How to Compare Brokers?

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Which cryptocurrency platform you opt to do your trading on is one of the most important decisions you'll make. The exchange will act as a digital wallet for your cryptocurrencies, so don't dive in without considering the factors below first.

Some brokers specialise in crypto trades, others less so. Others offer specific products. IQ Option for example, deliver traditional crypto trading via Forex or CFDs – but also offer cryptocurrency multipliers. These offer increased leverage and therefore risk and reward. Innovative products like these might be the difference when opening an account cryptocurrency day trading.
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*Apps & Software
Day traders need to be constantly tuned in, as reacting just a few seconds late to big news events could make the difference between profit and loss. That's why many brokers now offer user friendly cryptocurrency mobile apps, ensuring you can stay up to date whether you're on the train, or making your sixth coffee of the day.

The cryptocurrency trading platform you sign up for will be where you spend a considerable amount of time each day, so look for one that suits your trading style and needs. Exchanges like Coinbase offer in-depth platforms, such as their Global Digital Asset Exchange (GDAX). It's always worth setting up a demo account first to make sure the exchange has the technical tools and resources you need.

*Security
Always check reviews to make sure the cryptocurrency exchange is secure. If your account is hacked and your digital currency transferred out, they'll be gone forever. So whilst secure and complex credentials are half the battle, the other half will be fought by the trading software.

*Fees
Each exchange offers different commission rates and fee structures. As a day trader making a high volume of trades, just a marginal difference in rates can seriously cut into profits. There are three main fees to compare:

*Exchange fees – This is how much you'll be charged to use their cryptocurrency software. What currency and coins you're trading can influence the rate.

*Trade fees – This is how much you'll be charged to trade between currencies on their exchange. A marker fee is the cost of making an offer to sell. A taker fee is the cost of taking an offer from somebody.

*Deposit & Withdrawal fees – This is how much you'll be charged when you want to deposit and withdraw money from the exchange. You'll often find it's cheaper to deposit your funds. Also keep in mind some exchanges don't allow credit cards. Using debit/credit will usually come with a 3.99% charge, a bank account will usually incur a 1.5% charge.

Final Word On Brokers
This isn't a decision to take lightly. Do the maths, read reviews and trial the exchange and software first. Coinbase is widely regarded as one of the most trusted exchanges, but trading cryptocurrency on Bittrex is also a sensible choice. CEX.IO, Coinmama, Kraken and Bitstamp are other popular options.

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