What You Need to Know Before Choosing Bitcoin
What Makes Bitcoin Popular
- The biggest issue for most traders is inflation because currency losers some purchasing power when the Reserve Bank prints more currency. Bitcoin has a limited minting system therefore it hardly impacts on inflation.
- Because bitcoin is not regulated by any government it does not fluctuate depending on government trade policies, which leads to inflation and even collapses of the currency.
- Bitcoin payments are simple, safe and cheap.
- Bitcoins worth millions of Rands are easy to carry on a memory stick, which cannot be done with cash.
- Risk of seizure of bitcoins is nil as it is not regulated by any government.
Bitcoin brokers provide a simple platform for online trading. However before you choose a broker we suggest the following :
- Always look for a platform that is simple to use, straightforward and offers technical and analytical tools to improve your trading encounter. Investing in Bitcoin using brokers is a smart move, as it allows non-stop trading, leverage and has the protection of regulators. If you want to buy bitcoin but don’t know how, using a broker is a good way to start.
- It is important to use a broker who is regulated. Although this may slow down your trading, it is the safest way to trade. Regulators assure the stability of the trading platforms and online brokers. Regulators also ask brokers to validate the sources of the funds.
- Like any financial market, the bitcoin industry is unexpected so when you come to a decision you naturally would want to act on it immediately. When you want to act you expect good customer service. Having open communication channels like e-mail, phone, skype is imperative when choosing the best trading platforms.
- After you have decided on a bitcoin trading platform, you should review the trade-able assets the different platforms have to offer. Always choose the trading platform that offers to trade with the assets that you prefer.
- A good broker will offer you a variety of account types or some element of customization. If your broker offers you competitive spreads and easy deposits and withdrawals it is a good indicator that he can be trusted.
- A reputable broker should be able to offer you a variety of currency pairs, as well as the quantity. The more pairs and the bigger the quantity the better.