There are more than a thousand cryptocurrency exchanges providing leverage trading services. How to choose a suitable exchange becomes an important question every trader thinks about before joining the crypto market. As a writer familiar with various exchanges, I would like to present you with tips for choosing an ideal platform.
A variety of factors are in play when we evaluate a platform: how long the companies have been running, whether the exchange comes with complete functions, whether it offers simple operation, and whether it supports desktops and apps. In addition to this, the transaction costs, service response, reviews and reputation are equally important when choosing a platform.
A long-established exchange doesn’t necessarily equal a good exchange. But a trustworthy exchange will definitely not be a newly established one. A long-established exchange tends to have a mature fee structure, reliable trading engine and experienced customer support. It can’t get more frustrating to deal with a trading engine with various issues and crashing all the time.
2. Complete Functions
It’s crucial to find an exchange with complete functions. Firstly, choose one providing different trading indicators and cross-lines. They are extremely useful when analyzing the markets. Meanwhile, they should be made so simple that you will be able to grasp the usage of every button.
Secondly, find one with simulated trading. A simulated trading engine serves as a sandbox for you to try out different strategies without worrying about losing money. It allows you to figure out the ins and outs of the trading engine so you will be more prepared for real-time trading. This function is especially useful to some beginners, who according to Bexplus Exchange, lose several times but still don’t have a clear idea of why they are losing and the rules of the exchange. Not every exchange offers a demo account, for instance, in Bybit you need to apply for one by contacting customer service. If you are a beginner, try Bexplus as they offer each user a demo account with 10 replenishable BTC.
3. Support Desktops and Mobiles
At least half of the exchanges in the market don’t support desktop trading and mobile trading at the same time. While mobile trading is not a must-have function, not having one might put a damper on user experience. Therefore, if you choose an exchange, it is best to find one with a desktop version and application. Analyzing is most convenient when done on a computer, and an application allows you to trade anytime and anywhere you want. As cryptocurrency is traded 24/7, it’s impossible to monitor the market all the time. Every good trader needs a trading app to monitor his/her positions timely.
4. Fee Structure
If you are a short-term trader, the fee structure is an important factor in choosing a trading platform. For example, the average fee for most trading platforms in the market is about 0.1%-0.2%. As far as I know, some platforms even have a transaction fee of as high as 8%. If you trade on a platform with an unreasonable fee, you could lose big.
5. Attentive Service
We all want to avoid contacting customer service as much as possible, but we all hope the customer service remains accessible all the time. Live chat is most recommended because you can quickly contact customer support and get your problem fixed. Even so, some exchanges only provide email customer service and it could take hours or even days to get a response.
If you find an exchange that interests you, don’t forget to do a search on Google and the app store to find out its downloads and ratings. Sometimes bad comments may not necessarily reflect the quality of an exchange and could be fake; but if there are a lot of negative reviews, then it is definitely not a good exchange.
Most exchanges are small exchanges and they are not regulated, which also means that they are not that safe. So supervision is very important. For example, Binance, Huobi, and Kraken all have US MSB licenses. The MSB license is a standard license for global digital currency trading institutions. Coinbase, Bitfinex, Bexplus, Huobi, Binance and other platforms all hold this license to operate.
Bexplus – Recommended Crypto Exchange
Established in 2017, Bexplus is a leading crypto derivatives exchange offering 100x leverage futures trading on a variety of trading pairs – BTC, ETH, LTC, EOS and etc. The company is registered in Saint Vincent and the Grenadines. No spread, no KYC requirements, no deposit fee, Bexplus is trusted by clients worldwide, including the USA, Japan, Iran, and Korea.
Intuitive UI and Various Trading Tools at Your Disposal
Bexplus is famous for its user-friendly interface with powerful toolkits. You can use the toolkits on the left side of the chart to analyze the market trend and place the long or short order on the right side of the interface. Bexplus offers a P/L calculator for you to calculate the potential profits and fees before entering a trade.
Another golden feature of Bexplus is the Bexplus wallet with up to 21% annualized interest. With fast withdrawal and no penalties for early withdrawal, you can continue to grow your wealth while holding your bitcoin.
Personal Account Manager and 24/ Customer Service
Each user can access a personal account manager after registration. Account managers help users better understand how the platform works and share strategies on crypto trading. The customer service handles complaints and questions 24/7 via email and live chat.
Simple Fee Structure
Bexplus requires no deposit fee and has a relatively low service fee compared with many other platforms. For instance, while some platforms such as Bybit and Bitmex charge a funding fee every 8 hours, Bexplus only charges an overnight fee for 0.1% of the contract value if you hold a position over GMT 0:00. The trading fee of Bexplus is 0.075% for opening and closing BTC contracts. Bexplus doesn’t require any deposit fee.
Bexplus mobile app ranks in the Top 5 of keyword search results related to bitcoin trading in 56 countries in App Annie. This full-featured app provides you with the same experience when using a computer, only far more convenient. Bexplus mobile app has a 24/7 market notification to keep you updated with any huge market movement. All data and assets can be accessed through all kinds of devices including Windows, Macbook, Android phones, iPhones, and tablets.
Bexplus app is favored by most users with a rating of 4.8 in Google Play as well as Apple Store.
Benefits and Giveaway
Every user can claim a 100% deposit bonus of up to 10 BTC for each deposit. If you deposit 1 BTC, 2 BTC will be credited to your account, and the profits gained with the bonus are withdrawable. Bonuses can be used as margin and bigger margin reduce the risks of forced liquidation. Traders are welcome to join the affiliate program and earn up to 50% commission. Bexplus will provide different marketing materials to help you grow your business!
The most significant advantages to use Bexplus is its concise interface and the beginner-friendly demo account. Bexplus offers tools to balance high profit and risk control to make use of 100x leverage trading. No KYC verification keeps Bexpus a safe harbor when some exchanges have records of leaking users’ personal data or even surrender to expose data to gov’nts and agencies. The interest-bearing wallet service makes Bexplus stand out from all crypto futures exchanges.