Searching for a bitcoin trading exchange might seem easy for you because options are countless here. Search them online and the internet will be flooded. But, it is not about getting into any of these, it is the question of the security of your money so, you have to search for the right one. There are probably more than 600 of them but the task is to find out which one is authentic and secure.
The reason behind it is, bitcoin is a currency that can’t be ruled by the government. So, the trading platforms are too not controlled by them. As a result, there are no centralized rules and different platforms settled their own rules and regulations. You need to search for the one that has the authenticity and gives protection to your cryptos. So, if you are interested in investing in Bitcoin, you may consider knowing about the Things To Do After Buying Bitcoin.
There are basically two categories we can see of bitcoin exchanges. One is the centralized one and another is the decentralized one also known as direct or P2P exchange. Here we are explaining what their rules are and how they help you in doing bitcoin trading.
1. Centralized trading platform – its role in bitcoin trading:
These platforms, as their name suggests, are controlled by a centralized authority like an exchange company or broker. They provide you services and expect some service changes and transactional charges. However, these platforms work in a beginner-friendly and clear way.
They need your registration first and a trading account will be generated. You have to choose a money transfer method to send money from the bank account to the trading account. Then you can buy bitcoins that’s been done in two different ways.
To buy or sell bitcoins, you can either choose the market order option that is buying or selling at the current bid price or, the limit order option that is buying or selling at a limit price that you have set previously.
2. Decentralized trading platform – its role in bitcoin trading:
These platforms are pretty much straightforward. They allow you to post your bitcoin buying and selling offer price on the open marketplace where other users can see it. As the match between buyer and seller is done like a deal between two of you, both can share the account information up to the necessary level and trade the bitcoins.
These accounts have no central point and for that, they don’t charge much. Also, transactions here are much faster than in centralized exchanges. But, these platforms are more for pros because you have to post your offer prices by yourself and for a profitable deal you must know the market well.
Some more information about bitcoin trading:
- Bitcoin is now trading at around twenty-one thousand USD. It is currently low now but as per experts, it is going to rise in the future.
- With the high value of Bitcoin, do not conclude that this investment is only for the rich. Bitcoins are not traded in units. That is, you are not going to bitcoins in digits but fractions. You can buy bitcoins for any fraction. For example, if you want to buy Bitcoin for 1000$, you will get 0.046503. You can even buy lesser quantities with the money you have.
- You can buy Bitcoins on Exchanges and store them in Digital wallets. You can also use hardware and paper wallets for your Bitcoin private keys and Bitcoins Offline; this is considered the safest way of storing them.
- Binance, Coinbase, Kraken, Crypto.com, and Bitcoin Era are some of the trading platforms for cryptocurrency. You can buy, sell and exchange Bitcoins for other cryptocurrencies or money anytime you want. Unlike stock brokerage, this trading platform does not intervene in your transactions and only serves as a platform for the transaction of currency between users. When users want to encash their bitcoin reserves, exchanges provide support to carry out the exchange swiftly.
Summary
Since its inception, Bitcoin has established itself as the top cryptocurrency and has seen the ups and lows of the economy and the market. After six years, with over 100 million users, it is safe to say that it is here to stay and change how we use money shortly. If you are new to trading in Bitcoins, learn to analyze the markets and begin your trading, or you can also employ bots on Crypto exchange platforms to carry out a trade.
