Cryptocurrencies are perhaps the biggest thing in the finance world currently. No matter who you are and what you do, chances are that you have heard of one crypto currency or the other. They are extremely popular, with a market capitalization of the cryptocurrency market being over 140 billion-dollars, with trades and activity going on 24/7. Most of the activities going on in the crypto-currency space is crypto trading, and that trading is done on electronic trading systems.
Electronic Trading Systems
An electronic trading system of platform, just as the name implies, is a platform controlled electronically, that allows you to interact with any finance market, in this case the cryptocurrency market.
In crypto-currency trading, these platforms are called exchangers. These exchangers, which are quite numerous in number, have different selling propositions and focus areas, but the idea is basically the same. These platforms allow you to buy and sell cryptocurrencies against other cryptocurrencies or fiat currencies. Some exchangers also allow you to convert your cryptocurrencies to fiat currency, which is government backed money, such as dollars or euros.
Some common features of all electronic trading platforms or cryptocurrency exchangers include:
An account that allows you to store your capital, it could be in cryptocurrencies, usually bitcoin or ethereum, or it could be fiat currency, usually dollars.
An exchange or marketplace where you see the various cryptocurrencies that you can exchange for other currencies, as well as additional data on crypto such as volume, records of trades and so on.
A chart of the price changes of the currency over time, along with indicators that help analyze the market. While numerous exchangers exist, there are a few popular ones, with notable advantages over others. Some of the biggest exchanges are CoinBase, Binance, Bittrex, Huobi. It is always advised to do thorough research on the functions and opportunities available on each system before actually trading there.