Crypto

What distinguishes a suitable trading platform?

As a user, how do you know if a platform like bitalpha ai avis is reputable and beginner friendly if you want to buy bitcoin? When choosing a supplier, the following points are important:

Free demo account

Beginners and experienced users can test good trading platforms with risk-free play money in advance, familiarize themselves with the user interface and try out the features.

Security: Bitcoin is regularly the focus of cybercriminals. Therefore, protection against hacker attacks is especially important for trading platforms. Good platforms give their users the ability to secure their own accounts with two-factor authentication (2FA). Also in the recent past, there have been repeated successful hacker attacks on crypto trading platforms. Basically, you should only keep the amount of bitcoins on your trading platform that you intend to trade in the near future. Long-term bitcoins are best transferred to a hardware wallet.

Expenses

Find out exactly when and what fees are charged for trading on the platform. While only a few brokers charge a flat commission per order, bitcoin trading on every platform requires a commission in the form of a spread. The spread is the percentage difference between the buy price and the sell price.

Minimum budget: even small investors with a small budget can trade cryptocurrencies. However, some exchanges have set a minimum amount as a barrier to entry.

Payment Methods

You cannot buy bitcoin in Germany with PayPal. Therefore, make sure that your trading platform offers a payment method that suits you. The most common payment options are SEPA or SOFORT transfers. Credit cards are only supported by some providers and often require more complex verification via postal or video identification.

Available cryptocurrencies: Bitcoin can be traded on all crypto platforms, but not all of them offer a wide range of other coins. While it may not be as exciting when you first start trading, you should think about what cryptocurrencies you might be interested in and whether you can also trade them on your chosen platform from the very beginning.

Regulation

Basically, the idea behind cryptocurrencies was or is that they can do without (regulatory) control and distribution by banks and banks. In the meantime, however, states have responded and followed suit with regulation. Almost all trading platforms are now approved by the national regulatory body. But this is of little use to German investors at first, because if they are in doubt, it will be very difficult for them to assert their rights on the other side of the world. Beginners should focus on providers based or licensed in the EU to minimize external risks when trading bitcoin. eToro is regulated by the financial authorities of Cyprus and the UK. Online broker Justtrade is a project of the German bank Sutor. A private bank is subject to Bafin supervision and deposits are subject to statutory deposit insurance. In addition, Sutor Bank is a member of the Bundesverband deutscher Banken eV, so deposits up to a maximum of 1.3 million euros are protected there. European deposit insurance also covers the German broker BSDEX up to EUR 100,000. Trade Republic is also based in Germany. For all other platforms you need to register. Create an external wallet to secure your bitcoins there after purchase.

Recycling facility

Platform usability is not so much a function of quality as it is a matter of convenience: the best bitcoin trading platforms can be used not only on the desktop, but also through the application.

Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker.