Trading platforms best used for crypto

Daria Trubichyna

Content manager

 


To trade assets, securities, and other beneficial products, traders typically use trading platforms. They are interfaces that allow you to make market decisions with ample information and instruments. The MetaTrader (MT4, MT5) series are considered the most useful trading platforms, but there are others.

Crypto can also be traded with MT4 or MT5, but it’s not a popular choice. Nonetheless, you need a proper interface to trade cryptocurrencies. Fortunately, this field of trading is a well-developed niche on par with stocks. As such, there are many legitimate solutions that support cryptocurrencies.

trading

Trading platforms best used for crypto. Source: shutterstock.com

Purpose of Trading Platforms

A trading platform is essentially an interface that shows you market information and allows you to make trades with this data in mind. In addition, there are usually plenty of instruments that simplify the task of making decisions. Some of them are graphic in nature, while others are numerical. The choice of tools is often the biggest factor when it comes to selecting a platform to trade on.

A good selection of basic tools (different orders and calculators), advanced tools (oscillators and charting instruments), a comprehensive and navigable layout, timeframes, and some other features are what people look at while selecting the platform.

These features allow traders to be aware of what’s going on in the market and make decisions with respect to that situation. It’s particularly important with cryptocurrencies, now that the market has entered a recession of sorts. Weighing your risks and catching the best opportunity is what helps generate profits and avoid losses.

Crypto Platforms

Now that you know the value of trading platforms, it’s time you know a bit more about the options available to you in this market. There are quite a few, including broker exchanges, regular trading terminals, crypto trading terminals, and apps.

  • BROKER EXCHANGES

These exchanges are the interfaces that brokerage provides offer you on their websites. Brokerage providers are placed like Binance, where people come to buy and sell coins. The sale often happens on the page labeled ‘MARKETS’. There, you’ll find a selection of coins and graphs for each of them.

Most big crypto brokers have such in-built solutions. Many of them aren’t particularly fleshed out and only offer the most necessary tools, a comprehensive graph, and an ability you buy and sell. Others are more advanced.

  • TRADING PLATFORMS

In interfaces like MetaTrader 4, you can often find crypto. Whether the crypto is there or not, it depends on the exchange you connect to your MetaTrader. They typically offer the biggest and most lucrative coins, like BTC and ETH. But because for a number of reasons, it’s not very comfortable to trade coins on MT4.

There are special crypto trading terminals, like TabTrader and others. They usually allow you to connect to several crypto exchanges and switch between them. In such cases, you’re given the tools that are most necessary for trading and tracking coins.

  • CRYPTO APPS

Crypto apps are similar to the big crypto exchanges, except they are more ‘compact’, simpler, and favor speed over features. As such, mobile exchanges typically have a good number of coins, a simplistic trading interface, and only a handful of tools that could be comfortably used on a mobile phone.

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