So, you decided that you want to trade Bitcoin, but you do not know where to start.
Option 1 – Trading Altcoins CFDs through an online trading platform
If you are only interested in trading for a profit because of altcoins incredible activity, then it’s best to use online platforms like AvaTrade, Plus500 or eToro. Currently, these platforms use Forex, and only these 3 Forex platforms allow to trade altcoins.
The main reason why this would be the best option, if you just want to trade altcoins, is because there are several possible forms of payment, such as PayPal, most credit cards and bank transfers. The second reason to keep in mind is that if you decide to trade via the Forex platform, your commission will be lower compared to others.
*CFD’s are suitable for experienced traders. Your capital may be in danger.
Option 2 – Bid on Bitcoin at MtGox
The largest online exchange on Bitcoin – MtGox. Many people believe that MtGox dictates prices for Bitcoin,. MtGox is an excellent choice for trading Bitcoin, but the problem is that MtGox only accepts bank transfers, and it takes about 10 days for your account to be confirmed. So if you are not keen to trade, certainly for you this is the best option.
Last year MtGox committed several hacker attacks DDOS (distributed denial-of-service attacks), but MtGox remains a reliable source for online trading Bitcoins. If you are trading on MtGox, if you wish, you can also withdraw your funds from Bitcoins.
Option 3 – buying and selling Altcoins at your discretion
This is probably the least preferred option for trading. I mean, if you want to buy altcoins in order to buy something for yourself later, then this option is right for you, but if you want to buy altcoins in order to trade, then this option does not suit you, For several reasons.
In the first place, it is forbidden to conduct currency exchange (online or offline) without proper business registration. Secondly, you run the risk of contacting altcoin fraudsters. In the first two options (and if you just buy altcoins through Paypal, and do not sell), you are immune from this kind of scammers. And last but not least, is that in this variant the transaction fee is the highest.