Re: I trade cryptocurrencies with Forex brokers and would never use crypto exchanges
I only use exchanges for spot purchases. But for speculation? Forex brokers win. Here’s why:
Crypto exchanges? They’re like a broken elevator—complicated, frustrating, and you’re better off taking the stairs.
- Same terminal everywhere: All brokers use MetaTrader.
- Leverage: Available on brokers, banned on exchanges.
- Automation: Ready-made trading robots and I can build my own in MQL.
Crypto exchanges? They’re like a broken elevator—complicated, frustrating, and you’re better off taking the stairs.
The three features you mentioned, except the first in your list which I don't know whether exchanges offer it or not, but the remaining two are available in most of the exchanges I use. Although, I understand exchanges offer different services in different regions in order to align with each region regulation. Perhaps, your region prohibited them from offering such services to your people due to high risk involved.
I think it's all about preference and what you're conversant with among the two. Exchanges feel more secured to some traders than using brokers but each has advantage and disadvantages as well.
When I was trying to dive into trading (not full time) just trying to gain the knowledge I discovered that trading over there is likewise volatile than using exchange although, MataTrader (MT5) is extremely volatile. As then I couldn't hear the loss I had to stop and focused on holding Bitcoin because I wasn't good enough in trading. In cryptocurrency exchange you can trade over there and make profit and of course there are people who are trading there on a daily basis and makes their profits without them even have to use MT5.
That's how it is everywhere. It's probably because you were still new to trading at that time. For someone with a soft heart can easily faint having first time experience using MT4/5 especially when you are trading with a high lot size
