What Is The Best Trading Platform For a Cryptocurrency? – Options To Consider
Investing in cryptocurrency is no longer as scary and intimidating when it started when throwing your hard-earned money here was like diving into shark-infested waters. Well, these days, cryptocurrency trading remains difficult, meticulous, and very technical, but at least investors are assured of security and some sort of protection from scams. The key to this security and convenience is to find out which platforms are safe. So, what is the best trading platform for cryptocurrency?
Basic Trading Platform Features
As to the features of these trading platforms, the basic ones you can look for are the following:
- Two-factor authentication so that your account is safe and secure
- A cold storage
- Link to a wallet where you can store your crypto coins.
Cryptocurrency Trading Platforms Available In The US
In the United States, what is the best trading platform for cryptocurrency? Here are a few you can read through and possibly use:
TradeStation. A leader in its field, TradeStation is accessible to both types of traders: the more serious ones and those who are in it to try. For casual, recreational users, trading could be done through TradeStation’s web-based platform, while the active, institutional traders may trade via its desktop platform. With TradeStation, users may also buy, sell and trade crypto coins like Bitcoin, Litecoin, Ethereum, Bitcoin Cash, and XRP.
2. Coinbase. Coinbase is widely used in the US because its website is fairly easy to use and navigate. It has now become the largest crypto exchange platform in the United States, with a whopping 20 million users and counting. Through Coinbase, users may trade Bitcoin, Ethereum, Litecoin, and eleven other cryptocurrencies.
3. eToro. You may have heard of eToro often because it is one of the trading platforms with minimal fees. While minimal, its trading platform is efficient and easy to use and accommodates 16 types of crypto coins. However, read the fine print because eToro may have some hidden fees at some point, though these are relatively cheap. Just read closely, so nothing shocks you when billing comes. A limitation of eToro, however, is that your crypto assets may only be withdrawn from an eToro wallet. This company was founded in Israel and has been one of the earliest in the field. The popularity of eToro is also attributed to its presence in over 170 countries. Sending or receiving transactions over eToro are not charged, but fees are asked from the withdrawal of certain amounts.
4. Kraken. Kraken is accessible via a web platform and accommodates 18 cryptocurrencies for trading. Monero, Ripple, and Dash are just some of the crypto assets that may be traded over Kraken. However, Kraken is not so efficient to track via your mobile phone since it does not have a mobile app. A notable feature of Kraken is its maker-taker fee schedule.
5. Bittrex. Bitcoin, Ethereum, Litecoin, and so many other crypto coins that number to over a hundred may be traded on this platform. Bittrex was founded in 2014 in Seattle. Bittrex is the trading platform that can accommodate the widest range of cryptocurrencies.
6. Gemini. The Winklevoss twins are behind Gemini, which offers the Gemini dollar, along with other cryptocurrencies. Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and ZCash may be traded, bought, stored, and sold via Gemini. Gemini may be used by institutional and individual clients.
7. Robinhood. Robinhood earns not from placing and managing crypto trades but from the routing of each trading order placed.
Other Cryptocurrency Trading Platforms To Choose From
A few other trading platforms for cryptocurrency are the ones below. However, this succeeding set of options may not necessarily be available in the US or in some of its states.
BlockFi. With BlockFi, you may lend and earn interest on your cryptocurrency holdings and even borrow from these holdings if you do not intend to sell your crypto coins. The BlockFi investment platform also offers users a bonus of up to $250 for a deposit of $25, kept and maintained within a given duration.
2. Bitcoin IRA. This platform is both a cryptocurrency wallet and exchange platform. With Bitcoin IRA, you exchange your currency, gain a profit, and pay taxes that correspond to what you reap.
3. Coinmama. With Coinmama, you may purchase cryptocurrency using a credit card or a debit card, or bank transfers, and even Apple Pay. It also accommodates the popular crypto coins, so it’s also an inclusive platform. However, it could still be more user friendly than how it is now.
4. Binance. Altcoin trading is Binance’s main service offering and incurs lesser fees than other exchanges. A wide range of cryptocurrencies and trading pairs is also available on Binance. However, it might not be too friendly if you are just starting out in the cryptocurrency arena.
While making waves in the global exchange playing field, Binance does not support US Dollar deposits. It only allows deposits using fiat currencies like the Euro, among others. If you are an advanced trader interested in non-mainstream altcoins, Binance may be the exchange platform for you.
5. Bisq. Bisq is a decentralized exchange platform that makes investors use its downloadable software. As a decentralized, non-custodial platform, the control and management of the fund rest upon the Bisq user. If your privacy matters to you as an investor, Bisq may be a good option because it does not require a Know Your Customer (KYC) registration process. If you do not have a government-issued ID that is usually required when you open an account, then Bisq is a possible platform for you. However, the downside of Bisq is that the transactions may not be as fast as a centralized exchange platform.
So, with a lot of choices available, what is the best trading platform for cryptocurrency? Trading platform choices would depend on your investment plans and non-negotiables, so it’s helpful to identify and list these down. For example, do you prefer trading anonymously? How often are you planning to trade? Will it be on a regular basis? Or do you plan to hold your assets long term? Be guided by your answers to these questions as you go on a hunt for the best and most secure cryptocurrency trading platforms.
Find out more about what is the best trading platform for cryptocurrency here!
UPDATED April 4, 2021
By: Paulette Dane
Robinhood is well known because of its good quality service and a dedicated app because of its transparency.
UPDATED February 3, 2021
By: Jedi Reed
One of the things you need to know when you decide to invest in cryptocurrency is that crypto exchanges are charged.
UPDATED January 14, 2021
By: Owen Landry
The world of digital trading isn’t possible if you take out the cryptocurrency in the equation. Since we live in the technology era, we cannot only rely on physical materials around us.