The trend for cryptocurrency trading has escalated. In fact, trading in cryptocurrencies and blockchain banking has emerged as the latest fad, influencing everyone – from top-notch financial institutions to leading enterprises who want to leverage the broad capabilities of this technology. The purpose is to cash on the craze and increase their profitability. However, for this, they need a crypto trading platform they can trust.
This is one of the biggest dilemmas that investors face – which trading platform they should consider to begin buying, selling and storing their crypto assets. Discussed here are the five key features to consider for choosing one of the best cryptocurrency trading sites and generate high profits with reduced risk and more security.
Factors to Consider When Selecting a Crypto Trading Platform
#1: Security and Authenticity
Lack of security is one of the biggest concerns plaguing the cryptocurrency industry today. Even the best crypto exchange is not free from the threats of fraud, hacking and unscrupulous schemes such as pump-and-dump. Therefore, the level of security offered by the trading platform is one of the foremost features to look for.
Do thorough homework about the trading exchange you are considering, check reviews or get recommendations from other investors. This will help you choose one that is legitimate and ensure high levels of security for your trading transactions and wealth. A good crypto trading platform is one that offers the following safety features:
Proof of Reserve: Under this, the exchange should be audited to monitor and validate that it holds the same amount of funds that are necessary to provide coverage for anonymous customer balances.
Two-factor Authentication: 2FA extends an added layer of security over and above your password used to claim your identity when accessing your crypto account or wallet. In addition to your password, you might have to provide the answer to pre-set security questions or feed in the One-Time Password (OTP) sent to your registered mobile number or email address.
Cold Storage: Some trading platforms or offshore bank account with blockchain facilities may provide cold storage for most of your crypto funds. That means the funds will be stored offline to minimise the risk of online hacking.
In this regard, leading offshore banking institutions such as SUISSE BANK provide an all-in-one wallet for all your crypto trading transactions with high-end security. You remain the sole custodian of the wallet with full control over its operations, funds and liquidity. This further ensures greater security.
#2: Supported Tokens
While most trading platforms support popular cryptocurrencies such as Bitcoin and Ethereum, investors would look for more variations because there are numerous altcoins to trade. This helps diversify your risks across different cryptos. However, if you look around, you will find great variations across trading platforms supporting tokens. For instance, one exchange may have a long list of coins to trade in, while some other holds only a handful of major cryptocurrencies.
#3: Method of Trading in Cryptos
This is also an important factor to consider when choosing one of the best cryptocurrency trading sites. Different platforms have different methods of purchasing. For example, one platform may require a minimum deposit through bank transfer, while others may accept credit or debit cards, use PayPal or cryptocurrencies for purchasing. SUISSE BANK, a globally-recognised offshore banking institution, requires a deposit amount to let create your all-in-one wallet for blockchain trading. However, that is not a minimum amount and can be used anytime for crypto trading.
#4: Services Available
What are the different facilities that you get from the cryptocurrency exchange? This is a crucial factor to consider because that will help determine the seamless experience you will have trading in cryptos. For example, SUISSE BANK provides an all-in-one wallet that lets you buy, store, sell, withdraw, deposit and convert your crypto into fiat money. In addition to this, you will get a 14K Solid Gold Debit MasterCard, an offshore bank account and the ability to buy physical gold.
If the exchange does not provide abundant liquidity option, it can affect the speed and price of your crypto transactions. Based on the altcoins you want to trade in, check whether the platform provides adequate trading volume and liquidity. This will also ensure that the crypto prices will not be affected majorly by leading market movers.
Considering the above features will help you make a sound decision in choosing the right crypto trading platform.