If you want to trade digital currency online, you need a good cryptocurrency trading platform. In the meantime, numerous trading platforms have been established. Choosing a good trading platform is therefore difficult. The cryptocurrency trading platform comparison helps you to choose the best cryptocurrency and offers an overview of the best trading platforms and their special features.
The most important criterion when choosing is seriousness. If you choose a cryptocurrency trading platform from Germany, you can rely on seriousness. You need a trading platform for direct purchase, but also for CFD trading in cryptocurrencies. In order to make trading easier for beginners, ease of use is important.
Table of contents
- What is a cryptocurrency trading platform?
- What does one do? good cryptocurrency trading platform from?
- trust and security with a cryptocurrency trading platform from Germany
- find favorable conditions with the cryptocurrency trading platform comparison
- formation of prices at the cryptocurrency trading platform
- Payment methods for the cryptocurrency trading platform
- The wallet for trading on the cryptocurrency trading platform
- The cryptocurrency trading platform for CFD trading
- Conclusion: Cryptocurrency trading platform should be easy to understand be
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What is a cryptocurrency trading platform?
There are numerous trading platforms on the Internet that allow you to trade securities, Foreign exchange or other investment objects. Trading platforms can be selected for the direct acquisition of investment properties and their sale, but also for CFD trading. Which trading platform you choose depends on the purpose for which you want to use the trading platform.
Trading in cryptocurrencies is becoming increasingly popular with private investors. Many providers have recognized this and are providing a trading platform. A cryptocurrency trading platform can be chosen for the direct purchase and sale of cryptocurrencies. In this case, it is a cryptocurrency exchange that mediates between buyers and sellers.
There are different types of cryptocurrency exchanges. The operators charge a fee for the provision of the trading platform or for the mediation between buyer and seller. The cryptocurrency trading platform comparison provides information about the fees that are charged for the different trading platforms.
A cryptocurrency trading platform can also be the website of a broker where you can carry out CFD trading on digital currency. In addition to CFD trading on cryptocurrencies, these brokers also offer CFD trading on other markets. You do not purchase digital currency directly when trading CFDs in cryptocurrencies, but you can benefit from the price changes.
A trading platform for cryptocurrencies must meet certain criteria. There are numerous operators of trading platforms that are based abroad. You are on the safe side if you choose a cryptocurrency trading platform from Germany, because strict conditions apply to the regulation.
What makes a good cryptocurrency trading platform?
Always More people are trading digital currencies, even if the prices of numerous cryptocurrencies have not yet reached their record high of early 2018. After the dramatic slump in the first quarter of 2018, the prices of many digital currencies have recovered. If you want to trade digital currencies, you need a good cryptocurrency trading platform that should meet some criteria:
- easy to understand and usability
- clear and informative design
- up-to-date and constantly updated courses
- explanations and current news
- low fees
- security and seriousness.
Not all trading platforms are available in German. Even if you have a very good knowledge of English, it makes sense to choose a cryptocurrency trading platform in German due to the many technical terms. A cryptocurrency trading platform from Germany offers this advantage. The cryptocurrency trading platform should be easy to understand for beginners.
Important terms should be explained. Many trading platforms offer a free demo account that traders can use to get started without real money. As mobile trading is becoming increasingly important, the cryptocurrency trading platform should also be available as an app for on the go or at least as a mobile website. The cryptocurrency trading platform comparison provides information on these criteria.
An important criterion when choosing the cryptocurrency trading platform is the range of digital currencies. Some trading platforms focus on a few cryptocurrencies. There you can trade the most common cryptocurrencies, such as Bitcoin, Ethereum, Litecoin or Bitcoin Cash. Other trading platforms enable trading with more than 100 digital currencies.
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Trust and security with a cryptocurrency trading platform from Germany
If you are looking for a good cryptocurrency trading platform, security is the most important criterion. You need to open a trading account and wallet to trade digital currency. The purchased digital currency is stored on the wallet. Hacker attacks in which not only the wallet but the entire stock exchange can be hacked can never be completely ruled out. However, the trading platform should take extensive security measures to prevent hacking.
