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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 selling 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, allow 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.
Binance Exchange is the world’s leading cryptocurrency exchange. It is certainly true, as the exchange is one of the Internet’s most popular and fastest-growing crypto exchanges. 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 beginners and experienced crypto traders since they can choose between the classic and advanced interfaces. 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. In addition, ease of use, quick trading times, and meager fees make the Binance exchange ideal for novice traders.
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. In addition, beginner traders will appreciate the clean UI with sufficient instructions on each page to direct new users.
The exchange offers users a wide range of services, including advanced trading features, such as a customizable GUI with over 50 trading pairs and plentiful order types (limit, market, stop-limit, trailing stop fill or kill, and scaled orders). In addition, 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 0.1% to 0.8% transaction fees. In addition, 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.
Bityard is one of the world’s leading online cryptocurrency contract exchanges. 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 of 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’s token). What further makes Bityard great for beginner traders is the much lower entry barrier, i.e., only 5 USDT is required for crypto trading. In addition, 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.
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. In addition, 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. In addition, 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 the use of trading bots.
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.
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.