If you are someone who thinks that cryptos can be the future of finance, it may be a good idea to start trading these. But, before diving into crypto trading, it is important to choose a broker. Different brokerage platforms will have different features, advantages, and shortcomings; you need to compare these to see which works for you. For instance, some platforms allow social trading wherein you can emulate trades of successful traders.
Top 5 Online brokers for Trading Bitcoins:
- EToro: This Bitcoin trading broker platform has fundamentally altered the manner in which people trade or invest. Social trading is when you can mirror other investors/traders’ transactions through a special account. This platform is exceptional for providing social trading features such as OpenBook that lets new users copy trades from the platform’s top performers. EToro is recommended for traders that seek ETF trades and zero-commission stocks. You can access 16 different coins and withdraw your assets using an eToro wallet. The platform was founded in 2006 in Israel and continues to be one of the biggest social networks worldwide catering to clients across 170 nations. There are no fees for receiving or sending money; only blockchain fees are applicable.
- TradeStation: It has been a trading technology leader that supports casual traders’ vis-à-vis an online platform. It also supports active traders’ vis-à-vis a desktop platform with ETF trades and $0 stock. The platform allows you to sell, buy, and trade BTC, LTC, ETH, Bitcoin Cash, XRP, etc. With headquarters in Plantation, Florida, this is owned by the Monex Group Inc. TradeStation Group has been listed in the NASDAQ between 1997 and 2011.
- Coinbase: Created in June 2012, this platform is ideally recommended for newcomers. It is unarguably the biggest US-based cryptoexchange catering to more than 20 million users. Coinbase boasts of a user-friendly website and Coinbase Pro, its crypto trading platform, which supports 14 currencies. These include BTC, LTC, ETH, etc.
- Kraken: Founded in 2011, Kraken lets you trade 18 different cryptos, including the relatively new entrants like Ripple, Monero, and Dash. While Kraken has a web platform, there is no mobile app. It employs a maker-taker fee system where price incentives depend on the past month’s trade volumes.
- Gemini: This platform for Bitcoin trading was created by the Winklevoss twins in 2015. It is a licensed crypto asset exchange that is meant for both institutions and individual investors. Users can buy, sell, and store Bitcoins and others like LTC, ETH, Zcash, and Bitcoin Cash. Gemini may be a tad costlier compared to other exchanges.
Crypto trading is slowly becoming popular by the day and more and more trading platforms and brokerages are coming up to cater to an increasing client base. Security features for crypto wallets are also being continuously upgraded which boosts investor confidence. Traders are now confident that Bitcoin buys are safe. Make sure to weigh the pros and cons and read reviews about Bitcoin trading platforms before you sign up with one.