Where to trade cryptocurrency, not an easy choice between a broker and a crypto exchange
Cryptocurrency trading has already become everyday life for many, and crypto wallets have firmly taken their place in everyday life.
At the same time, new investors appear every day asking the question – “Where to trade cryptocurrency”?
Indeed, often not only the comfort of trading, but also its profitability directly depends on the correct answer to this question.
Today, there are three main options for exchanging cryptocurrency for regular money, which are worth focusing on.
Where is the best place to trade cryptocurrency?
An online exchanger is perhaps the simplest and at the same time the most unprofitable option where you can trade cryptocurrency:
And to be more objective, in this way you can exchange regular currency for virtual currency and vice versa.
In this case, you pay for the purchase from your bank card or account, and the purchased virtual currency goes to your wallet. The main and, perhaps, the only advantage of this option is simplicity; on average, the exchanger takes at least 5% commission, so in order to earn at least something you will have to wait for the rate to change by at least 8-10%.
Cryptocurrency brokers – trading through brokerage companies can be called the best option for those who want to choose where to trade cryptocurrency for speculative purposes:
Since it is stock brokers who have created all the conditions for speculative trading on short and medium time periods.
Thanks to leverage and low commissions, you can earn money here even within a few minutes. The main advantages that should be noted are a quick start to trading, an intuitive interface of the trading platform, a large selection of options for depositing and withdrawing money, leverage and low commission.
List of cryptocurrency brokers - https://time-forex.com/kriptovaluty/brokery-kriptovalut
The disadvantage is that there is not a large selection of cryptocurrencies, usually it is limited to 10-20 of the most popular assets.
That is, if you only want to buy a new token that has appeared, then you are unlikely to succeed. Cryptocurrency exchanges are specialized platforms where you can trade cryptocurrency, one of the most striking examples of such a platform is the Binance exchange :
Here it is possible to carry out transactions with hundreds of virtual currencies; they can either be bought for regular money or exchanged for one another.
For spot trading, Binance charges a commission of 0.1%, which is quite low if you are not scalping. Overall, the exchange is ideal for those who want to make money on low-cost cryptocurrencies through long-term investments.
The main disadvantage, in my opinion, is the excessive complexity.
If you want to understand the capabilities of the site, it will take more than one day and it is not a fact that you will master all the nuances of working with the site interface. If you choose where to trade cryptocurrency, I prefer the option with brokerage companies, but if you are focused on investing in little-promoted tokens, then it is still better to choose a specialized exchange like Binance.