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Kc  · 09/01/22

6 Steps To Help You Choose A Trading Platform

Altcoin Trading Blog
These six steps will narrow down your options and help you identify a crypto trading platform that is right for you. Then you will be able to test-ride it, just to make sure.
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It is important to have a crypto platform that makes your trading easier, whether you day trade or DCA.

With so many different options available, choosing the right one can be a long process, especially if you’re not quite sure what to look for.

By following these six steps, you can narrow down your options, find a crypto trading platform that is right for you and then test-ride it just to make sure.

  1. Choose a platform that suits your level of experience

    It is important to choose a platform that suits your experience. There are a variety of different platforms available, so it is important to do some research to find one that best suits your requirements.

    Moreover, according to this article, there are two types of online trading platforms: proprietary trading platforms and commercial trading platforms. Understanding both of these platforms will help you narrow down your options and make informed decisions that take your particular needs into account.

    A proprietary trading platform is a trading platform created by a financial institution to trade securities within that institution. These platforms are designed for professional traders and offer direct access to market data and analysis tools.

    Some of the typical features of these platforms include real-time quotes, advanced charting capabilities, and order management tools. In the crypto industry, FTX and Bitfinex come closest to this definition. And just as the legacy proprietary trading platforms, they are not designed for intuitive use.

    A commercial trading platform is another type of online platform that allows businesses to list their products or services for sale, and connect with buyers from all over the world. It's a powerful tool in the world of business, but it does have an equivalent in the crypto industry: P2P marketplaces like LocalCryptos or LocalMonero.

    If you're a beginner, it might be better to start at a platform that is easy to use and navigate. Once you become more at home with that you might want to switch to a platform that offers advanced charting and analysis tools.

  2. Consider your trading style and preferences

    When you're thinking about which trading platform to use, it's important to consider your own trading style.

    • Are you a day trader or a scalper who likes to make lots of small, quick trades?
    • Are flexible and open to trading in altcoins, or just the big cryptocurrencies?
    • Are you a longer-term investor who prefers to make fewer, bigger trades, or do you trade the grid and want to automate it?

    The best trading platforms will offer features that cater to your particular style of trading.

    For example, platforms like FTX and Bitfinex offer more charting and analysis tools for technical traders. They will also typically have lower fees to cater to the short term traders - FTX here is a case in point with the lowest fees all around.

    On the other hand, platforms like Binance, Phemex and Bitforex provide more research resources and new altcoin markets for those who like to trade low-cap crypto.

    Before you start looking at different trading platforms, it's helpful to take a step back and think about what are the specifics you require from a platform.

    Make a list of the features that are most important to you. For example, do you need:

    Then, you can use this list as a guide when you're evaluating different platforms.

  3. Decide what features are most important to you

    Once you know your trading style, you can start narrowing down the field by considering which features are most important to you. Some features to consider include:

    • Ease of use : Platforms can vary greatly in terms of how easy they are to use. If you're not particularly tech-savvy, you'll want to look for a platform that is relatively simple to navigate.
    • Trading fees : Trading platforms range greatly in what they charge for trading fees. Skim through this crypto OTC post where we list the cost of a 100k USD trade on the open market and OTC at several crypto exchanges.
    • Customizability : Some platforms are more customizable than others. If you like being able to tailor your trading experience to your own preferences, you'll want to choose an advanced platform that offers a high degree of customization, like FTX and Bitfinex.
  4. Consider the broker's reputation

    When you're looking at trading platforms, it's also important to consider the reputation of the broker that is offering the platform. A broker's reputation can give you a good indication of the quality of their platform.

    In the crypto industry, the reputation of a crypto trading platform can be best determined by talking to other traders. You will get a good idea in some of the smaller Reddit communities like r/BitcoinMarkets.

    To look further into a broker's reputation, it's also a good idea to read user reviews of trading platforms. If there is a lot of complaints about a platform on Reddit, Twitter and Medium, then it shows that the platform is not managed well and on top of it there’s not even a responsive customer support service. You probably want to avoid that platform.

  5. Paper trade as a way to test the platform

    Once you've narrowed down your options to a few potential trading platforms, you might prefer to demo trade before committing to using it.

    While paper trading is not very useful in terms of learning to trade, because emotions are not involved there, it will allow you to get a feel for how the platform works and whether or not it's right for you.

    You wouldn't buy a car without taking it for a test drive, and the same goes for trading platforms. By paper trading first, you can get a sense of how easy or difficult the platform is to use, what kind of features are available, and whether the platform suits your needs.

  6. Check the customer service

    Once again, an important thing to test on a new trading platform is their customer support.

    This is important in case you ever have any questions or need assistance with using the platform. It is a good tip to help you choose a trading platform because the customer service of a company can tell you a lot about the company. If they are unresponsive or have trouble answering your questions, it may be best to look elsewhere.

    Crypto exchanges are just a piece of software. Whenever you're using a software, there's always a chance that something will go wrong. That's why it's important to choose a platform that offers excellent customer support in case you need any help.

Keep in mind that there is no one-size-fits-all trading platform. The best platform for you will depend on your individual needs and preferences. By following the tips above, you should be able to find a platform that suits your needs and helps you trade effectively.

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