518
views

Top Cryptocurrency Contract Trading Exchanges for Beginners

Cryptocurrencies are volatile investments and can cause unimaginable losses when traded without an effective strategy. Many crypto traders manage the risk of crypto trading by simply buying an asset when the price drops or sell it when the price rises. However, this tactic comes with numerous downsides, including missing out on profits if the price continues to rise after you close a position. Cryptocurrency contract trading comes in handy to enable crypto traders to hedge existing spot positions without additional crypto; it allows them to be agile and prepared for any market environment.  

Cryptocurrency futures, also referred to as contract trading, allows traders to maximize their profits by utilizing the power of leverage to multiply gains and apply advanced trading strategies. These contracts can also come in handy to speculate on the direction of the market and minimize risk. There has been a surge in the number of crypto contract trading exchanges in recent years, each offering advanced features to appeal to crypto traders. Using cryptocurrency contract trading exchanges can be quite challenging for beginner traders, thanks to the advanced feature. However, several crypto future exchanges are well suited for beginners. Here’s an in-depth look. 

  • Bityard

Bityard is the world’s leading online cryptocurrency contracts exchange. The platform provides fast, easy, and safe crypto asset trading services in more than 150 countries. The platform’s mission is to simplify leveraged contract trading with a “Complex Contracts, Simple Trade” approach. While it’s relatively new (launched in 2019), the exchange has attracted novice crypto traders attributed to its ease of use. The trading interface is concise and user friendly, featuring easy to follow command prompts. 

Bityard supports leveraged trading on its platform with up to 100x leverage on USDT, Bitcoin, Ethereum, Ripple (XRP), Tron (TRX), Huobi Token, EOS, and BYD Token (Bityard own token). What further makes Bityard great for beginner traders is the much lower entry barrier, i.e., only 5 USDT required for crypto trading. The platform offers a .05% transaction fee lower than the industry of .75% seen in other contract trading exchanges Deribit, Bybit, and Bitmex.  

Bityard is also secure and trustworthy, making it ideal for novice and professional traders alike. The exchange is regulated and licensed under the ACRA of Singapore, the MSB of the United States by the Financial Crimes Enforcement Network-a part of the United States Department of the Treasury-the MTR of Estonia, and the AUSTRAC of Australia.  The exchange is available on both desktop and mobile platforms. 

Fast trading, high security, and a user-friendly interface make Bityard the best cryptocurrency contract trading exchange for beginners. 

  • Phemex Exchange

Launched in November 2019, Phemex Exchange is a relatively new exchange built by ex-Morgan Stanley executives. The exchange provides both futures contract trading and spot trading services. It’s the first exchange in the crypto space to offer a low-cost membership model that allows users to spot trade bitcoin with zero fees. 

Phemex exchange supports cryptocurrency contract trading with up to 100x leverage. The platform claims to be the fastest cryptocurrency exchange (10 x faster than traditional crypto sites) coupled with a high-efficiency order matching engine to minimize downtime and overload. 

Phemex exchange is ideal for beginners thanks to the user-friendly interface accompanied by simulated trading to enable new users to try out and get familiar with the exchange’s features. In simulated trading, users can conduct crypto contract trading without the fear of losing money. 

Another unique aspect of Phemex exchange is the premium membership program. Users can subscribe to their monthly premium pass to access all the exchange’s services, including zero-free spot trading. Furthermore, users can create sub-accounts within an existing account for different trading strategies, i.e., long positions, short positions, and use of trading bots

  • Binance Exchange

Binance Exchange claims to be the world’s leading cryptocurrency exchange. It is certainly true as the exchange is one of the most popular and fastest-growing crypto exchanges on the Internet. The platform allows users to buy, sell, and trade over 200 cryptocurrencies with support for contract trading up to 125x leverage. 

The exchange is suitable for both beginners and experienced crypto traders since they can choose between the classic interface and advanced interface. The classic interface is a simple and easy-to-use interface for beginners involving a quick view of the market and trading pairs. On the other hand, the advanced interface is for experienced traders as they are offered access to advanced trading tools and charts. 

Users are offered a 50% discount for using the Binance Coin (BNB) on the platform, i.e., from the regular 0.1% to 0.05% in the first year. Ease of use, quick trading times, and meager fees make Binance exchange ideal for novice traders. 

  • Bitfinex Exchange

Founded in 2012, Bitfinex is the longest-running and most liquid-major cryptocurrency exchange. The exchange is well suited for beginner and advanced traders with the option for margin trading and lending. Beginner traders will appreciate the clean UI with sufficient instructions on each page to direct new users.

The exchange offers its users a wide range of services, including advanced trading features, such as customizable GUI with over 50 trading pairs and plentiful order types (limit, market, stop-limit, trailing stop fill or kill, and scaled orders). The trading platform can be customized to access advanced charting functionality as well as API access. Other features are margin trading and funding and over-the-counter trading facilities. 

The platform charges a 0.1% to 0.8% transaction fees. The simple UI, complete access to different trading services, and access to advanced features make the Bitfinex Exchange an ideal crypto exchange for both novice and advanced crypto traders. 

