How to Identify a Suitable Broker for Trading Crypto

Cryptocurrencies have become attractive both as trading and investment instruments. The uniqueness of this market sector puts additional requirements on a broker that provides access to it. This article explains these key points and shows how they are addressed on the Olymp Trade platform. Dear traders, you can interact with the Blog texts through the marked words and specific spots on the charts.

Tapping on a dashed blue word will show you its definition or explanation. Doing the same with a green spot on a chart or image will provide you with additional details on the visuals.

Trading on Crypto as an Underlying Asset is Safer

Digital assets are traded in a developing, decentralized, and barely regulated environment with high risks of hacker attacks and IT-related systemic failures. In 2019, Binance lost 7,000 Bitcoins in a security incident. Other cryptocurrency exchanges have suffered numerous attacks and system failures over the years too.

With trading crypto, the main weakness is usually the digital wallet. As long as it is out there, storing users’ wealth in actual Bitcoins or Ethereum, there may always be someone in the digital asset market looking for them - legally or illegally. On the Olymp Trade platform, this risk is reduced to zero.

Bitcoin, Litecoin, and Ethereum available for trading 24/7 in the Fixed Time and Forex trading modes without the risk of a crypto exchange or e-wallet. That means, trading crypto is always available to you.

How is that achieved on the Olymp Trade platform?

You simply do not trade actual Bitcoin, Litecoin, or Ethereum. Instead, you trade on their respective prices. The platform refers to them as underlying assets just to reflect their price changes on your screen the same way their prices change on the global digital asset markets. This way, you can benefit from trading on the prices of cryptocurrencies without the main risk associated with it. In the meantime, your trading activity is contained within the trader-broker environment, and your funds are stored in your Olymp Trade platform account reinforced by several layers of security. These include the two-step authentication, linking of your account to your mobile number, and an option to generate a one-time password every time you login.

Trading the Basic Altcoin Index Can Diversify Your Portfolio

Olymp Trade platform’s Fixed Time trading mode also features the Basic Altcoin Index. This trading instrument is a unique Olymp Trade feature specifically designed to help traders balance out the volatility of cryptocurrencies in their portfolio. Technically, it functions very close to how an ETF does. Therefore, adding it to your list of trading instruments may notably reduce your overall financial risks.

Simplicity and Efficiency of the Platform Interface

Most traders want an intuitive platform interface that would be easy to navigate and interact with. It should also be time-efficient with a straight flow from one step to another, and with a minimum number of such steps to carry out basic trading activities. This simplicity is especially important when dealing with complicated trading instruments such as cryptocurrencies.

You can register on the Olymp Trade platform, verify your account, and start trading within minutes. The interface was designed in a minimalistic manner on purpose. It doesn’t blur the view with extras accessible in specific platform sections when necessary. Instead, you see smooth shapes and pleasant colors of the charts and tools, all easily found and ready to be used.

Most platform functions are applied in two clicks. For example, if you need to chart a technical indicator, you tap on the bottom-left compass sign and choose the one you want from the Indicators list in the left side bar. Alternatively, if you want to open a trade, you do that in the right sidebar, setting the trade parameters such as Stop Loss and Take Profit in the same section. Help Center, Trading History, Market, Insights, Payments, and all other platform features are easily accessible from the main screen.

Financial Terms and Accessibility of the Platform

Traders value ease of the platform’s access and low market entry requirements. Both are key factors when it comes to cryptocurrencies. Apart from being able to open trades on Bitcoin that fluctuates in tens of thousands USD, users want to be able to access their transactions through their mobile device at any time. The Olymp Trade platform offers trader-oriented financial conditions, with just a $1 minimum required to open a trade. 

In the meantime, while the platform is available in desktop version, it is downloadable in the AppStore and Google Play and offers the same functionality as it does on desktop. This way, traders can have the ease of market access to cryptocurrencies at all times through a device of their choice.

What Does Olymp Trade Have for You?

Overall, with Olymp Trade, you have zero-spread, minimal deposit and withdrawal thresholds, trading and investment opportunities that start with just $1, 24/7 multilingual support, and a comprehensive knowledge base. Together, these features provide a comfortable and flexible trading environment for beginners and experienced traders alike.

Where is Crypto Found on the Olymp Trade Platform?

Both Fixed Time and Forex modes list most crypto trading instruments. Check out the table below with the corresponding links.