How to Choose a Bitcoin Trading Platform?

Bitcoin is a digital currency that has exploded in popularity in recent years. As its value increases, more and more people are looking for ways to invest in Bitcoin. One of the best ways to do this is trading bitcoins on a bitcoin trading platform.

You can open Table of Contents show

But with so many platforms available, how do you choose the right one for you? This blog post will discuss the factors you should consider when choosing a bitcoin trading platform.

Let’s take a look at these factors.

Insurance

The big question when selecting a trading platform is whether the exchange will make good if there are cryptocurrency losses. This can be in the form of cold storage, or offline wallets stored on devices not connected to the internet, for example. It may even be in the form of an insurance scheme where customers get their money back should something go wrong.

If you want to use an exchange that does not provide any insurance scheme, it is worth noting you might lose your cryptocurrency entirely if anything goes wrong. Moreover, you must look for the right platform like ekrona.

Fees

Most platforms charge transaction fees for both buying and selling. However, some exchanges charge only for fiat (buying) transactions. You should consider the fees before placing buy or sell orders to ensure they are what you want to pay.

There is no way to refund an order, so if you place it at a bad price, there’s nothing you can do apart from waiting until someone takes it (buyers will pay your order with no fee). Note that buying on GDAX is free because takers pay 0.25% rather than makers being charged 0.25%.

Reputation

Whether or not community members have successfully used a platform is an important consideration. As with any financial service, it helps to look at what other people are saying about them before using their services. The best way to research this is to do some online sleuthing on Bitcoin forums and social media sites where people discuss their experiences with various platforms.

If someone had a bad experience with a specific trading site, they would usually be very vocal about it. So one quick search can save you from making costly mistakes that others have made in the past.

BSV for Social Media

Social media platforms built on blockchain technology ensure the permanence and public availability of material kept there, with many placing a premium on user ownership of their personal information.

However, while several blockchains provide data storage, only the BSV blockchain has the capacity and transaction volume necessary to make BSV for Social Media practical. This is because of its limitless scalability, minimal transaction costs, and the reliability of its underlying protocol – all of which contribute to the creation of a stable and dependable environment for platform development.

Security

Since Bitcoin is a relatively new currency, security is still a primary concern for most exchanges. You can use a BTC Price Calculator to know the present bitcoin price. Make sure you land on a site that has been in existence for a while and has always provided its users with a secure platform to conduct transactions. To ensure this, look for the HTTPS prefix in the website’s URL and verify that it encrypts all data transmitted through it using SSL certificates.

Fiat Currency

Fiat currencies are what we traditionally know as paper money. They used to be backed by gold and silver, but no longer. Fiat currency was created out of nothing and can be considered a public agreement much like a business might use “stock.”

A government declares that their fiat currency has value because they say it does; much like when a business says that they will pay you in stock options for your work and you agree to the deal (but in reality, the company doesn’t owe you anything until you cash in).

The Bottom Line

Making money requires risk. Every day you go into the market, you are taking strides to try and make more than the day before or at least break even. There are many ways to accomplish this; however, not everyone does (and those who don’t know how it works generally lose).