Selecting the best cryptocurrency broker basics
- Blockchain technology
- Feel the trend
- Virtual currencies are volatile!
- Setting up a trading account
- Funding the account
- Factors for choosing a crypto broker
- Crypto broker reliability
- Commission structure should be transparent
- Mobile compatibility
- Speed and comfort of operations
- Register your account easily
- Focus on a client needs
- Crypto broker rank
- Crypto broker licensing
- Easy deposit/withdrawal
- Bonus system and demo account
- A convenient and fast website
- Crypto broker experience
- Customer Feedback
- Things you should ask a crypto broker
Cryptocurrency has become one of the most popular, modern, and alternative type of currencies all over the world. According to the maxitrade official site, its indisputable advantage remains the fact that it is not subject to absolutely any regulatory policy on the part of the state or government. It is the factor that the cryptocurrency remains an independent financial instrument and continues to exist outside the usual monetary policy of the states that gives it enormous popularity and functionality in the modern business world.
In fact, maxi trade states that all digital currencies, whether it is Bitcoin or any alternative cryptocurrency, have the so-called decentralized control. In other words, the rate and forecast of purchase or sale of this currency will be based only on two factors, namely the number of operations for the purchase or sale of cryptocurrency between holders, as well as the presence of extremely complex protocols that are part of the built-in control codes. It is undeniable that the signals of the sometimes unpredictable financial policy of controlling bodies as states or financial institutions, such as banks, are absent.
To date, the most popular cryptocurrency in the world, about which almost everyone has been heard remains Bitcoin. However, in addition to Bitcoin, there are hundreds of other cryptocurrencies, the list of which continues to increase almost monthly. However, for us, the essential factor is that cryptocurrencies can also be exchanged for paper notes that are familiar to everyone, namely:
- U.S. dollars
It is also worth noting that thanks to this, cryptocurrency and traditional paper currencies will have a variable exchange rate, and the exchange can be made by buying or selling on special online platforms.
Nevertheless, before embarking on the fundamentals of cryptocurrency trading and the primary factors for choosing a cryptocurrency broker, maxi trade specialists believe that it is worth considering the fundamental basis for the emergence of a cryptocurrency and its rules of operation. Basically, they remind something like forex day trading strategies, though they have some peculiarities.
Many beginners may seem somewhat difficult to understand the blockchain technology, so we will not consider it in too much detail. Nevertheless, the basics of the blockchain are still needed to be followed in order to see the actual value of the digital currency. Besides, the basic knowledge of the blockchain will help you to navigate further processes better and help you correctly and quickly analyze various market signals.
For a more straightforward understanding of the blockchain, it is best to imagine it in the form of a continually growing database. The entire database is divided into small blocks where this or that information is stored. All blocks are necessarily interconnected with each other and of course, provided with the highest level of access security provided by cryptography.
In essence, this whole blockchain is one massive ledger that records all financial transactions of a user or group of users among themselves. Thus, such technology becomes uniquely accessible for users and investors who want to protect themselves and avoid any attempts at hacking and gaining access to their confidential information.
The information blocks from which the blockchain technology is formed are designed to protect the user from any hacking attempts, which is why even if a hacker or any other user can crack one of the blocks, this will mean absolutely nothing. This happens because to hack the whole chain, he or she will need to simultaneously hack all the computers that are connected to the chain.
In other words, the simultaneous hacking of millions of computers around the world is very unlikely. Now that the technology on which the value of the digital currency is based seems clear to you, we can proceed to the analysis of cryptocurrencies.
Feel the trend
Earlier, we have already mentioned the so-called top ten most optimal cryptocurrencies, which can be very successfully used for trading. In this case, it is not always necessary to thoroughly study one or another cryptocurrency, because at the moment there are hundreds in the market. However, some coins have a high cost, which is easier to count in dollars, and the other way round has a low cost, which is commensurate with penny shares on the stock market.
In fact, for any novice user, maxitrade experts recommend focusing on the top 10 most traded digital currencies. If your first cryptocurrency basket will consist of these coins, then it is highly likely that you will be able to get a good profit, provided that you trade correctly.
Nevertheless, if you decide to limit yourself to one or two options of digital currency, then pay attention to Bitcoin and Ethereum and try to study more deeply the history of their growth, as well as the technology itself, which ensures their value.
In short, the likelihood of growth of top currencies is always higher than the rest of the time, and the presence of different types of cryptocurrency in your portfolio will help you reduce risks and increase profits. Indeed, in this case, even if some of the coins fall in value, or even disappear altogether, the other part will simply blow up the market!
