This blog will help you choose the right Bitcoin Trading Platforms.
Are you new to the cryptocurrency industry and interested in trading Bitcoin but still don’t know where to start or what to do? Let’s help you with this. First, you need to learn some basics about Bitcoin and trading platforms.
Since its inception in 2008, Bitcoin has grown from a fairly simple concept to one of the most high-profile cryptocurrencies in the world. Bitcoin became popular in September 2013, and since then, you can buy or sell it at a Bitcoin trading platform recommended by experts. Bitcoin Trading PlatformsBitcoin Trading Platforms
The growth of Bitcoin as a currency has resulted in interest from other areas of the finance sector, including banking and trading. If you want to trade in Bitcoin successfully, you need to find the best trading platform first.
1. What are Bitcoin Trading Platforms?
Bitcoin Trading Platforms are the most widely used systems for cryptocurrency trading and have become a popular way to carry out bitcoin trades. More importantly, Bitcoin trading platforms facilitate the trading of currencies by allowing Bitcoin investors and traders to buy and sell foreign currencies at the correct exchange rate.
They provide simple interfaces that allow traders to make the best trades in real-time. For any beginner, you can still choose only the best trading platform recommended on MoneySmart to start your Bitcoin trading ventures.
2. Which are the Best Bitcoin Trading Platforms?
There are various Bitcoin trading platforms to choose from, with some being more beginner-friendly than others and some being more advanced. However, the Bitcoin market is full of volatile action, and you should not invest your money wisely. It would be best to research bitcoin trading before you start investing.
As you venture into any trading platform, keep in your mind that each one has its pros and cons. But what is more important is to make that ultimate decision and choose only the best Bitcoin trading platform by reputable review sites.
After reviewing many Bitcoin trading platforms worldwide, MoneySmart has come up with a list of the top Bitcoin exchanges that are trusted, regulated, secure, and easy to use. They include;
3. What do I Need to Invest in Bitcoin Trade?
i) Register at a Trading Platform
Register with your preferred trading platform
ii) Get a Bitcoin Wallet
To get started with Bitcoin, you first need to get a crypto wallet. A crypto wallet acts as virtual wallets for all your cryptocurrencies, for example, Bitcoin, Ethereum, Litcoin, and Ripple.
A digital Bitcoin wallet stores your Cryptos, while others will provide you with a trading platform to buy and sell them.
It is recommended you use a wallet connected to the internet but one that has high levels of security.
iii) Fund Your Account
Deposit money into your trading platform account to buy bitcoin. If you already have an account and own some crypto, you can exchange your crypto for bitcoin.
iv) Buy Bitcoin
Once you fund your account, you can buy the amount of bitcoin you want.
ALSO READ- A Complete Guide on Mining Bitcoin
4. What Makes Trading in Bitcoin Special?
• Its Price Movements, global nature, and 24/7 trading
Bitcoin trading is exciting because of Bitcoin’s price fluctuations, traded worldwide without boundaries, and 24/7 trading. It’s important, however, to understand the many risks that come with trading Bitcoin.
For instance, leaving money and Bitcoin on an exchange instead of a wallet is altogether a big mistake; since the famous events in Bitcoin’s history-the collapse of Mt. Gox.
• Easy to Invest and Trade in Bitcoin
Every other available Bitcoin Trading Platform makes it easy to buy and sell Bitcoins. It’s very simple: you deposit your Bitcoin into the exchange, then once the exchange has received your Bitcoin, you can request a fiat currency withdrawal. Also, you can do this via a bank (wire) transfer, which is the most preferred method by most Bitcoin investors and users.
• Bitcoin Trading Platforms are very Convenient and Effective
They are online platforms of exchange where you can buy, sell and trade Bitcoins on the crypto market at the click of a button (if you’re lucky). Beginners should do some research about Bitcoin exchanges to stay safe.
Whichever Bitcoin trading platform you choose, ensure you do due diligence before investing your money. Research about the platform’s security and reputation, supported cryptocurrency, purchase method, transaction fees, user interface, and customer service.
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