Since 2017, cryptocurrencies have stepped into the limelight, especially the first crypto, Bitcoin, and the internet doesn’t seem to be dying down anytime soon. There are more than 5,000 cryptocurrencies in the market today, each with different potential.
Thousands of people worldwide are interested in investing in cryptocurrencies, due to which the demand for crypto brokers has increased. You will come across numerous crypto brokers providing their services in the market, but you will also come across stories of crypto brokerage scams. Not every crypto broker can be trusted, as many of them have become scams.
Even if they are not, they don’t have appropriate security measures or are lacking in some areas, which can lead to many problems for crypto traders. Therefore, it is essential that you choose a crypto broker wisely. How can you do that? Look for the following features when you are searching for a cryptocurrency broker to get started:
Solid financial background of crypto brokers
When you want to trade, you certainly don’t want to end up with a broker whose asset base is the same as your investment. A good crypto broker is one that has solid financial backing, which means they need to have a large capital base of their own. This gives you the assurance that your cryptocurrency is safe and the broker will not go bankrupt.
Great Trading Platform
Like forex trading, crypto trading demands that a broker’s trading platform be easy to use and boasts advanced features. The trading platform should enable crypto traders to manage their accounts easily, perform technical analysis, execute trades in the market, have access to the latest crypto news, and provide a live bitcoin price chart. Since cryptocurrency is a lot more volatile than any other market, the trading platform should be able to respond accordingly.
Credibility, reliability, and experience
As compared to other markets, the crypto market is new, but this doesn’t mean that every broker you find is inexperienced. There are credible and experienced crypto brokers that you can use. They have the right credentials, including licenses from renowned and reputable regulatory bodies and professionals on their team. You can find reviews on the broker and get insight into their services to determine if they are the right fit for you or not.
Customer service of crypto brokers
Crypto trading can be done 24/7, which means you can have a problem or a question at any time during the day. Therefore, it is best to look for a broker that’s available round the clock. They should have a competent support team that can answer questions and queries in a prompt and professional manner, regardless of what time zone you are in.
Commissions and fees of crypto brokers
Last but not least, you also need to check the commissions and other fees that are charged by crypto brokers. Make sure the broker clarifies what kind of fees they charge and any other risks that are involved so you can make your decision accordingly.