Which CryptoCurrencies Trading Platform Should You Trust

As a new trader, there may be many questions regarding the choice of trading platform. Can you trust his platform? Can you withdraw money, etc.? We try to answer a few of the most important questions here.

Can I trust my trading platform, for example? Markets.com?

Yes, the trading platforms featured on Hexatra.com have a high standard. You must ensure that the trading platform is subject to the general EU-based financial legislation. It is typically at the bottom of the trading platform’s front page or under “about”. Many brokers have an address in Cyprus, but this is NOT, as a rule, not some problem about legislation. Cyprus is subject to the same laws as in the rest of the EU. In Cyprus, you must be authorized to perform investment services (brokerage) by the Cypriot Supervisory Authority, Cyprus Securities and Exchange Commission (CySEC). This also means that the company is subject to the general EU-based financial legislation. You can also see if the broker registered under the Danish Financial Supervisory Authority regarding the provision of financial services in Denmark. You can do this via this page: Companies under supervision. For example, you can see that the eToro trading platform approved in Denmark on this page: eToro supported.

If the company approved in Denmark, it also means that the company is strange MiFID, which ensures EU-harmonized rules for financial companies that provide investment services, including, for example, making a trading platform available. The rules ensure a certain degree of transparency in the financial markets, at the individual providers and ensure, in particular, a high level of investor protection especially for private investors.

On HexaTra.com we present these platforms, all of which are regulated: eToro, Pepperstone, Markets.com, 24option.com, ETX Capital, Avatrade, Plus500,
Can I be sure to get my money repaid?

If the broker is authorized to perform investment services in the EU and strange MiFID, you have a high degree of security. Of course, you should be aware that there is often a fee associated with retrieving their money. This fee can easily be around 25 Euro.

Could it be true that I have to submit passports and a lot of ID papers to the trading platform?

Yes, when you sign up for a trading platform, the same conditions apply as when you create an account with your local bank. The trading platform must comply with rules that ensure, among other things, money laundering, etc. This means that the trading platform must know with certainty who you are. This also applies to address information, which usually should be no more than three months old.

Will my money be lost at the broker?

If the broker is authorized to perform investment services in the EU and strange MiFID, you have a high degree of security. Your money will not disappear just for no reason. However, it is vital that you have looked into how the individual brokers handle your trades. Perhaps you invest in geared products, where winnings and possibly. Loss doubles with a specific factor. This is called leverage. If the price drops dramatically, this can mean that you can lose money quickly on your investment. Many inexperienced investors mistakenly believe that the trading platform has “taken” their money. In fact, the inventor himself has put his risk too high, and the investor may also have failed to put a ” stop loss “About where the loss ought to settle. At some trading platforms, it is possible to lose more than its deposit. With others, you can not miss more than your deposit. This applies, for example, to eToro at Markets, where it is not possible to lose more than its deposit.

You should also be aware that many trading platforms have an in-service fee. If you do not trade for months, a fee will typically deducted from your account. The commission may fluctuate from a few dollars to several hundred kroner a month or a year. However, a single trade will defer this fee again, but it is up to you as a private investor to familiarize yourself with the rules of the individual platform.

Why does my trading platform get bad reviews?

On some websites, people can anonymously give their opinion about everything from trading platforms to retailers’ services. It is very typical that trading platforms get bad reviews from users. The main reason for this is that it is hard to be a day trader. Many beginners lose their money in the effort to shop for the prices of oil, gold, etc. When people lose their money, their anger usually goes beyond the trading platform. Vreden is often because the private trader has not been careful about what it means to act very actively – often with geared products. Another source of frustration must found in the fact that many trading platforms offer deposits and trade within the scope of which you as an investor have been approved and submitted ID papers. When the investor later pays off his money, he often meets with statutory requirements for identification and ID papers. In this process, it is important that you have patience and submit the required documents. It’s not because the trading platform wants to harass its customers. The papers are merely a legal requirement. Currently, most trading platforms are overwhelmed by brand new customers who want to trade cryptocurrencies. This means that there is a lot of pressure on trading platforms, which means long waiting times. The best advice is to have patience. That there is a lot of pressure on trading platforms, which means long waiting times. The best recommendation is to have patience. That there is a lot of pressure on trading platforms, which means long waiting times. The best advice is to have patience.

If I trade cryptocurrency, does it mean that I get real virtual coins?

Not necessarily. If you need virtual coins, you need a so-called wallet. Such a wallet can obtain from a wide variety of exchanges, such as the hacking of Bitfinex. Unfortunately, the majority of these are NOT subject to the general EU-based financial legislation, and you will, therefore, experience inferior investor protection if possible. Problems. For example, it happened for Bbitfinex, which hacked in 2016, with the result that $ 72 million bitcoin stolen. Also, you may find that banks will NOT accept your Profits from the unregulated crypto exchanges.

Instead of buying “virtual coins,” it is, therefore, more flexible just to speculate on the value of each cryptocurrency, such as Bitcoin, Ethereum or ripple. It is done with a so-called CFD contract or equivalent that reflects the course graph. This can be done for example. eToro or Pepperstone. Your winnings or losses will be the same as if you owned the virtual coins. The advantage of CFD trading or equivalent is that you can trade through regulated trading platforms. You are therefore subject to a higher degree of investor protection. At the same time, CFDs ensure that you can shorten your positions and typically go faster and more out of the market. Also, the advantage is that you can trade through the regulated trading platforms and thus too easily get yours. Gain paid to an account with European banks. At Markets.com, you’re buying a cryptocurrency, but since you not affiliated with a wallet, it’s comparable to CFD trading, and you have the same flexibility.

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