Top Bitcoin Broker | the cryptocurrency trading is taking off in a big way, the Brokers below understand that Bitcoin offers amazing trading opportunities
How to Select the right Bitcoin Broker Platform for you?
A top Bitcoin Broker has always one aspect well sorted ot and that is the trading platform. Regardless of everything else, if this sucks there is really nothing to talk about.
So you have to select the right broker? this start with the right platform. Problem is that in order to even know this you need to know the platforms 😊 and this might not be as easy as it sounds. Like with most brokers in the forex the differences between the platforms are most in the nuances and smaller setting of what they offer, in the end MT4 is MT4 .
So it starts by you a a trader defining the feature that are the most important for you and go there by choice of elimination till you get to a batch of brokers that all have what you need and want. Then other aspects of the brokerage will define if this is a top Bitcoin Broker for you or not.
Why Trade Bitcoin at all ?
since Bitcoin is an digital currency which by nature make it anonymous. Most of all, the people that have Bitcoins do not share their entire life and details on the internet, this is also exactly the problem for the banks and the governments, they do not have enough data to go after the bank accounts of people filled with Bitcoin. So one of the things you need to check when you want to open an account where you can buy Bitcoin. Not where you trade them but where you Buy them is what kind of details do they want you to open your account, there should be some personal details required otherwise. Don’t open an account there, but it should also not be too much. For the trading account, this sis the same.
They in general need some docs in order to make sure you are not laundering money and that you are the right owner of the account., Even The largest and most Used top Bitcoin Broker trading platforms require an ID card with photo for withdrawals
My advice on this is to make sure that you have the account on your real name and real email, you in the end might have to connect it to your bank account of you want to take out profits or anything like that, so the more you want to play in the shadows how harder you make it on yourself to cash out.
Today pretty much every trading platform has a mobile application where you are able to trade or follow your trades. I myself like this less as I want to see more information than my little screen on the mobile is able to show me. But I know there are enough people that prefer the mobile trading of desktop. This is a very personal issue and you have to decide how important it is for you.
Here there are a few differences between the application thou. Native apps tend to be more intuitive and easier to use then the platforms that are ” mobile friendly”.
In the age of smartphones, most Bitcoin trading platforms already have an application for Android or iOS which enables customers to use the services on the go and man
age finances from anywhere at any time. If there is no app, the platforms are usually mobile friendly at
least. Or you can mostly use a general trading App such as MetaTrader to manage your trades at a certain Bitcoin Broker platform.
Which CryptoCoins and Trading Pairs are Offered!
This is where you have to decide which cryptocurrencies you want to trade
Bitcoin is the largest Cryptocurrency but by far not the only one . there are around a 1000 crypto currencies and more are coming every month. The last thing you want to do is trade on to many. Like regular forex trading you want to focus and become a solid and good trader on just those few currencies that you understand and are able to follow.
If you trade Bitcoin then most of the time this sis against the Us or the local currency like the EUR, GBP, RUB, etc. or it is against other crypto currencies like the litecoin, Dash, Ethereum, and Ripple.
The underlying software program behind Bitcoin is an open source program which means that anyone can create a new Altcoin on the market. Each altcoin could be a different version of the original Bitcoin with some other additional or alternative features but the biggest difference is mostly in the algorithm. The most important and popular altcoins include Ethereum, Ripple, Litecoin, Dash, Monero.
The offering of trading Cryptocurrencies becomes larger and more focused on severl instead of the entire 1000 options, Bitcoin remains for now THE Crypto currency to trade and most of the altcoins are set against the Bitcoin and not each other for trading. This is all relatively new thou and other options and solution will be developed very rapidly as there is money to be made in this industry.
This works the same as it does in regular forex. It might be a bit cheaper but the spread in its form is the same.
The trading fees are calculated based on the transaction volume of the trade you just opened (just like in the case of forex trading). The higher volume means lower percentage fees per trade. The average trading fee varies between 0.01-0.5%. if you fall above this with your broker, find another broker, there is no reason for you to pay more. The spread is something you Always pay regardless if you make a profit or lose money so keep this in mind when you open a trade as losses can be larger than expected when you ad the spreads and profits less. But a good broker platform has this all worked out for you and you will be able to see the spread before opening the actual trade
Most of the Top Bitcoin Broker Options here do offer some margin trading, this will cost you extra thou as it means that you are borrowing money to increase the amount of the trade and so the exposure. This leverage can increase significantly the profit if you are in the money with a trade but at the same time you are taking way more risks and are able to lose not more funds but lose them much faster.
. Margin trading cost from 0,5-10% depending on the size of the margin, leverage can go up to as high as 500x.
It is always advised to check the terms and conditions as brokers can also charge money for withdrawals and other services they perform in relation to your account.
Security measures that can increase the security of a Bitcoin Trading Platform are another issue that you have consider.
There are more than enough people that look to get rich on other peoples funds and to make sure that this will not be happening with your account the broker needs to be very secure
Look for these security measures in your top bitcoin broker
- A platform that keeps the majority of the funds in a cold storage wallet
- they are applying SSL certification
- the Require a Two factor authentication (this saves the customers from unauthorized access to the accounts).
This is where older companies have some advantage as they have been attacked numerous times and have seen pretty much everything, this experience gives them an edge.
However no matter what types of security measure the top Bitcoin broker has implemented for its trading platform, traders should never leave any Bitcoins long term on an exchange.