Cryptocurrency is currently a huge trend, to know is to do, join the crypto-trading by using the cryptocurrency platforms. And in this article, there will be the pros and cons of existing crypto-trading platforms that are suitable for newcomers in this sector.
In the following, there will be the pros and cons of existing cryptocurrency platforms that are suitable for newcomers to experts in this sector.
1. Luno
First of all, Luno. Being one of the easiest platforms to use in the market, the platform has achieved a huge amount up to RM4.2 billion in transactions which proves that Luno is being used a lot. The Securities Commission (SC) in Malaysia also approved Luno in October 2019.
The good of Luno is that it is newbie-friendly, and by tapping through easy-to-understand buttons, you could start buying cryptos in no time. And interestingly Luno allows trading to be in Ringgit Malaysia. Not just that, the deposit process includes credit card and bank transfer, this smoothen the deposit process greatly. Since it’s built having the purpose to let newbies feel ease and easy to understand, there’s not much option of cryptocurrency in the platform, but existing ones are some of the most popular ones in the crypto-market.
2. Huobi
Second, comes Huobi. As Huobi does not have regulations in Malaysia to provide protection to the users except Labuan. Although Huobi is usable for Malaysians, they need to bear the consequences by themselves if anything bad happens.
Huobi provides different types of experience that is good for both beginners and experts. Besides, language barrier is not an issue due to provision of multilingual customer support. The platform also provides a wide range of options and has up to 230 tradable assets for users to choose.
Not everything is built perfect, thus Huobi also has flaws like the registration of accounts is sort of a hassle and the withdrawals have pretty low limits compared to some other platforms.
3. MetaMask
Last but not least, the well known MetaMask. MetaMask has few applications, which can be used as an extension in browsers, or as software in devices. This feature could present the good and bad side of it.
Metamask is well built, as it is also created with newbie-friendly in mind, thus it is very easy to use for not just newbies but also experienced users that come from other platforms. One of the main points is that Metamask supports the second largest crypto, ETH and also other Ethereum-based tokens. This makes Ethereum-enthusiast to be more favorable in the MetaMask platform.
And since it’s an online wallet, it is also vulnerable to hackers. Since the application may be running on a browser, and whenever the hackers infiltrates the browser, it is possible to affect your MetaMask account. Not only that, the transactions could be slow. This is because the network needs to cater a huge amount of users. Not only that, the transaction confirmation consumes not only time but high fees.
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