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5 things to look out for when choosing a crypto broker
29/10/2021 10:00

5 things to look out for when choosing a crypto broker

Interest in cryptocurrencies is continually growing, with an increasingly larger number of people rushing into crypto trading in order to achieve profits. The key to a successful trading strategy is to know the ins and outs of the market.

While the crypto industry is generally considered volatile in nature, a stringent strategy and access to the right tools can help traders traverse a profitable journey. To achieve success, novice and experienced traders alike often find themselves turning to professional brokerage services that provide access to important tools that help them build efficient strategies.

In this article, we will explore what traders should look for in a cryptocurrency broker.

What should traders look for in a crypto broker?

Here are 5 things to look out for when selecting a crypto broker:

Flexible and customizable trading: the service must allow access to a wide range of assets and markets – cryptocurrencies, stocks, commodities, forex, ETFs, etc. An all-in-one platform allows users to access all kinds of securities from the same platform without having to resort to multiple broker services.

The availability of a mobile solution enables users to trade on the go. Easy purchase of a variety of cryptocurrencies is a must, preferably via a debit or credit card.

Instruments and risk management tools for users to utilize in their trading: access to educational resources, third-party research resources, financial planning tools, technical analysis tools (including performance analysis, market scanning and risk/reward potential monitoring), stop loss, take profit and the latest financial news are a must.

The ability to set up a demo account is a good feature – it allows a user to figure out what strategies work for them before tackling real-life trading

Access to aggregated liquidity: the last thing a user wants is to overpay for an asset. Access to aggregated liquidity enables users to execute orders of any size at the best available prices. It also gives traders the ability to interact with various liquidity sources, thereby randomizing the manner in which liquidity is taken from the market.

Wide range of leverage ratios: leverage is the use of borrowed capital to invest in an asset class. By borrowing capital from a broker, traders can trade larger positions, thereby potentially reaping greater returns. A good broker offers a wide range of leverage ratios (from 2x to 100x).

Easy-to-use: the platform must be easy-to-use and offer simple asset management with insights into trading history, active positions and current results. The signup process, commission and fees can give traders an apt idea of how a broker platform operates.

To give an example, CEX.IO Broker platform allows to trade cryptocurrencies and crypto derivatives, forex and stocks with an up to 25x leverage, while providing users with liquidity markets for all crypto pairs on the platform. To help traders along their journey, the platform also offers a large selection of tools for technical analysis, leverage, cross and isolated margin, stop loss and take profit – everything that will help set up trading strategies in the way the user needs.

“The securities market is as risky as it is profitable. With a proper understanding of how the market works and a keen eye, traders can turn a profit. Cryptocurrency trading is gaining traction and the industry is quickly becoming institutionalized,” – states Yuri Mazur, Head of Data Analysis Department at CEX.IO Broker.

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