Which cybercurrencies brokers do you use and why?
- Thread starter lojze
- Start date
L
lovethetrade
Most people trade cryptos directly through an exchange like the ones @Zr1Trader mentioned.
A CFD provider of cryptos will most likely charge you an exorbitant spread and use subtle tactics to make the odds of being profitable much more difficult.
Would like to hear what subtle tactics you're referring to. Are market maker brokers the only types that can offer crypto CFDs?
L
lovethetrade
Some of these include:
1. Designing their platform and information architecture in a way to make execution of trades slower.
2. Promoting the "close trade" option and when used, giving you worst possible execution prices.
3. Making the platform design inconsistent and confusing. One of the social trading CFD providers is good at this. To exit out of a portfolio, watchlist or chart window, you have to select the back button or hit the close window X button but you can't select either for each window. The inconsistency makes your trade execution slower and you'll never get use to it while focused on trading.
4. Making the platform laggy and process intensive. One of the really big CFD providers was very good at this. Clicking on buttons felt heavy and sticky with slow response times.
5. Giving you credit card deposit options so that you revenge trade while emotional.
6. Overwhelming amatuer traders with an abundance of indicators to fill up their charts.
7. Using algorithms to give you unfavourable spreads against the market direction.
So while it may look like a 3-4 point spread on the surface , it's actually a 6-8 point spread which makes it very difficult to be profitable. That's why its regarded as gambling and banned in many countries because the odds of winning are significantly stacked against you and regulating these subtle, dodgy practices makes it difficult to enforce.
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Not really. The big player probably will, however there are some good options. I followed a lead from a forum which brought be to a relatively small company Intelligent-c. Was rather sceptic at the start, but now i'm pretty much satisfied with their services.