An electronic trading terminal is an excellent assistant in carrying out operations related to the sale of cryptocurrency. Such tools are used by most traders.
The modern market provides a rich assortment of software units designed for both trading on stock exchanges and trading outside of them.
Trading platform. Degree of reliability
Striving for exchange earnings, a trader is in constant uncertainty, fluctuates, taking into account a lot of characteristics, and sometimes makes difficult decisions. If the instability of the cryptocurrency trading terminal is added to this, you will almost certainly have to forget about profits with almost one hundred percent probability. Not one cryptocurrency trader has complained about the loss of profit or even a deposit, which was caused by failures in the operation of a home-made website or mobile application for transactions.
Trading platform functionality
This order of criteria is fundamental. After all, if a trader does not even have the opportunity to send an order to its destination, then why does he need a rich option?
Regarding functions, you should also be selective. For example, professional traders most often prefer a specific tool to solve a specific problem. Multitasking tools are used much less frequently.
A trading platform is considered functional and well thought out if it allows:
- track quotes;
- send orders (Stop Loss, Take Profit, Limit, Market);
- track positions;
- keep records of contracts that were concluded earlier.
When it comes to filters, charts, specialized tools come to the rescue.
Access to the exchange
Beginners do not always pay attention to this parameter. Wanting to make money, some dealers, instead of trading cryptocurrencies, bonds, and other securities, offer CFDs to inexperienced traders. This is a deal for the difference, which, in fact, is a derivative of the underlying asset.
If trading takes place in the OTC area, there is no guarantee that the client is accessing the real market. Such a fraudulent move turns out to be a win-win trap that many beginners fall into. For example, some intermediary platforms process applications on their own servers. Moreover, the potential deal does not go further than these servers. Newbie traders who are unaware of the scam often receive incorrect market information. An unscrupulous dealer interprets it in a favorable light himself.
A good trading platform is one that allows the user to submit orders directly to the exchange of choice. The fewer intermediaries will be involved in the process, the faster the application processing speed will be. This is an important nuance for a trader, since the account often lasts for minutes.
How to choose a broker
Before you can access the exchange, you need to find a licensed broker. It is he who will provide the user with a trading terminal.
As with trading websites and programs, there are a number of characteristics for selecting a broker.
Taking advantage of the growing popularity of trading, unscrupulous companies have developed a number of fraudulent schemes. So, for example, they significantly exaggerate the period of their activity in the market or are called branches or subsidiaries of well-known investment funds in Europe and the USA. Fraudulent brokers encourage inexperienced newbies to make deposits in every possible way, claiming that trading is an easy, time-consuming, and effortless activity.
The most common offer of unscrupulous brokers is over-the-counter trading:
1. Contracts for difference.
4. Binary options.
The peculiarity of over-the-counter trading is poor control. And although unlike trading on exchanges, this area involves much lower initial deposits, there is a huge scope for fraud.
Exchange trading will be a more reliable option. The activities of the exchanges are strictly regulated, so it will be impossible to manipulate market dates and other frauds.