The need for a broker and evaluating its potential becomes quite essential in order to make sure that your capital deposit is going to a safer and transparent environment. So, if you are also looking to manage your assets from a competitive Bitcoin trading program, below are some of the attributes you must look for in a Bitcoin broker:
- Regulation: You must deal with a regulated broker to trade Bitcoin. Though chances are that you won’t be fully debarred from experiencing any hidden malfeasance, yet it goes a long way ensuring you remain secure against any upfront theft or fraudulence. Being a trader, you should never go for an unregulated broker, no matter how alluring offers there may be.
- Reputation: Reputation is another significant factor after “Regulation”. Check for a Bitcoin broker that has a wider traders’ preference and has been there on the market for a decade; which in turn indicates its reputation of being a secure trading platform.
- Price: While the cost of Bitcoin may seem the same in all exchanges, make sure to check out the difference between the bid and the spread (asked price). That’s where the brokers earn their money from, and a huge difference could be there in the mark-up, thereby directly impacting your financial gain. Choose a broker with compact spreads value so that you can earn bigger amounts, each time you trade. Note that the market makers with cost-free Bitcoin trading generally cover the (bid-spread) difference with a visibly higher mark-up.
- Customer Support: It is hard to predict what misfortune awaits us ahead, and with Bitcoin trading, a broker offering quick access to customer support can assist the best. As cryptocurrency trading is a round-the-clock process, you must look for a Bitcoin broker that ensures 24*7 customer assistance. Else it won’t be beneficial enough to meet your expectations.
- Design & Ease of Use: A good Bitcoin trading platform is one that excels in offering a user-friendly interface, helping traders to effectively and easily organize their portfolios. Both the MT4 and MT5 trading platforms need upgrades that have to be purchased, to improvise the usability of Bitcoin trading. Some brokers are commission-free, while others offer a proprietary trading platform. But don’t be scared to try them out as demo trading accounts to understand the differences and finally get the one that best suits you.
- Variety of Coins: The brokers offering cryptocurrency CFDs (contract for differences) will provide access to the four leading assets by the market value. It is sufficient for a new retail trader to begin with. However, in order to have broader access, the choice list of brokers will significantly reduce to a few.
- Leverage: CFDs trading without leverage affects the objective of a derivative contract, but goes with leverage along with better risk management. Such a trading tool is the most profitable and at the same time, is the most misinterpreted and misused one. As cryptocurrencies have a volatile nature, the maximum of them is often of much lower worth compared with other assets. Bitcoin trading with a broker granting the highest leverage of a minimum of 1:5 will suffice to offer a competitive edge.
- Demo Account: Usually all brokers have demo accounts. Use a demo account to try out that dedicated trading platform, or in case of an automated trading solution, test it in its demo version. There are some brokers that feature more favorable conditions even in a demo account so as to attract capital deposits from more new traders. Most people find it an ideal option to run a demo account to learn how to trade, with a minimal initial deposit in a live trading environment. Note that the smaller the initial investment, the higher is the adjustability in your financial management.
Wondering where you can get a Bitcoin trader that excels in the above terms? With the Bitcoin Revolution App, you can get started with your trading journey for a safer, better, and secure trading experience.