Guest Post

Can You Exchange Crypto Without A Broker?

Trading crypto is undeniably a trend nowadays. Nevertheless, many people don’t fully understand what it is. Cryptocurrency changes very fast, and, if we compare it with other products of the financial market, it is still brand-new. The main doubt that beginners have when they start trading is the safest way to do the trading itself.

First of all, we need to understand how cryptocurrency works. Trading crypto is only possible thanks to a technology called blockchain, which allows people to store data that cannot be owned and decentralize it. This specific form of database is not controlled or manipulated by any organization.

Cryptocurrency takes advantage of this aspect of the blockchain and makes it possible for users to trade crypto coins, such as Ethereum, Litecoin and Bitcoin.

As they use the blockchain technology, it is not necessarily essential to trade within a platform. The broker functions as a mediator between the trader and the blockchain database where the crypto can be found. The decentralized and anonymous features of blockchain, and consequently, inherent to cryptocurrency, lets a trader exchange crypto with anybody without any intermediator.

Having this in mind, maybe the question to be raised should be another one. What we should be thinking about is what are the benefits of trading through the broker. If we don’t need them, do we have reasons to trade within them?

Why Should You Trade Through a Broker?

The brokers offer great advantages for a trader who wants to place orders on cryptocurrency. The most important aspect may be the complex nature of blockchain technology.

You don’t want to manage this tool by yourself. You will surely need some help. The brokers are here to offer this assistance, and they will provide it in the best way possible.

If you are looking for a trustworthy platform broker to trade crypto, you should look into some reviews about them, and make delicate research to choose the best one.

Phemex, FTX, BitMEX, StormGain, and Bybit are a few names that you can use to begin researching. Reading about the experience of other people in these brokers can help you pick one for yourself. 

For starters, you will discover in this Bybit review that this platform offers an user-friendly interface, which stands out when compared to the others. Such information might help you choose the best broker for your purpose.

To Name Other Advantages Of Trading Through A Broker Are:

  • dealing with technical issues;
  • facilitate the blockchain technology for the trader;
  • offer instruments that make the trading process easier (such as mobile and desktop apps and sites);
  •  allows you to leverage yourself and potentialize earnings;
  •  the speed of the trading may be appealing for the trader.

Other aspects to pay attention to are checking if the broker is regulated, or if it offers unachievable promises of profit and services that don’t exist. You may check what is said in ads and reviews, proof-checking all these pieces of information

Consequently, with so many benefits, the trader will be charged with some fees, which may be fair, considering all the assistance that is received. Trading itself is risky and somewhat dangerous. The help that the brokers offer might avoid unforeseen problems and losses. Choosing a functional and reliable broker can be a game-changer. 

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Guest Author

Crypto Journalist and Editor of guest articles in CoinPedia. Also, Outreach & Partnerships Manager. Contact me: [email protected]

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