Those that are just starting out in the world of Bitcoin trading may find themselves overwhelmed with the hundreds of cryptocurrency exchanges and trading platforms to choose from.
As a beginner, there are a number of key factors and platform features an exchange should encompass that will significantly assist in ensuring their start in crypto trading is a positive one. These include:
<h3>User-Friendly Interface</h3>
A trading workspace that’s clear, unambiguous, and intuitive is crucial. The last thing you need is too many options, icons, and widgets that you don’t understand or use to confuse things.
Some Bitcoin trading platforms are customizable, like <a href="https://primexbt.com/">PrimeXBT</a>, which has a sleek and simplistic default design but can be adjusted to add or hide different technical indicators/tools, as well as move and resize various widgets, charts, and controls - based upon what you do and don’t use.
This kind of setup is ideal, as your trading workspace will evolve at the same pace as you develop your trading skills.
<h3>Platform Safety and Security</h3>
This should be the first thing you check. Is the trading platform safe and what security mechanisms and precautions does it implement?
As an emerging technology that deals with immense sums of money, cryptocurrency exchanges are prone to being hacked. At a minimum, a safe trading platform should feature:
- 2FA - two-factor-authentication
- Cold storage of assets with multisignature technology
- Encrypted SSL (https) to encrypt and secure the web platforms traffic
- All passwords are cryptographically hashed
- Cloudfare to defend against DDoS attacks
As well, the platform must prove that they perform regular stress tests, IT security assessments, and full risk checks after each order placement and execution on the platform.
<h3>Platform Tutorials</h3>
Obviously, being able to understand how to place trades and navigate the Bitcoin trading platform is essential. Video tutorials are extremely helpful as they walk you through step by step so you can visually see the actions being taken and where to find different tools and features on the page. See an example of PrimeXBT’s tutorials <a href="https://www.youtube.com/channel/UCzH0C03Gy8uHyKr-Y59cwJg/playlists">here</a>.
<h3>Easy Account Setup & Funding Options</h3>
Signing up shouldn’t mean that you must surrender all of your most sensitive personal information, or deposit any significant amount of money. Typically the minimum deposit should be the equivalent of around $5 USD.
Depending on the Bitcoin trading platform, funding may only be possible via Bitcoin, although most provide alternate payment methods. For instance, PrimeXBT takes direct deposits in BTC, however is integrated with changelly - which features 140+ altcoin options, as well as fiat with credit and debit card transactions.
<h3>Bitcoin Trading: The Golden Rule</h3>
Now that you have the basics covered, you’re good to go. Although, you must first fully grasp the gravity of the golden rule in trading, that is...
<b><i>“Never EVER trade or invest more money than you can afford to lose!!!”</i></b>
<h3>What Bitcoin Platform is Best for Beginners?</h3>
The aforementioned PrimeXBT is a great starting point, as it covers all of the important prerequisites covered here in this article. Furthermore, it also offers some of the lowest fees across the entire industry, a fast-reliable trading engine with excellent liquidity, and provides many avenues and room for growth as you mature as a trader.
<h3>Final Thought</h3>
Be safe and never stop learning!