Criteria for Choosing the Right Bitcoin Trading Platform
Since the introduction of bitcoins back in 2008, by an anonymous Japanese Satoshi Nakamoto, it soon became one of the most widely recognizable currencies in the world. The fact that bitcoin is a digital currency that depends on the developments in technology, it has broken all records in the cryptocurrency world. No one has expected that bitcoins would take the world by storm and become the most innovative financial solution in the financial world.
Bitcoin is a cryptocurrency that doesn't depend on third parties, and it's a reason plus to choose bitcoins over conventional payment methods. One of the reasons that people opt for cryptocurrencies is the fact that they are not attached to banks and other financial institutions. On the contrary, brokers are the people who find the best deals, and take a small commission for bitcoin transaction processing.
Bitcoins Trading and Online Trading Platforms
Trading bitcoins online has never been easier thanks to online trading platforms. Today, there is a number of trading platforms on the internet offering various features and extra commodities that people enjoy using over fiat currencies like euros and dollars in banks. Not every trading platform is suitable for every bitcoin trader. Each and every bitcoin trader has a different level of expertise, and some platforms are more suitable for beginners in trading, while others would suit more a professional bitcoin trader.
That's why, here are some criteria that bitcoin users should bear in mind when choosing the right bitcoin trading platform, simply because not every bitcoin trading platform will suit every beginner or professional in bitcoin trading. Here they are.
Deposit Methods and Fees
It's always a good idea to check what deposit methods are available to use on the online site of the trading platform. Some deposit methods might better suit your needs, and for some, a bank wire or a credit card deposit would do the job. However, bank wires take longer time to proceed when compared to credit card deposits, and if you're limited to a certain number of deposits that you can use, you better check whether your deposit method is available on the trading platform or not.
Demo Account
When it comes to complete beginners in trading, it's definitely recommendable to start trading by learning the basics using a demo account. A number of platforms like the-bitcoinevolution.org use this feature, which makes them beginner-friendly, where all inexperienced bitcoin traders could learn a few things here and there how to get around the platform's features. Once you learn all the important stuff about bitcoins trading, as well as the basic features the platforms provide customers with, you're ready to start depositing money on trading platforms.
To add to this, there is a number of extra features that some platforms offer to bitcoin users like tutorials for beginners on how to trade bitcoins online, as well as find more information about bitcoin trading, what is the best way to start trading, how to catch up the right moment in bitcoin trading, etc.
Rating and Reputation
In the cryptocurrency world, a factor of utmost importance is the reputation of the trading platform where you're going to trade your bitcoins. As a matter of fact, most countries still remain unclear about the rules and regulations of bitcoin trading according to the law in the respective country. This is why it's always a good idea to check what experienced bitcoin traders have to say about their trading experience on a specific trading platform, and then make a decision where you're going to send your money.
Regulation plays an important role in improving the customer's experience using the trading platforms. They need to follow some criteria to ensure a top-notch customer experience. The majority of them who are trading on bitcoin platforms need ID verification before you actually start trading your bitcoins. Governments also require that trading platforms adapt to the regulations regarding bitcoin usage, which means using security and anti-laundering methods so that customers feel secure when trading their bitcoins online.
Mobile Apps and Customer Support
For bitcoin users, it's also important to learn whether there is a mobile version of that platform, especially to smartphone enthusiasts, so that you can easily trade your bitcoins no matter where you are. Knowing that there is someone who can help you 24/7 with your bitcoin trading-related queries is another important factor to consider. Most of the bitcoin trading platforms have Customer Support that helps users with their everyday queries. As a result, Customer Support helps users by telephone, email, and phone communication.