Essential Features To Check For When Choosing A Trading Platform
November 4, 2019 (Investorideas.com Newswire) In the years that have followed the global recession, we've all been forced to become a little more savvy and a lot more proactive with our finances and investments. Throwing some dollars into a savings account and some more into a pension fund and hoping for the best just doesn't cut it anymore, as many have learned to their cost.
This realization has come at the same time as the online revolution, meaning we have both the reason and the means to explore new financial products. For some, this has meant diving into online share dealing or Forex trading via mobile apps. However, there's a third aspect to the perfect investment storm that's been born alongside the gradual recovery of the global slowdown and the rise of the internet, and that's been the appearance of Bitcoin and other digital currencies on the scene.
At first glance, choosing an app for crypto trading looks a lot like choosing one for Forex or other types of traded investments like stocks, bonds or futures. Naturally, you need a provider that is recognized and that takes site security seriously, so check SSL encryption is in place, as you would with any site. However, there's a little more to consider, especially if you are dipping a toe into the world of digital assets for the first time.
The majority of people who sustain heavy losses trading crypto can be compared to novice motorcyclists whose enthusiasm outweighs their experience. Crypto trading is complex, and like that sports bike, it can bite the unwary. The best way to mitigate what is, after all, the biggest risk is to look at a platform like Bitcoin Revolution that offers automated trading. This takes the trading decisions out of your hands and instead uses AI to analyze the markets and make the right calls.
When the first crypto craze took off, even huge sites like Coinbase found they were unable to meet demand. The result? Server crashes and traders being unable to log on and buy and sell when they wanted to. It's the worst feeling in the world, so look for a site that boasts significant members across multiple geographies. It's the best indication that they have the infrastructure to offer a consistent and reliable service.
You can read articles like this for hours on end, but ultimately, there's no better way to learn about trading crypto than by trading crypto. That doesn't mean blundering blindly in, however. Look for an app or platform that offers a dummy account. That way you can get into the trading process but without putting any real money on the line. Once you are confident that you, or indeed your friendly automated trading bot, will be able to generate profits, you can put down some money and start doing it for real.
Keep it simple
Some platforms offer a plethora of features and functions such as live news streams, social trading clubs and the most complex charts and functions imaginable. These all have their place, but when you are just starting out, it's more important to remember the KISS principle. Choose a platform that is easy to operate and that includes the above essentials. All the rest is window dressing, and you can think about that later at your leisure.
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