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FAQ

What is cryptocurrency?

Cryptocurrency is an encrypted unregulated digital asset that is used as an analogy of fiat currency in exchange transactions. Cryptocurrency has no physical form. It is available only in the electronic network in the form of data. Exchange of cryptocurrency is about the same as the exchange of emails, hence it takes much less processing time than through a bank, minimal fees, and no intermediary.

What Is Bitcoin?

Bitcoin is not the only cryptocurrency, but the first one in history of humanity. It remains the most popular token. Unofficially, Bitcoin is already called "digital gold." An important aspect of cryptocurrency is the technology on which it is based. It determines the safety of operations. With a sufficient number of participants, the turnover of crypto operations can reach billions of dollars, but, so far, investors and ordinary users are just beginning to explore this niche.

What Are the Basic Cryptocurrencies?

The most popular digital coins are:
-BTC
-ETH
-XRP
-USDT 
-EOS
-LTC
-BCH
-LINK
-Binance Coin
-Libra"

What Is Fiat Money?

Fiat money is traditional money issued by any government. For example, dollar or euro. Since many services do not yet accept cryptocurrencies, we still need fiat money.

How Do You Exchange Crypto for Fiat Money?

There are three main ways to transfer money from crypto to fiat:
- Cryptocurrency exchanges (Coinbase, GDAX). Choosing an exchange service should be as careful as choosing an online wallet. Check security, read reviews and feedback from other people who trade crypto. 
 - Cryptocurrency trading platforms. On these sites, sellers can find buyers, and vice versa. After the initial “meeting” at the site, users decide for themselves how they will transfer funds to each other. Usually they meet in person or use bank transfers.
- Cryptocurrency cards (Robinhood, Wirex). Special bank cards for direct payment or withdrawing money from an ATM.

What Is Crypto Wallet?

Basically, a cryptocurrency wallet is what holds your private keys. It can be represented as a special device (hardware wallet), an application on your computer or smartphone, or even a piece of paper. The wallet is the interface that most users use to interact with the cryptocurrency network. Different types of wallets offer different types of functionality - obviously, a paper wallet cannot sign transactions and display current prices in fiat currency.

What Are the Different Types of Crypto Wallets?

In the digital world, there are five types of wallets: software, online, hardware, mobile, and paper.

What Is Forex?

Forex is a market in which, traders exchange one foreign currency for another at the rate of the largest global OTC participants. The market is rather liquid; it is not tied to specific exchanges.

How Does Forex Work?

The main thing to understand about forex is that the price of a currency is constantly changing. Now, for example, the euro costs $ 1.2, and an hour later it costs $ 1.19. The value of one currency expressed in another is called a quote. Each such quote gets to the chart in the trading platform and puts a dot on it. This point is automatically connected to the previous mark of the asset's price. So in Forex, in real time, a price chart is drawn, and traders sit in front of monitors or smartphone screens and watch how the chart changes in order to understand when to start trading. 

What Can You Trade on Forex?

The main currencies traded through online platforms are the US dollar (USD), euro (EUR), Japanese yen (JPY), pound sterling (GBP), and Swiss franc (CHF). However, you can start trading at cross rates - pairs in which the US dollar is absent.

How Can You Choose a Broker?

The main criteria for choosing a broker are:
- Transaction speed, convenience, and bonuses.
- The quality of customer service.
- Ease of usage/simple interface.
- The minimum deposit and additional fees.

What are the criteria for choosing the top 10 brokers?

Factors that we take into account when choosing TOP-10 brokers:
- How much is required to open an account?
- What are the spreads and fee structure?
- Do brokers offer swap-free Forex accounts?
- Is the Forex broker regulated?
- What was the experience of other traders?
- Quality of customer support among Forex brokers

How Do We Assess Forex Brokers?

Forex brokers are rated according to the following parameters:
- Regulatory Forex Broker Status
- Ease of use
- Availability of mobile trading application
- Trader training and education
- Market research
- Simplicity and ease of opening an account.
- Availability of a license

Why, when choosing top brokers, do we pay attention to whether they train traders or not?

If you are new to the cryptocurrency market, a bit of educational materials and quick training on this topic will come in handy. Many brokers offer webinars, seminars, and personal consultations. Classes can be paid or free. Sometimes, brokers arrange promotions and give paid classes.

Why do we pay attention to the availability of a license when choosing top brokers?

For a brokerage career, you need to acquire a special type of license, which is issued by government agencies in the manner prescribed by law. Brokerage companies have access to most financial exchanges only if they have a package of certified documents.

Why do we rely on other users' opinions when choosing the best brokers?

As a rule, professional brokers provide services to a huge number of traders. The more dissatisfied traders there are, the easier it is to understand which brokers have more problems with providing their services.

Why is the minimum deposit amount used for opening an account as a criterion?

Not all traders have the opportunity to pay a large amount in order to start trading on a particular exchange.

Why, when choosing the top 10, do we take into account whether brokers have mobile trading applications or not?

One of the vital points for choosing a broker is the availability of a mobile application. After all, you must admit that it is very convenient to take your smartphone, open an app, and understand the cryptocurrency markets, rather than count the time when you get home to your PC.

