So you want to get into bitcoin trading do you? Well you’ve come to the right place cause I’m about to indoctrinate you into this mad and crazy trading market that could make you very rich if you know what you are doing. Logically it’s the same with any trading market, but bitcoin has one characteristic that makes it a bit problematic to use as money but makes it an excellent asset if you’re looking for some crazy gains. Bitcoin’s volatility is the characteristic I’m referring to in this case. You can get huge percentage gains if you are on the right side of the trend. There are two ways to approach this bitcoin trading game. You could buy and trade bitcoin at the spot market – ie use a normal exchange to buy bitcoin – and wait for it to go up and then later on sell. Unfortunately if the price of bitcoin goes down you cannot profit from it – ie you cannot go “short” as it’s called. So if you want to maximize your gains you have to resort the dirty L word – leverage. Using the awesome power of leverage can both make or break you so please exercise caution and don’t be too greedy. I’ve been dabbling a bit in trading bitcoin, and in case you are interested I’ve compiled a list of the bitcoin trading sites/brokers that I recommend. I will add more as time goes on after I’ve carefully scrutinized them myself.
1: Binance
Binance is a relatively new kid on the crypto block but it quickly rose to prominence. In the roughly one year and a half since this exchange was founded it has become the “go to” place to trade altcoins. You can trade bitcoin as well but this exchange offers an incredible variety of cyptocurrencies for your trading pleasure. Their site has advanced trading too and a whole lot more. I suggest you at least check them out. You will probably grow to love this exchange. Click here to jump on over to the Binance website.
2: BitMEX
BitMEX is the bitcoin broker I am currently using the most. I really like their trading platform. It’s all web based and has all the features trading veterans expect. This company has proven it self reliable and most importantly safe! (not hacked yet). With BitMEX you can get up to 100x leverage! Just be careful and don’t go crazy with the leverage! Their trading fees are also very reasonable but the good news is that if you sign-up for BitMEX via my link you will get 10% discount for 6 months.
*Update* Unfortunately I can’t use this broker anymore because I’m from Canada. Terribly dumb restriction that the Canadian financial authorities place on its residents!
3: Deribit
Deribit is a new bitcoin trading platform I came across just recently. Word on the street is that it is far better than BitMEX because of better order book trade matching algorithm and also supposedly you won’t get wrecked by shady volume and other chart anomalies. Being a professional trading platform you of course have access to leverage up to 100x. At the moment though this platform only offers Bitcoin and Ethereum trading, so if you want to dabble in trading (with leverage) certain other altcoins BitMEX and Binance are still the places to go. Give them a try and I think you will like them.
4: ByBit