The Internet has provided a significant number of online earning opportunities and with the development of the blockchain, the list of possible sources of income has expanded even more. A large part of the said opportunities are cryptocurrency related and trading is just one of them. In this article, we want to dwell on this.
6 trading platforms for cryptocurrencies:
What is cryptocurrency trading?
Cryptocurrency trading is one of the main ways to make money on cryptocurrency. Trade in cryptocurrency tokens is not significantly different from the trading in precious metals, fiat currencies and stocks. The main goal is the same, namely, to buy as cheap as possible, then sell at a higher price and make a profit. The main difference between cryptocurrency trading from the familiar stock market is high volatility. Many traders dream of yields of thousands of per cents of the transaction, but on the stock market, such a transaction can wait for years. Traders are forced into buying shares of lesser-known companies in anticipation of their capitalization growth. At the same time, fast transactions with high yield are not at all uncommon for crypto-trading which makes it incredibly appealing among the people.
Today, there are several ways to make profit cryptocurrency, namely, mining, investment and trading. The first two have higher complexity and risks. When investing through the stock exchange, you can earn solely on the growth of cryptocurrency, trading through a broker can increase your financial investments through both buying and selling. Among trading platforms for cryptocurrencies, there are some pretty good platforms that we would like to discuss in this article.
Binance is a Chinese stock exchange for trading Bitcoin and altcoins. It launched in early 2017, and over the mere two years of its existence, it has gained immense popularity and trust among users. Now it is considered the best trading cryptocurrency exchange by many analysts.
There are three verification stages on Binance. You pass the first stage of verification when you confirm your email address. It allows you to withdraw no more than 2 BTC per day. To pass the second verification stage, you need to click on the caption “Complete identity verification”. There, you will need to put a little more effort and collect a small set of documents, including a photo of yourself holding your identity card, next, you will be asked to send in your signature on a white piece of paper. After passing the second verification step, you will be able to withdraw up to 100 BTC per day. To discover even more opportunities, you need to go through the third stage of verification, which occurs through communication with customer support.
KuCoin is one of the newest and most actively growing cryptocurrency trading platforms. KuCoin also has an internal cryptocurrency called KuCoin Shares (KCS). Any user that had passed signing up process can acquire them and it will bring them passive income. It grows steadily in price because its cost depends on the number of active users on the exchange. On top of that, the acquisition of these tokens reduces the trade commission so we highly encourage you to think about buying them.
Quite surprising but the registration process for KuCoin is very simple. No special actions are required and everything happens as on most other exchanges. You simply need to open the website, click the “Sign up” button. Then, you will be asked to enter your email address and password. After confirming your email the process is complete and there is no need to verify your identity and send in any kind of personal info. For two-factor authentication, you will need to connect the Google Authenticator system.
One of the advantages of the project is the low fees for using the exchange. They amount to only 0.1% for ordinary users, and for those who keep KuCoin tokens on their account they are even smaller, 0.05%. This alone makes KuCoin one of the best platforms to trade cryptocurrency if you are interested in passive income.
Coinbase is a reputable exchange and a cryptocurrency trading platform with a solid trading volume and high capitalization. It allows authorized users to earn money from exchange or trade transactions. In addition, Coinbase provides an online wallet that is available for everyone.
Coinbase is an international platform, but there are regions and counties with specific financial laws that prohibit the residents from purchasing or selling crypto. Coinbase supports operations with seven cryptocurrencies and one stable coin. Coinbase is considered to be the best website for trading cryptocurrency for those who need a connected wallet and have a need to buy crypto with fiat funds.
Coinmama is a service that offers to acquire the two most popular cryptocurrencies, Bitcoin and Ethereum, for fiat money using a bank account. It launched in 2013 and was one of the first platforms of the kind. The platform is available in 226 countries and in most American states. This makes it one of the simplest, most common options among similar services and best cryptocurrency trading platform in USA.
Poloniex is a crypto exchange and a cryptocurrency margin trading platform founded in 2014. It has an extremely rich selection of traded cryptocurrency assets. There is a two-factor identification connection option available. There are two levels of access, depending on the degree of account confirmation. On the first level, the daily withdrawal limit is $2000. To pass this level, you only need to confirm your email address. On the second level, daily withdrawals are limited to $25,000, and you need to provide your address, phone number, ID information and a picture of yourself holding your identity documents.
Poloniex claims that most user funds are kept in cold wallets and that the platform is constantly checked for suspicious activity. Poloniex is considered to have a high level of security and be the best platform to trade cryptocurrencies with margins.