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Choosing a trading platform for trading

Choosing a trading platform for trading

Artur Efremov28 Nov 2022 - 17:28
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Choosing a trading platform for trading cryptocurrencies is not easy. Learn which traits are common for excellent trading platforms.

Cryptocurrencies may bring fortune but are just as likely to leave you without a penny if you are not smart enough or, in many cases, quick enough to make the right call. Missing out on a potential platform is also a big deal for those who want to be an active investor. The best day trading platform with advanced tools for traders will give you better chances of earning money by timely purchases and sales of various assets.

The main issue is that choosing the best crypto trading platform is not as easy as it sounds. One has to consider many factors when selecting a reliable and financially efficient service. For many, cryptocurrencies remain a way to make a small buck here and there with a chance of turning this “side job” into a fruitful income channel in the nearest future.

Experts will be more inclined towards an online trading platform offering as many features to squeeze every little bit of potential profit while “casual” traders and investors will look for reliable and easy-to-use instruments. Sometimes, both can be found in a single place.

When it comes to automated cryptocurrency trading, the best choice is always in the area where affordable pricing, reliable returns, and the level of user experience converge.

Gauging profitability

The most profitable toolkit is not always presented by the best day trading platform. How much one can earn depends on a variety of factors:

  • Your expertise in the world of finances;
  • The complexity of tools and your experience in using them;
  • The size of your starting capital;
  • The current situation in the market.

From the list above, only the complexity of tools is something that is under the control of the service you are choosing. Everything else depends on your personal preparedness and qualities or on the will of the market itself. A truly gifted and lucky trader will make money using any exchange. However, we are not talking about brilliant financial advisors. We are talking about people who want to utilize their money with the best possible result.

The quality of trading will still depend on your understanding of the market, but the profits are determined by how well you can use the tools at your disposal. It brings us to the next crucial point.

Why user experience matters

A good online trading platform offers a multitude of ways to make trading not only profitable but also convenient and easy-to-use. Most traders interested in cryptocurrencies are not technological geeks or seasoned developers. They cannot effectively use software with clunky interfaces and a lot of informational white noise.

Take Wunderbit Trading as an example. The app has everything you need to know neatly displayed on the Tradingview chart. All of the instruments are grouped in the upper side of the interface. You can easily access any tool. Each instrument has a very simple, user-friendly mini-UI that guides you through each step of the chosen process.
When choosing the best crypto trading platform, look for:

  • Informative layouts. The screen should not overburden you with numbers, cluttering everything with data that you cannot comprehend. The information must be presented in a structured form with the most relevant bits of data highlighted and scaled up.
  • Simplicity of tools. It is great to have a wide selection of trading scripts, bots, and other “whistles and bells” at your disposal. However, you also must be able to use them efficiently without reading through tons of technical documentation. If you cannot understand how to use a certain tool just from looking at it, something with its design is not right.
  • Variety of features. The best service is not one with the lengthiest list of features, but one that offers exactly what the vast majority of clients want. Portfolio management, automation tools, exchange integration, and proper account management cover most of the demands of a typical trader.
  • A good community. Even the biggest service out there cannot afford to provide personal support for each client. It means that having a strong community that offers help to novices is crucial for the survival and success of any online service. For example, Wunderbit Trading has a special Trello page where you can take a look at the roadmap or make suggestions. They also have active accounts in Twitter, Telegram, and Facebook.

Safety and reliability

When it comes to finances, the level of safety often determines how great a platform is for long-term investments. While you may be interested in a toolkit offered by some nobody, should you pay for 2 years in advance when you don’t know anything about their security, trustworthiness, and reliability?

Look for companies that openly provide information about their business model:

  • How do they treat the personal information of clients?
  • Which methods of data protection are utilized by the platform?
  • Do they interact with the community and build trust organically?
  • Do they allow criticism, gather feedback, and offer ways to suggest changes?
  • Does the website have the basics like SSL-encryption and non-invasive cookies?

Search for answers to these questions to find services that are more likely to be good choices in the long run. When your personal survey is complete, move on to the last step.

Pricing defines choice

While the price of a subscription may look like an insignificant fee for your convenience, it still may eat through your earnings in the long run. Pricing is even more important when you are in the beginning of your journey through the world of crypto trading. Many companies offer their service for over $99 per month. However, it seems like overkill for a novice and even some experienced traders who just need some automation for their favorite market “moves”.

A good price for the whole package of tools seems to be around $40 — $50 per month when paid annually. For example, Wunderbit Trading charges only $33.7 per month when paid bi-annually.

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