Bottomline

Cryptocurrency contract trading has gained widespread acceptability among crypto enthusiasts. Contract trading offers an effective way of maximizing profits by hedging existing spot positions without additional crypto. 

Bitcoin live price
Btc
Bitcoin
$30.500
price
1.65609%
price change
BUY NOW

However, this trading can be very complicated, especially for beginners. Nonetheless, the contract trading exchanges discussed in this article streamline crypto contract trading for a simplified experience ideal for beginner traders. If you’re looking to step into the world of crypto contract trading, sign up in any of the above exchanges and experience contract trading in its simplest form. 

Stay up to date with our latest articles

More posts

How Can Crypto Trading Bots Help You Manage Your Investments?

Bots are computer programs designed to carry out specific activities automatically. They operate with the least amount of human input possible.  Crypto trading bots are automated programs that trade a single coin or a portfolio of cryptocurrencies. They trade on one or more exchanges on behalf of the owner or user.  Cryptocurrency bots can automate trading tactics to increase portfolio profits. Today, we'll take a closer look at this ever-expanding technology.  A Simple Way to See Crypto Trading Bots Artificial…

Can You Really Protect Your Crypto Investments Against Whales?

It is only natural that the price of BTC changes following whales' transactions. Because altcoins have smaller market capitalizations, this effect is even more pronounced on their prices. The ways whales manage to manipulate the market are inventive and can lead to heavy losses for small traders. In our guide, we look into the matter and reflect on how to protect a wallet against whales. Understanding the Concept of Whales The term "crypto whale" refers to a person or organization…

What Are Fractionalized NFTs?

Most people who use the internet regularly, whether for business or pleasure, are familiar with NFTs. Everyone in the crypto/blockchain community looks at these "Non-Fungible Tokens” with interest.  The only problem is that NFTs are becoming extremely popular and too costly to own.  In this context, Fractional NFTs, or F-NFTs, have entered the market to attract new investors. Imagine dividing a single NFT into smaller parts and making it available for purchase. This concept is the principle governing the growing…

Diluted Market Cap – A Beginners’ Guide

The value of a cryptocurrency is difficult to predict, especially if we are dealing with a new token. If you're looking to invest in cryptocurrency, measures like the fully diluted market cap can guide your choices.  The term "fully diluted market cap” will represent the core of today’s guide. We'll begin by defining the sector's market capitalization before moving on to more advanced notions. Market Cap in the Crypto Industry The total worth of an asset now in circulation corresponds…

Top Crypto Marketing Agencies to Promote Your Cryptocurrency Project in 2022

Nowadays, launching a crypto project can be a daunting task for most developers, especially considering the competition. This report claims that the industry amasses over 18,000 cryptocurrencies as of March 2022. Whether you focus on NFTs, DeFi, or any other crypto-related activity, you will have to face stiff competition. Fortunately, you can gain a competitive advantage over your peers with the help of crypto marketing agencies. These services cover all the promotional aspects your project needs to get into the…

The Difference Between Capped and Uncapped ICOs

Some ICOs decide to set a cap on how many coins investors can buy. However, some people choose to offer unlimited coins at the sale. Different teams can follow different strategies to obtain success in this growing market. Today, our guide aims to make a clear distinction between capped and uncapped ICOs. Understanding the Concept of ICOs An ICO (“Initial Coin Offering”) is a way to launch a new cryptocurrency. ICOs are a way to raise money for a project…

Is It Possible to Spot a Fake NFT?

Blockchain technology should have made life simpler for digital artists selling unique tokens of ownership to other people. A public ledger can give buyers a record of who owns a piece of art in perpetuity. Blockchain gave some artists a new chance to earn money. However, some artists admit that the last year's crypto boom has been a real mess.  Anyone can "mint" a digital asset as an NFT, even if they don't own it. How do you spot a…

Unstoppable Domains – A Beginner’s Guide

Unstoppable Domains are an intriguing and unique new option that is gaining traction in the crypto industry as more people become aware of them. Even though you may be inclined to dismiss them as simply another "crypto craze,” you may not want to be so hasty in your judgment. Whether you have your wallet or just learning about crypto, unstoppable domains have some unique advantages that you might consider utilizing for your website. This post will go over all you…

Understanding How Ripple’s Interledger Protocol Works

Payment networks are now fragmented and disjointed. Transferring money within a nation or between accounts on the same system or ledger is quite simple. The same goes for transferring money between accounts on a different network or ledger. In most cases, however, transmitting data from one ledger to another is unfeasible. Even in places where connections are available, they are often manual, sluggish, or costly. Ripple’s Interledger Protocol allows the routing of payments across multiple digital asset ledgers. Meanwhile, it protects both…

3 Meme Coins Still Riding the Meme Wave and Ready to Explode

With Elon Musk on the verge of buying Twitter, his pet crypto, Dogecoin, could rise to new heights of popularity and demand. However, DOGE is not the only meme coin ready to burst on the scene in 2022. Others are waiting for a signal to show the meme wave is not only alive and well but rising too. Meme coins started out as a joke. In a market dominated by raging bulls and bears shifting crypto prices by the thousands…