Bitcoin trading platforms are online houses or medium where currencies are exchanged – some of these houses deal solely on cryptocurrency transactions.
Primarily, a particular cryptocurrency can be exchanged for the equivalent of another digital currency. In simpler terms, you can use, say Bitcoin, to purchase units of another digital coin like Dash, or vice versa – Dash for Bitcoin.
Just like in the fiat currency market, the bitcoin trading platforms have some distinctive features. This article will help you identify the characteristics of these platforms so that you can fully explore and utilize their functions and make more gains.
Features of a Bitcoin Trading Platform
One common feature of bitcoin trading platforms is the “exchange” section which allows traders to
‘BUY’, ‘SELL’ and ‘STOP LIMIT’ orders.
Almost all the trading platforms allow you to borrow funds from their system (or from users) with the use of Margin. However, there are more advanced features which you can use to your advantage on most of these exchange houses. It is noteworthy that these features vary from site to site.
Facts to Consider before Trading on a Bitcoin Trading Platform
Bitcoin Platforms Runs 24/7 Globally
It is assumed you already know Bitcoin currency is a digital and universal currency that can be used across the globe. This means, what the digital coin is in Japan isn’t different from what it is in France, the United States, and in Nigeria. Its value is not regulated by any government or central bank. All its activities are online based. So regardless of location, anybody can trade on any of these platforms.
Also, they are not time constrained – you can trade on any of these platforms 24/7.
Bitcoin’s Value is Volatile
Just like other cryptocurrencies traded on these platforms, Bitcoin is volatile. This means that the value of cryptocurrencies is not constant – they are prone to change swiftly, within a short period of time. The value of a Bitcoin this hour may change the next hour. This makes cryptocurrency trading one that needs to be done with utmost care and knowledge. So, as you anticipate for high gains, also remember losses are as real. So, it is highly recommended that you have an investment limit. This will help to cushion the effect of likely loss. So, before you invest, ensure the amount you’re about to invest is one you can afford to lose; and remember to do a critical market survey. Knowing when to stop and curb your losses is also a skill to learn.
Top Bitcoin Trading Platforms
In an attempt to trade in Bitcoins, a lot of newbies have been scammed. Such reoccurring cases of fraud have been a challenge in recent times; leaving intending traders with the question how do I get a trusted bitcoin trading platform?
After a critical research, here is a list of five indigenous and five foreign credible platforms where you can trade your coins without any fear of being scammed.
Top Bitcoin Trading Platforms
Which Bitcoin Platform Is Best?
All these bitcoin trading platforms mentioned are 100% trusted and easy to use. So you can go with just anyone that is most convenient or you. However take into consideration that each platform offered by the above listed companies have its own advantage and disadvantage. Some trading platforms are simple to use while others are complex! Depending on your knowledge and skills in financial markets trading, its best to use the most suitable for your level!