Cryptocurrency brokers are intermediaries who help owners of digital assets to conduct transactions, taking a small commission for this. Not all crypto investors have enough knowledge and practical experience to trade on exchanges, so the services of brokerage companies are in demand.
A good broker will accompany you at all stages of bitcoin exchange, helping you with opening accounts, placing orders, and searching for counterparties. In addition, the best cryptocurrency brokers can provide you with accurate statistical information on the market, as well as help with analysis to draw up a trading strategy. All this has a direct impact on the success of trading activities.
Trading under the supervision of a cryptocurrency broker can be not only more efficient but also more reliable since brokerage companies often operate under a license (regulated by law). An extended range of financial instruments (hedging, leverage, CFDs) should also be highlighted as an additional advantage of brokers.
How to choose the best crypto broker: basic criteria
Choosing a trading platform should be started with reviews on the Internet. The cryptocurrency industry is full of scammers, so many scam projects can be easily cut off at the first stage by going through a couple of popular blacklists. The situation is similar to cryptocurrency brokers. In order not to get on a low-quality service, it makes sense to go through the checklist of key indicators:
- Flexible (preferably round-the-clock) work schedule;
- The ability to open short positions;
- Minimum fees;
- Operations insurance;
- Forecasting and analysis.
It is worth looking for a cryptocurrency broker among well-known names in the industry that have been working for a long time and have managed to make a reputation for themselves. To do this, you can use the lists and ratings of the best brokers.
How to start trading cryptocurrency with a broker
When you have decided on a broker, the first thing you need to do is go to the official website and register an account. Provide real data about your person: full name, current email, and phone number. After some time, a service representative will contact you for confirmation.
Next, you will need to download and install a special terminal program. You need to do this using the link from your broker’s page, otherwise, you will not be able to log in with your name and password.
Having access to the trading platform and all its instruments, you can start trading. However, we recommend that you first test the demo version of the broker.
Cryptocurrency brokers are ideal for those who want to profit from trading virtual assets, and not just buy them for long-term storage. As a rule, reliable cryptocurrency brokers offer more flexible conditions for users, advanced analytics, serious tools for technical analysis, and automated trading through bots and advisors. Check the ratings of cryptocurrency brokers that include the most popular trading platforms and exchanges with a brokerage license — the final choice, as always, is yours.