If you traveled to the start of the last decade, cryptocurrency (Bitcoin) was only a concept understood by computer nerds who were generating several units at a loss, since there was no way to spend this new form of money.
Fast forward to ten years later. Bitcoin pioneers have made a lot of fortune, several cryptocurrencies emerged as alternatives, while a broad ecosystem powers the emerging industry.
Understandably, a primary component of the cryptocurrency ecosystem is the traders who attempt to make a profit from the daily price swings in the price of cryptocurrencies.
Given that the price of cryptocurrencies fluctuates in a manner that is more violent than other currency markets like foreign exchange (Forex), opportunities exist for traders to record massive gains or losses from their trades.
Interestingly, traders are becoming increasingly interested in trading cryptocurrencies than ever before.
According to data from Bitwise Assets, the total daily spot trading volume of Bitcoin as of Dec. 30 was $488,325,472 while the futures volume over the same period hit as a high as $131,659,043.
Why Do Most Traders Focus on Bitcoin?
Bitcoin (BTC) is the most traded cryptocurrency and forms the base market on most exchanges. The primary reason for such status for Bitcoin is because it was the first cryptocurrency, and boasts a level of decentralization not shared with other crypto projects.
Additionally, a lot of infrastructures are being built around it, meaning that although the crypto industry is still nascent, there is little to no chance that Bitcoin will stop existing anytime soon.
For instance, the futures market for Bitcoin grew significantly in with the launch of Bakkt, a crypto derivates platform backed by leading American financial and equity markets company, Intercontinental Exchange (ICE).
But there are yet other reasons why most newbie traders and cryptocurrency investors stick with only Bitcoin and avoid trying their hands at alternative cryptocurrencies (altcoins).
- Lack of Suitable Altcoin Trading Platforms
With much focus on Bitcoin, and the general regulatory uncertainty surrounding the future of cryptocurrencies used for fundraising, most crypto exchange platforms only offer solutions to trade Bitcoin and a few other coins like Ether, XRP, Litecoin, etc.
There is usually no option for trading low market cap altcoins, which are typically susceptible to seeing massive growth both in the short and long-term.
- Lack of Expertise
This is another reason why newbie traders and crypto investors generally focus on Bitcoin. They lack the knowledge and experience needed to generate profits from trading a wide variety of cryptocurrencies.
Therefore, instead of gambling away their money, they miss out on the gains and continue playing it safe. To be clear, trading cryptocurrencies, especially altcoins, is an inherently risky endeavor. But there is a solution.
RoyalCBank is a cryptocurrency brokerage platform founded by former equity and crypto traders, intending to help crypto investors to trade a wide variety of cryptocurrencies, and maximize profit while doing so.
The platform is owned and operated by Axent Sigma Ltd, a firm registered in the Commonwealth of Dominica, to offer such services.
Although not fully-regulated, RoyalCBank is a certified member of The Financial Commission, an international agency created in 2013 to resolves issues that arise from CFD, Forex, and cryptocurrency trading.
If you’re contemplating whether or not to use RoyalCBank as your crypto broker, here are some benefits that the platform offers:
- Easy Onboarding
The process of onboarding the brokerage service is seamless and can be completed within 1-5 minutes. Little to no personal information is required, and user privacy is prioritized.
- Reliable Track Record: While records are not reliable proof of strong future performance, they remain one of the best ways to dictate who you should trust with your funds.
In the case of RoyalCBank, the firm boasts a range of experienced traders that have weathered the crypto storm both in bull and bear markets. Banking on their expertise to generate both passive and long-term profits may not be the wrong choice.
- Outstanding Customer Support
The brokerage firm maintains an email support service for customers to send their inquiries and complaints. These emails are answered promptly while any closure due to holidays is announced on the homepage.
To easily comply with the regulations of the Financial Commission, RoyalCBank claims to have a backup fund that is operated in a segregated account. In the case of unavoidable circumstance, this Compensation fund is used to refund users (each user is insured for up to $20,000)
Users are free to select which cryptocurrencies they want in their portfolio, as well as how often they want their funds to be used in trading. This flexibility fulfills the promise of being able to trade a wide variety of cryptocurrencies seamlessly, without spending a lot of time doing so.
- Top-Notch Asset Security
Like other leading cryptocurrency brokerages, RoyalCBank implements the latest industry-approved protocols for safeguarding client crypto assets, reducing chances of theft or hack to the barest minimum.
Despite the numerous advantages outlined earlier, you may also care to know these about RoyalCBank:
- Email Support: Email represents the broker’s primary communication channel, unlike a few other platforms that may offer a 24/7 live chat service on their website.
- VPN Restrictions: You may find it difficult to access the website from certain jurisdictions. However, this problem can be navigated if you use a virtual private network (VPN) from accepted countries.
The fact that Bitcoin has survived an entire decade, and the whole concept of cryptocurrency has gained somewhat global acceptance, means that we’re watching a new industry grow right in front of our eyes.
Ultimately, the biggest winners will be those who maximize the current opportunities available to them, namely: investing in cryptocurrencies either for passive income via a brokerage service like RoyalCBank, or doing so directly through an exchange or wallet service.
Either way, some positive returns can be expected down the line as cryptocurrencies, and the underlying industry becomes more regulated and widely approved.