Trading in cryptos is a profitable venture, and statistics suggest that almost seventy billion dollars worth of cryptos are exchanged daily on trading portals. Crypto exchanges work pretty much like stock exchanges, where an investor gains when he buys or sells strategically to make a profit.
There are several trade platforms that help new and enthusiastic players take part in the crypto market. However, not all platforms are the same, and registering yourself on a good trading platform is essential for safe, convenient, and easy trading.
Crypto Trading Platforms And The Features That They Have To Offer
In this blog post, you will come across the top seven crypto trading platforms that have received great reviews from users. These platforms have several features, like the ability to trade in multiple currencies, the ability to copy trade, etc., which are discussed in detail here.
Bidsbee
Bidsbee is a crypto trading platform that offers strategies to make sure that users benefit from their trading ventures. One of the most talked about features this platform offers is copy trading. Copy trading, a type of social trading, plays a role in reducing the learning period of a new trader.
Buying and selling cryptos at the right time to gain consistently is tough, and Bidsbee helps new users perform well by offering features like copy trading and multiple trading options.
Copy trading allows new players to learn from the experience of their peers. All one has to do is select a trader verified by the platform so that the stakes placed by the verified trader automatically get copied to the new user’s account.
Apart from this, there are options for stop loss, multilevel take profit, and trailing options for trading. Each of these options automatically executes trade decisions, either to minimize the loss or to maximize the profit of the users.
Binance
Binance is a trusted platform that has one of the largest global user bases and allows users to exchange and deal with a diversified bunch of blockchain-based currencies.
So you are not restricted to the popular options like Bitcoins; you can invest in Ripple, Ethereum, and more than three hundred other cryptocurrencies. Diversification helps reduce the risk of volatility and saves investors from market risks.
Kraken
This is another crypto trading app like Binance and Bitsbee. This platform has seen many new registrations every single day since it was launched in 2011. The app caters equally well to beginners and seasoned players. Some features, like daily updates about the crypto market and price fluctuations, keep users updated on all major issues.
Any price movement that can prove costly is spotted, and all necessary countermeasures are taken to avoid any major loss. The app has options like OTC, margin, and future trading. Moreover, the app provides its users with an opportunity to enter the NFT market.
NFTs, or non-fungible tokens, are blockchain-based unique digital identifiers, and they are becoming quite popular among creative investors who wish to diversify their portfolios.
Apart from these, there are provisions for quick and easy funding, which ensures that the users are not deterred from investing in good crypto solely because of a lack of resources. The Kraken app also offers round-the-clock customer support for all its users.
ByBit
This is another crypto exchange platform that is relatively new, as this platform started offering its services in 2018. This platform offers spot trading, perpetual futures, etc.
While participating in the spot or futures market is a common functionality, ByBit, also offers newer investment avenues like mining NFTs. When users initiate using the platform, they get referral awards and welcome gifts that they can use later.
As far as the security of the platform is concerned, they allow cold wallets (those not connected to the internet), so the chances of fraud and scams are minimized to a great extent. This platform offers round-the-clock, multilingual support, so it does not matter which part of the world you belong to; all your queries get adequately answered.
Many exchanges allow users to buy cryptos in exchange for fiat currencies like the dollar and the pound; ByBit only allows the deposition of cryptos in wallets.
OKX
This platform supports deposition in fiat currencies, meaning users can buy cryptos in exchange for regular currencies like Pounds and Dollars. The trade fee, or the money the user is charged to pay to the platform for making investments, is quite low. It allows staking, lending, and marginal trading functionalities.
Naga
Naga is another safe and user-friendly app that is quite popular among users. A great feature of this platform is that it allows 1000x leverage trading. Leverage trading is especially beneficial for experienced traders who want to make big gains.
A 1000x leverage means a person can stake an amount one thousand times the amount he has in his wallet on the crypto account. So, if you have a hundred dollars in your account, you can buy cryptos worth a hundred thousand dollars and make commensurate profits.
It is needless to state that getting leverage from a platform is fraught with risks, but most experienced players gain from such features.
Coinbase
This platform is the largest crypto exchange in the United States in terms of volume. One of the biggest reasons for the platform’s popularity is the high level of security that it has to offer. It allows encryption and offline wallets to ensure customer’s investments are safe.
Conclusion
All the platforms that have been discussed offer some distinctive features that make them highly convenient for both the new and the experienced players. Features like leverage and volatility alerts can help traders make significant gains.
Likewise, security features like the opportunity to use cold wallets for encryption give assurance against fraud and scams.
Finally, the ease of usage, be it in terms of the simplicity of the interface or the constant customer support, are key factors that make trading apps popular. So, the next time you register on a platform, make sure to keep these factors in mind before investing.