(MENAFN - iCrowdNewsWire) Feb 17, 2021 1:58 AM ET
Cryptocurrencies are a valuable asset for traders and promise huge returns to investors. Bitcoin was the first-ever cryptocurrency that was introduced and since then, a thousand others have emerged. However, Bitcoin remains the leading one with a limited amount of 21 million. Cryptocurrencies can be used for investments to earn profits, as well as for making payments. For people who are interested in purchasing the digital asset, crypto exchanges were developed in the past few years. People can use fiat (government-issued currencies) to purchase cryptocurrencies from exchanges. Cryptocurrency trading has opened many doors for traders to earn thousands with the right investments.
You can trade cryptocurrencies from the comfort of your home by opening an account with a crypto exchange. There is a wide range of crypto exchanges available online that you can select to start trading. However, you should make sure that the firm that you sign up with is not a scam and is right for you. It can be difficult to make a choice from such a wide range of options. So, to help new traders get started, I would like to recommend Wobit. As an active and experienced trader, I must say that the quality of the services of this exchange should be applauded.
| Broker || WOBIT |
| Website || |
| Trading Type || Cryptocurrency Trading |
| In-house Platform || Yes |
| Leverage || X10 |
| Funding with Crypto || Yes |
| Mining Allowed || Yes (Through WOBIT Mining Pool) |
| Cryptocurrencies || Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, etc. |
| Account Manager || Yes |
| Customer Support || 24/7/365 (Phone, Email, Online Form) |
So, let's take a look at the top features of this online cryptocurrency exchange.
Top Features of Wobit for Cryptocurrency Trading
Ease of Registration
If you are a new trader, your first interaction with an online trading platform will be when you are opening an account with it. So, imagine that when you finally pick out a firm, you are faced with a long and complex sign up form. Naturally, you will get the impression that online trading in general is a complex process and may give up. In reality, this is not the case at all. Online trading takes some time to get used to; it is not as complex as it seems in the beginning. However, if you are faced with a complex process right from the start, you may consider giving it up entirely.
Trading firms should keep this fact in mind, especially when they claim to be beginner-friendly. Aside from the long sign up form, users are also scared to provide a lot of confidential information about themselves to an online platform right from the start. So, while it is important to provide this information for verification purposes, trading firms should avoid asking for it right from the start. Traders should also be cautious of trading platforms that ask for such information from the start because the chances of them being a scam are high.
Wobit offers a simple and straightforward sign up page. By just filling a few slots of information, you are able to create your account. To get started, you just have to visit the firm's website and click on the register tab. The information that you need to provide includes your name, country, and phone number. You also need to agree to the terms and conditions and that's it. In just a few minutes, your trading account is ready to be used. This is the initial registration process. If you want to start trading you are required to provide more information, however, this is a normal protocol.
When you choose a cryptocurrency exchange, you choose it with the intention to buy and sell cryptocurrencies to earn profits. This may prove to be difficult if the exchange that you signup with only supports one or two cryptocurrencies. When you invest a large amount of money in just one or two assets, you are at a greater risk of loss because you cannot predict the volatility condition of the cryptocurrency market. Therefore, it is important for the crypto exchange to provide you with a variety of different currencies to trade with.
When you are new to trading, you need to experience trading with a variety of different assets. This helps new traders in understanding how to trade with different volatility rates. If you just stick to trading with the high-end digital currencies like Bitcoin and Ethrereum, you may get too stressed out. So, you should look for exchanges that support a large variety of cryptocurrencies. This will allow you to have a source of income by investing in multiple assets at a time while also reducing the risk factor. For a hefty choice of digital currencies, Wobit is the perfect choice. This crypto exchange supports thousands of different cryptocurrencies, all of which have been thoroughly researched and authenticated. The platform supports a wide variety of cryptocurrencies including the major ones such a Bitcoin, Litecoin, Ethereum, etc. as well as some minor ones such as DASH, Ox, etc.
What's more is that Wobit allows you to mine cryptocurrencies as well. Cryptocurrency mining is a way of generating cryptocurrencies. However, it takes huge amounts of energy to mine even the smallest amount of cryptocurrencies on your own. Wobit provides you with a Mining Pool that allows you to mine Bitcoin. More information on how you can do this is available on Wobit's website.
