The world of cryptocurrency keeps evolving with every second, and we can see that the profit potential of crypto trading is also growing alongside. Hence, people from all over the world are taking an interest in being part of this virtual space where every transaction is decentralised as well as highly secure. Still, the quality of your trading experience will depend on the crypto trading platform you choose to join. Hence, we have made this sought-after list of the best crypto trading platforms of 2023 that you can consider for starting off your crypto trading journey in the best possible way.
eToro (Top Choice of Crypto Traders)
eToro has become the top choice of crypto enthusiasts interested in trading and investing. The multi-asset brokerage is a regulated cryptocurrency exchange platform authorised by top-tier authorities like CySEC and FCA. eToro’s scope of services goes beyond traditional crypto exchange and trading platforms as it also caters to investors. But one of the key highlights of eToro is the copy trading tools.
They have formed a social trading community where investors and traders get to connect with each other and share their strategies. Those who are interested in copy trading can make use of the auto-copy feature which gives a hands-free trading experience to the users. Such advanced trading techniques surely attract a lot of beginners and passive traders to the platform which plays a big role in the success of this platform.
The minimum deposit requirement for trading on eToro varies depending on the country you reside in. For most countries, it is $50 but for US residents it is $10 and for other eligible countries it would be $100 or $200. For fees, they don’t charge any commission but spreads will be applied. But withdrawals will be subject to fees as a $5 fee will be charged for every withdrawal. Inactivity fee will also be deducted from your account if you stay inactive for a year.
As a crypto trader, you can join eToro if you want to access sophisticated tools and features for navigating the dynamic cryptocurrency world which is extremely volatile. You also get superior customer service and a lot of unique functions that makes the process of trading smoother for all types of traders.
There is no doubt in the fact that eToro is a popular platform among crypto traders but there are quite a few substitutes to eToro that you might want to consider in order to choose the best one for yourself.
Top eToro Alternatives Available For Traders:
- Naga
Naga is the first preferred eToro alternative as similar services are offered on the platform. Naga is also regulated by CySEC and functions as a multi-asset brokerage where you can trade multiple asset classes including cryptocurrencies. They also provide social trading services which allows traders to grow beyond their level of knowledge as they get to benefit from the expertise of other top traders and investors. So, with these features Naga has managed to become one of the most preferred alternatives to eToro.
The minimum deposit required for joining this platform is $250. The spreads will vary depending on the instrument you choose but on average it’s 0.9 pips. You also have to pay a copying fee when you explore the social trading tools that are available and users will also be charged with a withdrawal fee which are the costs that you need to consider before trading on this platform.
- Plus 500
Plus 500 is a well known name in the world of trading and investing. They can be a good replacement for eToro, given the benefits they offer. They are also regulated by CySEC which makes it a reliable platform for traders all over the world. They offer many different instruments for trading which also includes popular cryptocurrencies. They don’t charge any commission, and you also get the advantage of trading with tight spreads, which keeps the trading cost to a minimum. This makes them an affordable alternative to eToro that you can consider as a crypto trader.
One drawback of this platform is that it does not offer any copy trading or social trading services like eToro or Naga but they do have a lot of other tools and features that are designed to serve an advanced crypto trading experience to users. They do charge some fees for currency conversion and you also have to pay an inactivity fee for not using your account for a specified period of time.
- AvaTrade
The last eToro alternative on our list is AvaTrade which can be a good option for crypto traders who are also into trading forex and other assets. Contrary to the above-mentioned platforms, Ava Trade is primarily a forex brokerage offering cryptocurrencies and CFDS for trading along with copy trading services. You need to sign up with other copy trading platforms to use this feature. But they can be a cost-effective option for many traders, which makes them the third one completing our list.
Top authorities like ASIC regulate them and offer competitive pricing and favourable trading conditions. The spreads start from 0.9 pips and offer commission-free trading as they offer marked-up spreads. You need to fund your trading account with a minimum deposit of $100 for trading on the broker platform. They do charge administration fees and inactivity fees which you need to consider if you plan to go for this option.
Conclusion
So, with that, we wrap up our list of the best crypto trading platforms of 2023. As you can see, we have paid close attention to the regulation and reliability of platforms as we think they are the most important factors to consider while choosing a trading platform. All these platforms have a solid client base due to their transparency. The number of clients that each of these platforms has is proof of their credibility and the quality of their services. So, the only thing that you need to consider is the trading conditions offered as that plays an integral part in the overall trading experience that you will get with each of these platforms. So, take your time to compare the trading conditions and decide based on what kind of trading conditions can favour you the most as a cryptocurrency trader.
