Historically, earlier exchange transactions were concluded in closed chambers of commerce, and only a selected few people were allowed to trade. Fortunately, today humanity lives in an age of high technology with unlimited possibilities, so anyone can become a trader. Modern technologies have made it possible to replace physical platforms with online services. Moreover, fiat currencies ceased to completely dominate the market, making room for crypto.
Modern trading platforms are designed for Buying and Selling Cryptocurrency and exchanging popular or rare coins. The functionality includes the creation of simple and complex orders, the storage of funds in the account, input and output, as well as additional options, individual for each platform. This article will tell all interested readers everything about a crypto trading platform and help them choose a good option for future development in the market!
Types of Platforms for Cryptocurrency Trading
These platforms are classified according to a large number of different characteristics, namely:
Centralized and decentralized — the former is managed by a company that is responsible for performing transactions between users, and order matching. However, all other functions and the latter isn’t an intermediary when making transactions, settlements occur directly between participants;
Regulated and unregulated — If the platform is regulated, then its activities are based on the legislative norms and rules adopted in the country of registration. This also such a platform is ready to provide them with information about users and their operations at the request of the authorities; unregulated exchanges, in turn, are more focused on confidentiality;
With the support of fiat or cryptocurrency, — some platforms allow users to exchange cryptocurrency exclusively. Cryptocurrency, while others make it possible to enter and withdraw fiat funds from cards, electronic wallets, mobile phones, and so on;
Spot or derivative — this parameter characterizes the moment of transactions’ settlement — in spot trading. It occurs instantly, and in the case of derivatives — within the specified period.
The Best Platforms for Buying and Selling Cryptocurrency
As of 2022, there are hundreds of platforms working in the crypto industry, each with its own features, advantages, and disadvantages. It’s worth noting these cryptocurrency exchanges are the most popular and offer really decent functionality:
- By bit;
Binance is a popular, liquid, and functional crypto exchange today that offers a large number of options that may interest an experienced trader. It also has a clear interface, as a result of which it’s often chosen by beginners. On the platform, the user can trade without verification. With the daily withdrawal removal limit of 2 BTC and open access to many functions, it still asks for proof of identity. There’s a fiat gateway that allows clients to easily withdraw and start traditional finance. Binance regularly conducts contests and promotions to stimulate users.
By bit provides functionality for trading perpetual contracts from 1 USD. Even though the service was opened in 2018, it immediately began to gain success and achieved good liquidity! To start trading, By bit rewards new users with bonuses. There’s an insurance fund and cold storage to protect funds. All beginners can easily learn everything on the platform. The site contains many training materials for both beginners and experienced traders, as well as professional trading charts.
The OKEx platform opens up wide opportunities for profitable trading with small commissions. It’s possible to make a deposit by any convenient means — using crypto, by direct purchase from a bank card, and so on. Internal transfers between exchange accounts are also carried out free of charge and without commission. All possible ways are provided for account protection: password, financial password, two-factor authentication, phone, and email binding.