Most trustworthy crypto platforms as of now
The FTX crypto platform going down was the most important thing to happen in the world of cryptocurrencies in the last week. The company might go out of business, so it is looking for buyers as the last resort. FTX is also being looked at by several government agencies and the US Department of Justice. The FTX cryptocurrency exchange is just the most recent business to fail or steal money from its customers. A reliable cryptocurrency exchange, such as thequantumai.app, will only accept coins that have practical applications and are currently exchanged.
Why trust is the essential thing in the world of cryptocurrencies
When Satoshi Nakamoto made Bitcoin, the first cryptocurrency, he wanted it to be reliable, so he made its protocol so that transactions could be made without a third-party middleman. But you just read Bitcoin’s source code. If you want to buy Bitcoin or any other major cryptocurrencies, you will still need to work with a reliable third party. Also, you will need to give your digital assets to other platforms if you want to trade cryptocurrencies. After that, it will be up to these platforms to keep your money safe.
Even though the crypto platform has become more secure, integrity has been thrown out the window. Some of the most popular cryptocurrency platforms, like FTX, have been among the least reliable in the past few years. Because of this, it’s important to choose platforms people to trust the most.
Which platforms for cryptocurrency can you trust?
- Coinbase
Even though Brian Armstrong and his team don’t usually make big waves in business, they still run one of the most reliable cryptocurrency exchanges. During 2017’s bull market, Coinbase became associated with Bitcoin, but since then, it has lost a lot of market share to more innovative platforms like Binance, FTX, and PrimeXBT.
Also, you can only buy and sell digital assets on Coinbase. There is no way to “short” cryptocurrencies, hedge spot bets, or make money when prices go down. You can only sell what you have and keep an eye out for opportunities to buy cheaply.
Coinbase is a well-known name in the cryptocurrency market, even though it has mostly stayed the same over the years. It’s also a good choice for people who are new to the country and don’t need more advanced services.
- PrimeXBT
People can buy cryptocurrency through PrimeXBT the same way they can through Coinbase. It also gives customers powerful trading tools to help them get the most out of their investments.
By putting up the cryptocurrencies themselves as collateral, traders can use leverage to buy or sell a wide range of cryptocurrencies. PrimeXBT is a unique exchange that focuses on cryptocurrencies. Using their platform, you can trade traditional markets like oil, gold, forex, and stock indexes with crypto assets.
PrimeXBT started doing business in 2018, which was during the last bear market. This means that the company is used to going through hard times. Also, the platform has a great name.
- Binance
Binance has been the main reason Coinbase’s market share has been going down since it started up at the end of 2017. Binance has slowly and steadily taken over many of Coinbase’s spot trading since it began.
Binance is one of the safest places to trade because it is big and controls so much of the market. This makes doing business there safer. The fact that FTX reached out to Binance and offered to buy them out and keep the company from going bankrupt shows that the company has enough money.
It’s easy to become a target when you’re in the public eye as much as this platform is. But since the platform has been on the market, there have been a few times when trust issues have come up. Binance wants to show that funds are “SAFU,” which is their way of saying “safe and sound,” by giving “proof-of-reserves” shortly. Also, they buy insurance policies to protect client assets and back up customer cash.
Conclusion
The cryptocurrency market is a mess right now. But when the dust settles, eliminating dishonest actors will put more attention on the top platforms that can be trusted. The system must be fixed immediately if there is even a tiny chance of fraud. This will make investing in cryptocurrencies less risky and more attractive.
