Buying and selling cryptocurrency requires a proper platform, and that means that you need to decide which one you are using. Some of the crypto exchanges like Coinbase are very accessible and easy to use, while trading cryptocurrency. While others are meant for professionals and serious experts, but all of them fall under the same basic umbrella.
If you are looking for a new service to use, then here are some things to consider when tracking down a platform, whether it is your first or your twentieth.
Safety and security are a vital part of any trading platform, especially when it is all digital. A proper cryptocurrency trading service should have good security that can prevent account thefts and crypto interceptions, as well as ways to ensure that the transfers do not suffer problems and lose your money with no way to get it back.
Finding a site with good security is as simple as looking around the internet. Most of the time, there will be third-party reviews that mention the safety features and security measures that the platform uses, which can be a good way to see how it all works.
On top of that, some sites will actually use their security as a selling point by pointing out specific awards, features, or systems that they have. This can be a quick way to see what kind of credentials they might have with digital security.
Some trading platforms are aimed exclusively at experienced traders and look more like a spreadsheet than a website or app. If you can already read the information being shown, then it is just a condensed way to get all of that data in a single place. For a new user or trader, though, this can be a lot more to take in all at once.
If you need something simpler, there are plenty of sites like the Swyftx trading platform that focus on their user interface, giving you a huge amount of data while keeping it all clearly labeled and stored under separate tabs. This can be slower for a very experienced user, but it is perfect for somebody who is just starting out.
Not all trading platforms support all cryptocurrencies, especially smaller ones that might only have a certain amount of offerings. On the other hand, there will also be niche sites that support a load of smaller and lesser-known currencies. You might even need to trade over two platforms if neither of them supports one half of the deal that you are trying to make.
A lot of platforms slowly roll out support for whatever crypto they can get permission to handle, and others will try to track down ones that the community really requests. However, it is impossible to tell when and where some of these smaller currencies will be supported, so you often have to look up a list of what the platform offers ahead of time.
A major cryptocurrency, like Bitcoin, is almost always going to be a supported option no matter which platform you choose. This is because these have a lot of value behind them, and they are constantly being used, which makes them a profitable currency for a lot of sites to hold. If you plan to exclusively deal with one or two major currencies, then any platform should work.
Apps or No Apps
Some platforms exist as websites. Others exist as apps. Some exist as both. Thinking ahead here can be important since transferring crypto from one platform to another can still take some time if you need to shift from a desktop site to a mobile app.
Apps are great for phone users, giving you a lot of control and information at any time – but you have to be using a mobile device for them. If you are not an avid phone user or can’t rely on it always being available, then an app can actually be harder to use than a computer-based service.
On the other hand, if your computer is not easily accessible for most of the day, you might want to stick to apps instead since these are a lot easier to whip out and trade with. Auto-trading features can help you manage your money when you are not at your desk, but it is still not an ideal solution.