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Bitcoin is the most prominent digital currency in the world. The value of even one Bitcoin is worth thousands of dollars. More and more individuals are interested in investing in Bitcoin. But before going deeper into the world of online bitcoin trading, it is more beneficial to understand some basic concepts and aspects that are related to Bitcoin trading.
What is Bitcoin?
Bitcoin is a digital coin that works on peer-to-peer technology. It does not include any third party in the money transferring processes, and Bitcoin follows the technology where there is a secure transfer of currency between two parties.
Not only Bitcoin, but there are multiple other cryptocurrencies that also exist. Some of them are Litecoin, Monero, Ethereum, Bitcoin Cash, and Zcash. All of these currencies came into existence only after the creation of Bitcoin.
Bitcoin and multiple other cryptocurrencies are in the limelight because they are being accepted as payment methods at different platforms. If we talk about a renowned company like Paypal, it accepts Bitcoin and Ethereum payments. This is yet an outstanding achievement as 12 years back, no one would’ve imagined that digital currencies would also be used for payment methods.
Bitcoin Trading
Bitcoin trading has made individuals millionaires. But at the same time, its trading bear a lot of risk because of the coin’s volatility. You may get into huge losses if you do not invest your Bitcoins correctly at the right times.
Let us discuss the advantages and disadvantages of Bitcoin trading to give you a clear image.
Advantages
If we talk about the advantages of Bitcoin, then they are also many to mention.
As you invest in cryptocurrency, especially in Bitcoin, your portfolio gets diversified. Because of Bitcoin’s volatility, you may even get huge profits if you take correct decisions. Even if you have faced a loss in the market, it is easier to regain those losses through better planning and decisions.
The market of the crypto world, especially bitcoin, shows rises and downfalls on an irregular pattern. Yet, it is better to invest only that much on which you can take risks.
Bitcoin’s popularity is outgrowing, and people are getting more and more interested in buying crypto assets. There are more than 4,000 Bitcoin ATMs where you can virtually purchase Bitcoin at this point in time.
Bitcoin is being accepted as a digital currency around the globe, and its worth is regularly growing.
Disadvantages
Bitcoin’s volatility is pretty high, and the market can show unpredictable variations that can lead you to massive losses. For this reason, it is crucial to invest correctly. Bitcoin trading is high-risk trading that can make you earn immense profits or extensive losses.
The governments of multiple countries are looking to get the best solution for putting cryptocurrencies in a regulatory framework.
The central authorities and governments are not involved in Bitcoin trading, which may actually raise issues for institutional traders to step into the crypto world.
When you are trading with cryptocurrencies, it is complicated to predict the market, and it is because there is limited historical data that is present for crypto assets. Through this insufficient data, predictors might fail to foretell the conditions of the market in the near future.
Even though multiple tools are there to solve these issues, it is still difficult for retail investors to commit fully to it.
Buying Bitcoin has become pretty easy at this time. There are plenty of methods by which you can buy bitcoins. The first one is to buy Bitcoin in cash, and the second method to buy Bitcoin is buying them through cryptocurrency exchanges. These crypto exchanges allow you to transfer, trade, and store Bitcoin and other crypto-assets. The third way is to buy them through online payments processors like Skrill and Paypal.
Before digging deeper into the topic, it is better to know the meaning of this terminology. Day trading can be called a process where an investor buys and sells an asset within a single day. To do such a process, you need to be educated about all the pros and cons of the Crypto market. Such traders who opt for this kind of trading strategy are experienced and well funded.
To be a day trader, you need to have some characteristics. The day traders need to have sufficient capital at their back. It is not at all easy to buy and sell a specific asset in a single day.
The day traders need to be knowledgeable about all the variations in the market, and they have to keep a sharp eye on every variation to understand the complicated technical analysis. Such traders use various tools to get effective results.
The traders who are experienced with all the trading-related activities are only advised to involve themselves in such processes. No novice trader is expected adopt this technique in the start. Experienced traders use many techniques and strategies to be successful in this kind of trading.
Criteria to Choose Bitcoin Brokers
You should consider multiple factors before opting for a broker that offers cryptocurrency trading facilities.
