The year 2020 will likely be remembered for all the wrong reasons. However, even in the darkest of times, there is always a silver lining. Digitization and tech have been the biggest winners of the pandemic. These gains are because of the convenience of the internet and the opportunities therein.
Concurrently, cryptocurrencies have also had a strong showing, especially in the latter parts of the year. Bitcoin has exceeded the watershed $20,000 mark, marking another record high. Such appreciation always garners significant attention, with investors scrambling for a piece of the pie. Finding the appropriate forum is critical, and it is essential to research for tips when choosing a crypto trading platform.
Investors in the UK face the unique challenge of Brexit. Even as vaccine rollouts and negotiations continue, the implications of this historic move still linger.
In current trading markets, there is a lot to explore. On platforms like PrimeXBT, it is evident that top cryptocurrencies are on the up. Crypto markets are sophisticated to even include options and securities.
The Convenience of Mobile Trading
It is well over a decade since smartphones came into existence. This revolutionary product has made life easier for billions of people. Currently, more than 3 billion people own a smartphone worldwide. From a consumer standpoint, it is a tool that makes communication and commerce infinitely easier.
It is also a colossal market for any kind of commercial activity. Cryptocurrency trading applications like PrimeXBT give millions access to crypto markets from the convenience of their couch. Nothing like this has ever been possible in the history of humanity.
In the age of options trading, powerful broker platforms have come up to ease trading. Such brokerage platforms offer fast order execution, and advanced platform features to increase profitability. The increased importance of cryptocurrencies as assets paved the way for crypto brokerage apps that are fast becoming a favorite for small-scale investors.
From the comfort of home, a trader can utilize a brokerage platform like PrimeXBT to access a wide range of markets. What makes such platforms greatly appealing is the ability to trade crypto with leverage. This essentially means the ability to trade with a position much larger in value than the amount you deposited. It is obviously riskier than traditional forms of trading, but for skilled traders, the benefits outweigh the risk.
Trading BTC, Ethereum, or XRP with leverage can be greatly lucrative. Accordingly, more traders keep discovering brokerage platforms to enjoy these perks of trading. With a smartphone, a trader can have access to global markets and kick-start a safe trading journey.
Picking Out a Quality Brokerage Platform
The selection of a top brokerage platform is critical for the viability of your trading. Unfortunately, the crypto industry and online trading are inundated with fraudulent entities trying to scam investors. The need for conducting due diligence cannot be overstated.
Look at parameters such as:
- General stability and technology- it is always better to deal with an established and reputable trading platform.
- Account options and smooth payment experience – top brokers offer a selection of account types to give investors flexibility. The spread offers, and ease of deposits/withdrawals are also important considerations.
- The quality of the trading platform-This refers to the general ease of use, interface, analytical tools, and other performance-related aspects of a mobile app or brokerage website.
- The number of cryptocurrency pairs offered.
- The quality and availability of customer service.
Cryptocurrencies Are Rising Again
Bitcoin has done it again. At press time, the pioneer cryptocurrency was pushing record highs of $21,000. This is quite a turnaround from where Bitcoin was a short while ago. To flashback, Bitcoin had a terrible outing in 2018, losing more than three-quarters of its value in a painful period for those who had bought the coin. Many were quick to ring the death knell on Bitcoin.
However, it has shown remarkable resilience to bounce back, especially in a tough year. Cryptocurrencies don’t rely on government bailouts and are a pure product of market confidence. This display of strength is remarkable.
Understandably, some would herald back to the crypto bear market that followed the last major rally as a warning sign. It is prudent not to trade on blind faith. This is why options trading is so appealing because a smart trader can use it to take advantage of momentary trends without exposure for too long.
The Big Picture
Cryptocurrencies can be a lucrative asset class. To be successful in trading, it helps to understand specific assets well to make informed decisions.
Before trading on a mobile app, a trader should grasp concepts like margin, leverage, live trading, and more very well.
With the extra preparation, mobile brokerage apps can be an efficient ally in exploring the opportunities in the expansive cryptocurrency market.