in advance what features a platform should provide, in order to directly start with the best choice instead of missing certain features or jumping from one platform to another. However, most professional traders usually use at least 2 different brokers sites, simply for the purpose to manage the risk of one platform beeing hacked.
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