When it comes to working with crypto currency, the first thing you’ll likely want to know is what kind of platform you should be using. Believe it or not, there is a huge difference between many platforms.
Today, we’re going to look into the main differences between crypto exchanges and trading platforms. Once you’ve finished reading through this, you should have a good idea of which one is suitable for your needs.
Before that, learn more about cryptocurrency here.
Let’s take a look, shall we?
Crypto exchanges primarily allow you to convert fiat (government-controlled money such as USD) into crypto currency and vice versa. Most of the time, you would use this kind of platform to perform simple, safe deals.
There are no options to make trades. All you can do is buy or sell your crypto currency. There is still skill involved as you will need to know when best to buy and sell. However, it is a lot simpler than full-on trading.
Trading platforms take it all the way. Instead of just buying or selling your crypto currency, you are instead actively investing it in a specific trade. This requires a trading book, tons of research, and a small amount of luck.
Using a trading platform is a lot more complicated than an exchange. Most beginners wouldn’t go straight to a trading platform.
That being said, many trading platforms do provide one-on-one training for beginners to get them up to speed. A crypto exchange is probably a better place to start, however.
Where do You Fit in?
You’ll most likely already know which of these is better for you, simply based on your experience level. If you’re completely new to only crypto currency trading, you will probably want to stick with a crypto exchange to begin with.
However, if your goal is to get into actual trading rather than just buying and selling, a trading platform would be suitable for you.
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Stay safe and happy crypto trading!