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| The 5 most popular cryptocurrency exchanges in the world |
A few years ago, trading cryptocurrencies or cryptocurrencies by another name didn't occupy people's minds as they do these days. Going back to the history of cryptocurrencies, in 2013 they numbered only the number of fingers.
Only 20 of the approximately 10,000 cryptocurrencies account for 90% of the value of cryptocurrencies traded in the markets
Today, according to the statistical website Statista, the number of cryptocurrencies as of February reached nearly ten thousand cryptocurrencies around the world. Only 20 of them account for 90% of the value of cryptocurrencies trading in the markets.
This article reviews some information about cryptocurrencies and cryptocurrency trading platforms, as well as the basic steps in how to trade cryptocurrencies.
Cryptocurrency Trading
Before you start talking about cryptocurrency trading it is worth first knowing what cryptocurrencies are and how they work.
Cryptocurrencies or cryptocurrencies are digital assets that are created, stored, and traded using a technology known as blockchain or blockchain. Cryptocurrencies are not subject to a central authority such as governments, monetary authorities, or central banks, but are managed via decentralized networks, and are protected using a technique called cryptography.
One of the most common methods of producing cryptocurrencies is a process known as mining, which is used in the most popular digital currency Bitcoin. Mining is a process carried out by computers spread around the world to solve complex problems to ensure the correctness of the transactions made when trading digital currencies, and the mining process consumes enormous energy that specialists warn of its consequences for the environment. As other digital or cryptocurrencies use methods other than mining, their impact on the environment may be much lighter.
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| The 5 most popular cryptocurrency exchanges in the world |
Trading in digital currencies is witnessing a high demand by investors despite the large fluctuations in the prices of digital currencies, as any investor can obtain a digital currency or part of it, through digital currency exchanges and platforms, or through intermediaries, or other sources, but care must be taken to be reliable sources, as scams and fraud are frequent in the digital currency markets.
Best Cryptocurrency Trading Platforms
The rating of the best cryptocurrency trading platforms varies depending on the investor or trader and his goal of the platform, so in this paragraph, we review the most famous of these platforms so that it is left to the trader to choose the best ones:
Coinbase Platform
The platform was founded in 2012 to provide seamless purchases, sales, and storage of Bitcoin, but it has quickly progressed and become one of the most popular cryptocurrency trading platforms at the moment, a cryptocurrency exchange traded today with a market value of more than $36 billion.
Some experts rank Coinbase as the best cryptocurrency trading platform in general and the best platform for novice traders. The platform offers a large number of supported digital currencies and a high level of security. In addition to being a beginner-friendly platform, it offers an advanced trading platform (Coinbase Pro) which makes it a good choice for professional traders as well.
Crypto.com Platform
Launched in 2016, the platform has established itself as one of the best cryptocurrency trading platforms, as it is now available in 90 countries around the world, and supports more than 250 digital currencies. The most distinguishing feature of this platform from others is a mobile application that offers a wide range of currencies and features.
Gemini Platform
It was launched in 2014 and is headquartered in New York. This platform focuses on high wallet security to ensure that users' funds remain safe in the event of a security breach. It also requires users to complete the identity verification process to reduce the likelihood of fraud. In addition, the platform prompts users to use two-factor authentication to secure their accounts and provides the option to review and approve the devices used to log in to the trading account.
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| The 5 most popular cryptocurrency exchanges in the world |
BitMart Platform
Founded in 2017, it is a global cryptocurrency exchange, as it is available in more than 180 countries, offering users the services of buying, selling, and storing more than 1,000 digital currencies. Some experts rank it as the best cryptocurrency trading platform for professionals, providing them with a huge number of cryptocurrencies.
Kraken Platform
Founded in 2011 and available in most parts of the world, it is one of the most popular cryptocurrency platforms in the world and is rated by some experts as the best low-fee platform. The platform offers investors services from buying, selling, and storing more than 120 cryptocurrencies, with low fees charged to the professional trading platform Kraken Pro.
Cash app platform
Launched in 2013, Cash App allows individuals in the US and UK to send money, make payments, and invest as well. The Cash app is ranked as the best cryptocurrency trading platform specializing in Bitcoin only, allowing it to be bought, sold, and stored with high security through a smartphone. Users of the app can invest in stocks, ETFs, and Bitcoin. The app allows users to withdraw their bitcoin to third-party wallets, making it distinct from its competition.
How to Trade Cryptocurrencies
How to trade cryptocurrencies depends on the trader's experience, but here we can give some general tips on how to trade cryptocurrencies:
1- Buy cryptocurrencies in a secure way
There are many ways to buy cryptocurrencies, including buying through a centralized exchange, which is the easiest way for beginners. If a trader is experienced in dealing with traditional brokerage accounts, they can buy them through online brokers who provide cryptocurrencies and stocks as well. A trader looking to invest in cryptocurrencies can only do so through specialized cryptocurrency platforms, which only provide cryptocurrencies and do not provide other assets such as stocks and bonds, but they usually provide a wide range of digital currencies and a lot of options related to their trading.
2- Payment method
Although cryptocurrencies are traded all over the world, options for buying cryptocurrencies are limited if you are a first-time buyer, and are almost limited to buying in fiat currencies such as dollars. If you are a more experienced investor, you can get new cryptocurrencies by trading your own cryptocurrencies of another type, such as buying Bitcoin by selling Ethereum, for example.
3. Funding your own account
A trader may have to fund their account before buying cryptocurrencies, as trading platforms allow you to finance your personal account on them through cash and bank transfers, and some platforms allow you to fund the account through a credit card, but it is an insecure and risky method. If you own a digital currency, you can transfer it to your account from another digital wallet and then trade it.
4- Choose the right digital currency
There are thousands of options for cryptocurrencies for those who want to invest in them, but although there are so many options, not all options are suitable for all investors. So before buying any digital currency, you must first know the purpose of buying it, does it increase its value in the future? Or to make transactions and buy online using it?
