Trading Bitcoins has become increasingly accessible with the introduction of more Bitcoin trading platforms. Different platforms offer different conversion rates, payment methods, and transaction speeds, so choosing one requires the user to do some research so they can go with the platform that best serves their needs. From the hundreds of different cryptocurrency trading platforms, there’s bound to be a shortlist of the best ones out of all of them. Fortunately for anyone who’s trying to get into Bitcoin trading, the list is right here.
Cashapp has been the savior of anyone who was once new to the world of cryptocurrency as it’s the best beginner-friendly Bitcoin trading platform out there. Using CashApp to transfer funds from credit cards to cryptocurrency or vice versa is extremely simple since the interface is straight-forward and easy to understand. Much like other Bitcoin trading platforms, there’s a small fee for transactions done via credit card. There’s also a $2,000 withdrawal limit on Bitcoin every 24 hours but assuming that this platform is mostly used by beginners, the withdrawal limit is never really an issue.
It’s rare for someone to enter the world of cryptocurrency without hearing about Coinbase, especially since it’s one of the oldest and most reputable cryptocurrency trading platforms to this day. While Coinbase offers a lot of options with its free version, the pro version holds most of the advanced options that help out the user once they’ve gotten acquainted with the interface. The pro version also lowers the fees taken from the transactions done on the platform, making it a more efficient way to trade Bitcoin if the user is planning to trade regularly.
For those who have already ventured around the world of cryptocurrency and know their way around trading platforms, Binance is a very popular choice to opt for as their fees are much lower than other platforms out there. Beginners might feel a little lost on this platform as it is geared towards more informed users. One of the most appealing qualities of Binance is the ability to trade a much larger variety of currencies and cryptocurrencies that aren’t available in many other cryptocurrency trading platforms, making it a very convenient choice for people all around the world to use it without issues.
One Bitcoin trading platform that often shocks people is Bitcoin Revolution as it’s an auto trading platform that relies on a bot with an algorithm that has a success rate of over 88%. People were instantaneously sceptical of whether this was true or not and one cryptocurrency analyst over at https://insidebitcoins.com/bitcoin-robot/bitcoin-revolution mentioned that the bot has a very high success rate but people should never risk money that they’re not ready to lose as the cryptocurrency market fluctuates rapidly. The legitimacy of the bot was confirmed through hundreds of reviews left on the platform’s website, detailing the different things that the platform offers along with how to use it efficiently.
Every Bitcoin trading platform tends to have a unique factor that allows it to be unique from other platforms and for Bitfinex, the factor is privacy. On Bitfinex, users can easily trade cryptocurrency without the need for any ID verification. This makes Bitfinex a very viable option for users who value their privacy as most other platforms have stricter verification processes that can be off-putting. This isn’t the case when trading dollars or euros though, as ID verification is required when using those.
Investing money in cryptocurrency and attempting to trade it is something that most beginners don’t have the confidence to do just yet. The trading platform eToro knows that very well and they offer all their users a $100,000 practice cryptocurrency in a virtual portfolio to help them practice trading risk-free before they attempt it personally. It also offers over 25 tools that help indicate price fluctuations, giving beginners a headstart on the world of cryptocurrency trading.
Experienced Bitcoin traders who have trouble purchasing Bitcoin in bulk due to the limits that they have on trading platforms often rely on Coinmama to help them out as this trading platform has one of the highest limits for buying Bitcoin. They also provide the option of purchasing Bitcoin via cash but the broker fee for both cash and credit card is one of the highest amongst any platform. Coinmama also doesn’t offer users a wallet for Bitcoins so users need to have their own wallets, which are generally more secure. While Coinmama has the highest purchasing limit on cryptocurrency, it doesn’t give users the ability to sell their Bitcoin on the platform, making it a much less convenient option.
Bitcoin can either be bought, sold, traded, or mined. Most trading platforms don’t offer all 4 of these options to their users but Cex.io is one of the rare platforms that do. This platform offers users the ability to temporarily purchase the rights to Bitcoin mining equipment to mine their own Bitcoin or simply use the platform to buy, sell, or trade Bitcoins they already own. Given its history of avoiding controversy and offering consistency to its users, Cex.io has become one of the most trusted trading platforms, but that comes with a few downsides. One of the things that can make Cex.io off-putting to some users is its strict verification rules, making it a platform that isn’t used by people who value their privacy. Cex.io also has fees that vary depending on the payment method used, making it convenient for some and inconvenient for others.
The more a person explores the world of cryptocurrency trading platforms, the more they figure out that every user has a niche that can only be found in a few platforms. Building up trading experiences by trying out a few of these platforms will slowly help a user spot things like the fees, verification process, and trading limits that are often missed by inexperienced users. An important fact to remember is that a user is never limited to just one trading platform, as sometimes it doesn’t offer everything they require. Exploring a variety of trading platforms that cumulatively fit a trader’s needs is what most skilled cryptocurrency traders end up doing.