When buying Cryptocurrencies, most of us will eventually end up on a trading platform. These are the places where traders can buy and sell digital assets with other users. Most trading platforms function like a regular exchange. Users deposit funds into the platform and then may withdraw them at any time.
However, there are a growing number of alternative trading platforms (ATPs). These alternative platforms offer traders much more than just an exchange service. They aim to provide a complete ecosystem that includes crypto exchanges, wallet services, analysis tools, education programs, and so much more. This article will explore some of the key features you should consider before choosing an alternative Bitcoin trading exchange. Read on to know more about it:
Fiat Currency Deposits and Withdrawals
Another important factor to consider when choosing an alternative Bitcoin trading exchange is the fiat currency deposit and withdrawal options. You do not want to use a trading platform that only allows you to deposit and withdraw Cryptocurrencies. You want to use a platform that also lets you deposit and withdraw fiat funds. Doing this will help you to quickly make fiat-to-crypto deposits and withdrawals. It will also let you withdraw fiat funds at any time.
Liquidity and Trading Volume
Next, you need to consider how liquid and active the trading volume of the cryptocurrency exchange on your list is. This will help you to identify which are the most liquid exchanges on the market. A liquid exchange has a large trading volume that makes it easier for traders to execute large and small orders. The most liquid exchange will also have the least amount of trading fees.
Advanced Cryptocurrency Charting and Trading Features
Another factor that you need to consider when choosing an alternative Bitcoin trading exchange is how well it charts, trades, and provides features for various Cryptocurrencies. Ideally, you will want to find a platform that offers advanced charting and trading features for a wide range of Cryptocurrencies. You can enjoy these features and more by creating an account on the Stellar Profit trading platform.
Some of the more important cryptocurrency trading features to look out for include order types, market liquidity, trading volume, order execution time, and fees. If you are using a cryptocurrency trading platform for trading altcoins, you will also need to look out for a reliable and accurate order matching engine.
Privacy and Anonymity
Many trading platforms, especially those that are new, have poor privacy and security record. This is mostly because they lack the proper infrastructure and systems to secure users’ data.
To mitigate the risk, you need to look for trading platforms with robust privacy and security features. You should also avoid platforms that offer an exchange service between Cryptocurrencies and fiat currencies. The latter, while helping users to quickly exchange funds, also exposes them to third-party risk.
Customer Support and API Access
You need to assess the customer support offered by the platform as well as whether it offers API access. If you use the platform often, you might want to look for a platform that offers 24/7 customer support. Moreover, you should also look for platforms that offer API access for third-party developers. This way, you can connect your trading bot, portfolio monitoring tool, and other custom trading applications.
Final Words
Whether you are a beginner or an advanced trader, there are numerous Bitcoin trading platforms available. You can choose from a variety of different platforms that offer different features and services. Before you do so, you need to carefully consider the factors mentioned above to make a more informed decision. Choosing the best trading platform for you might seem like a daunting task, but it does not have to be. With a little bit of research, you can easily find the best alternative Bitcoin trading exchange for your needs.