Cryptocurrencies have become popular over the past 10 years. As more countries are adopting them as an alternative monetary system, traders have started joining cryptocurrency exchanges. While there are many trading platforms, some people need help deciding which one to join since they offer similar services, such as providing real-time data.
Others don’t know what to look for when joining a cryptocurrency exchange. To help these people decide, we will focus on this platform; Try Trade.
This cryptocurrency exchange stands out from the others for its educational tools. TryTrade has short notes and videos that introduce users to crypto and its platform. The information is intended to help traders study cryptocurrency trends before investing.
There is still a lot to talk about on TryTrade. This review will help traders understand the platform and why it might be one of the best for trading.
What does TryTrade offer its users?
The platform allows traders to trade more than 250 cryptocurrencies. Besides cryptocurrencies, people can trade other cryptocurrency products such as NFTs, utility tokens, and security tokens.
Another thing that novice traders will appreciate about TryTrade is its ease of use on the website and mobile app. Its layout allows operators to easily locate any feature in no time.
Is TryTrade right for me?
Some traders, especially beginners, want a place to buy and sell cryptocurrencies only. This means they are not concerned about other activities such as decentralized exchanges. If so, this platform might be right for them.
People who need a tax return service can consider this platform. Generate income reports, capital gain/loss reports, and various IRS forms. Users who wish to file their TryTrade taxes can do so through Koinly.
What are the advantages of TryTrade?
This is one of the best platforms for traders at any skill level. In addition to allowing people to trade multiple cryptocurrencies, it has several trading options, such as spot trading, margin trading, and peer-to-peer trading.
Overall, this platform secures trading accounts through the two-step verification method. This security measure occurs after the user tries to log in with an unknown number or from a different location. In this case, TryTrade will ask the trader to verify his account with a verification code that the platform will send via email or SMS.
Another benefit of the platform is how fast traders can withdraw cryptocurrency trades. This usually works for people who transact using fiat currency. Instead of waiting several days, users can complete a transaction within a day. This is an advantage, especially for traders who want to use cryptocurrencies in decentralized apps or other external services.
What are the disadvantages of TryTrade?
The broker site is not yet available in some countries due to licensing issues. The merchants of such places can only hope to solve these problems.
This platform accepts only a few fiat currencies. Traders who want to know which currencies it accepts can visit its website.
Another disadvantage is the withdrawal limits of the platform. Traders cannot withdraw funds until they have at least $100 in their account. The amount may be difficult for some traders to obtain.
What commissions will traders in TryTrade incur?
The platform does not charge any membership fee. Instead, users pay more fees when making transactions that involve maker fees and taker fees. Additionally, there is an additional percentage charge for credit card purchases.
How do I create an account with TryTrade?
The steps to join this platform are quite simple. Before joining this platform, individuals must be at least 18 years old and have a government-issued ID. Once traders meet these requirements, they can join via the website or mobile app.
There will be a section titled “Get Started,” where users must submit their names, email addresses, passwords, and residential areas. After submitting the details, users will need to accept the TryTrade terms and conditions by ticking the box. Account creation takes about two minutes.
In short, TryTrade is a user-friendly platform for beginner traders. It also offers many cryptocurrency trading options, which means traders don’t need to trade with a popular cryptocurrency if they don’t want to.
We hope this review has helped you determine if this trading platform is right for you.
(Disclaimer: This is sponsored marketing content. Devdiscourse journalists were not involved in the production of this article. The facts and opinions appearing in the article do not reflect the views of Devdiscourse and Devdiscourse claims no responsibility for the same. )