5 Tips to Finding a Reputable Bitcoin Trading Platform
Most people will teach you how to trade in Bitcoin but leave out the most crucial part; choosing the best trading platform. This is because you can’t execute any traders unless you have a virtual account with a broker. Selecting a broker sounds like an easy process while on the contrary, it’s an uphill task considering that you can’t just settle for a random broker because you can lose all the money you have invested in case the platform is closed indefinitely. Below is a checklist that you can use to screen trading platforms.
- Check Online Reviews
Before you open account on any platform, it’s recommended you first comb through the internet and read the reviews that have been published by other traders that have dealt with them. However, you should not just believe every online review that you come across on the internet. In case you are not aware, some of these sites publish positive reviews about their platform using different author names. You should therefore narrow down to trusted reviews because they are not biased in any way. If there are no compliments and complaints like the ones in this review on the Bitcoin Trader, you should run for the skills because they might be another scam waiting to happen.
- Multiple Currencies
Trading in cryptocurrencies requires you to diversify in other pairs such as Litecoin and Ethereum among others. This is because it helps in cushioning a trader from market volatility. Besides that, when certain cryptocurrencies are rallying down, there are others that are on the bullrun. If a platform has only a few cryptocurrencies, you may not be able to diversify as you wish and ate the end of it all, you will miss on trading opportunities that have the potential to earn you good returns.
- Supports Trading Robots
Nowadays most traders like to trade using robots. They are actually to those that are used in the manufacturing industries only that they are not physical. In other words, they are softwares that are designed to trade when you are not around. They have of late become popular because they give traders the convenience and freedom of being able to do other things without worrying about what’s happening to their investment. The problem is that there are some platforms that will not allow you to trade with such robots. You should therefore find out whether you will be able to use a robot before opening an account on any platform. The good news is that there are so many platforms on the internet such that you can’t run out of options.
- Excellent Customer Care
You should never trade on a platform that is never available when you need to talk with them. Remember, you are not using the platform for free because they are charging you some money for every trade that you open. You should only you a platform that has a customer care team that works round the clock to respond to customer issues. In fact, you should opt for a broker that has instant chat feature or can be reached via the phone. Email response is not recommended for traders because there are some issues that can’t wait.
- Instant Withdrawals
As a trader, you want a platform that simplifies the process of making deposits and withdrawals. There are some platforms that take ages to process a single transaction. Such brokers are bad for business because you can’t access your money when you really need to solve some financial issues. Some of them will even decline to approve your withdrawals when you have not made any profit from your initial deposit. You should therefore use a platform that allows you to pull out your funds without asking you any questions. After all, it’s your money. Moreover, you should opt for a platform that supports different methods of payment such as credit card and e-wallets such as Webmoney, Neteller and Skrill, just to mention but a few.