Virtual currencies are volatile!
Cryptocurrency volatility is very high. One example of high volatility is the price growth of such currency as Bitcoin. For example, the rise in Bitcoin prices from March 2017 showed very optimistic forecasts, and its volatility significantly exceeded the performance of the traditional stock market and the market of valuable metals, in particular, gold.
From June 2017 to September 2017, the price limit for the value of Bitcoin ranged from 2,000 to 3,000 dollars, but after a brief period, the price rose sharply to 5,000, and in November, this coin already cost 8,000 dollars. That is why taking into account the high volatility of cryptocurrency is very important for conducting competent and efficient trading.
Besides, not only for beginners but also for experienced users, to achieve real results, maxi trade specialists always recommend choosing a reliable and professional crypto broker. As a matter of fact, in this article, we will tell how to do it in the best way possible.
Setting up a trading account
After you have learned about the basics of a cryptocurrency market and some of the features of digital currency, it will be quite natural to start trading them. To do this, you will need to open your cryptocurrency account. You can do it on various online exchanges, depending on the chosen currency, the country where you live, or the general views and feedback from other users. After you complete the registration of your account, you will need to find a reliable broker.
There are many independent crypto brokers. However, a few of them really help their clients to make a profit and not waste money on risky operations. For example, if you consider such a platform as maxi trade, you can immediately gain a lot of advantages, including:
- intuitive trading platform
- simple and transparent conditions for the input and output of cryptocurrency
- zero monthly and transaction fees
- 24-hour technical support
This is a very flexible and at the same time secure platform that allows its customers anywhere in the world to connect to their account, manage their digital currency portfolios, trade and interact with different buyers and sellers.
Funding the account
Once you have created an account and have taken care of protecting it by creating a secure password, you will need to deposit funds into your account. First of all, it is necessary to decide for yourself what kind of payment method will be most convenient for you. This can be done using:
- credit card
- bank account
- debit card
The difference in the process of replenishing your account is directly related to the fact that the commission for each of the options will be different, therefore, in order not to spend the extra money initially, you need to find out what commission you will pay in each particular case.
Now, after we, thanks to maxi trade expert tips, have understood the basics of cryptocurrency necessary for day trading strategies, you should also pay attention to the fact that your knowledge of the cryptocurrency market and its latest trends should never stand still. Try to read the news more often and follow the actions of major players, because if you want to get a decent profit when trading cryptocurrencies, then these actions are vital.
However, even experienced players of the cryptocurrency market are not always able to quickly, and most importantly, competently respond to various market signals, which is why crypto brokers come to the rescue. Moreover, later in our article, we will talk about how to distinguish a reliable crypto broker and what parameters it should meet.
Factors for choosing a crypto broker
Today, there is an incredible number of crypto broker companies on the Internet. However, it is challenging for a beginner player of a crypto market to find a truly professional and competent crypto broker, despite the presence of dozens of positive reviews. Therefore, maxi trade experts recommend considering each crypto broker based on the presence or vice versa of the absence of the following indicators:
- commission structure
- compatibility with mobile devices
- speed of operations
- ease of account setup
- customer focus
- broker’s reputation
- license availability
- easy deposit/withdrawal of funds
- bonuses and demo account
- quality website
- experience in the cryptocurrency market
- customer feedback
- availability of solid financial base
And so, now it is worthwhile to dwell on each of the points in detail so that you can more competently approach the most critical process, namely the choice of your crypto broker.
Crypto broker reliability
According to maxitrade specialists, absolutely any broker who deals with cryptocurrency markets should, first of all, have a reliable trading platform and offer its clients the most reliable and minimally risky trading strategies. In practice, this means that your broker should provide you with a smooth and fast platform that will never freeze or stop working, especially during active trading. The reliability of the trading platform plays a crucial role in cryptocurrency trading strategies.
Commission structure should be transparent
According to the statements of maxitrade, absolutely every crypto broker who will offer you the services will naturally want to earn on you through so-called commissions. Each broker can ask for different commission rates. However, while professional brokers always try to display their commissions in front of a client and show them in reports, some brokers also practice hidden commissions.
The problem is that the client thus can absolutely wrongly calculate the profit, and the amount on the account will eventually become smaller and easily reach zero. Be sure to read the customer reviews about a broker, as well as feel free to ask a potential broker about all the commissions and fees that will be applied to your trading strategies.
Make sure that the platform that the potential broker offers you is compatible with your mobile phone model. It is worth noting that there is a certain number of platforms that are compatible only with individual operating systems of mobile phones or work exclusively with specific technical requirements of devices.
