Digital currency trading has become very popular in the past couple of years. Transactions on the crypto market have increased at exponential rates. By the looks of it, this doesn't appear to slow down anytime soon.
People who have made millions as traders in this online financial space have attributed their successes mainly to making the right decisions. In their interviews, they emphasize the importance of data analytics in guiding choices while trading.
All the tips they share eventually point to the kind of platforms that complement decision-making for traders. The appropriate cryptocurrency trading platform has all the data and features to promote the analysis referenced.
This article explores what traders should look for in a trading platform by reviewing BitiCodes as an example.
Cryptocurrency trading platforms enable the exchange of one digital currency for another. They also allow the exchanging of crypto for fiat.
Even though the fundamental operation is similar for all such platforms, they differ in efficiency and quality.
A standard platform has features and information that facilitates all categories of crypto trading for users. This depends on the objectives of the traders on the market.
According to Investopedia, about 18,000 cryptocurrencies currently exist, with Bitcoin widely seen as the pioneer. It remains the most popular one with the highest value on the market.
BitiCodes promotes interaction between traders and the digital currency domain. This provides a holistic view of transactions to help users hopefully make well-informed decisions and become savvier traders.
BitiCodes is a platform that enables traders to analyze data in the cryptocurrency market to derive vital insights for strategy creation.
Users must note that the platform is not an assurance of profits. There is no sophisticated algorithm or artificial intelligence that can automatically trade on behalf of users.
The main thing that BitiCodes can offer is a broader look at the market in a one-stop shop, so that with time and dedication you can potentially become a proficient trader.
Platform users get reports detailing how their trade orders were executed after they are done. Analyzing these reports provide precious insight to guide your decision-making, and can potentially help you improve over time.
Traders on BitiCodes get access to real-time cryptocurrency market data within the platform. They also get historical data, which can be beneficial for market analysis.
It is costly to make mistakes when exchanging digital currencies. Even with a simple user interface, the space is overwhelming for anyone without experience. This is why BitiCodes finds it necessary to have a “Demo” account on the platform.
The feature enables users to familiarize themselves with the various processes by using fake money to execute fake trades. Experienced traders can also use this feature to test new strategies on real-time data before implementing them. It is a great way to learn from your mistakes, test your skills and hopefully risk less of your real money.
Traders have crypto wallets in their accounts that store the private keys they use to access their funds.
BitiCodes secures funds by storing them on the blockchain instead of the platform itself. This setup means hackers who break into accounts are still denied access to the funds.
The platform uses a two-factor authentication system to ensure that user accounts are well protected.
During login, the extra layer of security requires a code that is sent to a device that users alone have access to. It usually goes to their phones. This process prevents intruders from getting into an account even when they have the password.
It is important to note, however, that not all partnered brokers offer the same storing and security capabilities, therefore, it’s recommended to check this with your broker, before you start trading and conduct yourself accordingly.
Signing up on BitiCodes is straightforward. The registration process has been designed so that users can complete it in three simple steps.
Upon registration, you’ll also create a password at this stage to secure your account. It should be random enough, be case-sensitive, and include special characters to make it difficult for intruders to hack.
Once you submit the form, BitiCodesyou’ll receive a verification email to the address submitted. This is to ensure your identity, as well as connect you via a link to your partnered broker’s website. Once you log in through there, using your credentials, you’ll be redirected to the platform.
You broker can guide you as a new user, give you advice and on the best strategy for you and notify you when trading opportunities arise, based on the parameters you share with them.
There are many good reasons for a crypto trader to use BitiCodes over many others on the market.
As beginners, you can use this mode to gain knowledge about the crypto market, learn from your mistakes, and hopefully utilize this information for better decision-making. It also allows experts to try new strategies and observe the results before risking real funds on the market.
The identity of the creator of Bitcoin remains a mystery. To this day, the only thing known about them is their name, Satoshi Nakamoto.
Their idea about cryptocurrency was captured in a paper sent to mailing list discussions. It was titled: Bitcoin - A Peer to Peer Electronic Cash System.
The software for this concept first became available to the public in 2009. Recording and verifying transactions for the currency were based on blockchain technology.
Bitcoin was first assigned a monetary value in 2010 when a person swapped 10,000 of them for two pizzas. It was from this moment that crypto exchanges became a thing.
After a few successful transactions, many people realized the importance of Bitcoin and came out with rival digital currencies.
The technology took from there and has never looked back.
Cryptocurrencies, unlike fiat, have a limited supply backed by high-level mathematical algorithms. This built-in scarcity provides owners with a structure for storing the value of their money for a longer term.
Digital currency is a form of speculative investment. Owners acquire them, hoping they are worth more in a few years.
Having crypto means owners can use it in any way they want without having to seek permission from any authority. This circumstance is commonly known as decentralized banking. The market provides total financial freedom.
The activities of governments also do not affect the value of digital currencies in any way. In the situation where any political entity wants to confiscate or tax a token, they cannot do it by force. An attempt of this nature can only be possible through the cooperation of the crypto owner.
Since Bitcoin emerged, there have been several alternative coins that have followed suit. A good trading platform should allow traders to exchange as many of these cryptocurrencies as possible without hassle.
BitiCodes currently supports trading for many cryptocurrencies. There are also plans to expand this capacity to include some new ones that are becoming popular.
Bitcoin is not going anywhere and is as popular as it was a few years ago. Most experts agree that it’s a liquid investment because it is allowed almost worldwide. That being said, there are risks of fluctuations, but it’s also possible to see returns.
There’s less risk of inflation, too. The government isn’t involved in any shape or form, so Bitcoin is actually immune to inflation. With the infinite Blockchain system, crypto can’t lose its value.
No, it’s not. Bitcoin is nowhere close to its market cap, so there is plenty of Bitcoin to go around. Nevertheless, if you don’t have much knowledge and trading experience, it can be easy to make a mistake. That’s why the platform is a good idea, as it assists you both in learning and trading, so you can hopefully become a savvier trader.
There are multiple ways to put a deposit into your trading account. The first is with a bank card, which tends to be the most popular choice for sheer convenience. Just choose the amount and enter the basic card details required when shopping online. Bank transfers are also an option, but they take a little longer to clear and might entail some bank fees.
Lastly, users with a digital wallet can deposit using cryptocurrency. Paying with Bitcoin is a fast and efficient way to fund your account. All you need to do is hook up the two accounts using the relevant security codes, and you are good to go. BitiCodes is compatible with most leading e-wallet providers.
Trading Bitcoin is completely legal in most countries worldwide, although cryptos have been illegal in China in recent years. This is beginning to change, however, and even China is starting to accept digital coins. Also, some western countries have even adopted Bitcoin as a legal tender. However, before you start trading, though, it is highly advisable to check what rules and regulations apply in your country.
Crypto trading platforms are vital in providing advantages when making users utilize exchanges, however small they are.
How a platform presents market data determines your ability as a trader to properly monitor transactions. It also helps you recognize trends that influence your decision-making.
The strategies you implement are vital to your chances for wins or losses when exchanging cryptocurrencies. A quality trading platform provides you with the know-how and the help you need to potentially become more adept over time.
BitiCodes offers you all the features you need to practice your skills while studying the market at the same time.