The Guide to Choosing the Right Crypto-Broker
If you are currently reading this then it means that you are on the right track for the crypto-broker hunt. It is always the right thing to run a proper investigation and research before we can start trusting/relying on a particular crypto-brokerage.
There are currently more than five-hundred cryptocurrency brokers in the entire online trading market. However, there is only a handful of the online trading firms that have a user-base of millions of active-users they are catering every day.
Why Not Every Crypto-Trading Broker?
At present, there are many crypto-trading brokers focused on getting users to invest more in crypto-markets. However, they do not have the proper mechanisms, tools, or processes in place to facilitate these innocent investors. What happens next is that such brokers end up losing all of their holdings.
Yet, there are many cryptocurrency trading brokers who are still staying true to their claims and promises. However, with so many incompetent and fraudulent crypto-brokers in line, it is hard to identify the right one from the wrong one.
Things to Confirm Before Choosing a Crypto-Trading Broker
If you are indeed planning to invest and looking for a crypto-trading broker, then you need to check for the following. If the broker matches all of the below requirements, then it is the broker that you can trust.
Crypto-Broker’s Background, Team, and Base
When you visit a crypto-trading broker’s website, the first thing you need to check is the broker’s history and its background. You need to thoroughly confirm the names of the companies and groups they mention in their history. Then the second most important thing is to check where the crypto-trading broker operates from. It has been found that majority of the fraudulent crypto-trading brokers based their headquarters in remote islands or countries that are way out of the regulatory circle.
Trading Accounts and Deposit Amounts
While going through the crypto-trading broker’s website, you need to check what kind of trading accounts and service the broker is offering. You must always pay extra attention when it comes to making deposits for investments. At times, fraudulent crypto-trading brokers demand very small deposits that consist of only a few hundred dollars. In hopes of trading with such small investments, many people end up giving away their money only to be deprived of it later.
Same goes for crypto-trading brokers that demand really high deposits. You may come across brokers that may demand minimum deposits as high as $15,000 or $20,000. Look for crypto-trading firms that request a reasonable amount such as $1,000 or $1,500. When it comes to making deposits, look for brokers that offer options that are most common and easily trackable.
Services and Trading Platform
When going through the services provided by the broker, some of the major services to look for are leverage, discounts, fees, profile analysis, education programs, and spreads etc.
As far as the trading platform is concerned, it must be equipped and be able to offer services such as market access, cryptocurrencies, daily crypto news, price alerts, daily signals, trading charts, and historical reports.
Security of Assets and System
The next aspect is the security of the infrastructure and system that is offered by the crypto-trading broker. If a broker does not talk about its security and technology, it means it has not done anything about it. So always double check and look for the security and protection that the crypto-trading broker would be able to offer. Because if a crypto-trading broker does not have a secure and protected system then all your assets will always be on high-risk.
Adherence to KYC and AML Policies
For a cryptocurrency trading broker to operate in any country, it needs to be compliant with one of the major regulations known as Know-Your-Customer and Anti-Money Laundering Policies. If a cryptocurrency trading broker does not mention KYC and AML on their website then there are high chances it does not adhere to them.
Therefore, it is better not to take the risk and search for a different broker because by trading with such broker, you are putting yourself and your assets in danger.
There Must Always be Support
For crypto-trading brokers, it is somewhat mandatory to have customer support team available no matter email, chat, or phone. So if a crypto-trading broker does not talk about customer support, then you must know what to do.
EZDSK is a recommended cryptocurrency broker, read the full EZDSK review here.