Just because you’re new to Bitcoin trading doesn’t mean you can’t use the tools of the pros.
Bitcoin and other cryptocurrencies are definitely the bandwagon to jump on if you’re new to trading. High market volatility, small buy-ins, and a predictable market inflation rate are all reasons why it’s an excellent choice for first-time investors.
But, those perks alone aren’t often enough to turn your pence into pounds. To really get a piece of the action, it’s important to get involved with a decent trading platform early on. Bitcoin trading brokers give newbs a chance to see what are the best times for market trades and when to invest in that area.
Trading platforms work by automatically buying and selling bitcoin and other cryptocurrencies for you. Bitcoin brokers set you up with a digital wallet and give secure access to buying and selling currencies you’re most interested in. A great trading platform will give you unfettered access to the markets, as. Well, as provide a simple and comprehensive dashboard where you can manage all aspects of your investment.
Bitvavo is perhaps one of the best brokers for newly arrived bitcoin traders. It’s simple and free to set up. Fees on trading are clearly outlined early on, and work on a sliding scale depending on the investment. They service most all of the popular digital currencies and are constantly adding to their list of tradable tokens as more become popular. Their app allows you to keep an eye on market fluctuations easily, which is ideal when dealing with the fast-paced demand of bitcoin and similar currencies.
Bitstamp provides easy access to instant buy and sell options for USD/BTC. As an added bonus, funds can be withdrawn in multiple currencies. Their payment system is a breeze and they’ve earned themselves a strong and reliable reputation throughout Europe. Despite the company being run by two Solenian youths- with their regular audits and hardline regulatory compliance, you’d never know.
While Bitfinex is generally appreciated by more advanced traders, it can still be an excellent place to start out. Giving newcomers the ability to grow throughout a single trading platform. The platform is incredibly secure, with 99.5% of all assets being stowed in cold storage, as well as having daily backups of the database exchange encrypted and stored. Bitfinex’s security measures are well above and beyond those of most other traders. Sadly, they don’t deal in many types of cryptocurrencies.
Coinbase uses a unique system that is ideal for first-time traders. Their platform only allows users to trade in bitcoin and filters out most of the advanced trading tools like margin trading and limit transfers, making it far less appealing for advanced traders. Their design requires users to link a bank account with their profile so automatic ACH transfers can happen as traders buy and sell. A nice perk for people who don’t want to risk keeping USD in online accounts outside of their bank.
BTC-e has been around longer than most other trading platforms- which has both merits and pitfalls. They offer clients the ability to trade in multiple cryptocurrencies as well as purchase and payout in a number of regular currencies. BTC-e handles a surprisingly high trade volume and has a decent worldwide customer base. However, tight lipped execs and questionable headquarter locations lead some to feel it’s less than trustworthy.
This exchange offers its users to deal in bitcoin and altcoins. Boasting a massive trade base of over 200 different types of cryptocurrencies. The exchange is headquartered within the US, giving most traders a sense of comfort and security. Launched in 2013, it’s not the oldest trading platform on the market but has shown strength with high trading volumes and a large customer base, even throughout some massive market crashes.
Bit of a newcomer to the trade game, Overbit snags many newer traders with their abolition of trading fees. They also offer a demo mode for those who are completely inexperienced in trading bitcoin. Perhaps what sets that back is that their platform isn’t open to US traders, and there’s next to zero advanced trading options. Overbit also works with few altcoins. They also have a tendency to deter more serious traders as payouts and CFDs are only offered in BTC. But their simplistic approach, zero fees, and top-level security features still see a massive customer base despite perceived flaws.