Trading is the new trend in 2021 but what is it all about? This English word designates the purchase or sale of financial assets on different markets (currencies, stocks, etc.) with the aim of making money by making a capital gain. There are several platforms on the web, but which one should you adopt? Here you can find the strengths and weaknesses and the price of each of the platforms.
Presentation of the strengths and weaknesses of each platform
The following platforms are ranked from the best to the lowest rating according to traders:
Binance: the best on the market
Binance is currently the highest rated platform on the net and one of the most used. The platform is very complete offering a wide choice of trading and risk management tools as well as many additional services. It is suitable for beginners as well as professionals. It is constantly evolving but the only point that we can blame it on is that some products are rather to be avoided in order not to have a bad experience in trading. A victim of its own success, it can cause some problems in terms of availability.
FTX: a more encouraging platform
FTX is one of the most reputable platforms in the industry with a very high rating despite its young age. Its great strength is the variety of assets and order types that can appeal to both beginners and professionals. She also has good trading and risk management tools. Its two caveats are that it offers a news betting option that can cost you money if you use it frequently and the French translation is overlooked.
Kraken: the variety of options
The platform is not one of the busiest but it is quite complete and intuitive. It can be agreed at the level of each client (beginner as well as expert). Kraken is very easy to use and comes with a lot of security. Its big plus is the diversity of trading tools and its high level of customization. On the other hand, it does not offer many crypto pairs, it has costs for purchases by bank card and the danger of the leverage of 50 is programmed automatically.
Bybit: a very correct software
This recent platform offers a mobile application with only major pairs to trade. Bybit is fast in its executions, its trading and risk management tools are efficient and well constructed. It does not offer any ancillary services, a low diversity of assets and no translation into French. But it remains ideal for anyone who wants to handle traditional pairs efficiently.
Cypto.com: plurality of ancillary services
The platform is generally correct and very easy to use. It is highly recommended for beginners to trading and offers fairly diverse crypto-related services and its support is in French. However, Crypto has few assets and trading tools and then it is forced to own CROs to have access to a multitude of services.
Coinbase: optimal for beginners
Coinbase appeals to users new to the industry with its ease of use and graphics. Their system is extremely well secured and it has good efficient and fast technical support. It has some negative points such as the low number of assets or low risk management tools. Be careful, you may be penalized because of frequent breakdowns on their website.
The prices of each platform
Regarding the prices of these trading sites, Binance and Bybit have the cheapest fees. There are other platforms like Paymium, Bitshares or HitBTC which also hold low rates but their sites are much less efficient than those presented above. Also, the most expensive is Coinbase unless you choose Coinbase Pro which has medium rates. Then, Crypto.com is the second most expensive site. As for FTX, the prices are competitive and it has an excellent quality / price ratio. It is also advisable to look at the deposit commissions or withdrawals in euros and watch out for purchases by credit card which are very fast but they are more expensive.
There is a very advantageous possibility to reduce these costs: sponsorship. Indeed, you can find a sponsor on an online platform in order to benefit from a good promotion. Or conversely, you have the possibility to place an advertisement online or to encourage those around you to use the same trading site in order to earn numerous profits. For example, by sharing your ” Binance Referral Id ” you can receive a bonus of up to 20% on your loved one’s trading fees. A good tip to save money!