Compatibility is probably one of the most critical conditions in the modern world of cryptocurrency trading strategies. The fact is that the client’s access to the account must be 24 hours a day, which is why professional brokers such as maxi trade always take care of such vital things as access and compatibility with as many smartphones, tablets and personal computers as possible.
Speed and comfort of operations
Maxi trade experts believe that getting on the account or the purchase of cryptocurrencies often depend on what type of wallet you use. Most of these wallets quickly and comfortably perform all the necessary operations for buying and selling cryptocurrency. However, again, you should pay attention to the reviews and useful indicators of using those or other wallets by other users. There were cases when people did not check the reliability of the wallet and simply lost all the money.
You should also pay attention to the fact that your broker’s trading platform also works smoothly. Here it is also crucial that the platform itself does not look cumbersome and challenging to understand since this will inevitably make your trading strategies negative and may result in uncontrollable loss of funds.
Register your account easily
The growing popularity of cryptocurrency strategies entailed a significant demand for crypto broker services. However, the convenience and intuitively simple setup of accounts continue to attract a large number of customers. Why is this so important? The fact is that some customers sometimes decide to set up their own account, and in this case, everything should be clear and straightforward for them.
However, if you have already decided to use the forecasts of a crypto broker, be sure to ask for help, and most importantly, to correctly set up your account. In this case, you will not worry about the fact that something is not set up correctly, and you will start trading and earning more quickly. It should also be understood that the simplicity of the trading platform is also designed for traders to receive signals and market fluctuations in time and act promptly.
Focus on a client needs
A professional broker should always help his client to make accurate forecasts, as well as show the successful strategies of famous traders in the market. In practice, this means that a crypto broker helps a novice client to master various trading strategies so that over time, the client himself can distinguish between trends and fluctuations.
Mastering such knowledge and strategies is very important not only for beginners but also for already experienced traders because there is always something to learn in the trade on the crypto as well as the forex market.
Crypto broker rank
Before you make a decision and register with one or another broker, be sure to check its status and reviews among other users. In the modern world, it has long been the norm to learn about the personal experience of other users before buying a particular product. In this case, such a step is most welcome!
You are right it is vital to know something about trading before you start doing anything with crypto! In the context of the rapidly growing popularity of digital currencies, in particular, Bitcoin I began working with Maxitrade on cryptocurrency market a year ago, and I have a great experience with it!
Maxitrade brokers offer to trade cryptocurrency paired with the US dollar, euro, etc. Currently, as far as I understand, there are not so many brokers that offer cryptocurrency trading in the financial markets.
A question that I do not quite understand at first was how exactly to trade Bitcoins in Forex? The answer was a simple one. Operations with digital currencies in the trading platform of a trader are trading on Forex. Those who do not have digital currency or simply do not want to risk the acquired cryptocurrency can use CFD (contracts for difference) on the usual types of trading accounts.
Later I discovered that large banks also began to conduct operations with the participation of cryptocurrency, speaking liquidity providers for brokers. Taking into account the fact that this sphere is still developing, the spread over cryptocurrencies is quite high, which is explained by the fact that there is high volatility in the market, moreover, often the price per day overcomes thousands of points.
I genuinely believe that cryptocurrency today is considered a promising investment and trading tool in which everyone can find their own benefit. Objectively, it is easiest to trade it on Forex, because here you can earn with similar success both on the ups and downs of the course. On Maxitrade site I managed to learn more about this type of trading, find current reviews of trading conditions in companies, and also study information about which Maxitrade brokers with cryptocurrency are currently the best in the reports of resource users.
I think this broker occupies a leading position in the modern investment market. The broker has a wide selection of relatively simple tools that allow even novice traders to work. Of course, first you need to discard all the negative that competitors write about this broker and analyze the service itself and its effectiveness. In practice, I not only earned with Maxi trade, but finally found professional brokers who helped to figure it all out! Therefore, anyone who is looking for a competent and profitable cryptocurrency trading service, then you definitely need to try Maxi trade!
Actually all you needed to do was to ask them to act with less risky strategy as I did. I put $ 1500, doubled them in 2 months and withdrawal was really easy. I worked with maxitrade for more than six months! Another month passed and again no problems, I am sure that Maxitrade will not have them! For all the time there were no problems with the speed of processing my transactions, requests for withdrawal of funds or responses from support. Everything works like a clock that you control, the broker does not interfere with your trading process if you like and this is a big plus. These guys are awesome! Currently, my friends are also involved in crypto-industry trading with them.
