Written by Denise Quirk
Crypto-trading platforms are exchange platforms which permit the interchange of a digital currency for another. It could also be the exchanging of a digital currency with fiat currency. The cryptocurrency market has witnessed the emergence of new trading platforms in the past few years. Though, not all trading platforms operate on the same basis with the same quality.
There are various kinds of crypto trading platforms which would help you get a grasp on how cryptocurrency trading works. It is important that as a cryptocurrency user, you make inquiries concerning the available crypto exchange platforms in the market.
Crypto exchange platforms have grown in leaps and bounds in the last two years. Crypto trading funds have also evolved as a result of targeting specific user markets. Investors in these funds avoid direct investment in coins and tokens, so that expert traders can do them the honors. For those who want to invest in digital assets devoid of making procurements, cryptocurrency funds are ideal for you.
Another category is Traditional crypto exchanges. This category best fits people who are used to carrying out deals in the stock market. They operate on a similar basis, with the only difference being that Traditional crypto exchanges deal in cryptocurrencies as against fiat currencies. During the trade, a little percentage is charged as payment for their platform usage.
Direct trading platforms is another crypto trading platform category. This platform enables you to carry out exchanges via the peer-to-peer basis. What they do is, they tally your purchase and selling prices with the orders of other users. Once the amounts match, the trade takes place.
The last category of cryptocurrency platforms is Crypto Brokers. Platforms of this nature give you the opportunity of dealing in cryptocurrencies in line with the broker’s prices. The cost of using these platforms is quite on the high side. Nonetheless, they are equally easy to use.
An aspect of crypto trade is the use of cryptocurrency trading bots. These bots are computer software which utilizes various market indicators to identify changes in prices. Once this is detected, trades would be executed automatically due to the fact that there are programmed settings fixed by the trader.
Crypto trading bots give you the ample amount of opportunities of setting certain needed parameters which would enable the bot to carry out trades for you. These are what knowledgeable traders use to perform their trades without pushing any buttons.
Cryptocurrency Trading Platforms to Consider
Binance: This trade platform is useful for those who want to focus mainly on crypto-to-crypto trading. Binance is one of the foremost trade platforms in the world, having its origin from China.
Over the years, it has grown rapidly, finding its way frequently to the top ten cryptocurrency trade platforms. This trade platform has its own coin known as Binance coin (BNB). Its trading fee is standard and it is pegged at 0.1% which can still be reduced if transactions are carried out in BNB.
KuCoin: Kucoin is similar to Binance, having its origin in China as well. For long-term holdings, KuCoin is your best bet. KuCoin offers a stress-free experience; it also exposes you to unpopular cryptocurrencies.
KuCoin can easily be traded on mobile phones due to the fact that its applications are available for both Android and Apple products. KuCoin charges 0.1% for each transaction, out of which half would be returned to you courtesy of the exchange’s dividend system.
Bittrex: In contrast to KuCoin and Binance, Bittrex is US-based. This platform gives you the opportunity of trading large numbers of trading pairs. All major cryptocurrencies such as Ethereum, Nextcoin, Darkcoin and the likes are available on Bittrex. For topnotch security, Bittrex is the suitable pick, as its operation basis is in line with the United States.
Bittrex is known for managing large Bitcoin volumes. Bittrex’s service fee for all trading rates is around 0.25%. With Bittrex, time is saved as the verification process is very fast as the trading process commences quickly. The only drawback of Bittrex is, it deals strictly with cryptocurrencies and not fiat currencies.
IO: One amazing thing about using CEX.IO is the fact that the activity of buying and selling cryptocurrency is made simple for users who have little or no experience. Users have an instantaneous purchase and buying option which makes the entire trading process easy.
Users would have to utilize their Visa and MasterCard. CEX.IO can be effectively used on a mobile application and on a website. CEX.IO has a lot of API tools which includes: REST, WebSocket and FIX. CEX.IO has an open fee of 0.2%, a rollover fee of 0.01% and a close fee of 0%.
Bitfinex: Bitfinex’s headquarters is in Hong Kong and it has risen to great heights since its operation began in 2012. Bitfinex is a certified cryptocurrency source which has a net worth of about USD 1 billion based on its daily trading volume.
Bitfinex has an easily navigable platform which makes it easy for new users to understand. Almost all common and standard altcoins are available with full specifications wallet provision of Bitfinex. It has automated trading APIs and mobile applications are available for both Android and Apple products.
Poloniex: This crypto trading platform was launched in 2014 and it has become one of the favourite crypto trading platforms. Poloniex is a US-based platform and it offers hundreds of cryptocurrencies for trading to its users.
Poloniex is similar to Bittrex in the sense that you can deposit your Tether dollars for trading. Poloniex might be a bit demanding for new users, but or professionals, it is suitable for usage. There are various tools which are useful in data analysis and statistics which helps the users to make crucial decisions.
Crypto Trading Tools
Crypto trading tools are useful for crypto trading platforms or crypto exchanges platforms in saving time and ensuring that the investment process is better organized. They are utilized in monitoring the market and knowing the ideal time to sell or make purchases.
If you trade cryptocurrencies with just your login exchange and your wallet, it might be difficult for you to handle. If you also have plans to be a thriving crypto trader, you would need the usage of a high-quality trading tool.
- CoinMarketCap: This is one of the top-notch crypto trading tools available. They have almost every coin on their list. You can use this tool to check the price history, trading volume and all the available exchanges.
- Blockfolio: This tool is a mobile application which helps you in tracking all your crypto holdings. You can apply some alert settings which would inform you if there is a fall or a rise in price. The application comes for free.
- CoinMarketCal: This crypto trading tool is unique in its mode of operation. It gives regular updates on upcoming happenings and events in the crypto world. For ICO updates, platform releases, airdrops and the likes, you can be updated with what’s going on. You can also personalize the calendar to your own taste. CoinMarketCal ensures that you are always informed so as to hit the market at the right time.
In view of the range of options that exist in the crypto market, the investor is spoilt for choice. The opportunities still abound in cryptocurrency trading that the requisite tools can help you unlock.
Denise Quirk is a Health Advisor and fascinated by Crypto, Blockchain Revolution. She is a believer of transforming complex information into simple, actionable content. She is keenly interested in finding the value of crypto world. You can find her on Linkedin, Twitter and Facebook.