So you want to get into cryptocurrency trading do you? Well you’ve come to the right place cause I’m about to indoctrinate you into this mad and crazy trading market that could make you very rich if you know what you are doing. Logically it’s the same with any trading market, but cryptocurrencies have one characteristic that can make you some crazy gains. The characteristic I’m referring to is volatility. You can get huge percentage gains if you are on the right side of the trend. The price swings are by far bigger than in the stock or Forex market. There are two ways to approach this crypto trading game. You could buy and trade crypto at the spot market – ie use a normal exchange to buy crypto – and wait for it to go up and then later on sell. Unfortunately with this method if the price of a particular cryptocurrency goes down you cannot profit from it – ie you cannot go “short” as it’s called. So if you want to maximize your gains you have to resort to the second method and use the power of the dirty L word – leverage. Using the awesome power of leverage can both make or break you so please treat it with respect. I’ve been dabbling a bit in trading bitcoin, and in case you are interested I’ve compiled a list of the bitcoin/cryptocurrency trading exchanges/brokers that I recommend. I will only post brokers that I use myself and trust. I will add more with time after I’ve carefully vetted them.
Binance used to be a relatively new kid on the crypto block but it quickly rose to prominence. In the roughly one year and a half since this exchange was founded it has become the “go to” place to trade altcoins. You can trade bitcoin as well but this exchange offers an incredible variety of cyptocurrencies for your trading pleasure. Their site has advanced trading too and a whole lot more. I suggest you at least check them out. You will probably grow to love this exchange. Click here to jump on over to the Binance website.
Deribit is a new bitcoin trading platform I came across just recently. Word on the street is that it is far better than BitMEX because of better order book trade matching algorithm and also supposedly you won’t get wrecked by shady volume and other chart anomalies. Being a professional trading platform you of course have access to leverage up to 100x. At the moment though this platform only offers Bitcoin and Ethereum trading, so if you want to dabble in trading (with leverage) certain other altcoins BitMEX and Binance are still the places to go. Give them a try and I think you will like them.