The online trade business is a thriving field and is also a great way to earn some additional income. So, if you are one of those people who are interested in the online trade market, then there are certain things that you must know about. The broker that you choose to trade with deeply impacts the quality of your trading experience. You may find it difficult to pick out the right broker because there is a vast variety of brokers available online to choose from.
I have spent a considerable amount of time trading with online brokers so, I think I am capable enough to give reliable advice to new brokers regarding various brokerage firms. I just want to clarify that I do not believe in praising the broker needlessly. I will give you my honest review of my experience with the broker. The broker that I want to talk about today is CoiniBank. I came across many good features when I was trading with this broker.
Let’s take a look at some of the features of this broker that left a good impression on me.
Best Features of CoiniBank
· Customer Support Service
When you sign up with a broker, you are exposing yourself to a completely new environment. So, naturally, you will have concerns and questions about the features and services the broker offers. To help you get through with these obstacles, the broker needs to provide you with a reliable customer support service. The customer service staff needs to be trained to guide you through any issues that you may have. Furthermore, the means of communication with customer service personnel also play an important role.
CoiniBank offers you 24-hour support on working days through emails, phone calls, instant chat feature, and the website contact form. Furthermore, you can use their services in English as well as in German. Your queries are dealt with by experienced professionals who guide you through any issues with step-by-step instructions.
The broker offers customer support in the form of other services such as personal account managers, and expert analysts.
· Tight Spreads and Big Leverages
Imagine the broker giving you funds to use for investments. It sounds too good to be true, right? Well, with the leverage option this becomes the reality. Leverages are the sums the broker invests in your trades. This allows you to participate in trades that are out of your current financial situation. You might be confused by the concept of leverages. I will explain this in accordance with the leverage rates provided by CoiniBank.
This broker offers a leverage of 1:200 which basically means that for every $1 you invest in a trade; the broker will invest $200. This feature allows you to reach your financial goals faster if your trades are successful. The leverage of 1:200 is a relatively high rate for a basic account which you will not find with other brokers. The leverage rate may change depending on the account type that you choose.
CoiniBank does not take any commissions on trades or deposits, so how does this broker make money? Well, brokers use something called spreads to earn their income. Spreads are the difference between the sale price and the purchase price of an asset. This broker offers tight spreads which means that the difference in the sale and purchase cost of an asset is not very large.
· Trading Platform
One of the major things that all traders should look into carefully is the trading platform provided by the broker they want to select. The trading platform is the software through which you will interact with the broker, access the trade market, and invest in other projects. Trading platforms come with various trade tools that assist you in making smart trade decisions. Furthermore, since all your interactions with the broker will be through the platform it provides, it is important for it to have a friendly interface and ease of navigation.
CoiniBank offers the trading platform in the form of a web-trader opting out from developing a desktop client. I personally prefer web-traders because with them you don’t need to download additional software on your devices which may or may not be compatible together. With a web-trader, you simply have to go to the trader’s website, log in to your account, and voila, you can access all features.
The broker also offers the alternative of applications for Android and Apple iOS software. So, if you are looking to trade while traveling, these may be beneficial for you. However, to download the apps, your device needs to have updated software, so if your smartphone or tablet is old, chances are that the broker will not work on it.
· Trustworthy Trading Conditions
Trust is one of the fundamental aspects of the financial market. Following the example mentioned earlier in this article, choosing a broker is like choosing a business partner. You make sure that you join forces with someone who will help you make smart trade decisions, as well as provide you with profitable options to consider from. Furthermore, you also have to ensure that your business partner will not betray you.
CoiniBank has proved to provide healthy trading conditions for all traders. I mean that this broker is transparent with all its fees and commissions. So you don’t have to worry about hidden fees being deducted from your accounts. Moreover, there are no charges on deposits or other transactions. A small fee is charged on withdrawals of cryptocurrencies.
As I mentioned above, I have only discussed the features of this broker that were impressive to me and those that I think would benefit new traders. You have read my opinion about the services of this broker. Now, it is up to you to decide whether this broker is right for you or not. You should test out the broker yourself before making any final decisions. I am sure that you will not be disappointed with the services offered by CoiniBank.