As you can see, Wobit is a great exchange platform for cryptocurrencies as it not only offers a large variety of virtual currencies to trade with but also provides you with a mining pool to generate some yourself. You have an impressive list of assets to choose for buying and selling which is essentially what a cryptocurrency exchange is all about.
Diverse Account Choices
The feature of providing multiple accounts is something that will find in all online trading platforms. This is because these online platforms want to attract any many customers as possible to them because of the tough competition in the industry. However, you will notice that the firms that aren't as good as others do not have many differences in their account types. Or what's a more common case is that they will offer basic accounts that don't support the necessary features required for making smart investment decisions. This is a trick that these online platforms use to get people to upgrade their accounts and pay more money to the firm.
However, you will notice distinct differences in the account types that Wobit offers. This is one of the reasons why I really liked Wobit. This crypto exchange offers seven different account types including a trial account. The Trail account is the first account option that you will come across on Wobit. It offers materials and resources that help new traders understand what online trading is really about. It is for informing traders about how the system works and offers educational videos. The trial account can be opened with just a small sum of $300. This account offers a leverage of 1:100 and access to other basic features.
The actual account of the lowest tier that you can open is the Basic account. This account requires you to deposit an amount of $5,000 and offers a leverage of 1:150. This account provides you with all the essential features required to trade effectively. It is a great choice for beginners as it does not offer all the advanced features but offers enough to allow new traders to get maximum trading experience. The account type which is slightly higher than the basic account is the trader account. This account requires you to deposit $10,000 initially to activate the account. Since this account is at a higher tier than the basic account, it offers more features and services.
The account type higher than the trader account is the Pro Plus account. This account is suitable for professional traders. It requires an initial deposit of $50,000. This amount may seem like much but remember that it is for serious and professional traders. So, they can afford to invest it if they like the facilities that it offers. The leverage offered on this account raises up to 1:250 which is a really impressive value. Following this is the VIP account which requires an initial deposit of $100,000. Before you get startled by the price, remember that VIP treatment requires a VIP fee. Next is the Millionaire Club Account for which the trader needs to deposit $500,000 as the initial amount.
And finally, the seventh account type that Wobit offers is called the VIP Ultra Account. This account is the ultimate VIP account that offers all the features and facilities that Wobit has to offer and some more.
As you can see, Wobit offers seven different account types, all of which target different types of traders. You can start out your trading journey with the Trial and the basic accounts and grow your way up to a level of being able to afford the VIP Ultra account. This cryptocurrency exchange does a lot to ensure that it can accommodate as many traders as possible which can be seen from the account choices that it offers.
Advanced Trading Platform
Before signing up with a cryptocurrency exchange, you should make sure that the trading platform that it offers is of good quality. In fact, you should consider it to be the most important feature because all your interactions with the exchange will be through this platform, from executing trade orders to monitoring the volatile crypto markets. If the trading platform is not equipped with the right technology that will keep up with the fluctuating crypto markets, then you will not be able to make timely investment decisions. And when it comes to trading cryptocurrencies, timing is very important. So, if you make sure that the trading platform provided by the trading firm is good then, everything will be very easy to overcome.
The trading platform offered by Wobit was developed with state-of-the-art technology which makes sure that it is able to keep up with the volatile cryptocurrency markets and can provide the latest information to the user. Packed with advanced tools such as cryptocurrency trading signals, real-time market rates, analysis reports and charts, amongst others, this trading platform makes sure that you are able to make the most well-informed decisions which are sure to bring in profits.
Wobit offers a web trader as its trading platform. The web trader is a propriety platform which means that it was developed by Wobit itself. The benefit of propriety platforms is that they are designed for the particular firm's features. So, no compromise is made on the quality of its services to fit the mold of some already existing trading platform software. Moreover, web traders are very mobile since you are not bound to the device which you downloaded the platform on. Web traders can be accessed from any device that supports a stable internet connection. You can access your trading account simply by logging in to your account on the website. You are not required to download any additional software to your device nor do you have to update your device software regularly for the platform to function properly.
It is a great platform for new traders because despite carrying all the advanced technological functions, it is still very easy to use. So, new and inexperienced traders can use all the advanced features that this platform offers with ease.
OTC Trading refers to Over the Counter Trading and allows investors and traders to purchase physical cryptocurrencies. The OTC Trading feature in cryptocurrency exchanges is very important as it allows them to have a higher liquidity. Many people enjoy OTC trading because it allows them to purchase cryptocurrencies in bulk to take advantage of the market volatility.
