There are tons of Cryptocurrency Trading platforms around the internet. But to choose the right one is very important according to our needs and necessity. So, I did some research came up with a few tips which will help to identify the right cryptocurrency trading platform for you.
1. User-Friendly Interface
One of the main things that traders look out for when seeking a trading platform is whether they can confidently navigate the platform itself. In order to be a successful trader you need to be confident with the software/platform that you are using, and this is something that companies are always trying to improve. A platform that works seamlessly and is easy for traders to use is going to add to the success factor. Alternatively, if you are using a platform that has a bad user-interface then you are statistically more likely to suffer more and greater losses due to the complicated nature of the platform.
A good, no a great platform should be able to correspond to your trading needs in the moment. The most important thing for a trading platform to deliver is a service that is able to place trades seamlessly without any lagging involved. A lot of trading platforms are susceptible to something called “slippage” which is when a user places a trade at a given price but due to the lagging, that entry price can change.
Stability is a very important factor that new traders tend to overlook because they are so focused on the making money side of things. A stable platform will be handle multiple transactions on its platform at any one time, and won’t be susceptible to freezing or downtime. It is advisable to test a platform on a demo account to test the stability and if the results are positive then you can move ahead and join.
4. Live Support
Reputable trading platforms have a strong customer support feature, which supports live chat functionality. Live chat can be a lifesaver if you have any problems with your trades, or if you are having problems withdrawing money from your account.
5. Client Protection
This sort of thing can usually get overlooked to but it is actually very important to a trader, because you need to know that the platform has your best interests at heart. Client protection involves things like the protection of capital against cyber attacks, as well as guaranteed stop losses.
6. Trading Tools
Good trading platforms will have a wide range of trading tools that are readily available to help traders conduct their analyses on whatever securities they offer on their platform. Tools include the likes of an economic calendar, or technical analysis software. Some platforms even offer a feature where you will be notified via SMS about your trade, which will contain things like whether your trade has hit its profit target or whether it has hit the stop loss.
7. Latest Market Updates
A perfect example of this is the IG platform which features a ticker type function that continually updates with the latest tweets, news or company information. Information is key when it comes to trading, and to be a successful trading you need to reading the latest breaking news to be able to adapt to the ever-changing market conditions.
8. Multi-channel platform accessibility
Sometimes you won’t always be at your trading desk and so if you have placed a trade and there is a piece of breaking news that is likely to affect the outcome of that trade, then you need to be able to act fast. Good trading platforms will offer different platforms to trade from, with the likes of a mobile app or tablet app that lets you log into their platform on the move.
9. Deposit and Withdrawal Methods
A lot of platforms will only let you withdraw money to the same account that you deposited with, and although this might seem like a pain it is actually a security if a platform allows for withdrawals to different locations. It is definitely something to think about when looking for a reputable platforms that you can trust.
10. Demo Accounts
Some platforms will offer a demo account service to let new traders experiment with different trading strategies before they feel ready to do it for real. This is a brilliant feature that helps build confidence with retail traders, as they are up against some of the smartest people in the world.