How to choose your cryptocurrency platform?
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Platforms for buying or trading cryptocurrencies are generally not regulated, or very poorly regulated. It is therefore very risky to deposit funds there, and even riskier to leave funds there. That is why I suggest that you always transfer your cryptocurrencies (after purchase or trade) to a private wallet.
Despite this risk, what criteria should you take into account when choosing your cryptocurrency platform? It’s not easy...
1/ the cryptocurrency platform’s reputation. Customer reviews...
2/ the number of active customers; the transaction volumes for Bitcoin, Ethereum, NEO, etc. generated by customers of this platform.
3/ the number of cryptocurrencies offered
4/ the ergonomics of the site or trading platform
5/ the trading platform's support
Without regulation, the criteria that distinguishes between the different cryptocurrency trading sites are diverse and varied, as is everyone's best judgement. If you have any other criteria to consider, feel free to comment on the discussion.
I only have a few questions you may want to consider regarding the choice of cryptocurrency purchasing platform:
1/ How popular is the platform? You may want to choose a known cryptocurrency platform which is used by the vast majority of cryptocurrency traders
2/ Can the cryptocurrencies be transferredto a private wallet? You may want to only buy cryptocurrencies that can be transferred to a private wallet
3/ Leaving cryptocurrencies on the platform after purchase could be risky. You might want to immediately transfer the cryptocurrencies to your private wallet.
Good to know: Some regular CFD brokers now offer CFD trading on major cryptocurrencies. Some futures brokers now offer futures contracts on cryptocurrencies
Despite this risk, what criteria should you take into account when choosing your cryptocurrency platform? It’s not easy...
1/ the cryptocurrency platform’s reputation. Customer reviews...
2/ the number of active customers; the transaction volumes for Bitcoin, Ethereum, NEO, etc. generated by customers of this platform.
3/ the number of cryptocurrencies offered
4/ the ergonomics of the site or trading platform
5/ the trading platform's support
Without regulation, the criteria that distinguishes between the different cryptocurrency trading sites are diverse and varied, as is everyone's best judgement. If you have any other criteria to consider, feel free to comment on the discussion.
I only have a few questions you may want to consider regarding the choice of cryptocurrency purchasing platform:
1/ How popular is the platform? You may want to choose a known cryptocurrency platform which is used by the vast majority of cryptocurrency traders
2/ Can the cryptocurrencies be transferredto a private wallet? You may want to only buy cryptocurrencies that can be transferred to a private wallet
3/ Leaving cryptocurrencies on the platform after purchase could be risky. You might want to immediately transfer the cryptocurrencies to your private wallet.
Good to know: Some regular CFD brokers now offer CFD trading on major cryptocurrencies. Some futures brokers now offer futures contracts on cryptocurrencies
