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Sunday, October 1st
With its first trading software developed back in 1987, the Florida-based TradeStation has been in the business for quite a while, with its direct access brokerage first released in 2000. Their general acumen, however, does not equate to quality. And, in general, whatever TradeStation offers for crypto, someone else does it better.
Overall unfair fees
TradeStations' Maker/Taker fees are not generous, with their base fees at a flat $2 plus .35% / .65% respectively. Keep in mind that if your volume exceeds $1,000 per 30 days, the $2 fee is dropped. Even so, their fees remain higher than their competitors.
What's with the Admin Fee?
Their withdrawal fees are actually quite good, with BTC withdrawal costing .00075 BTC: about $2.00. That being said, they apparently charge $100 per year for a "crypto admin fee" . What this fee is supposed to cover is beyond us. Undercoat rustproofing perhaps? It more than makes up for any benefit from their withdrawal fees.
Fines for payment for order flow malpractice
TradeStation was served a laughably low $850,000 fine for their role in routing customer orders to market-makers without doing due diligence. In short, they sent their customers' trades to those who would overcharge and bet against them, not those offering the best price for an order. Perhaps the $850,000 slap on the wrist discouraged a company with millions in profits to stop exploiting their customers, but we think it unlikely.
Bad deals compared to competitors
We recommend against buying crypto with TradeStation. If you do, you'll be welcomed by a low number of offered coins, high maker/taker fees in spite of the fact that they accept payment for order flow, no integrated hot-wallet, and a downright greedy (and meaningless) $100 "crypto admin fee" . Even if you already have a TradeStation account, you'd be much better off just buying your crypto elsewhere.
Are you interested in buying cryptocurrency? Want to know what all the fuss is about? Do you want to make sure you're a part of the next financial craze that sweeps the nation? When it comes to cryptocurrency, there's a lot to know - both good and bad. But it's not rocket science.
Obviously, one of the primary reasons that people to get involved in crypto is the potential for financial gain. Cryptocurrencies have experienced substantial price increases in the past, leading to significant profits for early adopters and investors. Conversely, cryptocurrencies have also experience significant decreases in value. With such a volatile asset, the old adage "buy low, sell high" has never been more true.
Another reason people have turned to crypto is for financial freedom: Cryptocurrencies offer the possibility of financial freedom by providing an alternative to traditional financial systems. They operate on decentralized networks, which let you have more control over your money and bypasses the need for intermediaries such as banks.
If you want o to buy cryptocurrencies, then you need to open an account with a crypto exchange. Cryptocurrency exchanges are a sort of marketplace where buyers and sellers can connect and transact with various digital assets. Exchanges typically offer a wide range of cryptocurrencies, which can let you diversify your investment portfolio. There are literally hundreds of crypto exchanges available to you - it's enough to make your head swim.
Good crypto exchanges provide a user-friendly and accessible platform for you to trade digital currencies. They can also display real-time price information, which let you monitor market trends and make informed decisions more quickly. The best exchanges implement robust security measures in order to protect your funds and personal information. They will employ encryption, two-factor authentication, and possibly cold storage solutions to safeguard assets from theft or hacking attempts.
So which crypto exchange is the best? That's a tough question to answer, as exchanges - just like cryptocurrency itself - are currently in flux. Whether you're looking at security breaches, lawsuits and regulatory side-stepping, exploitative data harvesting practices, consistently poor customer service, high-profile collapses such as FTX, irresponsible crypto lending like Gemini, or payment-for-order flow profiteering, the crypto-scene is not for the risk averse, and not for those unwilling to do their homework. However, if you are going to be trading crypto, it is well worth your time to do the research to ensure the security of your investments, and the quality of the exchange you choose to utilize.
If that wasn't enough to make you pause, consider that a whole slew of exchanges are being sued by the SEC and the CFTC. Whatever your position, the future of crypto is being actively negotiated in the U.S, as the SEC and CFTC (Commodities and Futures Trade Commision) wage regulatory battles over the status of cryptocurrency as an unregistered security.
In short, there is a lot to consider when choosing a cryptocurrency exchange. By doing some digging on your behalf, we at TopConsumerReviews.com hope to help you find the right exchange in an increasingly volatile landscape.
Before you start with our list, here are some critical points to keep in mind:
That might seem like a lot to keep in mind. It's natural to feel some anxiety when choosing an appropriate exchange, but don't let it discourage you! Taking the time to find the right exchange can pay (and protect) your dividends down the line. Here at Top Consumer Reviews, we've waded through the best (and worst) of what's out there, and have found the best exchanges for your consideration.
Select any 2 Crypto Exchanges to compare them head to head
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