The OTC trading feature allows traders to benefit from the varying prices of two cryptocurrencies. Simple cryptocurrency exchanges do not have a lot of asset liquidity which prevents traders form doing this. If you want to purchase a cryptocurrency in bulk from a crypto exchange, you may have to wait a few days for your order to be completed because the large amount may not be available to the firm. This may cause you to lose money. However, OTC trading ensures that your bulk order is completed right away.
In addition, OTC purchases allow anonymity. This is an important factor because when a cryptocurrency is purchased in bulk, it causes huge fluctuation in the market value of the asset. If traders can see that juts one person bought the asset in bulk, the will not want to invest in it. However, if the anonymity of the client is maintained, other traders don't realize that the price fluctuation is due to bulk purchase. As a result, they will also invest in the asset and further affect the price fluctuation. With OTC tables, you can also use fiat to make purchases of cryptocurrency orders.
Wobit is among the few cryptocurrency exchanges that support the OTC Trading feature. Since OTC trading is very beneficial for crypto traders, this feature is great to have in a crypto exchange. However, if you are new to trading, you should be careful during periods of high volatility, and avoid making bulk purchases on a whim. These bulk orders are only profitable when the investment is made after careful consideration of the market values.
Secure & Regulated
The security protocols and the regulatory status of an online exchange platform are somethings that you should never overlook. This is because these factors determine how secure and trustworthy the platform actually is. You may have come across stories about investors who lost their money to online trading platforms. If you look closely, you will find that most of these stories are from amateur traders who did not care to check for the regulatory status or the security protocols of the trading platform.
Many scams disguise themselves as online trading firms or exchanges, and you can tell whether a firm is legit or not by its regulatory status. Similarly, these online platforms are a major target for hackers and cybercriminals. This is because their systems are full of confidential information about the customers. This information can be used for identity thefts and targeted crimes. The second category of people who lost their money or information was those who signed up with firms that did not have the best security protocols or a regulatory license. Therefore, you should always make sure to check these two aspects before proceeding to create an account on the firm.
Wobit is a fully regulated and licensed firm. This means that it is a legit trading platform that you can trust and trade with a peaceful mind on. The regulatory status of Wobit requires it to be compliant with the KYC (Know Your Customer) and AML (Anti-Money Laundering) policies. These policies are implemented to ensure the user's identity. So, you are required to submit physical proofs of identity such as images of bank cards, utility bills, copies of government-issued identity cards, etc.
With a safe and secure trading platform like Wobit, you can trade comfortably with a peaceful mind without worrying about the security concerns.
The customer support that the trading firm or exchange provides should never be compromised on. This is because when you sign up with an online platform, you need to be able to get in touch with its team for support. Lack of customer support from the exchange hinders the establishment of trust as the investors have no guarantee that they can rely on the exchange. Furthermore, customers may need support from the exchange when dealing with different cryptocurrencies, especially if they are new to the trade. A lot of information about the various cryptocurrencies is not reliable as there are thousands of different ones. So, what you may find on the internet may not be from a reliable source. In short, if you find an exchange that does not provide dependable customer support services, then it would be smart to stay away from it.
Wobit lives up to its claim about being customer-oriented and offers great client support services. The exchange platform has hired a staff that undergoes special training to make them capable of handling the customer's queries. They are able to guide new traders and solve their issues by providing the simplest explanations. What's amazing is that the customer support department of the exchange is available 24/7 so, you can receive a timely response no matter which time zone you are in. The platform provides various means of communication such as multiple email addresses and phone numbers. You can also drop in your queries via the firm's online contact forum.
The firm has an excellent response time, so you do not have to wait long hours to hear back from them. The overall performance of the customer support department at Wobit shows that the exchange does its best to live up to its claim of being customer-oriented. There's nothing that shows the firm's dedication towards customer satisfaction more than the quality of its customer support department.
With a supportive and responsive team like Wobit's, cryptocurrency trading has never been easier. If you are a new trader, opening an account with Wobit will be the best thing that you can do for your cryptocurrency trading career. This review only highlights some of the features that this exchange offers. However, if you do some more research, you will find that there is a lot more that this trading firm has to offer.
So, what do you think? Will you consider signing up with this crypto exchange? Feel free to explore and look into different options, but I can assure you that it will be hard to find a platform that is as satisfying as Wobit.