When it comes to buying and selling cryptocurrency, there are some important features that you need to have. You need to be able to put at least some trust into the exchange that you are using because, ultimately, they hold your coins until you can transfer them back out. When it comes to trusting an exchange, there are some features that will take your trading experience to the next level that you should look out for.
The demo mode will allow you to trade using virtual currency rather than real money, so you can test out all parts of the trading process until you are fully comfortable with them. If there is a certain feature that you want to test or if something goes wrong while you are trading, demo mode will allow you to do this without having any repercussions.
Demo mode helps new users get acquainted with the platform and how it works without putting their own funds at risk. This mode is available on almost all platforms, including banks, brokerages, and crypto exchanges.
Instant deposits allow traders to deposit their funds instantly rather than waiting for a couple of days, which can be one of the most frustrating parts of any trading platform. This feature is not available for all platforms in all countries; the Best crypto exchange in Australia is sure to have it! Depositing is necessary when you want to trade, and withdrawing coins from your wallet would mean getting them back out in order to ensure that you will not lose any coins if anything bad were to happen.
An advanced feature such as instant deposits reduces the chances of this happening even further by making sure that your money does not get stuck within a certain exchange or wallet.
Two Factor Authentication
You should know that two-factor authentication allows verification of your identity in two steps rather than one by requiring “something you know” (your login details, for instance) and “something you have” (such as a phone). You can usually choose between receiving a verification code either in your email or on your phone.
This can be one of the most vital features to look out for in an exchange. If you are working with large sums of money, it is crucial that you turn on 2FA/2-step verification to ensure that no one else will be able to access your account when you are not logged in. This form of security is available on most exchanges, and it is advisable that you set it up as soon as possible, though this may vary depending on what kind of trading platform you are using.
API (Application Programming Interface)
An API allows third parties such as other businesses and services to interact with your cryptocurrency exchange. The primary purpose programmers create these APIs is to help them to open up the trading platform to their users.
For example, if you are using your exchange’s API, it would allow another company to create a mobile app that will be connected with the trading platform so that users can access their funds on the go. If you are looking forward to implementing some other features in order for your business to grow, check whether or not your chosen cryptocurrency exchange has an API. This feature is available on most exchanges.
Bundle trading is an advanced feature that allows you to take advantage of investments in certain cryptocurrency assets by circulating them among different exchanges. It takes the hassle out of trying to find good opportunities to sell or buy particular coins at a reasonable price within a very short period of time.
The benefit of bundle trading is that it usually comprises three different exchanges, which will allow you to trade almost all supported cryptocurrencies while also providing faster execution times and better prices when it comes to finding buyers for your coins in order to sell them. This feature is available on most digital currency investment platforms today.
Stop Loss Limit Order
Generally speaking, stop-limit orders are similar to the standard stop-loss orders, but they have a few key differences. They can be used to guarantee a maximum loss or lock in a certain amount of profit.
This feature is available on most exchanges that support stop-loss orders and allows players to set their triggers closer than the market price for more precision. Keep in mind, though, that this system works best if you would base your trading decisions on technical analysis rather than taking a completely random guess at where the floor might be for any given crypto coin.
While these features are not available on all exchanges, they can help you to increase your level of comfort and security when it comes to digital trading assets. Not only that, but they will also make sure that you will be able to achieve what you set out for faster and with more precision.