Crypto traders and really most other traders in traditional markets have several things in common and that is they use a platform to trade. The choice of a trading platform could sometimes affect their profitability and ease of doing business. In this article, we will discuss some of the leading crypto trading platforms around as well as social media platforms that will help you out during your research for investment opportunities.
Exchanges
There are close to 300 cryptocurrency exchanges as listed on the leading industry data aggregator Coinmarketcap. The choice of a trading platform is just as important as which asset to trade. With so many platforms available, it is easy to be overwhelmed with the choices. We will not be discussing all the platforms out there as that will take days to read but we will point you to some of the top picks to consider especially if you’re starting out.
If you are in the United States or the general North America region, you probably have the widest selection of exchanges to choose from but the leading ones are Coinbase, Kraken, Gemini, and Bittrex. Most recently, Binance, the leading platform on the global level in terms of trading volumes launched a North America specific subsidiary called Binance.US which is also growing at a fast rate while also offering a slew of assets some of the other popular cryptocurrency exchanges do not offer.
In Europe and the UK, there are also several options. Coinbase is still a big force in these regions and it is joined by Luxemburg-based Bitstamp. Binance yet again has a new platform catering specifically to residents of the UK-offshoot Jersey. One of the things to note about trading exchanges is that not all offer fiat-to-crypto trading pairs. This means that some of the leading platforms such as Binance do not offer means to purchase cryptocurrency using cash or cash equivalents. To use these platforms, you will first have to utilize fiat-to-crypto onboarding platforms them transfer your asset to another platform of choice for trading.
Finally, if you reside in the East, there are a myriad more options than anywhere else and for good reason. Digital assets have become extremely popular in these places. Sadly, one of the leading economies in the world – China, banned trading of cryptocurrencies in 2017. However, most other regions in Asia still allow the trading of cryptocurrencies and some of the leading places to buy and sell virtual assets include OKEx, Huobi, HitBTC, Coincheck and not to forget Binance.
Social Media
It is hard to separate the effects of social media from the rest of the factors that affect the pricing of virtual assets because market sentiment especially as portrayed on social media is extremely impactful to the price of these assets. Here are some of the places to be hanging out:
- Reddit; and
- Telegram
These are the main platforms on which cryptocurrency communities have been formed. Telegram is especially popular with groups and communication with the teams behind the projects.
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