What are the most trusted crypto brokers
What are the best crypto brokers and exchanges to invest in?
Trading Bitcoin and cryptocurrencies is becoming increasingly popular and new buyers are entering the market every day. At the same time, the number of providers who offer digital currencies for trading is also increasing. But not all stock exchanges and crypto brokers are reputable and many online providers are considered unsafe.
One example is the Mt.Gox exchange, which was one of the largest marketplaces in 2013 and accounted for around 70 percent of the trading volume for Bitcoin. In 2014, however, a security breach led to one of the largest cyberattacks to date and a hacker stole 740,000 Bitcoin.
When investing in Bitcoin and cryptocurrencies, choosing a secure exchange is very important. Regardless of whether it is only a small amount or a long-term investment, security should always be in the foreground.
The best crypto exchanges
There are numerous providers for various cryptocurrencies on the Internet. It can make sense to use several exchanges, as not all of them offer the same offer. Some cryptocurrencies are initially traded on smaller exchanges. In addition, many exchanges are offering new coins to early investors as part of an Initial Exchange Offering (IEO).
The provider Coinbase is a US company and has been operating since 2012. This makes it one of the oldest trading venues for Bitcoin at all, if you consider that Bitcoin was only created in 2009.
Among other things, the fact that the company operates under the Bank Secrecy Act and the USA Patriot Act speak for the seriousness. It is also a registered service provider for transactions at FinCen. Coinbase also follows all US laws and regulations regarding transmission standards in transactions. Since 2018, the provider has also been in negotiations with the US regulatory authority and is aiming for a regular banking license.
In addition to Bitcoin, other cryptocurrencies can also be traded, including Ethereum, Litecoin and IOTA. However, compared to other exchanges, the selection is limited and the range is manageable. Rather, the focus here is on established and reputable coins that already have a good reputation. Coinbase has already announced that the offer will be steadily increased.
"Earn Cryptocurrencies While Learning About Cryptocurrencies." - Coinbase Learn
Compared to other exchanges, Coinbase can boast many other features. For example, there is the “Coinbase Learn” program, which rewards people for learning about crypto currencies. The task is usually to watch a video about a certain currency and then to answer the questions correctly. As a remuneration, you get the respective coin credited directly to your account.
Coinbase also scores with an enormous flow of information. The repertoire includes a separate blog with helpful news, free trading signals and the comparison of different currencies with each other. This makes it very easy to determine which correlations the prices of the different coins have. The website is also completely available in German, which is not the case with all providers.
The market leader for Altcoins Binance has been able to steadily expand its leadership position in recent years. This is not only due to the high level of user-friendliness, but also to the constant expansion of the range. Binance now offers numerous other financial services in addition to trading in cryptocurrencies.
Binance users can use the staking of various cryptocurrencies directly on the exchange. Normally a separate wallet is required for this process, but Binance does this work for its customers. There are several crypto currencies on offer, which can thus generate passive income. These include, for example, EOS and Stellar.
For early investors, Binance often offers the opportunity to participate in an Initial Exchange Offering (IEO). This is a possibility for new projects to offer their coins for the first sale directly on the exchange. Initial Exchange Offerings are therefore more secure than regular Initial Coin Offerings (ICO). Cryptocurrencies that are offered for sale in this way usually have a good chance of increasing in price, as they are presented directly on a well-frequented marketplace.
Binance also offers its service as a decentralized exchange (DEX). The difference to the central Exchange is that no user account is required. To participate in trading, you create a wallet directly and manage it. The exchange runs on its own Binance chain and all trading fees can be paid with the in-house Binance Coin (BNB), just like on the normal Binance website.
For risky speculators, Binance also offers the Binance Futures option. Instead of just buying or selling a coin, users can bet on the price with high leverage. While this may allow higher profits with low stakes, it also increases the risk of a total loss enormously. Trading with leverage should therefore only be considered by experienced users.
A representative from the German-speaking rum is the provider BitPanda. This has been active since 2014 and registered as a limited liability company (GmbH) in Austria. In addition to crypto currencies, regular currencies and precious metals can also be traded on the trading platform.
The offer is very broad and in addition to the best-known cryptocurrencies, Bitpanda also has lesser-known trading pairs on offer. Bitpanda is also working on two of its own blockchain projects. As part of an Initial Coin Offer (ICO), Bitpanda raised around four million euros for the implementation of the Pantos project. This should enable interoperability among different blockchains. The second project started in 2019 when the company expanded into other countries. With the introduction of the Global Exchange, the exchange published the BEST token (Bitpanda Ecosystem Token) through an Initial Exchange Offering (IEO). This brought in around 43 million euros for the company.
