Who should make use of the comparison?
Our comparison is a great way for new investors to build an idea of the different trading platforms available before choosing one with which to begin their cryptocurrency trading journey. Even simply knowing which options are out there will be a huge step in the right direction for those looking to take their first steps in buying and selling cryptocurrency. It will also help you to identify which factors are most important to you personally, based on your own preferences as an investor. Of course, much of the same applies to those who have been trading for a while but are perhaps looking to switch to another operator.
Secure trading with the best cryptocurrency trading apps
It’s understandable that security is of paramount concern when it comes to investing of any kind. Just as you would want to know that the money in your bank account is safe, so too will you expect a high degree of security from your cryptocurrency broker. Thankfully, the very nature of cryptocurrencies and blockchain technology means they are inherently secure. In fact, cryptographic assets in themselves are almost impossible to crack, so potential crypto traders can rest assured that there are no security flaws with digital currency itself.
That being said, you should be sure to use the same security precautions when crypto trading as you would with online banking, shopping or any other digital payment system. For example, you need to ensure your passwords and log-in details are kept secure, just as you would with any online account. Fortunately, many crypto exchanges offer two-factor authentication for added peace of mind.
There are also numerous other ways that you can take steps to ensure secure crypto trading. You can safeguard your cryptocurrency wallet, trading account and any linked email accounts by making sure you use strong passwords at all times and not sharing sensitive information. It’s also a good idea to avoid using poorly secured wifi or at least consider using a VPN if there is no other option. Of course, it’s also good practice to ensure any devices you have are equipped with the latest antivirus and internet security software – whether you plan on using them for trading crypto or not. It also goes without saying that you should regularly back-up any important data you may have stored on your computer or mobile device.
Editor’s recommendation – the best crypto trading operator
The best cryptocurrency exchange for you personally will depend on numerous factors, many of which only you can decide upon. However, the average investor is likely to find that the IQ Option platform delivers in all the important categories. This well-established crypto trading platform is trusted by over 40,000,000 registered users and UK customers can rest assured that it is regulated by the Financial Conduct Authority. The app also has subsidiaries in South Africa and New Zealand. IQ Option users can also invest in other financial instruments, such as stocks, commodities and Forex.
In addition to being one of the most well-established exchanges, IQ Option also has one of the most accessible trading platforms on the market – promising a seamless user-experience for new investors and experienced traders alike. The only drawback to IQ Option is that American trading regulations do not permit IQ Option to operate, so traders looking for apps that can be used in the USA will need to look elsewhere or perhaps use an additional platform.
This is how our experts test operators
To help you discover the best operators for cryptocurrency trading, our experts subject each platform to a thorough review, assessing each one based on several key categories to highlight their individual strengths and weaknesses.
Whilst you can be confident that most platforms will allow you to invest in the well-known currencies, such as Binance Coin, Ethereum and XRP, there is often variation when it comes to newer coins on the market. There is also a great deal of variation when it comes to what cryptocurrencies can be used to fund accounts. As such, those looking to make diverse investments will want to know exactly which currencies a platform supports for both trading and deposits/withdrawals.
Many cryptocurrency exchange platforms also allow users to buy and sell other assets, such as stocks and Forex. Being able to manage a diverse portfolio in one place is often a big selling point for investors who have other interests besides trading crypto.
Jurisdiction and Limits
Trading regulations in the UK differ from those in India or even Canada. As such, investors who travel a lot will most likely want to go with a platform that operates across borders. Our experts consider which jurisdictions each platform operates in and whether there are any limitations to their service.
Different platforms have different structures when it comes to fees for cryptocurrency trading. For example, some ask users to pay a subscription, whilst others just charge a transaction fee. This is naturally a major point of interest for anyone looking to trade crypto and a key tenet in comparison.
Usability Look & Feel
A user-friendly interface and intuitive design are often the most important features when looking at cryptocurrency trading apps. A straightforward user experience is often particularly important to the new investor, who may find that too many options can become confusing. Similarly, the seasoned trader may expect a higher level of functionality, even if it sacrifices usability. Our experts take an in-depth look at the overall appearance, feel and performance of each operator.
