The crypto market is back to life, and the crypto traders are, eventually, enjoying some relief. The crypto’s value jumped this week to approximately 24000 USD – a mark traders haven’t observed since mid-June this year. Even though this remains far from last year’s 68,000 USD high, this is a remarkable rally from last week, whereby bitcoin traded at approximately 19,000 USD.
Digital currency is a volatile/risky investment, and its value shifts are anything but foreseeable. While others agree that BTC can act as a hedgerow against stock market selloff and inflation, BTC’s latest value plummet indicates that the crypto is not resistant to the downtrend financial trades are recording overall as traders contend with increasing interest rates. However, as the crypto market is back to life, crypto traders should find the best crypto trading platform and take their crypto potential to a higher level. So, how do you find the best crypto trading platform of your choice? Let’s see!
How To Find The Best Crypto Trading Platform Of Your Choice?
Other than fees, when selecting the best crypto trading platform of your choice, consider factors like:
Security
As cryptocurrency has become valuable and grown more popular, it’s now a primary point of focus for hackers. Top-rated exchanges can be hacked, and this can result in huge losses. While the crypto trading platforms can reimburse the investors whose currencies are stolen, no individual will wish to find themselves in that state in the first place.
However, you can reduce the risk by outspreading digital coins across various trading platforms. Alternatively, let it be habitual to transfer your cryptocurrency currencies from your trading platform’s default wallet to your safe ‘cold’ wallet. ‘Cold’ wallets refer to storage choices that are not linked to the net, meaning they’re roughly impracticable to hack. However, you must record the passcode carefully to avoid losing your way into your cryptocurrency forever.
Available Currencies
Carefully check the coins present on a given trading platform. You can be ideally okay relying on a cryptocurrency trading platform that deals only with a few crypto coins. Contrarily, if you love cryptocurrency, you may wish to access all the crypto coins.
Trading Volume
Coin availability alone is not enough if no trades are occurring. You’ll wish to check if there is enough trading volume in the target coins to ensure liquidity. This factor will determine if you’ll quickly transact your crypto coins.
Expect sale costs in the case of low-volume markets. You’re in a slippage situation if you put your order where there’s not a lot of trading volume. This case will force you to sell at a lower value or buy at a higher value than you would want.
As a professional investor, you’ll want to use a trading platform that provides trading types, such as limit orders. Limit orders prevent slippage by creating a ‘hard’ price.
Educational Resources
If you’re new to cryptocurrency, use an easy-to-apply trading platform with several educational resources. These resources can assist you in understanding this complicated, rapidly growing industry and ensure you’re up to date on anything happening in this field.
Conclusion
The best crypto trading platform lets you purchase and sell cryptos like Dogecoin and Ether. One of these top-rated crypto trading platforms is NAGA which allows you to diversify your cryptocurrency trading.
Besides allowing you to trade top-rated crypto coins with no restrictions on trading volume, NAGA also makes it to manage your cryptocurrency portfolio from a single place. This crypto trading platform allows you to purchase, sell, keep and transfer crypto coins with a few straightforward steps. It’s the platform to consider if you have always wanted to trade Indices/Forex with real-time execution or dive into stock-related trading with zero commission.
Moreover, NAGA supports copy trading, allowing you to follow and mirror professional investors who have understood their crypto trading strategies. Also, you’ll enjoy lightning-fast deposits & withdrawals and convenient funding methods with NAGA.