- Trading Fees
One of the most important factors is the trading fees which the broker requires you to pay before making any investment. You should make sure that they are affordable.
- Customer Satisfaction
You have to make sure that the users who are already on the platform are satisfied with the firm’s services. You need to check if they are unsatisfied with any of the facilities provided by the firm.
You should check out reviews in order to make sure that you are choosing a platform that is studied deeply. Before making any choice, try to explore all the good and bad elements of the broker.
- Transparency
Any good broker will keep things as transparent as possible. A good broker will always publish all the audit data and cold storage information. Transparency is a significant factor that needs to be ensured before the broker’s selection.
- Security
Security is one of the dominant factors of a broker on which most of the traders make their selection. Before getting into a particular firm, you must check out their security standards.
These security protocols start from implementing basic security majors such as 2-way authentication and a thorough verification process. You should check that the broker follows some of the internationally recognized policies that are AML policy and KYC policy. Both of these policies are there to safeguard traders’ money and identity, and these measures prevent your money from being used for illegal purposes. Also, the security standards restrict hackers to get access to your account.
- Withdrawal and Deposit Information
Before choosing a trading platform, you must analyze all the deposit and withdrawal information available on the broker’s platform. It is essential to be aware of payments details and methods of the broker. Deposit limit, withdrawal fees, payment options should be examined thoroughly. Some good brokers also provide guides to the investors so they can get into this business without any worry.
Best Bitcoin Brokers
The main topic comes here. As a trader, you must be looking for the best online brokers that are in the market. There are several brokers and exchanges that provide top-class facilities to all kinds of traders. Here in this part of the article, I will mention some of the world-class crypto brokers with a vast consumer base because of their excellent facilities.
eToro
eToro is a financial services firm that is under the authorization of the Cyprus Security and Exchange Commission. It is a reputable cryptocurrency broker that offers a wide variety of crypto assets.
This broker also provides a wide range of payment options. The company allows users to transfer payments to their bank accounts using PayPal, Skrill, and NETELLER, etc.
If you talk about the trading fees, the minimum deposit on eToro is $200. The company sets a 0.0005 unit crypto transfer charge on Bitcoin withdrawals and 0.006 units on ETH withdrawals.
This broker offers multiple other assets for trading too. The asset index includes indices, ETFs, stocks, cryptocurrencies, commodities, and a wide range of cryptocurrencies.
B2BX Exchange
B2BX exchange is an exchange that offers crypto-fiat and crypto-crypto trading pairs. It is licensed with the Financial Intelligence Unit (FIU) of Estonia.
Not just this broker caters to Individual clients, but it also pertains to both corporate clients and provides them institutional-grade liquidity, a variety of order types, an advanced API (WebSocket and REST), a variety of fiat deposit and withdrawal options, as well as security features such as funds safety, KYC, and 2FA, as well as low trading fees.
Evolve Market
Evolve market is one of the most prominent Bitcoin brokers. One of the best facilities here is that the investors’ accounts are approved in a short time. Not just this, but deposits here are confirmed in just a few minutes. You do not need to wait in order to get your account accepted or deposits to get settled.
The broker allows you to trade on commodities, forex markets, and stock markets. The brokers offer a wide variety of crypto assets and evolve market does even have a minimum deposit requirement. With 0.075 percent fees on cryptocurrencies, the broker does not charge deposit or withdrawal fees.
Simple FX
You can mention Simple FX as one of the top broker firms that are providing some extraordinary services. This broker firm has a user-friendly interface and a wide range of trading tools that can help you to excel in your trading business.
Secure and fast transfers and the comprehensive API manager make this trading platform worth it to be chosen. The trading platform does not restrict traders with a minimum withdrawal or deposit fees, and the broker also provides traders with negative balance protection and all the other facilities.
Plus500
Plus500 is a broker that is enriched with tons of services and facilities. At this broker, the minimum deposit fee is $300. Cyprus Securities and Exchange Commission, ASIC, and Financial Conduct Authority supervise it, making it a secure platform to trade assets, especially cryptocurrencies.
