After Bitcoin was created, it took until March 17, 2010, for Bitcoin to be traded on bitcoinmarket.com for the first time. Prior to this, Bitcoin had always been traded in an unofficial system where individuals who had mined BTC would exchange the coins on online platforms.
Since then, the crypto trading space has exploded, with the market capitalization standing at $2.34 trillion as of 2nd November 2024. Now, trading platforms have innovated to the point they act like wallets where people can store their crypto. Something that started as an innovation for a niche community suddenly became mainstream and spread worldwide.
Countries like the UK are big on crypto, with almost 3.3 million people holding digital assets and trading with them. The sudden need to buy and sell crypto comes from how the tokens are easily used for day-to-day activities like online purchases and gaming.
Many gaming platforms, particularly online casinos, have embraced cryptocurrency, creating a new avenue for players. If you enjoy playing live casino UK, you might want to explore crypto casino sites, where you can play with your digital tokens in real-time. This trend illustrates how crypto is becoming more mainstream and highlights the importance of finding the best crypto trading platform to acquire these valuable assets.
When searching for the right platform, consider the following features:
Look for Strong Security Features
Anything involved with crypto security should be top priority. Crypto trading involves money, so the platform should have strong protections to keep your funds and data safe. In 2024 alone, more than $1 billion worth of crypto has been lost to hacks and scams, so secure trading platforms are a must.
Some platforms use two-factor authentication (2FA), which means you need to enter a code sent to your phone or email in addition to your password. This protects all your accounts from any bad actors. Look for platforms that have cold storage for storing funds. Cold storage means keeping most of the funds offline, away from the internet, which adds an extra layer of protection.
Compare Trading Fees and Costs
Fees are an important part of crypto trading. Some platforms charge a lot, while others are more affordable. Here are the 3 main fees to look out for:
- Trading fees: These are fees deducted every time you buy or sell crypto, and they can be a percentage of the trade or a set amount.
- Deposit and withdrawal fees: Some platforms charge for adding money to or taking money out of your account.
- Spreads: Some platforms make money by having a small difference between the buy and sell prices of a coin.
For example, Coinbase charges up to 3.99% for debit card deposits, while Binance has lower fees, around 1.8% per trade. That’s why it’s always important to read the fee structure. Some platforms also offer discounts for users who trade in high volumes, which is helpful if you plan to trade a lot. Choosing a low-fee platform can save you a lot of money over time.
Choose a User-Friendly Platform with Good Support
A user-friendly platform makes trading easier and less stressful, especially if you’re just starting. Look for crypto trading platforms with a simple yet clean interface, moreover, it must have clear instructions and tools that help you learn as you go. Some platforms even offer demo accounts, where you can practice trading with virtual money before using real funds.
For example, Crypto.com is known for its beginner-friendly interface and easy sign-up process. On the other hand, Binance offers more trading options, which might be better for experienced traders.
Customer support is also very important. If you have an issue with your account, you want fast and helpful service. Some platforms have customer service that’s available all day and night. Others have community forums or help centers with articles and guides.
Check for a Wide Range of Coins and Trading Options
Different trading platforms offer different coins and trading options. Some focus on popular coins like Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC), while others include even the least popular smaller coins or new tokens. If you want to explore less-known coins, find a platform that offers them.
Additionally, some platforms offer more than just regular trading. For instance, margin trading lets you borrow money to increase your trading amount, which can boost profits but also increase risk. Another option is staking, where you earn rewards for holding certain coins on the platform.
