There has been a big craze on crypto lately all over the globe. Some people think it is the new gold and the way to go, while there are others who think it is just a passing phase. Despite all those disagreements, crypto trading is going up in numbers every passing day. Well, is it something you should pay attention to? Definitely yes. This post explores all the reasons why cryptocurrency trading is so hard to resist.
Why is cryptocurrency trading irresistible?
Several reasons make crypto trading as hard to resist as it is among millennials. There is a lot of short-term speculative interest surrounding the crypto market. This has resulted in fast intraday price fluctuations, making it easy for traders to profit on short and long-term strategies. For instance, Ethereum was going for roughly 215.547 USD a year ago, but it is currently going for USD 4,480.39 with a trading volume of over USD 18,298,358,057 within a day on various platforms. Traders can also go long and short. This means they can take advantage of both rising and falling market prices.
The transfer fees are meager and sometimes of zero cost, unlike trading using the conventional means with hefty transaction fees, sending and receiving coins costs a negligible amount. In addition, no taxes are involved as compared to traditional trading. Taxes are generally huge and annoying, but crypto avoids all that by using linked wallets. This has helped traders save a lot of money.
The crypto market runs for 24 hours. Trading is not barred by environmental factors such as time or public holidays. Traders can exchange funds any time of the day. The transactions take place between individuals directly, and various trading platforms facilitate them. Unlike platforms enabled and regulated by the government, these platforms have no time limits. They are going to be covered later on in the article.
The crypto market has bettered and made international transfers faster. Trading in fiat currencies internationally is usually very cumbersome. More often than not, it takes place in banks where traders are required to fill in too much paperwork. Crypto markets avoid all these, and transfers are instant.
Most marketplaces source prices from many platforms, which makes the transactions consolidated. Thus, the markets can be quickly converted to cash. Also, many outlets and stores accept cryptocurrencies and can be used to pay bills.
Roles of trading platforms in cryptocurrency trading
Trading platforms essentially act as the middle ground between sellers and buyers. Several platforms in the market facilitate crypto exchange, and they include the likes of Margex. to know more about it, you can view referral rules.
They perform various functions, which includes:
- They act as brokers and escrow. Sellers and buyers can deposit funds in the platforms using any means they like. Afterward, they receive funds from the other traders. For example, a seller would fund 2 Bitcoins on a platform. A buyer would log in and request to buy. They will then deposit funds to the forum, which will hold the money in escrow until they receive the coins.
- They provide investment platforms. They give traders an option to save their crypto at an interest rate. They also facilitate the exchange of the crypto for other assets, this includes fiat currencies.
- They assess markets and advise users. These platforms have their own graphs that are related to users after thorough research and analysis. After that, the traders are notified of the best moves to make.
Summarily, this post contains informative content on why cryptocurrency trading is such a buzz. With all the above reasons, do not be left out in crypto trading.