By
Temitope Olatunji
April 26th, 2024
With so many promising and fully regulated platforms offering state-of-the-art trading features coupled with security, low fees, and additional yield opportunities, make sure to choose your pick wisely to leverage the ongoing #Uptober market trend.
The entire crypto market has borne witness to a massive uptick since the start of October. While September turned in REKTember, traders have already begun characterizing October as Uptober and are also floating predictions that November will transition to MOONvember.
Historically, October has proven time and again to be bullish according to the S2F (stock-to-flow) model. This year, not much is different as bitcoin (BTC) prices break through resistance at $55,000 and are all set to extend their climb potentially. The market capitalization of BTC has increased by 6.23%, while the trading volume has grown by 34.86%, setting the foundation of a profitable month. Likewise, other notable altcoins like ETH, XRP, SOL, and more, have also shot up during the first week of October.
Several key developments over September and the beginning of October played critical roles in pushing the prices of cryptocurrencies higher. First, China’s recent blanket ban on cryptocurrencies sparked a ripple effect as thousands of Chinese traders started moving their holdings to decentralized finance (DeFi), especially to the dYdX DeFi protocol, increasing its value by more than 90% this week. The second significant development came after Federal Reserve Chair Jerome Powell clarified that the US has no intention to enforce a China-like ban on cryptocurrencies.
Amidst the surging capitalization of cryptocurrencies this Uptober, seasoned traders are seeking maximal returns just as new players prepare to enter the market. But with the stringent compliance guidelines clouding exchanges, it has become imperative for traders to choose the right platform. Keeping that reality in mind, we have handpicked three of the most promising and highly regulated exchanges that you should definitely review.
Platforms with Proven Compliance and Trustworthiness Track Records
First up on our list is BitFlyer, one of the most preferred platforms for buying and selling bitcoin and altcoins in a secure, regulated, and trustworthy environment. The platform has been in business since 2014 and is the first cryptocurrency exchange with licenses to operate across the US, the EU, and Japan.
This Japanese cryptocurrency exchange delivers a fiat on-ramp for USD, EUR, and JPY deposits and supports transactions in major cryptocurrencies, including bitcoin. Besides trading, users can make quick crypto purchases, either with debit cards or other payment methods. Not only is BitFlyer one of the most popular exchanges in Japan, but it also stands out among European and American exchanges due to its extremely affordable trading fees, prompt customer support, industry-grade security, and ease of use.
Over the years, BitFlyer has added a myriad of services and features to its platform, including the ability to trade BTC and other popular altcoins and margin and futures trading with up to 4X leverage, cementing itself as one of the go-to options for both newbies and veteran traders.
Bybit is another promising platform that enables experienced crypto traders to step up their trading game with derivatives trading. The platform offers many valuable features, including the options to buy, sell, and trade crypto, spot markets, derivatives like inverse perpetual contracts, USDT perpetual, and inverse futures.
Established in 2018, Bybit is now home to one of the world’s largest cryptocurrency communities after registering more than two million users. The platform has proven its worth by offering additional tools for traders, including access to a smart trading system, best-in-class market depth, HD cold wallets, 100,000 transactions per second (TPS) matching engine, dual-price mechanism to ensure liquidity, round-the-clock customer support, and 99.99% uptime guarantee.
In addition to these features, Bybit enables users to partake in ongoing competitions like the renowned World Series of Trading (WSOT) that offers millions of dollars in cryptocurrencies as rewards. The platform also allows users to earn passive income and yield opportunities via Cloud Mining and DeFi products.
Other than BitFlyer and Bybit, AAX is another cryptocurrency platform that has been continuously pushing the boundaries of crypto investments. It is one of the largest and most popular platforms operating in Asia-Pacific, offering high-speed transactions and advanced trading features.
Launched in 2019, AAX allows users to purchase cryptocurrencies with over 20 fiat currencies. It also offers P2P trading, which users can leverage to buy and sell cryptos from verified merchants, futures trading for BTC and USDT settled contracts, and DeFi investment options. Unlike most crypto exchanges, AAX offers a full suite of cryptocurrency-related services and is one of the first platforms to support APYs as high as 60% for crypto-savings accounts.
Adding to its overall value proposition, AAX is the only crypto exchange in the world that is powered by the same LSEG technology used by the London Stock Exchange, Borsa Italiana, and Oslo Stock Exchange, empowering traders to instantly fill orders and obtain the best execution price. Moreover, it is among the first platforms to implement the Satoshi (SATS) standard, enabling BTC to SAT balance conversion with a separate SAT-USDT market that offers a minimum trade volume of 0.1 USD.
With so many promising and fully regulated platforms offering state-of-the-art trading features coupled with security, low fees, and additional yield opportunities, make sure to choose your pick wisely to leverage the ongoing #Uptober market trend.