The buying and selling of assets based on market movements to gain profits and minimize losses is an old trading strategy. Cryptos are a new addition to the list of commodities collected and traded as assets by the trading community.
Crypto exchanges work much like any other stock exchange. However, a crypto trading terminal like Bidsbee that integrates several trading exchanges has some distinctive advantages. In this blog post, you will learn about some of the best crypto trading terminals that you can explore for your future financial planning.
Crypto Trading Terminals And All That You Need To Know About Them
Crypto trading terminals allow traders, both novices and experienced players, to trade in multiple currencies. They provide trade analysis charts and help traders strategize better. Facilities like technical analysis and automated trading help avoid extreme losses when the market is down and register quick profits when the market is high.
1. Bidsbee
It is a social crypto exchange that lets you imitate the trading behavior of experienced peers. Moreover, they allow people to trade in multiple cryptos like Bitcoin, Ethereum, etc. Trading in multiple currencies allows a trader to diversify his portfolio. Diversification helps hedge against volatility-based losses. The simple rationale behind diversification is that it allows a person to make a profit from one asset even if he is making a loss from another type of asset.
Usually, crypto traders make use of stop-loss mechanisms where they can order to sell in advance when a particular asset reaches a lower price threshold. Bidsbee allows for stop-loss mechanisms for both short and long-term investment strategies so that a trader ends up with a net profit.
2. 3 Commas.io
Just like bitsbee, 3 commas.io allows for copy trading. So you can get a fair idea of market sentiment and trade accordingly. The biggest advantage of copy trading is that it allows you to shorten the trading learning curve. Mastering the art of trading is not easy, especially with something as volatile as cryptos. So when you get a trading terminal that sets auto triggers for wide price fluctuations, you can rest assured when you trade.
3 commas.io helps you integrate your wallet with multiple exchanges. It helps individuals track their performance so that any course correction if needed, can be done on time. This trade terminal integrates as many as twenty-three exchanges.
Moreover, they offer expert help to tide over any market situation. The crypto market undergoes periodic bulls, bears, and sideways market trends. Depending on these trends, the terminal suggests buying and selling measures.
A bull market means that the market is on an upward trajectory. So, a trader is expected to sell cryptos in a bull market. A bear market is a situation when the market is on a downward trajectory. In such a situation, a person must buy cryptos at a low price to sell them later.
Again, in the case of a sideways drift, the price of a crypto fluctuates within a very narrow range. This trend continues for a few weeks at a stretch. Each type of situation, whether bulls, bears, or sideways drift, requires a different buying and selling strategy. A new trader may not be able to keep track of these movements, but an automated terminal can do it for you.
3. OKX
It is another popular crypto trading terminal that offers lower transaction fees. Moreover, they allow a person to not only sell and buy cryptos but also deal in NFTs. NFTs, or non-fungible tokens, are blockchain-backed assets that are unique and cannot be copied or replicated.
NFTs are used to certify the ownership of a digital asset that may be a text, a photograph, or a video. Thus, OKX allows you to have the most diverse DeFi, i.e., a decentralized finance portfolio.
OKX allows you to not only buy and sell cryptos but also earn them by actively mining them. People familiar with blockchain technology know that new blocks are generated by solving complex algorithms. The person who solves the algorithms gets a reward in terms of cryptos. So, in OKX, you not only earn via the price differentials of a bitcoin but also by mining new ones.
4. Altraday
It is another popular crypto trading terminal that allows you to set up auto triggers, stop-loss functions, and scope to diversify your portfolio. You can set up an alerting system to notify you when the market shows warning signs. Plus, you also get feedback on your performance so that you can work on your learning curve.
Things To Keep In Mind While Choosing A Trading Terminal
The list of platforms that were discussed above gives a fair idea of what you should keep in mind when you choose a platform for yourself.
It is always best to choose a platform that gives you copy-matching facilities, especially if you are new in the field. If you want to benefit from the promptness of alerts or the expert analysis offered by a platform, it is best to take a short trial. Most of the platforms that have been discussed above have a short-term term, usually a seven-day trial period.
Also, the leverage provided by the platform is an essential criterion that must be taken into consideration. Leverage means the amount of money that a platform provides to trade and get a larger margin. Leverage is based on the amount that you deposit. So, a leverage of 5× or 10x means that five or ten times the deposit money will be given to the investor to make larger profits.
Conclusion
Cryptos are a promising asset. They run on a decentralized peer-to-peer network, and they are in great demand all over the world. High net-worth individuals, as well as retail buyers, recognize their worth. However, many retail buyers are inexperienced, and using a trading terminal is highly beneficial for them. So, if you want to take a plunge into the world of bitcoins, do your research and buy effectively to make the most of your money.
