Crypto has come a long way from its days as a fringe industry. It is a rapidly developing market with decent liquidity and hundreds of thousands, if not millions of participants spread across the world. To paint a picture of the sector’s increasing popularity, the trailblazing asset, Bitcoin, now commands over $200 billion in market capitalization.
With the boom in crypto and attractive features only unique to this industry, it is understandable that investors of all cadres are now flocking in, seeking to transform their lives through established crypto-forex CFD brokers like CryptoAltum.
Admittedly, as a promising niche emerges, hundreds of brokers are looking to add crypto assets and their derivatives to their services. Still, there exist major pain points facing a beginner trader: Landing on a reliable cryptocurrency platform.
Therefore, if you are sitting on the fence, not sure on how to proceed, these are the four important factors to consider when choosing a Crypto Forex broker:
1. Setup Time
Thing is, the media is pushing out more stories about crypto and blockchain and how lives have been changed. This means, more people are eager to start out. Regardless of demand and network effects, it shouldn’t be hard to register and begin trading cryptocurrencies or its CFDs.
On average, registration and approval times should be less than two minutes. In the spirit of decentralization and trustlessness, signup ought to straight up without the hassle of scanning and submitting personal information.
At CryptoAltum, a trader can securely begin trading FX and cryptocurrencies in minutes straight from an easy-to-use MT5 platform packed with trading tools simply by using their email address and full names. No KYC. No AML.
2. Payment Methods
The way you can move your hard-earned cash to and from the exchange is of utmost importance. Cryptocurrencies operate differently from traditional financial systems.
Therefore, when choosing an exchange, check their deposit and withdrawal support and associated fees.
Since you are dipping your feet in crypto, the one with cryptocurrency support tagging the lowest fees gives you an edge, not forgetting the convenience.
The speed of deposits should be instantaneous while withdrawals shouldn’t involve a lot of red tape. If possible, payouts ought to be processed within the shortest time possible.
3. Fees
Talking of fees and commissions, the processes through which crypto-forex broker levy charges should be transparent as possible and ideally without hidden charges.
CryptoAltum has one of the lowest spreads in the industry without commissions in any of their over 60 crypto pairs on offer.
For instance, on a standard lot, CryptoAltum’s spread is just $3 which is on average 500 percent lower than what competitors charge.
4. Client Support
Gone are the days when a client’s request took days to be addressed. The industry is evolving and so are customers’ demands. If they are in control, there is absolutely no way the broker will fail to instantly address their problems