Doomsayers were saying that 2022 saw the death of Bitcoin, but if you'd bought BTC at the start of 2023 you would've made an amazing 72% gain in less than 6 months! Cryptocurrency in general is routinely underestimated by "experts" who grew up in a pre-internet world because it doesn't behave like stocks or bonds.
Making money with Crypto requires a unique approach. Part of what makes or breaks that approach is selecting a Bitcoin exchange platform that behaves the way a crypto-trading platform should. Keep reading this handy guide to learn more about what you want in a trading platform.
1. Security
One of the most common forms of payment demanded in ransomware attacks is cryptocurrency. When you're looking at options for exchange platforms, you'll want to consider how safe they are to use. You'll want to make sure they're protecting the assets you store and trade with them as well as your identity.
One of the best ways to ensure you've chosen a safe platform is by checking reviews and their long-term track record. If they tell you they use encryption, dedicated servers, and multi-device verification then that's even better.
2. Good Regulation
Regulation is a spicy topic with crypto fans because the whole point of crypto is to keep the government out of money. However, regulations are also the government's way of protecting the consumer from scummy companies. You'll want a platform that adheres to the law so that you know the platform isn't going to scam you.
3. Low (Enough) Fees
The exchange platform's fee structure will have a huge effect when you're buying and selling Bitcoin. The idea is to get an exchange platform that only charges you when you make a transaction and that doesn't have a monthly or annual fee on top of that. However, if you're trading huge amounts of fiat for crypto (or the reverse), then the periodic fee plus a small commission per trade may work out cheaper.
4. Customer Support
Many financial service providers forget that they're working with your livelihood and hard-earned cash. A cryptocurrency exchange platform with bad or no customer support is just as bad as one with terrible exchange platform security. They're more likely to cause you problems rather than help you.
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5. ATM Integration
Trading crypto favors the extremes of the investing spectrum: short-term buying and selling and investing to keep your money in Bitcoin for years on end. You should be able to jump on day-to-day opportunities regardless of whether you have money in the bank or only cash on hand.
That's why your exchange platform should be able to work with Bitcoin ATMs. These allow you to exploit sudden spikes in cryptocurrency prices or to squirrel extra cash away in a Bitcoin-backed rainy-day account.
Byte Federal is an industry leader in this respect. Check which platforms work with their ATMs as part of your research.
Selecting a Bitcoin Exchange Platform Strategically
Your Bitcoin trading strategy will have a huge influence on your decision when selecting a Bitcoin exchange platform. A good fee structure will allow you to maximize Bitcoin trading profits, but be sure to work out whether the platform is convenient and safe too. Are they well regulated, do they have a good reputation and customer support, and do they work with Bitcoin ATMs?
Once you've picked a good platform, you'll need to learn why we say trading crypto requires a unique approach. Learn about crypto trading and other ways to make money online by checking out the rest of our blogging page.
