Crypto Trader Review
Is Crypto Trader legit or a scam? Find out in this review 【Updated For 2022】
- Low trading fees
- Paper trading and mobile app suitable for newer traders
- Easy to use interface
- Demo mode
- Low trading fees
- Paper trading and mobile app suitable for newer crypto-traders
- Easy to use interface
- Only available in some countries
- High fees
Crypto Trader is a large cryptocurrency exchange that offers a diverse range of cryptocurrency goods and trading options, including spot trading, margin accounts, derivatives, and paper trading. The platform certainly offers all you need to handle your cryptocurrencies in one location, with a blend of tools ideal for both novice and advanced crypto users. Read our Crypto Trader review to find out more.
Security
Despite its centralized nature, Crypto Trader prioritizes security, providing more user security measures and taking more security precautions than most exchanges.
Users can employ Universal 2nd Factor (U2F) verification, which requires them to log in using an additional physical device such as a USB drive, in addition to the aforementioned two-factor authentication. A regionally distributed multi-signature method is also used to store 99.5 percent of customer assets in cold storage.
Furthermore, Crypto Trader keeps track of user accounts in the following ways:
- Saves login information and analyzes it for any unusual activity
- Detects IP address changes in case of session hijacking
- Sends notifications and allows account freezes in case of suspicious activity
- Can limit account access and withdrawals to specific IP addresses
- Tracks behavioral patterns and triggers manual safety checks on unusual withdrawals
Crypto Trader offers its customers a variety of services including:
Ease of Use
Essentially, Crypto Trader is surprisingly user-friendly for an exchange that caters nearly solely to professional traders. It includes a mobile app that you may use, and its main dashboard is simple, accessible, and logical (Android & iOS).
At the top, there’s a graph depicting the value of a selected currency, a sidebar with a neat order form and the user’s balances, and boxes at the bottom with Crypto Trader’s order book, incoming transactions, and the user’s order history. Furthermore, the UI is very customizable and features extensive charting tools, including TradingView charts.
Things are similarly straightforward when it comes to making deals and managing money. Users can place everything from a basic market-price exchange to a stop-limit margin deal using the order form on the right-hand sidebar.
The “Tickers” box on the sidebar, as well as the “Orders” and “Order History” boxes at the bottom of the dashboard, make it simple to keep track of your activity once orders and trades have been placed.
Crypto Trader Deposit and Withdrawal Methods
Crypto Trader used to have a $10,000 minimum equity requirement, but this is no longer the case. In the case of fiat currencies, you can deposit via bank transfer/wire or cryptocurrency transfer from an external wallet.
Users can transfer funds between exchanges or margin trading and funding accounts once they have invested funds. You can use different accounts for different Crypto Trader services (for example, margin lending and trading, and over-the-counter trades).
Making a deposit is straightforward, but bank transfers take time. This is because bank transfers are only available to verified accounts. Crypto Trader takes about six to eight weeks to verify your account at the time of writing.
Withdrawals work similarly: customers can use a wire to send fiat dollars back to their bank account. You can also withdraw cryptocurrency back to your external wallet. Fiat currency withdrawals can take up to 10 business days, whereas digital currency withdrawals can take up to 10 hours.
Demo Account
A paper trading account is available at Crypto Trader. Paper trading is a risk-free way for traders to improve their tactics by simulating a live market. Log in to your Crypto Trader account and go to the sub-account section to register for a paper trading account.
On the broker’s website, you can also see a demo of Crypto Trader’s commonly traded interface. To see the demo, go to ‘View demo.’
Mobile App
Crypto Trader features mobile apps for iOS and Android if you want to use it on the go. These are available straight from the Apple Store and Google Play.
Rather than just a few services from the platform, each app has all of Crypto Trader’s features. As a result, you can do everything you can on a desktop web browser with the app.
Everything is just a few simple clicks away, whether it’s direct buying and selling, lending, advanced trading, or Crypto Trader margin trading.
Viewing charts is the only serious usability concern. On smartphones with smaller screens, these are sometimes best viewed in landscape mode.
API Access
The Crypto Trader API allows advanced traders and developers to construct custom tools and applications that integrate with the platform’s features and make use of its data.
Customer Support
If you have a specific question, the broker’s contact information can be located under the Contact Us link on the website. You must submit your question as a ticket through an online form. In general, responses are quick.
