The Importance Of Cryptocurrency Trading Platforms To The Wider Industry – ValueWalk
At the rate smaller governments and corporations are embracing cryptocurrency and even notwithstanding the fact that the US government is still slow to move towards adoption and approval, a global community of early adopters are fast gaining pace. This begs the question as to the importance relevant platforms have within the wider industry.
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In recent years, cryptocurrency has skyrocketed in its value and renown amongst the public. An array of cryptocurrency trading platforms have recently earned valuations exceeding $1 billion, and the number of blockchain wallets (an equivalent to a bank account) has been almost exponentially increasing since 2016. An explosion in the awareness and interest in cryptocurrency has inflated formerly small-time brokers into household names generating in excess of several million dollars in revenue every single day.
For those hoping to initiate their cryptocurrency trading, it is paramount that the correct exchange is chosen for one’s goals. There is an optimal option for every investor, whether they require a plethora of currencies, a simple experience or the low fees. This article aims to discuss the biggest platforms in the industry in the hope that the conundrum of deciding which to choose may be elucidated.
The Biggest Cryptocurrency Trading Platforms
Binance is the biggest cryptocurrency trading platform by volume; producing over $1.8 billion in revenue since this year commenced. The Binance platform established itself as one of the top three cryptocurrency exchanges at a mere 143 days of age. The industry giant is close to beating last year’s profits of $800 million, according to the company’s CEO: Changpeng Zao. Widely known as CZ, the founder noted that their company scarcely chooses to calculate its earnings in terms of US dollars, as they are “held in various cryptocurrencies”.
The exchange has a strong focus on the trading of altcoins, offering over 100 unique trading pairs between different cryptocurrencies; fiat-crypto pairs are also available. Due to this focus, Binance is resolutely suited to those planning on investing in less well-known ‘altcoins’. When considering the charting abilities, features and data included with every account, especially when combined with their reasonable fees, the size of this platform is no surprise.
The only factors to consider before setting up an account with this trading platform is that it is more tailored to advanced users. Furthermore, the exchange only allows deposits of $USD by global usering via SWIFT, and is not supported in all states across the US. That being said, it has lower fees than its counterparts and offers a large variety of cryptocurrencies and trading pairs.
A revolutionary cryptocurrency exchange, Mandala is attempting to disrupt this booming market with its well-defined, unique values that it claims uphold the company. The focal points of their platform are security, sustainability and simplicity; each of its functions is aimed at enabling users to become ever more profitable.
It does this through myriads of bots, P&L analysis and trading advice alongside easily comprehensible risk management and strategies to seize profit. One quality of this exchange that will not go unappreciated is its educative facet; Mandela has sought to surpass its competitors by making tuition available to its users, should they desire it.
The ethos behind its offering of education in relation to how it is supposed to be used is that a more educated user can trade more efficiently. Therefore, engaging in the education of its new users is a worthwhile pursuit because a more educated user base will better understand the nuances associated with trading cryptocurrency.
These useful features are not limited solely to newer users though – the platform’s advanced features will certainly prove beneficial to the more experienced traders as well. These include simplistic bot trading, analytics and data on trading, signals for entry and exit that are built in.
Founded in 2012, Coinbase quickly became one of the largest cryptocurrency exchanges in the US, and is listed in the two highest in the world for traffic, volume and liquidity. During the first quarter of 2021, Coinbase estimated an asset value of $223 billion was on the platform; 11.3% of the crypto asset market.
This trading platform offers over 50 currencies for its users to trade, with even more available on their premium service; this is far greater than on many other widely-used platforms. Coinbase is available to residents of all states except Hawaii. Regular services on the standard Coinbase platform have a minimum transaction of $2, and a total of $25,000, per day; with Coinbase Pro trade and balance levels are unlimited.
This platform is highly regarded in the industry. Its easy-to-understand interface and other basic services are a joy to use and extremely intuitive, though costs can be difficult to track without the use of the more advanced premium package. The Pro version’s pricing model is far more straightforward since it is based on each user’s monthly trading volume and the asset’s liquidity at the time of purchase. These are all factors to consider.
DayTradingTrainer is a relative newcomer to the industry that is making waves due to its focus on its users. Its founder, Cody Rose, is more cognizant than anyone of the dangers presented by cryptocurrency: millenials are increasingly using social media platforms for investing advice, this, compounded with the exponentially increased access to the virtual trading floor with smartphones, could render this year’s viral trading craze disastrous.
Despite young investors being able to access the stock market far more easily than previous generations (and at a much lower age on average), a 2020 study by the FINRA Investor Education Foundation discovered that far too few of them rely on actual financial professionals for the investing decisions.
This service hopes to combat this with the offering of financial advice through their private Discord community. The platform’s private trading algorithm provides signals for the top 50 cryptos in order to provide precise trade setups for each of their users. The website also offers in-depth…