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The first thing to realize is it’s changing very rapidly. New tools are being developed and released on the market almost weekly or monthly. You’ve got to keep up with what there is. But fundamentally, there’s the decentralized exchanges and centralized exchanges. The centralized exchanges are where the bulk of the tradable volume and tokens are. For trading on Binance and FTX, which are two of the biggest, Binance has the highest volume. FTX has the best interface combined with excellent depth liquidity of the market.

The first step is to choose the right platform. You’ve got to be careful in this space of the spreads and the cost because many of the exchanges are just like bucket shops. They charge wide spreads and they’re getting in some other market they’re offsetting you against, or they’re just trading against you. It’s not just a case of opening up an account with any crypto broker; you get the price of Bitcoin or whatever token you’re looking to trade. I’ve compared the price and the depth across several exchanges simultaneously, and to be honest, some of them are pretty scary. You do need to go where the volume is, and that’s why, I trade on those two exchanges. Just be mindful that you don’t get reamed by the broker.

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