Where should you trade bitcoin

Where should you trade bitcoin?

Trading bitcoin is a very popular thing to do in the bitcoin ecosystem, but there is the inherent issue of trust that occurs when one trades on a bitcoin exchange. Ever since the Mt. Gox fiasco, where over 200,000 Bitcoins were either stolen or have gone missing, people have been very wary to leave bitcoins on a bitcoin exchange. The main issue is that because of how bitcoin works, you cannot reverse a transaction after you have made a bitcoin transaction. Because so many people lost of a lot of bitcoin at Mt. Gox, the main thing exchanges try to do now is to instill trust.

Currently, there are a few bitcoin exchanges where it is recommended to trade, but you would always withdrawal your bitcoins once you are finished trading. To do this, you just simply withdrawal the bitcoins from an exchange and then from there, you send the bitcoins to your bitcoin wallet. Here is a list of some trust worthy exchanges: Bitstamp Bitfinex BTC-E

These exchanges are generally considered trust worthy and have not been hacked or lost any bitcoins. These are considered to be safe to trade bitcoin and any bitcoin bot will support these exchanges. All of these exchanges, except for BTC-E, require you to submit your identity in order to withdrawal fiat. BTC-E is special because they operate as a sort of anonymous bitcoin exchange and they somehow can run this way, although no one is quite sure how they do this.

Another interesting thing to note is that both BTC-E and Bitfinex allow you to margin trade or trade with leverage. The way this works is that when you margin trade, you use your fiat or bitcoins are leverage and you can then borrow up to 3.3 times the amount you have to use that to buy or sell. You can make more profits and losses by utilizing leveraged trading to trade bitcoin, so it is important to be careful with this. Overall, it is quite easy to trade bitcoin.


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