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How to Find The Best Bitcoin Trading Platform in UK

   John Doe      August 26th, 2021

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Trading Bitcoin has proved quite profitable for many – especially those that invested in it since its inception in 2009. Yet, it is a tricky beast to tame and earning healthy returns consistently is hard as it is such a volatile asset class. For that reason, potential Bitcoin traders need to know how to find the best Bitcoin trading platform for them as good software can make the difference between a mediocre trade and a great trade. Good trading software needs to have a number of different characteristics – which we investigate here.

How to Invest in Cryptocurrency – UK Investors

Before choosing the best platform to trade cryptocurrency in the UK, and therefore how to find it, it is important first to know how to invest in cryptocurrency. For, there are a number of ways in which you can do so that will have a huge bearing on the trading platform you choose. 

The first way of investing in cryptocurrency is to sell an item and receive payment for it in the form of crypto. Given Bitcoin’s popularity and market capitalization, that may well be the best cryptocurrency for you, but it is possible to choose any digital currency that you want to add to your digital wallet. What you choose to sell, and the amount you wish to sell it at, is up to you and can be a place for much negotiation with the other side of the deal.

Secondly, you can mine for cryptocurrency. When it comes to Bitcoin, however,so many have been mined now that it is taking the sophisticated computers required longer and longer to find the code that ultimately results in mining Bitcoin successfully. In fact, the cost that running those computers amounts to can often make this process of investing in Bitcoin expensive. 

Finally, you can buy and sell Bitcoins on cryptocurrency exchanges and trading platforms. In the most part, the theory behind the trading of Bitcoin like this is the same as trading any asset class. However, trading Bitcoin for other digital currencies requires specialised software as the nature of cryptocurrency is that, having been developed independent from one another, being able to exchange one for the other can be tricky. 

Best Platform to Trade Cryptocurrency – UK Investors

When finding the best platform to trade cryptocurrency, UK investors will do well to bear the following concepts in mind to ensure they subscribe to the most suitable platform for them. 

Fees

Trading fees and commission can make a fair bit of difference to returns if you are not careful. Platforms structure their fees in different ways. Some platforms will charge less for a trade over a certain size, while others will charge less if you trade a certain amount of times in a given period. Plus, whatever the trading platform does charge, you have to be comfortable with the fact that you get value for money from it. Ultimately, if you think the software or features on a platform as a whole are fantastic, and they help you make better trades, then it could be worth paying more expensive fees for that service. 

Software

Software is perhaps the area that platforms set themselves apart at first glance. It can make or break a person’s ability to trade optimally. For, if a platform is intuitive to use, a Bitcoin trader should find that they can buy and sell as they wish, when they wish. In fact, the best platforms for a person to use should be so simple that a trader does not even have to think about the software and how to use it. Instead, they should be buying and selling Bitcoins in a way that is already optimized for them – as well as quick and efficient. 

Some platforms allow you to try out a dummy portfolio first before signing up to make an actual trade, which can definitely be worth looking into to ensure the software is as good as you need it to be. For,Bitcoin trading is a competitive, complicated (not to mention volatile) affair, and trading software can be one of the best tools to help navigate your way through the storm. 

Trade Sizes

One key element to bear in mind is the size of Bitcoin trades you want to make. While few platforms will have a maximum trading volume, some will have a minimum. That may preclude you immediately from using one trading platform over another. It is also vital to ensure that the trading platform that you use can implement your Bitcoin trading strategy. The sizes of trades and the frequency which you may want to place them may not always be possible with certain platforms. 

Other Assets

Finally, while it is obviously the case that you need to check that your potential trading platform can place Bitcoin trades, you may want to consider whether your trading platform can cope with trading other assets within your portfolio. It may be that you are happy to use two platforms to place traditional asset trades and a specific cryptocurrency platform. However, depending on the size of your trades and wider portfolio, the efficiencies you gain from using one platform may well be worth it.

Best Cryptocurrency Trading Platforms

Given how tough trading in general can be, not to mention how tough trading Bitcoin is, picking the best cryptocurrency trading platform in UK  for you is of the utmost importance. Being able to run a portfolio how you want, and not be limited by the capabilities of a platform is essential. The efficiency of a platform and its software are critical to your portfolio’s overall performance. Without doubt, you do not want to be held back from implementing strategies and trades that would be otherwise profitable.