Furthermore, the security of the customer funds in the trading account and data protection are important. Many trading platforms therefore offer two-factor authentication to protect customers' money and digital currency against unauthorized access. When choosing a cryptocurrency trading platform, you should make sure that it is regulated by a state financial regulator. Since many trading platforms are based in Cyprus, they are regulated by the financial supervisory authority CySeC.
Various trading platforms that offer their services in Germany are additionally regulated by the Federal Financial Supervisory Authority, BaFin. If you choose a cryptocurrency trading platform from Germany, you can rely on BaFin regulation. To ensure that your funds are secure, even if the operator of the trading platform has payment difficulties, a deposit guarantee is often granted to a certain extent.
The customers' funds are separate from the company funds. As a rule, you are on the safe side if you choose a cryptocurrency trading platform with a high trading volume, because this testifies to a high level of liquidity on the part of the operator.
Find favorable conditions with the cryptocurrency trading platform comparison
The cryptocurrency trading platform comparison helps you to choose a suitable trading platform. He only compares reputable trading platforms and provides information on
- regulation by the state supervisory authority
- fees for trading in cryptocurrencies
- Possibility to open a demo account
- minimum deposit to the trading account
- payment methods
- number of tradable cryptocurrencies.
In addition, you can call up detailed test reports on the various trading platforms. The test report also tells you whether German-speaking customer support is available and at what times customer support can be reached. With some trading platforms, customer support is available around the clock.
If a free demo account is offered, you cannot always see the full scope of the cryptocurrency trading platform and its possibilities. Only a few digital currencies can often be traded via the demo account. Trading is often not carried out at the current prices. With the demo account, you can trade without real money because you are provided with an amount of virtual currency. The demo account should not be tied to a deposit, but registration is required. The demo account is usually available for a period of 30 days.
A good trading platform should have various tools at hand. You should be able to find out about the course of the course using charts. Drawing tools help you identify trading signals. The test report provides information about which tools and charts are available. You will also find out in the test report whether an app or a mobile website is offered.
If you have found a good trading platform via the cryptocurrency trading platform comparison, a mouse click will take you there.
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Formation of prices on the cryptocurrency trading platform
If you would like to buy or sell digital currency via a cryptocurrency trading platform, the prices can vary for the different trading platforms. On relevant internet portals you can find out about the current exchange rates for digital currencies as well as percentage exchange rate gains and exchange rate losses. The rates are formed depending on supply and demand and are constantly updated.
The rates of the digital currencies on a cryptocurrency trading platform may differ from the rates on relevant financial platforms. The prices also differ from one another for the individual trading platforms. The reason for this is the formation of the prices at the individual trading platforms according to supply and demand. Since supply and demand fluctuate constantly, the prices change several times a day. For cryptocurrencies, the price changes are often serious due to the higher volatility compared to fiat currencies.
It is important that the prices on the cryptocurrency trading platform are updated immediately after purchases and sales, so that you as a trader always benefit from current prices. In addition to the current price, you must pay attention to the fee charged by the trading platform when buying or selling. These fees often differ considerably between the individual trading platforms. The cryptocurrency trading platform comparison informs about the fees. The fees are usually shared between buyer and seller.
For some trading platforms, the current exchange rates are given in US dollars or Bitcoin. You need to convert to euros. You should take care that there are no additional costs due to currency conversion. A cryptocurrency trading platform from Germany is characterized by exchange rates in euros.
Payment methods with the cryptocurrency trading platform
Depending on the cryptocurrency trading platform, different payment methods are offered. The cryptocurrency trading platform comparison provides information about the different payment methods. You can often make your payment by credit card, PayPal, but also with e-wallets such as Neteller and Skrill. However, you should note that not every cryptocurrency trading platform accepts fiat currency payments. Some trading platforms are exchanges where you can only exchange one cryptocurrency for another cryptocurrency.
