Platforms for trading of cryptos are marketplaces where users may trade online in different types of cryptos and various NFTs (non-fungible tokens). For trading cryptos, these exchanges are needed. Few businesses offer their users competitive prices; some offer the best speed for trading, and others provide the best in trade financial products.
The trading platform called bidsbee enables experienced traders and newbies to enter the market of the crypto world to increase their daily income. Copy trading features allow newbie traders to follow the strategy of seasoned traders and get the relevant desired profits.
In the year of 2022, following the Securities Exchange Commission’s (SEC) crackdown on the crypto industry, various exchanges are under their radar. This happened due to the various Ponzi schemes and other failures that shook the world of cryptos last year.
Due to various platforms’ attempts to avoid the declaration requirements required to safeguard investors’ interests, several exchanges got into trouble with the SEC. Businesses named in the lawsuit were found to be performing an act of middleman and indulged in crypto trading that should have been recorded as securities. Many other violations relating to not following security exchange laws were found.
Present-day traders can have a breath of relief as all platforms that are into social trading of digital assets, like cryptos, are being correctly controlled and monitored by security exchange.
6 Best Cryptocurrency Social Trading Platforms In 2023
Social trading platforms allow the exchanges dealing in cryptos to perform like brokers and allow their platform users to buy and sell various digital assets, CFD (Contract for Difference), ETFs (Cryptocurrency Exchange Traded Fund), and other cryptocurrencies available online.
Crypto trading exchanges allow customers to trade mainly in cryptos and other contracts that are usually crypto-based. A few influential cryptocurrency trading sites are
1. Bidsbee Exchange
Bidsbee specializes in a crypto trading portal that helps traders trade in cryptos using the platform’s trading terminal, which allows traders to maximize their daily profits.
The platform has various built-in options like stop-loss, trailing options, trade algorithms, and other features that the traders could use to maximize their profits. This platform is a boon for professional traders as it helps them multiply their income as and when the cryptocurrency price changes occasionally.
The pricing structure of this platform is crisp, clear, and simple to understand for any newbie.
It has a basic free plan allowing the traders to access trading view integration, which helps them access technical analysis indicators, customizable past trade charts, and various drawing tools that help to analyze future trade patterns.
Apart from the basic plan, it has a paid plan, which costs $9.99 monthly if a yearly plan is subscribed. Many features are accessible to traders to trade in cryptocurrency. The platform accepts all types of bank cards for paid subscriptions.
2. Coinbase Exchange
The Coinbase exchange is a user-friendly platform due to its accessible features that help customers trade in cryptos. It provides many materials that provide knowledge for its customers who are interested in performing trade in cryptos, along with vital security features.
Coinbase is a famous crypto platform in America. The platform follows a simple registration procedure that allows even newbie users to easily accommodate themselves for trading cryptos. Customers on this platform can always refer to various learning materials that help them apply accessible trading practices.
Customers can use the available learning resources that teach newbie traders to follow various routines to do crypto trade. The platform has various schemes that help customers to collect free cryptos.
This exchange offers a vital security feature like two-factor authentication on desktop and mobile applications. Ninety-eight percent of the cryptos of the customers are stored offline. For protecting the custodial accounts of users, the exchange offers an insurance policy worth Two hundred and fifty thousand dollars.
3. BYDFi Crypto Exchange
Due to its excellent trading features like a future chart, leverage of 200 times, high-class security features, and low fees, the BYDFi exchange is a better choice for users in America. The exchange has been registered under the U.S. FinCEN (U.S. Financial Crimes Enforcement Network ) as a Money Services Business (MSB).
Since starting in 2019, it has been committed to following good trade practices and rules, which makes it a good pick for online crypto trades.
It also allows customers to perform perfect trade with a matching speed of one million transactions per second and gives a recess of less than ten milliseconds.
The fees charged by this platform are competitive. Both options, like deposit and withdrawal fee, is zero; this exchange charges only the blockchain network fee. Trading fees are charged at 0.02%, making it the lowest price in the crypto world. The withdrawal limits for the users go up to one hundred thousand dollars per transaction. The customers can withdraw a maximum of two hundred thousand dollars per day.
4. Kraken Crypto Exchange
The Kraken crypto exchange provides customers with secure tools as its primary security feature that has protected the company from facing any form of hacks since its launch in 2011.
The exchange is famous among crypto traders worldwide. It allows users to deal with hundreds of cryptocurrencies. It also offers margin trade, staking of cryptos, spot trade, as well as futures trade.
The platform has the safest digital ecosystem for customers who trade online in cryptos. It provides traders with a two-factor authentication security feature and user account timeouts. It also provides PGP (Pretty Good Privacy) signed along with encryption of email and smart contracts with a time-lock facility.
5. eToro Exchange
eToro exchange is a pioneer in social trade as it deals in multiple-assets portals for online traders. Apart from cryptocurrencies, it allows customers to deal in various online commodities, currency trade, equity shares, ETFs, and CDF contracts.
However, per the security exchange rule, the citizens and residents staying in America can deal only in cryptos using this exchange.
eToro boasts of onboarding millions of customers. It has a base in one hundred and forty countries worldwide.
6. Coinmatics Exchange
Coinmatics, a platform dealing in crypto trade, was started in the year of 2018. It provides a customer-friendly platform for its customers. It allows its users to use its advanced level of copy trading along with other analytical tools to trade in cryptos.
The exchange provides both trade options in futures and spot trade. Apart from that, it connects online customers with the famous feature named automatic copy trading service. This exchange is a boon for newbies.
The crypto platform for online trade helps various customers to deal in multiple types of safe and secure crypto trade. These traders get registered on these platforms and buy, sell, and even short cryptos like Bitcoins and other altcoins available online.
Compared to regular trading platforms, these platforms allow customers to trade cryptos online, ask questions, share ideas, and also discuss various analytical options and predictions for daily and future trades.