5 reasons why picking the best cryptocurrency broker is the key for your success
In this post, we will reveal five reasons why picking the best cryptocurrency broker is the key for your success. According to Leftronic, about $6 billion worth of Bitcoin is traded daily. Nonetheless, there are over 3,000 altcoins. This implies that the cryptocurrency market is a lucrative one.
To sell cryptocurrencies without hassles, it is essential to make use of a cryptocurrency broker.
Who is a cryptocurrency broker?
A cryptocurrency broker is a third-party dealer or platform that pairs up buyers and sellers. Unlike the centralized cryptocurrency exchange, cryptocurrency brokers fund the seller from their network in their over-the-counter (OTC) market.
While there are several cryptocurrency brokers on the market, let’s take a look at five reasons why you need to pick the best cryptocurrency broker.
5 reasons why picking the best cryptocurrency broker is the key for your success
Listed below are the significant reasons why picking the best cryptocurrency broker is the key to your success.
- Time-saving
Unlike the blockchain transactions, which may take hours or even days to complete depending on the network capacity, all your cryptocurrency transactions take place within the broker’s trading platform. That way, your transactions are executed quickly in a timely fashion without hassles.
Not to mention, you are provided with the flexibility to make rapid market movements that can be beneficial for you.
- Easy setup
There are several issues associated with direct trading. Mostly, beginners experience problems setting up their first trades, verification procedures, and other technical crypto requirements.
Thankfully, a cryptocurrency broker can eliminate the issues by ensuring a quick setup process on their platform. Typically, they facilitate quick account setups, one-click trading features, and they have vibrant customer support.
- Innovative technical instruments
When trading with a crypto broker, you are provided with an array of advanced technical instruments that can protect you from making losses. The ideal best cryptocurrency broker will feature ‘stop-loss’ and ‘take profit’ tools. Likewise, they also feature advanced charting tools, which can help you to interpret the market better to make the right financial decisions when trading cryptocurrencies.
- Leverage opportunities
The ideal best cryptocurrency broker will facilitate leverage trading, which allows you to trade with more capital than you invest. For instance, if you have a 5:1 leverage, you only need $200 to open a trade position of $1000, and then make significant profits.
- Anti-fraud protection
Mostly, cryptocurrency brokers are regulated by reputable financial watchdogs such as the FCA, CySec, etc. This protects their customers from outright theft, fraud practices, and other adverse circumstances. Likewise, traders can get all or some of their money back in case the cryptocurrency broker gets bankrupted or experiences adverse scenarios.
Things to look for in the best cryptocurrency broker
Before you opt for a cryptocurrency broker of your choice, here are some critical factors that determine the best cryptocurrency broker.
- Minimum deposit
When choosing a cryptocurrency broker, it is vital to opt for the right one that allows a low or unlimited minimum deposit. That way, you can be able to part with a sum of money that you can consider ‘un-risky.’
- Maximum leverage
Another factor that determines the best cryptocurrency broker is the maximum leverage that they offer. According to the ESMA law, cryptocurrency brokers can offer as high as a 1:2 leverage.
- Regulation
Financial regulations prevent corrupt practices from culminating from the cryptocurrency brokers. Mostly, cryptocurrency brokers are regulated by FCA, NFA, FSA, CFTC, CySec, and likes.
- Security
The best cryptocurrency broker will have a secure trading platform that can guarantee the safety of your coins. Moreover, frequent data breaches are a no-go sign when considering a crypto broker.
- Trading tools
Another criterion to consider is the trading tools that they incorporate, which will enable you to have hassle-free trading. Mostly, some of these tools allow you to predict the market and can help you to avoid making the wrong market move.
- Customer support
Customer support is vital when picking the best cryptocurrency broker. So, you should consider a platform that offers 24/7 support that will help you to resolve issues you encounter promptly at any time of the day.
Bottom line on 5 reasons why picking the best crypto broker is essential for success
Cryptocurrency is the digital currency for both the present and the future. Moreover, it is rapidly gaining acceptance across the world. With the best cryptocurrency broker, you can easily trade your most preferred coins without hassles.
Not to mention, your transactions are securely made within a split second on their trading platform. That way, you can quickly make good profits; hence, it is essential to pick the best cryptocurrency broker as the key to your success.