You often recognize such trading platforms by the fact that the prices of the digital currencies are given in Bitcoin. Such trading platforms are suitable for experienced traders who are already well acquainted with trading cryptocurrencies and who have different cryptocurrencies. You can exchange one cryptocurrency for another there if the courses offer a good opportunity. If you want to trade as a beginner with such a cryptocurrency trading platform, you should get some bitcoins from another trading platform that you can pay with a fiat currency.
Often such platforms are decentralized exchanges. Decentralized exchanges are not suitable for beginners. Not all of these decentralized exchanges are reputable because they do not require registration. Since the transactions take place without a middleman, dubious providers can be among the traders. These dubious traders trade fake crypto currencies or offer the cryptocurrencies at overpriced prices. Such exchanges are not regulated by a state regulatory authority.
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The wallet for trading on the cryptocurrency trading platform
Trade in a cryptocurrency Trading platform, you are granted a web wallet as a digital wallet. This wallet is free, but it is not fully protected from hacking. With a good password, you can protect your digital currency against hacker attacks, but you should buy an additional wallet for more security. a web wallet and a smartphone wallet are also referred to as hot wallets. They offer flexibility, but security is lower. A web wallet is not only granted at the crypto exchanges.
You can also get a web wallet from various online providers. Hackers cannot only attack individual wallets, but the entire provider. With smartphone wallets, there is a risk of loss or theft of the wallet. Cold wallets offer less flexibility, but they are more secure against hacker attacks. A simple cold wallet is a paper wallet. You write the code of the acquired digital currency on a piece of paper. The cold wallets also include the desktop wallets, which are secure but take up a lot of space on the PC.
With the desktop wallets, the entire blockchain must be saved. Hardware wallets that belong to the cold wallets are best suited. You are safest. However, it is important that you protect the wallet from theft and environmental influences. While you can only store one or a few digital currencies on some hardware wallets, other hardware wallets allow the storage of many different digital currencies. The hardware wallet is connected to the PC via USB.
The cryptocurrency trading platform for CFD trading
CFD trading in cryptocurrencies is an alternative to the direct purchase of digital currency. Not all CFD brokers offer cryptocurrency trading. CFD trading is mostly limited to the most common cryptocurrencies. The cryptocurrency trading platform for CFD trading should be clearly structured and contain extensive information about price trends in the form of charts. Regulation of the broker by a state supervisory authority is important.
You can also recognize a reputable trading platform by the fact that there are warnings about high losses. The CFDs on digital currencies are leverage products. With the lever you can move large amounts of capital. You have to deposit a margin as security. The higher the leverage, the lower the margin. The lever enables high profits, but it can also lead to high losses if it works in the opposite direction.
As the lever increases, the profits, but also the losses, can always be higher. If the losses cannot be covered by the credit on the trading account, there is a margin call. The broker requests an additional capital. However, there are brokers who do not request a margin call from private traders, but close the position if the balance is not sufficient. The cryptocurrency trading platform comparison for CFD brokers can help you choose the right broker.
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Conclusion: Cryptocurrency trading platform should be easy to understand
If you want to trade digital currencies, you should use the cryptocurrency trading platform comparison to find a suitable trading platform. The cryptocurrency trading platform is an exchange that mediates between buyer and seller. A reputable exchange should be regulated by a state financial supervisory authority.
Cryptocurrency trading platform from Germany is regulated by BaFin. There you can trust seriousness. There are also decentralized exchanges that do not require registration. These exchanges are not regulated. Untrustworthy providers may be represented there, from whom you will receive no coins or only counterfeits.
You should therefore pay attention to security. When choosing the cryptocurrency trading platform, you should also consider whether it is possible to pay for the digital currency in fiat currency. This is guaranteed if payment methods such as PayPal or credit card are offered.