What are the criteria for choosing top crypto exchanges?

The criteria by which we choose Top-10 crypto exchanges include:
- Prices
- Courses
- Commissions

Criteria for choosing a crypto wallet

- Prices
- Courses
- Commissions

How Do We Choose the Best Options?

We are very responsible in choosing the best exchangers, wallets, brokers and exchanges!
One of the main selection criteria for us are:
- Safety
- Whether they are adjustable or not
- Choice of cryptocurrencies
- Convenience of the platform
- Commissions

Best Crypto Wallets

Each of the presented options for storing digital assets has its own advantages and disadvantages. Which crypto wallet to choose depends on the purpose of use.

Why did we choose these particular wallets?

- Some platforms allow you to maintain complete anonymity.
- Many wallets are presented in different versions: for mobile phones, desktop versions, and others. 

What are the criteria for choosing the best exchanges?

- Commissions
- Choice of cryptocurrencies
- Convenience of the platform
- Minimum deposit
- Accreditation
- Safety

What are the criteria for choosing the best exchangers?

- Safety
- Cryptocurrency reserve
- Number of trading pairs
- Reviews

What are the criteria for choosing the best brokers?

- The minimum and maximum investment amount
- Account maintenance cost
- Commission for the operation
- What customer base does it serve 

Who Are Forex Brokers?

Forex brokers are companies that provide intermediary services between retail clients and large financial institutions in trading on the international foreign exchange market. Without their assistance, an individual is not able to work on Forex, as well as in many other markets.

What Is a Cryptowallet?

A crypto wallet is a special high-tech program that makes it possible to receive, send, and store cryptocurrency.

What Is a Cryptoexchanger?

Crypto exchange is a platform that provides services for exchanging one digital currency for another, as well as for fiat or national currency.

What Is a Cryptocurrency Exchange?

In short, this is an electronic platform where they trade cryptocurrency - electronic money. As with traditional currency exchanges, the participants' task is to earn a profit. That is, buy at a lower price and sell at a higher price.

How to Choose an e-Platform?

Making a profit does not depend on the website, but on your actions. However, the safety of money depends on the exchange, which is important in such a risky type of activity. First of all, pay attention to the size of the electronic platform. The larger the exchange, the more reliable it is. This is especially important for novice traders; small exchanges are not for them. Do not be lazy to read reviews about the exchange. Some of them may turn out to be paid advertising, but you can catch the general trend.

What Types of Crypto Wallets Are There?

There are five types of wallets in the digital world: software, online, hardware, mobile, and paper wallets.

Which Wallet Is the Best One for Trading?

If you have a small crypto fortune and you want to be sure that no one encroaches on it, a hardware wallet is best for you. If, like most people, you have not yet managed to become a millionaire, you will surely be interested in active trading. There is nothing better than a secure hot wallet that is fully integrated into your trading platform or terminal.

How Is Brokerage Different from Exchange?

There are many differences between the exchange and crypto exchangers. For example, a different device and the principle of interaction with the user. Let's dwell on the main ones:
- Owner. The exchange does not benefit from the sale of cryptocurrencies, but only provides a platform for trading. The exchange service is the direct owner of the cryptoasset, and it strives to get the maximum benefit from each trading operation.
- Reliability. The marketplace is a large platform, and its owners place emphasis on business continuity and integrity. With exchanges, the situation is the opposite; all of their work is based on trust.
- Pricing. The price in the market is formed by all participants, which makes it balanced and fair. On exchange sites, the price is determined by the beneficiary.
- Trading. You can trade on the exchange, but there is no such option at exchange services.
- Stocks. The marketplace has an almost unlimited supply of cryptocurrencies as thousands of users trade at the same time. The operator of the exchange is often limited in currency, and there are rarely more than 10-15 bitcoins in his crypto wallets.
- Honesty
- Pricing
- Support
- API trading
- Convenience of work

What Is Scam?

Scam stands for deception or fake. It is often said about ICO or some kind of cryptocurrency. This means that the project is fraudulent, and the developers only want to cash in on users without offering a quality product.

How to Define a Fraudelent Broker?

- Guaranteed high income
- Unknown / unpopular trading platform
- No site, one-page site, or clone site
- Focus on the profitability of managers
- May occupy to the first places in the ratings of fake or suspicious brokers
- Focus on dubious trading tools
- The broker does not have a legitimate license

How Can You Detect a Scammer Easily?

- Haste. Scammers, in most cases, rush their clients, leaving no time to realize what is happening. They often use manipulations and threats for this purpose.
- Exclusive information. In order to attract attention, scammers often use the "secret bugs" trick
- Cryptocurrency. If you have to make a transaction with or a transfer in payment systems with a low degree of data verification, such as QIWI, then you should be very careful. Scammers often use the features of these systems to their advantage. For cryptocurrencies, these are non-refundable transactions.

Common Types of Cryptocurrency Fraud

- Fake websites
- Fake mobile apps
- Fraudulent emails

Widespread Bitcoin Scams

- Blackmail
- Fake exchanges
- Fake giveaways
- Phishing on social networks
- Copy-paste viruses
- Phishing emails