Don’t worry. This process might take some time! I asked to withdraw $ 4200 and have to wait for two weeks. As far as I understood this happened because such sums of money couldn’t be transferred at once because if some money transferring rules in the EU.
Though everything is known in comparison, I really tried to trade through all the top EU brokers, so I put maxi trade in my personal top as a leader! There are a couple of other good companies, but why should choose a good one if I decided to try the best one?
I 100% agree with you bro! I started trading through this broker about two months ago. Before that, I traded through another company, but apparently, when they understood that I was trading steadily and profitably, they began to choke, worsen conditions, etc. Then I came to Maxitrade, where everything is more than decent and reliable. I’m trading with a broker, and I’ve already managed to add 30% to the account with minimal risks, and I advise Maxitrade to those who are tired of the shoddy quality work of their broker, and to those who deal with crypto professionally since in Maxitrade the non-trading risks are almost zero. The broker is reliable, and there are no withdrawal risks. There are different types of earnings, and the platform looks really convenient. There is even a mobile platform. It trades quickly, everything inside is nicely designed, and the broker always withdraws money on time. I also want to note that support works efficiently and helps resolve any issues.
I believe you are clearly wrong with them! I couldn’t find a suitable broker for a very long time. I came across some scammers, faced the platform that didn’t work endlessly! Then the broker was always busy on the phone. And the last thing was that the broker tried to keep all the money in the account and I couldn’t withdraw anything. Then I started trading with Maxi Trade. Honestly, I doubt for the first time, put in minimum funds, earned, withdrawn the money, and they came to the card within a few days. The platform of the Maxi Trade always works stably! The support is excellent, and my broker also gives really professional forecasts for every day!
I already work with this company for almost seven months. Actually, I opened an account on the advice of friends. They said that there were excellent trading conditions. After some weeks of analyzing different brokers, I can confirm that the company really offers perfect and profitable trading conditions for some coins and seems much better than those of competitors. All my friends said there have never been any delays or problems with the withdrawal of funds and now I know it for sure. A typically trustworthy company, in my opinion. Everything is organized clearly. Favorable conditions for trade and one of the best on the market now.
However, you shouldn’t believe the first signals that came to you, especially if they are posted only on the broker’s website. Try to find reviews on third-party resources and analyze at least a few of them to make an informed decision.
Crypto broker licensing
If you have not taken care of asking your broker in time for a license, then your funds, whether it is fiat money or cryptocurrency from your wallet, can simply face scam in a flash. In essence, trusting the funds to such a broker is the same thing as leaving money on the street and hoping to find them tomorrow at the same place and absolutely untouched.
Maxitrade professionals insist that you should try to find out information about the broker’s license before transferring any funds. Also, try not to work with brokers whose license is issued by so-called tax haven islands. This is most often Cyprus or Malta. The fact is that under this jurisdiction are usually registered companies with the dubious origin of capital and you better not take risks. Frankly speaking, if the broker has nothing to hide, then his license will always be shown on the company’s website, and anyone can see and study it.
The reputation of a crypto broker is also directly related to the deposit procedure and the most critical withdrawal of funds from the account. This process should be not only intuitive and transparent for each client, but also be distinguished by its reliability.
The fact is that the central mass of negative feedback that a crypto broker can receive is often associated with the problem of the late withdrawal of funds from a client account. In such cases, it is quite good if the money was withdrawn late, but sometimes the withdrawal of funds is simply blocked by the broker, and the client’s requests are simply ignored.
According to maxi trade review, the first thing the company should take care of for its customers is the transparency and timeliness of all financial calculations. After all, the easier it will be for the client to work with the crypto broker, the more economic benefits the client can score.
Also, pay attention to the minimum deposit that you will need to make after registering an account. Of course, the amounts of each broker can be completely different; however, what really matters is the various deposit options that become available to the client after depositing funds into the account.
Bonus system and demo account
Often, crypto brokers can offer their customers multiple bonuses. These can be bonuses for specific amounts of funds deposited into the account or a bonus as an addition to your funds. However, carefully read the conditions for receiving the reward, because there may be pitfalls.
For example, you are offered to make a deposit of $ 300 and a broker promise to put another $ 300 on your account. At first glance, this is not bad; however, the bonus received must be traded a certain number of times, and only then can it be withdrawn.
Also, make sure that the broker will have the opportunity to provide you with a demo account, which you can use to learn more about the cryptocurrency trading strategies. Of course, it is not necessary at all that the demo account will be provided to you before depositing funds into the account.