Along with usage fees, we also look at the payment modalities of each exchange. This includes the processing time for withdrawals, which depositing methods are accepted and if there is a minimum requirement for depositing/withdrawing additional funds. For platforms that can be used in various countries, we also look at whether they are able to accept deposits in more than one currency on a single account.
Users will always have questions about a platform, so a professional customer service team is essential. Among other things, our experts look at what contact options are available, how comprehensive the support offered is and whether or not there are costs involved for telephone advice.
License and Security
Security is an important factor for crypto trading – and any kind of online transaction for that matter. As such, it forms a key criterion for our comparison. We consider what encryption and authentication each platform employs, as well as whether or not it is regulated by trusted institutions, such as the FCA.
We also look at how trading is carried out on each respective platform – what’s involved in the sign-up process and the steps you need to take to start trading crypto, what options are available, how to withdraw and how to make transactions. Simply put, we look at the main function of the platform and how it compares to its competitors.
Reputation and Customer Feedback
Whilst our experts offer an in-depth insight into all aspects of cryptocurrency trading, we also keep an ear to the ground with regards to customer feedback and the reputation of each platform. On aggregate, user experiences can be a great indicator of which platforms are best suited to beginners and which are best for the more experienced investor.
Finding the right operator for you
Whether you’re new to the cryptocurrency scene or an experienced trader who’s not entirely satisfied with your current operator, our operator comparison will help you identify which trading exchanges are best suited to your own personal requirements. For example, new traders might feel more comfortable using an operator that is renowned for its simple-to-use interface or for having excellent customer service.
Alternatively, the more experienced investor might prefer the platforms that offer a greater degree of functionality, or the one that supports the most currencies. Alternatively, those who travel a lot will consider the platforms which allow crypto trading in various jurisdictions as having major advantages over those which do not.
Ultimately, choosing the right operator for you will depend on your individual circumstances, personal tastes as well as your trading goals. However, our comparison should help you build an idea of which platform is the best fit for you.
What kind of cryptocurrency trader are you?
Seeing as choosing a cryptocurrency trading platform will largely come down to individual preference, it is perhaps just as important to decide what sort of investor you are yourself as it is to compare the different platforms available.
Are you new to the cryptocurrency scene?
New investors are likely to have different requirements compared to seasoned professionals. If you are just getting started with cryptocurrency trading, then you may wish to consider the platforms with the most straightforward user interface, or those which offer education and training facilities in addition to trading.
What will your trading volume be like?
Another important factor to consider is how much trading you plan on doing. If you are a high volume trader then you will most likely want to carefully consider the fee structure of a given platform, to assess whether it is best suited to your needs. Similarly, if you plan to make just one or two investments, then you will want to avoid any operators that charge a subscription fee.
Are you looking for long or short-term ROI?
Related to trading volume, your trading expectations also need to be carefully thought about. For those looking to make more stable investments, with established coins like Bitcoin SV, Tether or EOS, most platforms will offer the service they need. However, those looking to make slightly riskier investments by trading cryptocurrencies that are new to the market may need to check what each platform does and doesn’t support.
What device will you use for trading?
This is another important question to ask yourself before choosing your cryptocurrency trading platform. If you plan on trading mostly from your office or home computer, then you can simply go with the platform you prefer. However, if you prioritise trading on the go, then you will need to look into a platform’s companion trading app to ensure this also fits with your requirements.
Do you travel a lot?
As touched upon previously, different counties support different cryptocurrency trading platforms. If you are someone who travels frequently or has business interests in other countries besides the UK, then you will need to check where you can use a particular platform and if you need a different account for trading when overseas. For example, traders in Australia or the USA might find that their countries’ trading regulations do not permit exchanges that might be popular in Europe or Asia.
Cryptocurrency trading is an exciting and potentially prosperous investment opportunity. As we have seen, there are numerous platforms out there which offer easy access to the crypto markets both for new traders and seasoned pros. Another advantage of many of these trading platforms is that they offer demo versions, to allow users to try out the services without having to invest any actual funds. Finally, when deciding which platform is right for you, the information contained on BitReview should help you to consider the pros and cons of each crypto trading platform and decide which is likely to best suit your individual investment style.