First of all, crypto is interesting for residents of these countries due to the lack of regulation and a low entry threshold (especially if you compare investments in crypto with more traditional investments in stocks or real estate)
By the way, if we talk about crypto users and the division of the whole world into regions, we can note the fact that the CIS region is one of the key ones for the crypto market, especially when viewed in the context of Europe.
At the dawn of the advent of cryptocurrencies, many ideas and values were invested in blockchain technology (it is it that is the basis of any crypto).
Over time, enthusiasm for the technology has waned, but interest in cryptocurrencies is growing due to the possibility of easy money
Indeed, there are many ways to make money on crypto: mining and trading are the most popular and widely known. And if earning on mining requires you to make large investments in equipment and, at least, cheap electricity, for trading you just need to register on the exchange and play on the course
In trading, there are a number of rules and laws that must be followed in order to “stay in the game”. In particular, you need at least a basic understanding of technical and fundamental analysis, familiarize yourself with the trader’s tools, keep your finger on the pulse so as not to miss important news, from which the cryptocurrency rate can change dramatically.
To put it simply, the whole task of a trader is reduced to two operations “purchase” and “sale”. Previously, to trade on the stock exchange, you had to be in an office somewhere on Wall Street, but now you can trade sitting on the couch. In addition, cryptocurrencies and crypto trading do not require the same large investments as stock trading.
To trade cryptocurrencies, traders use the so-called crypto-exchanges.
What is a crypto exchange?
In addition to exchanges, there are other tools for working with cryptocurrencies. For example, exchangers (Best change – the most popular in the CIS), crypto wallets, etc.
The choice of the right tool depends on the goals you are pursuing. If you want to buy or sell cryptocurrencies one time and do not plan to conduct trade transactions often, it is best for you to use an exchanger
Crypto wallets are the best way to store cryptocurrencies. They are ideal for those who follow a “buy and hold” strategy (called HODL)
If you want to try your hand at trading and earn money on rate fluctuations, trade with leverage, or with a variety of altcoins – your choice is a crypto exchange
At the same time, the most important step in cryptocurrency trading will be the right choice of a crypto exchange.
Each crypto exchange is good in its own way (even those that, frankly, are notorious in the community). And finding one that will satisfy you is really very difficult.
Beginners are most often overwhelmed with the belief that “any crypto exchange will do, they are all the same”
But in vain.
What is worth only the history of the notorious, once the most popular crypto-exchange – Mogo.
And although a whole series of scandals (mainly hacks) is associated with it, only the last, the largest, is remembered. Then 850 thousand bitcoins were stolen from users’ wallets. At the exchange rate at the time of writing, this is about 38 billion dollars. The situation is truly frightening.
Exchange hacks happen everywhere, our main task is to choose a platform on which funds will be protected as much as possible.
Below – we will figure out what factors you should pay attention to, we will analyze some of the most popular crypto exchanges in the CIS, their features, and make a rating. Let’s go!
Before proceeding to the rating itself, I will share with you a list of parameters by which I will evaluate exchanges
Many consider this indicator the most important. The logic is simple – the greater the trading volume, the more users. The more users, the higher the trust. The higher the trust, the better the exchange.
If everything were so simple – I would stop only at this parameter. However, “those who fumble” would throw slippers at me.
And although there are not so many altcoins represented on the exchange, in comparison with competitors, it is still popular.
As I already noted, the opportunity to trade little-known coins is not interesting for every user, while the reliability and stability of the platform are critical
Occasionally, there will be minor disruptions on the Binnacle exchange due to the surge in users and trading activity. So, for example, it happens when bitcoin is especially strong “storm”.
The ability to trade may disappear for a while, but this happens very rarely
As for the additional chips offered by the exchange, there are quite a lot of them: Binnacle Academy educational platform, Binnacle Futures (with leverage up to 125x), Binnacle Earn and others
Briefly about 125x leverage (how it works and why I do not recommend you use it)
Leveraged trading is leveraged trading. Imagine that you are sure that bitcoin will rise. If you have $100 and buy bitcoin with that money, then a 10% increase in bitcoin will give you a profit of $10
If you trade with a leverage of 125x, a 10% increase in Bitcoin will give you $1,250. Sounds very tempting
On the other hand, a 10% fall in bitcoin will close your position to zero and you will lose everything you had. In fact – you will lose your $100 if bitcoin falls by only 0.8%
And although on the one hand it seems that you can take a risk and increase your funds, I would advise you to refrain from trading with such a leverage. Especially for beginners.
Rate fluctuations can close your position instantly (and even if you guess the price movement, it won’t matter)
By the way, if we talk about margin trading in general (with any leverage, not just 125x), there are often rumors on the net and the opinion that exchanges tweak trading operations in such a way as to make money on liquidating positions