Sometimes, and it is quite common practice that access to a demo account will be provided to you just after depositing funds into the account. In fact, maxitrade confirms, that a demo account cannot always serve as an indicator, because with such an account you do not risk your own money, which means you can afford to make precarious forecasts that can later affect your main account.
A convenient and fast website
Professional crypto brokers, such as maxi trade, always make sure that the user can quickly get all the necessary forecasts while on the site. Also important is the fact that the website must be intuitive and contain pages that explain in detail both the trading strategies and the latest news of the crypto market. Such information often helps novice users to more intelligently look at the crypto market signals and accordingly make informed decisions.
Crypto broker experience
Before registering on a particular crypto broker website, make sure that the broker has a positive strategies experience in digital trading. It is quite easy to see it both on the license itself issued to the broker, and on various resources on the Internet.
Pay your attention to the section of contacts on the broker’s website. According to maxi trade specialists, sometimes brokers are not available 24 hours a day.
This, in turn, adversely affects the reputation and service of the broker itself. The fact is that the client should receive signals from the broker around the clock, and today, it is the standard for excellent work with clients.
Things you should ask a crypto broker
Are you hedging?
Naturally, each of us wants to receive only profit from cryptocurrency trading; however, the risk of losing money with this kind of investment, there will always be. Another thing is whether your crypto broker takes care about such nuances. The fact is that such trading strategies help you to hedge your positions; in other words, stop your losses in time if the market situation has drastically changed, not in your favor.
The thing is that the strategies of hedging of operations on the crypto-market are a significant indicator that demonstrates a competent policy of minimization and risk management of the broker itself. Since the cryptocurrency market has not always stable fluctuations, many brokers neglect the use of hedging strategies, and as a result, ordinary customers who trust brokers face loses.
Can you trade on the weekend?
Even though the cryptocurrency market operates around the clock, brokers do not always work on weekends. As a result, the client may be in a tough situation. The fact is that on weekends, as on any other day, various market fluctuations are possible.
For example, there was a negative forecast about new regulatory rules in a particular country, and the course begins to decline. In the meantime, when your broker spends his unforgettable weekend, you lose money. Therefore, be sure to verify this information before finally choosing one or another broker.
What will the trades cost you?
We have already said that brokers charge a commission from their clients for trading operations, but they also offer margin accounts. Traders should take into account the fact that cryptocurrency trading is more similar to trading in stocks than in the forex market. Therefore, in addition to standard commissions, the client also receives wider spreads.
Naturally, all these indicators increase the actual spending on trade, and this certainly should not be forgotten.
Does the broker offer short sales?
Maxitrade states that this is one of the options of a trading strategy that allows you not only to protect yourself from possible risks but also helps you to make money on it. Ask your potential broker if their company offers short digital currency deals? It is very likely that the broker will answer that they do not use such hedging strategies as short trades and will be able to offer you only a “long” trade option.
Short trades are a very productive trading strategy that can bring significant results, but if your broker simply does not have it in the trading arsenal, then this is clearly not the best way to start working with him. This is especially true for newcomers in cryptocurrency trading strategies. The fact is that many top cryptocurrencies are highly susceptible to constant daily fluctuations. Quite often, these fluctuations are sharp and sometimes reach 10 – 15%, and in this case, the use of short transactions will be most relevant.
So thanks to the experts from maxi trade official site, we tried to show you all the main signals that you should pay attention to when choosing a crypto broker. Additionally, it is worth noting that often, novice traders are limited only to reviews of a particular broker, their trading platform, and withdrawal processes. At the same time completely forgetting about other equally important indicators that may affect the profit from trading operations.
Also, you should continuously increase your own knowledge base and trading strategies for efficient cryptocurrency trading, just like in forex trading strategies. Only in this way, over time, you cannot solely rely on the professionalism of the broker, but also hone your own skills and strategies.
And although the advantages of working with a cryptocurrency broker forecasts are apparent both for newbies and for already experienced traders, there remains a small percentage of people who want to start and conduct all trading operations on their own. Of course, according to maxitrade, there are successful crypto and forex traders among such people, but their percentage is tiny. Most often, the user buys unpromising coins, which are not only sold sometimes at an overvalued rate but that most often simply disappear from the market over time.
Therefore, it is especially important if you only form your portfolio with various cryptocurrencies, then knowledge of signals and market indicators provided by maxitrade crypto brokers will be a perfect help for you to start thriving and extended trading in the digital currency market. Therefore, do not waste your time in vain, choose a professional crypto broker according to the parameters we talked about above and start trading with maxi trade. After all, every day will be another opportunity for you to become more successful!