How to Choose the Best Cryptocurrency Broker
Last Update: January 3rd, 2023
Cryptocurrencies like Bitcoin, Ethereum, Litecoin, and Ripple (XRP), have produced incredible gains, the likes of which had never been seen before the world of digital currency became mainstream. However, cryptocurrencies are dynamic, volatile instruments and must be handled with extreme care.
Your first step into the crypto market should be to choose a reliable, well-established forex broker to facilitate your cryptocurrency trades.
To trade cryptocurrencies profitably, you must have superb execution speed, razor-thin spreads, a robust trading platform, and deep liquidity pools. The following brokers offer these features and much more:
FX Leaders Cryptocurrency Broker Review
When trading cryptocurrencies, it’s vital to use a trustworthy forex broker who is regulated by at least one reliable financial authority. Other aspects of cryptocurrency trading, such as:
- The spread (cost of trading)
- The leverage offered
- The range of tradable cryptocurrencies
should also be considered when selecting the best broker to meet your crypto trading needs.
Take a look at what these remarkable cryptocurrency brokers have to offer:
Establishing Value: The Cryptocurrency Broker And Trader
The crypto market started more than a decade ago with the first decentralized cryptocurrency: Bitcoin (BTC). Bitcoin was invented in 2008 by the pseudonymous Satoshi Nakamoto, a figure that remains shrouded in mystery to this day. Nakamoto sought to develop a decentralized peer-to-peer electronic system to facilitate the transfer of digital money without needing a bank.
Instead of a central banking authority being commissioned to dictate how digital currencies should work, cryptography combined with blockchain technology is used to create a self-governing ecosystem. Traders and brokers saw value in this and quickly adopted crypto into their trades and platforms.
Without the need for an official overseer, Bitcoin has proved to be an exciting innovation in global commerce, with thousands of cryptocurrencies spawning from the simple idea of a digital currency. Within a decade, the performance and valuation of Bitcoin and other cryptocurrencies exceeded the wildest dreams of even the most ambitious crypto traders and brokers.
Leading Cryptocurrencies And Altcoins
Competitors to Bitcoin are simply known as “altcoins”. These altcoins offer even more volatility than the king of cryptocurrency and can provide fantastic gains for active traders. Today, several of the leading names in crypto are Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Cardano (ADA), and Polkadot (DOT).
Throughout their history, cryptocurrencies have achieved unimaginable gains. Perhaps the best example of this phenomenon has been the performance of Bitcoin. At its launch in 2010, BTC was initially worth $0.08; fast-forward to the bull market peak of 2021, where prices hit just below $69,000. This represents a mind-boggling increase of over 860,000,000% in just 13 years, making it the best-performing asset class many traders had ever seen.
While altcoins haven’t seen as much of an increase (yet), there are other notable examples. Launching for $3 in 2015, Ethereum (ETH) has had a similar meteoric rise, peaking at just under $4900 in late 2021. While it might not be in the millions like Bitcoin, Ethereum saw an over 160,000% price increase in this period. Not bad for just six years!
Of course, such excessive gains in value come at the cost of price stability. Cryptocurrencies are extremely volatile and exciting instruments to trade, but can be dangerous if you don’t manage your risk correctly.
Breaking news, market sentiment, regulatory issues, and rumors often dictate market behavior. To achieve sustained profitability in the crypto market, you must be up-to-date on current events and ready to handle more risk and volatility than traditional markets like forex.
The crucial first step on your path to profitability is ensuring that you have a robust platform and strong trading framework. Simply put, make sure you team up with the right cryptocurrency broker to leverage your chances of success!
Not sure where to start with a crypto trading strategy? Check out our article on the best crypto trading strategies today!