When you want to buy clothes, you go to one of many shops. For example, if you want sportswear, you will go to a Nike or Adidas. You might go to Levi's if you are looking for denim clothing. If you want something premium, you might go to Louis Vuitton. It is the same in trading: different trading platforms have been created for different market sectors. Let’s discover four of them.
Crypto Market: Binance
Binance is the largest crypto exchange in the world by a wide margin. It offers a wide selection of altcoins available on its exchange, including its own coin, Binance Coin (BNB), which is currently the fourth most valuable cryptocurrency by market cap.
Binance has also launched several unique features. These include its own blockchain called BNB Smart Chain and various trading and investment tools: P2P, futures, Binance Earn and so on.
By the end of 2022, Binance had 128 million registered users. Its daily trading volume often exceeds $5 billion. Both metrics make it the most popular crypto trading platform.
Currency Exchange: IG
British broker IG is a world leader in online trading and an established member of the FTSE 250. The platform offers several trading markets: forex, indices, shares, commodities, and so on.
IG has won awards for Best Multi Platform Provider and Best Finance App from ADVFN International Financial Awards, and Best Trading App from Professional Trader Awards.
As of 2021, it had a market value of £2.9 billion and offered trading in 17,000 investment markets.
This platform supports several market sectors, one of which is precious metals. Etoro allows you to trade gold, silver, copper, palladium and other similar assets. You can make trades based on whether you think their prices will rise or fall.
Many prefer to invest in metals on eToro because of its popularity and a large selection of assets.
Plus500 offers a user-friendly platform that is accessible to both beginners and experienced traders. The platform offers a variety of trading tools, including charting, technical analysis, and newsfeeds.
Like eToro, this broker supports several assets simultaneously, but its strength is CFDs.
Do I Need to Have 4 Accounts?
So, each platform has its own specialization. Does this mean that in order to trade effectively and diversify your portfolio, you need to have accounts on all four platforms?
No. Eventually, trading and shopping are not the same. Switching between different accounts is inconvenient, and transferring funds between them is not profitable, since you lose money on commissions. So this might not be the best option.
It is more reasonable to create an account on FIXONE Meta Trader 5. This trading platform supports not 1, or even 4, but as many as 9 market sectors. This includes the already mentioned cryptocurrencies, currency exchange, metals and CFDs, as well as energy, futures, forex, indices and physical commodities.