The website can be managed in five languages, including English, Spanish, and Mandarin, to ensure that the website and support supplied are available to as many clients as possible.
Additional support is available through the company’s social media and interactive messaging channels. Crypto Trader is active on social media platforms like Twitter, Telegram, YouTube, and LinkedIn.
Is Crypto Trader Safe?
Almost all user funds are kept in cold storage, which is a type of offline storage. This is physical hardware that is protected not only by encryption and numerous signatures but also by traditional security mechanisms distributed across various physical locations.
To put it another way, even if someone gains access to the building and room where your assets are kept, they will still require additional keys to access your cryptocurrency wallet.
You can use your own hardware wallet outside of the Crypto Trader exchange, and the site uses SSL encryption. Furthermore, two-factor authentication can protect your login details.
Crypto Trader’s security is further enhanced by the system’s continuous monitoring of logins and transactions for suspicious activity. As an example, suppose you normally log in with a specific IP address, but it suddenly changes, or you repeatedly enter incorrect passwords. Your account may be temporarily locked in this situation, and you’ll receive an email asking you to confirm your identity.
Of course, because of the market’s volatility and illegal activity, customers should expect some risk on any crypto platform. Moving funds you aren’t actively trading away from the site as soon as possible is always a good idea.
Using a secure browser and maintaining good security habits is also a good idea.
How to Open an Account on Crypto Trader
If you’re thinking about becoming a serious trader or are currently one, Crypto Trader is the place to be. Opening a Crypto Trader account is simple and fast, but you should be aware of the following conditions before doing so:
- Crypto Trader is a trading platform for professionals.
- Before a user can use fiat deposit and withdrawal functions, they must undergo KYC verification for six to eight weeks.
- The exchange imposes an inactivity fee of $5 per month, which is subject to change if you haven’t traded or done any funding action for a year.
Withdrawing from Crypto Trader
Withdrawing money from Crypto Trader is as straightforward as depositing it. Select the asset you wish to withdraw from the “Wallet” button’s “Withdraw” option, then fill in all of the needed details. You won’t be able to withdraw currencies unless your account is secured with 2FA and/or whitelisted addresses. To withdraw fiat currency, you must first have your account verified.
It takes about 12 hours to process a cryptocurrency withdrawal. The pace of the procedure is also determined by the security features you have selected.
As a general rule, the more secure your account is, the sooner Crypto Trader will execute your request. Regular fiat withdrawals take five to 10 business days to process, however, express fiat withdrawals are processed within 24 hours.
Advanced Trading Platform
Crypto Trader has the world’s most liquid order book. Traders value high volume because it ensures a low spread, which is the gap between the best bid and ask prices.
The trading platform UI on Crypto Trader can be customized. Advanced charting functionality and API access are also available. These elements combine to make it a popular cryptocurrency exchange among the more experienced traders.
Conclusion
In this Crypto Trader review, we’ve found the platform to be a great alternative if you’re a trader looking to trade large amounts. If you’re new to cryptocurrencies and want to buy your first coins, you should maybe look elsewhere.
The lack of simple deposit methods, along with the sophisticated interface, will take time to grasp and increase the likelihood of costly mistakes.
Crypto Trader FAQs
Is Crypto Trader a Good Exchange?
Crypto Trader offers a lot to give if you are a professional or experienced trader. It is appealing because of its advanced features, intuitive interface, and wide selection of content.
Is Crypto Trader Trustworthy?
Cryptocurrency is still a new phenomenon, therefore, there will always be bumps in the road. Crypto Trader stands out by taking the necessary efforts to strengthen its security.
Is There a Minimum for Cryptocurrency Withdrawals?
Yes, Crypto Trader has a $5 comparable minimum withdrawal size for cryptocurrencies. To prevent the processing of dust amounts, a minimum withdrawal is required.
Why Do I Have a Withdrawal Hold at Crypto Trader?
When your withdrawal is “on hold,” it usually implies that there is a hold on your account that prevents it from being processed.
After making specific security setting modifications to your account, a five-day withdrawal hold is usually activated. This helps protect your account funds in the event that your account is hacked, and an attacker tries to take your money.
The five-day hold period will allow the legitimate account owner to detect and notify Crypto Trader of the security compromise.
