What To Look For In The Best Bitcoin Trading Platforms
Trading Bitcoins, or any cryptocurrency in general, has become an everyday activity among the digital community in the past years. Since its inception in 2008, Bitcoins have gone a long way. If you want to venture into the world of cryptocurrencies, there is no denying the fact that trading really is one of the best ways to get started, and to earn a good income, too. All thanks to technology, Bitcoin trading has been made even more accessible in recent years.
Previously, cryptocurrency has been viewed as if it belonged to an alien world. Only those who knew and understood the ins and outs of trading could get into it. If you didn’t have substantial knowledge, you would only get lost. Now, there are numerous Bitcoin trading platforms to help you out and even make the trade for you.
But as numerous as these trading platforms are, you sometimes have to ask yourself, are Bitcoin trading platforms such as Bitcoin Rush—through their site bitcoinrush.info, and Bitcoin Loophole and the like— legit or not? To answer your question, here are some of the factors that you have to look for in the best Bitcoin trading platforms:
1. It Allows Cryptocurrency Trading With Fiat Currency
As a little refresher, cryptocurrency refers to the digital currencies that are in the market today. Apparently, Bitcoins are one of the most popular options. Fiat currency, on the other hand, refers to the money that is minted and printed out by central banks today, such as US and Australian Dollars, Philippine Peso, Euros, Danish Kroner, and the others.
To make the most out of your investments, one of the best ways for you to go is to trade your cryptocurrency with fiat money. This is done after the act of buying and selling Bitcoins. When you have earned enough Bitcoins in your wallet and as an income, too, it is about time for you to make a withdrawal request on your Bitcoins. This request enables you to transfer Bitcoins to your bank account so that you can withdraw fiat money in exchange or the local currency of your country. The best Bitcoin trading platforms should enable you to do this. Otherwise, there’s no sense in trading digital currencies if you cannot use them in the real world.
2. It Is Globally-Friendly
With technology, the world is supposed to be getting smaller. What was once divided by language should now be connected. This is exactly what digital currencies seek to achieve. In recent years, international transactions are seen as getting even more frequent. But the most common complaint is that international transactions can be quite expensive. Not only do you have to adjust to current rates of exchange, but you are also affected by inflation and other taxes.
The best trading platforms should be globally friendly. Not only does it enable you to send and receive Bitcoins wherever you are in the world, but it should also allow you to use numerous forms of cryptocurrencies, which include:
Additionally, it should have an interface that is language-friendly. Apart from English, the trading platform itself should also have an option with other languages. Some of these languages include:
3. It Doesn’t Ask For Too Much Money
The best trading platforms are often free. These platforms only ask for you to make an initial deposit, which serves as your starting point for your trading process. But beyond this initial deposit, there are no other fees and hidden charges. If you stumble across a trading platform that asks you for too much, then perhaps this is something that you have to beware of. Think about it this way: if the most popular Bitcoin trading platforms can offer their services for free, then why can’t others, too? The higher the amount that they ask for, the more skeptical you should be, lest you are only putting yourself on too high of a risk of losing.
4. It Doesn’t Ask For Too Much Information
Generally, when you sign up to a Bitcoin trading platform, you will only be asked for a few pieces of information. These information are all that is needed for you to create an account:
- Email address
- Contact number
The best and most trustworthy Bitcoin platforms will not ask you to key in very confidential information. In fact, they will rarely ask you for too many IDs. Some may request for one, while others will ask for none at all. Legitimate Bitcoin trading platforms shouldn’t ask for your credit card details or bank account details right then and there. The only time that you should be asked to key in your bank account details is when you would make a withdrawal request. That means converting your cryptocurrencies to fiat money based on the current trade rate or exchange, and receive the funds through a bank account. But as a part of your application, the best trading platforms should never ask you for these details.
5. It Can Be Used On Any Interface
The great thing about Bitcoin trading platforms is that it allows you to facilitate your trade at any given time anywhere. You do not even need to spend too much time doing it online. Expert traders recommend only around twenty to thirty minutes every day to monitor and set the parameters or limits of your trade for the day. The trading platform’s software will read through this, along with their respective algorithms.
Chances are, you are going to open your Bitcoin trading account during your free time. Whether you are in the office, or inside the train, you will want to make the most out of your time. Hence, the best trading platforms should offer you the option that makes their applications easily usable and accessible on any interface. Whether it be an iPad or any other notebook-sized device, your mobile phone, or your laptop, the features themselves should be friendly enough for even the most non-techy users to understand.
Every Bitcoin trader has his or her own specific set of needs. There isn’t a one-size-fits-all approach to trading. Especially as a beginner, it can be advantageous for you to know what it is you should look for in trading platforms. When there are so many to choose from, sometimes, you may be left thinking, what option goes best for me? Or if you aren’t careful enough, you might make the mistake of ending up in the hands of a fraudster. Let this list of considerations guide you, such that you know you are going to be in the hands of the best Bitcoin trading platform.