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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Consider These 6 Things While Picking a Crypto Forex Broker

NewsBTC
NewsBTC
5 years ago
4 mins read
crypto, forex

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Cryptocurrencies are today one of the valuable financial assets. Thanks to their variety, volatility, and widespread usage, trading cryptos like Bitcoin and altcoins can potentially give a much better return over a short period of time than other traditional financial assets. It has created a demand for crypto-related investments and trading instruments, leading to a sudden surge in the number of platforms offering such services.

Until a few years ago, cryptocurrency exchanges were the only places where one could trade in their fiat for cryptocurrencies or vice versa. However, this arrangement was fraught with its own issues which included questionable reliability of these exchanges, lack of adequate crypto-crypto or crypto-fiat pairs, and negligible regulatory oversight. These issues not only slowed down the adoption of bitcoin and other cryptocurrencies but also drove genuinely interested investors on a search for more reliable options. It eventually led to many online trading and brokerage platforms recognizing the similarities between crypto and forex trading, encouraging them to include crypto-fiat trading pairs into their offering.

In the present day, there are hundreds of such online crypto trading forex brokerages out there claiming to be the best and the easiest option for people to invest in cryptocurrency and make profits out of them. However, it is worth noting that when someone invests in the cryptocurrency on these platforms, they will just be investing in CFD instruments, and at no point will the investor own actual cryptocurrency. Also, each broker generally has its own set of rules and policies that may or may not always work in favor of the traders which makes it important to pick the right platform.

Some of the things to be considered while picking the right crypto trading forex platforms include:

  1. Reliability and Track Record

All it takes is a quick search on the internet, and a bit of browsing through some of the well-known blogs and review sites to know whether a platform is reliable or not. Searching for user reviews, complaints and grievances on social media (like Twitter, Facebook, etc.), online crypto communities and forums (like Bitcointalk, Reddit and more) will also give an insight into common problems faced by users on the platform and whether they were promptly resolved or not. Any red flags raised at this step should be more than enough to drop that particular platform from consideration.

There are many sites that occasionally review and publish a curated list of top online crypto trading forex brokerage services which could become the starting point for the search for an ideal platform.

  1. Regulatory Status

It is always better to trade on a licensed platform than an unregulated one, as regulatory compliances required to grant a license necessitates the platforms to maintain transparency and safeguards to protect the interests of platform users. However, it is worth noting that forex brokers dealing exclusively with crypto deposits and withdrawals may be exempt from regulatory oversight in certain jurisdictions and there are few such platforms out there that have proven to be reliable so far.

  1. Features

More features are always good to have on a crypto trading forex platform, but do they contribute towards an enhanced trading experience or help make more profits? Some of the features that an ideal platform should have, includes a user-friendly interface, highly responsive trade engine, industry-standard security, effective risk management, access to news, market information, charts and trading tools, attractive leverage options, quick and easy deposits and withdrawals, etc. A lot of platforms offer additional trading products like Commodities, Indices, Precious Metals, etc., which are also worth exploring alongside cryptocurrencies and forex.

  1. Payment Methods

To each their own, which is true for payments as well. People’s preferred methods of payments vary from cryptocurrencies, credit cards, bank transfer to a wide range of wallets and money transfer applications. Platforms with multiple supported payment methods add not just to the convenience but also creates a failsafe in case one of the methods is not accessible. It will allow users to continue trading or making deposits and withdrawals, effectively staying in control of their funds.

  1. Fees and Commissions

Fees and Commissions are major revenue drivers for trading platforms and some of them resort to implementing hidden fees. It is always advisable to pick a platform that has detailed, and transparent fees and commissions structure published so that users don’t feel the pinch later.

  1. Tutorials and Customer Support

Not everyone is an expert in trading, and even experienced traders may sometimes find themselves at odds on a new platform. When faced with issues or left clueless, tutorials and educational resources provided by the platform may prove to be invaluable. Also, having a dedicated round the clock customer support team accessible through multiple channels will help traders get any issues or queries resolved in no time, without adversely impacting their trading activities. Platforms offering demo trading features get additional points as there is no replacement for actually trying out in real-time before putting actual money on the line.

Once convinced that a platform satisfies all the abovementioned criteria, traders can take the next step to register on it, explore and start trading.

Image by mohamed Hassan from Pixabay
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