
What is a Crypto Trading Platform?
Huge interest in cryptocurrencies has led to the emergence of a large number of crypto market platforms. Such diversity, on the one hand, is an advantage, but on the other hand, it significantly complicates the task of choosing the best platform for crypto trading, particularly for inexperienced traders.
How do Crypto Trading Platforms Work?
A crypto platform is a market where there are two sides – a buyer and a seller. The first wants to buy profitably, and the second wants to sell no less profitably. The goal of each is to make money on the price difference of a certain asset (Bitcoin, Ethereum, etc.).
The work algorithm of the platform is simple:
The seller places an order to sell cryptocurrency.
The buyer places an order to buy.
These orders go into an order book which contains information about how much and at what price traders want to make a deal.
When the seller's offer and the buyer's request match, the corresponding orders cover each other and disappear from the order book. When the transaction is completed the funds are credited to the users' accounts.
In many cases, the interests coincide in the price but do not coincide in the volume of coins sold/purchased. In this case, the balance of the order simply remains in the order book and is then covered in full by other offers.
How to Choose the Best Cryptocurrency Platform Using Ratings and Reviews
The main indicator that you should pay attention to while choosing the best crypto trade platform is the presence at the top of the ratings, as well as positive feedback from users about it. Moreover, the higher the position is occupied by the platform, the more likely it really provides high-quality cryptocurrency trading services.
The crypto trading platform with leverage offers comprehensive information about the team of its creators. In addition, such websites are usually presented on the market for several years. The long period of existence suggests that the exchange has long-term strategic goals and this reduces the risk of fraud.
A significant indicator of the reliability is the resistance of the official website to hacker attacks. To date, most of the largest crypto platforms have already experienced at least one such event.
It is important to pay attention to how the administration of the exchange reacts to a hacker hack and what actions it takes to minimize the negative consequences. For example, the Binance project team allocated funds from a special fund to compensate for traders' losses in trading.
If your priority is anonymity, then we recommend that you turn your attention to crypto exchanges without identity verification. But remember that verification is necessary for safety, so there is nothing wrong with the procedure, and all personal data is under reliable protection.
Criteria for Сhoosing Crypto Trading Platform
When choosing a platform, be sure to pay attention to some important points:
Basic and additional functionality of the platform.
The number of tokens offered and the ability to vote to add new ones.
Quality 24/7 support.
Tutorials or analytics.
The number of tokens offered is important for those who want to not only sell or buy cryptocurrency but also expand their trading portfolio through various assets. Some platforms offer over 100 different coins. There are also those where you can find more than 1000.
Modern forex crypto trading platforms involve not only the possibility of opening deals but also analytical tools, as well as different types of currency orders. On such platforms, traders can use classic indicators of technical analysis, graphical tools, as well as several types of orders – market orders for opening transactions at the current rate and pending orders for trading at the value of the asset specified by the trader.
The quality of any platform is determined not only by trading services. The work of the support team in different languages is very important. In most cases, the support service works through a ticket system. Sometimes specialists are available in various messengers around the clock.
Choosing a crypto platform is not an easy task. But using our criteria, you can make a more informed decision. But if you have already found a good crypto platform and become a professional you might start thinking about developing your own crypto project. In such a case, contact the BEUROP experts for advice. Specialists have extensive experience in the implementation of crypto projects of any complexity. Therefore, with their help, you can quickly launch your crypto project and are guaranteed to succeed.