One of the most popular products on the stock exchange is savings plans. These enable the recurring purchase of cryptocurrencies at certain time intervals. In this way, various strategies, such as dollar cost averaging, can be successfully implemented. Several savings plans can run at the same time and customers can adjust or terminate them at any time. A Bitcoin savings plan can be a simple and efficient way to get satoshis on a regular basis for a good average price.
Another unique selling point is Bitpanda Pay, a service that is used to pay bills. Payouts can also be made as Amazon credit. Since 2017, Bitpanda has also been offering vouchers for crypto currencies, which are available from the Austrian Post.
The best crypto brokers
If you don't want to buy crypto currencies directly, but only speculate on their price development, a crypto broker may be more advantageous. This can have several advantages, for example brokers usually also offer tools for technical chart analysis. Trading with leverage is also possible with most brokers.
Social trading is a steadily growing industry in trading cryptocurrencies. The concept is based on social interaction and the exchange of experiences between users. The eToro broker is one of the market leaders and most popular providers.
The creation of an account is free and beginners in particular can benefit from the lively exchange on the platform. Because not only can individual trades be viewed by professionals, but entire portfolios can also be copied. This gives beginners a quick overview of sensible strategies and can thus improve their knowledge. Advanced users can share their investments with other users and thus generate new followers, which in turn enable passive income.
However, eToro is not just a classic crypto broker, but stocks, commodities, ETFs and CFDs are also on offer on the platform. Regular currencies and precious metals can also be traded. Customers can also benefit from their own debit card.
Crypto brokers also offer the advantage that you can bet not only on rising, but also on falling prices. This means that profits can be made even when the market is in a correction.
If you want to invest in cryptocurrencies in the classic way, you can also do this on eToro. Because the broker also offers regular wallets for crypto currencies. Thus, these can be bought and then transferred. In addition, eToro offers an alternative with a focus on crypto currencies through eToroX.
Another provider for trading CFDs is Plus500, which was founded in 2008 and is based in Israel, with offices in London, Australia, Singapore and Cyprus. According to the company's own information, it is the largest broker in the field of derivative financial instruments with over 300,000 customers.
At Plus500, customers can only trade CFDs, which means that the service is increasingly aimed at active traders. There are no minimum fees and no transaction costs. The broker is one of the largest CFD brokers in the world and stands out from its competitors. Plus500 may only charge a small fee for holding a position overnight. A fee may also apply in the event of long-term inactivity.
The range of different CFDs is very large and all important assets are tradable. Thus, customers have the choice between stocks, bonds, commodities, ETFs and also crypto currencies. This gives users the opportunity to trade all values on a single platform. This can be an advantage, especially when trading in crypto currencies, as no prior knowledge of crypto currencies is required and the broker makes managing the portfolio very easy.
According to the broker, deposits at Plus500 are secured by the English financial supervisory authority. The company has also been listed on the stock exchange (ISIN: IL0011284465) since 2013 and offers investors shares in the company.
Skilling is a very young broker that has only existed since 2019. The company is based in Cyprus and offers CFD trading in cryptocurrencies, stocks, index and commodities.
The provider advertises its service with ease of access and handling. Trading CFDs should be easy to understand, especially for beginners, and should be as barrier-free as possible. Customers can start getting started here for as little as 100 euros and benefit from mobile trading with CFDs.
The platform itself is available in five languages (German, Swedish, English, Spanish, Norwegian) and offers around 800 trading pairs. The platform's dashboard has a trade control center and can be customized. There are also numerous useful tools available for CFD trading with cryptocurrencies. In this way, users can apply the technical analysis directly and thus simplify trading. There is also an overview of the latest market news and share prices in the dashboard.
Skilling also offers a demo account with which beginners can first gain experience with the platform. Thus, the handling of the broker can be tested completely risk-free and free of charge. You can then trade with real money, with Skilling offering various deposit options (credit card, bank transfer, Klara, Skrill, Neteller, others). The fees and costs are always transparent and visible in advance.
The provider is registered with the Cyprus Securities and Exchange Commission in Cyprus and is therefore considered safe. The license number can be checked on the regulator's website. If you have any questions, support is available in various languages.
Conclusion: crypto brokers are becoming increasingly popular
Trading in cryptocurrencies is still mainly carried out on various exchanges. However, crypto brokers are also enjoying increasing popularity and increasing numbers of new customers. Trading with CFDs offers the advantage in many cases that a high leverage effect is possible and thus high profits are feasible with small stakes. However, there is also a higher risk of losses.
Another advantage is the easy management of the portfolio. Since the trade does not take place with real coins and tokens, users do not need to have any special knowledge about cryptocurrencies. In addition, trading is not exclusively limited to crypto, as most brokers also offer stocks and other assets. In this way, the portfolio can be combined with other values and diversified with Bitcoin stocks, for example.
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