Here at Plus500, you can easily make your withdrawals and deposits through Skrill, PayPal, bank transfer, and credit cards. The platform is full of trading tools. The provided trading tools such as risk management help traders to make some best decisions, and these decisions help them to be in profits.
24 Options
24 Options needs no introduction as it is a well-known broker with tons of facilities for the traders. Along with the availability of multiple cryptocurrencies, the broker also provides other assets for trading purposes.
The withdrawal and deposits here in this broker are seamless. This broker offers a variety of other options and tools, which makes it unique.
Markets.com
Markets.com is the broker that is under the supervision of Safecap Investments Limited. The Cyprus Securities and Exchange Commission regulates and authorizes this Financial Services Company.
The customer care services here are excellent.
Being one of the leading brokers in the online financial world, this broker also accepts multiple types of payment methods. The payment methods include PayPal, Skrill, and NETELLER, etc.
B2Broker
B2Broker is a well-known market competitor and a trusted technology and liquidity supplier for Forex and cryptocurrency brokers, cryptocurrency exchanges, and other financial services firms.
The firm offers a wide variety of services including CFD, Forex, and Cryptocurrency liquidity, crypto payment processing, Crypto/Forex Broker turnkey solutions MT4/5 white label solutions, trader’s room customer cabinet solution, and Investment Platform giving a very decent 800 trading tools beyond the whole variety of assets.
The company has a considerable consumer base, and individuals are satisfied with its performance. Since 2014, this firm has been working and now has gained a reputable position in the market.
Conclusion
The article is a detailed guide on the Bitcoin broker selection topic. At first, we studied some essential things regarding Bitcoin and discussed why it was created. Also, it was mentioned that now how Bitcoin trading is becoming increasingly popular.
The article mentioned the ways to buy Bitcoins. In that part, we discussed that they could be purchased online through Skrill and PayPal, and it was also noted that Bitcoin could be purchased through cash. At third, we mentioned that Bitcoin could be bought through crypto exchanges.
Later in the article, the advantages and disadvantages of Bitcoin were mentioned. It was made clear that most of the traders do not get into Bitcoin trading due to the coin’s volatility. Also, the volatility of the currency adds to the risk of losses. Bitcoin trading should only be done if you are able to invest a tremendous amount of capital.
Legislation issues regarding Bitcoin were also considered. It faces legislation issues because it is a crypt asset and is not governed by a central authority.
Then, the advantages of Bitcoin have been discussed in which the most critical point was the enhancement of your trading portfolio. Also, Bitcoin’s worth itself is increasing day by day. It doesn’t matter if you are a trader or not; you may have heard the name of Bitcoin anyhow.
After that, multiple factors were discussed on which you should make the broker’s selection. The most important factor which we discussed was the security provided by the platform. You need to figure out the legitimacy of the broker before making it your ultimate platform for trading.
A number of things were discussed in the security heading in which it was mentioned that first, you should look for the primary verification process being followed by the broker. Secondly, it was said that you should ensure that the broker you are choosing implements some of the internationally recognized security policies.
Along with this, we discussed that it is essential to read reviews regarding multiple trading platforms. You should correct the information regarding the broker through the customers who are already a part of it. Transparency also needs to keep on the broker, and every single detail should be mentioned publicly on the broker’s website. Withdrawal and Deposit information should also be mentioned clearly.
The article has also defined day trading. Also, a detailed part covered the types of traders who can take part in day trading. It was mentioned that it is a complex trading strategy, and only the ones who are experienced in trading should go for it and not the novice ones.
After that, we discussed multiple cryptocurrency brokers. We studied several aspects of the trading platforms, and numerous platforms were discussed, and their specialties were examined.
Every trader wants to select the best broker to carry out his/her business. The fact is, finding a legitimate and trustworthy broker itself is a task. You have to research each and every aspect of the broker thoroughly. It is yet suggested to go through reviews of customers before making yourself a customer.
It is highly recommended to search for a platform that is worth considering and then get yourself registered on it. Only then will you trade cryptocurrencies and multiple other assets with peace of mind.
Crypto Comeback Pro is a crypto trading tool for investing in the crypto market with an %88 average win rate on trades and is the #1 trading software for crypto traders from all around the globe in 2022. Try it For FREE Today. (Ad)
