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Here at Free Forex Robot we offer reviews of popular and upcoming trading platforms. Today we are writing a Trade Galactica review for your reading pleasure.
Trade Galactica Review
In 2009, the pioneer cryptocurrency was launched by Satoshi Nakamoto, and no one could have ever believed that it would turn out to be the global phenomenon it is today. In its early days, Bitcoin didn’t really have a major impact and its volatile and unregulated nature was regarded as a problem, but the tides have turned because now this very nature is valued as an asset.
Nowadays, it is the top cryptocurrency in the digital assets market, one it form, and it is worth billions. You can find more than 6,000 cryptocurrencies that can be traded these days and a lot of them are quite profitable.
Sure, the market still remains unregulated for the most part, but this hasn’t stopped thousands of people from all over the world from making fortunes in this space in the last decade. Back then, crypto was perceived to be a tool for criminals because it granted them anonymity, but with more and more people becoming privacy conscious, this anonymity is seen as an asset for everyone.
People’s perception changed after the market surged in December, 2017. This was when Bitcoin rose to a massive value of $20,000, a milestone it is yet to repeat, although it is getting closer with each passing day.
Those who had invested in Bitcoin and other crypto at that time were able to benefit from the all-time high value and walked away with millions, even though they hadn’t invested a big amount. Since then, other people have been trying their level best to find similar opportunities, in order to replicate this success and strengthen their own portfolio.
Therefore, it is not surprising to know that cryptocurrencies have become one of the hottest trading instruments in the world. People from every corner of the globe are interested in trading crypto, so brokerages have expanded their asset index to include them as well.
The only downside is that most online trading platforms will give you just a handful of cryptocurrencies to trade. They add the leading choices in the market, such as Bitcoin, Ethereum and Litecoin and don’t go any further than that.
While these are certainly profitable options, they are not the only ones in the market that can help you balance your portfolio and risk. Also, not everyone can afford to start big, especially when they don’t have any experience of trading cryptocurrencies before. In this situation, it is better to look for brokers that specialize in crypto because they are the ones that can offer you a better variety.
They offer a bigger index of cryptocurrencies, which is exactly what crypto traders are looking for. As this particular instrument has gained a lot of recognition, the number of brokerages catering to this market has also increased rather rapidly.
This means that you will be able to find a huge range of options at your disposal when you start looking. This is undoubtedly a good thing because it gives you choice and you are free to pick one that seems most appropriate. However, it is important to remember that not all of these platforms are created equal.
There are ups and downs with every company, just like in any other industry, and it is your job to do your due diligence if you don’t want to make the wrong choice.
If you don’t partner up with the right firm, it can bring about a great number of problems for you, which you would want to avoid. The best way to accomplish this is by taking a look at the major features of a brokerage because that can help you distinguish and understand why one might be a good option for you.
They offer CFD (Contract for Difference) trading, which means that you don’t purchase the cryptocurrencies physically and only trade in their contracts. This is a benefit because it saves you from having to worry about having to store the cryptocurrencies you have bought. Check out some of the major features of Trade Galactica to see what it is capable of:
- The range of cryptocurrencies
When you have decided to trade cryptocurrencies, you would probably do some research and decide what crypto you wish to trade. If you have done so, the first thing you need to do is shortlist the brokers that can offer you the crypto in question, or else there is no point in signing up with them.
However, it is recommended that you choose a trading platform that offers you a horde of cryptocurrencies to trade. Even if you don’t intend to trade all of them straight away, there is a good chance you may want to diversify and expand in the future. Having to switch platforms can be extremely inconvenient and a waste of time.
It would be smarter if you opt for a company that offers you variety from the get go. Trade Galactica falls in this category, as it is offering its clients a range of cryptocurrencies to trade. This ensures that no matter which crypto has caught your interest, there is a chance that you will find it here.
They have added the leading cryptocurrencies in the market, as they are in most demand, like Bitcoin, Ethereum, Litecoin and Ripple, but these are not the only ones you get. They understand that once traders get some experience, they may want to try out some of the lesser-known options.
Hence, you will come across a range of options, such as Binance Coin, IOTA, Qtum, NEM, EOS, Bitcoin Cash and more. Trade Galactica is also adding new options to the mix on a regular basis, which means that they are capable of offering you plenty of investment opportunities for making great returns.
- Straightforward registration and sign up
There are no set standards that have to be followed by crypto brokers when it comes to their registration process. Every company is free to come up with their own standards, as per their preference.
Therefore, you will come across some that have lengthy requirements like several forms to be submitted, contracts to be signed, and documents to be provided and even an approval criteria. This can often be annoying for traders because they want to start trading right away, instead of dealing with such unnecessary requirements.
Understanding this situation, Trade Galactica has opted to keep their registration process quite straightforward. You don’t have to deal with any complicated requirements, whether you are a new trader or an experienced one.
To start using their services, you can register with them by going to their website. Clicking on the Register button will open up a form for you, where you are asked to provide very basic details. You need to share your first name, last name, phone number, an email address and the password you wish to use for your login credentials.
At this point, you will also be asked to choose the account currency you wish to use for making your deposits and withdrawals.
There are three currencies supported, which are euro, US dollar and the Great Britain pound. Then, you have to agree to Trade Galactica’s Terms & Conditions, which are mentioned on their website. After you have done so, you will be registered straight away and there will be no other complex steps required from you.
- Convenient banking solutions
Banking is a very important part of the trading process; after all, you cannot open an account with a broker without meeting the minimum deposit requirements and to be able to buy cryptocurrencies, you have to have money.
The key is to figure out how you will go about adding your investment to your trading account and this means you have to check what banking solutions have been incorporated by a platform. No two platforms will offer the same option, and you need to go over the options to determine if they are convenient for you and don’t incur a lot of extra charges.
The same applies to Trade Galactica and you should check their banking options thoroughly. A study of these will show you that the broker has added a combination of traditional and modern solutions to appeal to the traders.
If you are looking for a quick and easy option, debit and credit cards are a relatively modern pick that will appeal to most traders. The good thing is that numerous cards are supported on this platform, including Visa, MasterCard, Maestro, and plenty of others. With this method, deposits are instant and don’t incur any costs.
If you don’t want to go with cards, you can go with the traditional bank wire transfer. Some consider it a safer option, albeit a bit slow in terms of withdrawals.
You can add funds directly from your bank account and even though it may take a bit more time, it is quite secure. But, you should know that there might be some costs involved, as banks are known to charge for their services. Apart from that, Trade Galactica has also kept up with the advancements in the market by offering online payment options to its clientele.
These banking solutions are provided for both deposits and withdrawals, but the latter may incur some fee and they also require some processing time. You should be prepared for a waiting period of 7 to 14 days for your withdrawal requests to go through.
- Extensive privacy and security policies
The need for privacy and security policies in the crypto market has intensified because of the increase in cybersecurity incidents and breaches. Cryptocurrencies are already unregulated, which makes them very risky, so you want to minimize the risks as much as possible.
When it comes to Trade Galactica, you will find that they have opted to add extensive privacy and security policies for the peace of mind of their clients. Establishing a secure yet transparent environment is a must and they have attempted to accomplish this goal to put their clients at ease.
The only purpose of collecting the information is in accordance with policies and for providing proper trading services. Moving on, you will also find that Trade Galactica complies with the international security policies of Know Your Customer and Anti-Money Laundering, otherwise referred to as KYC and AML.
The primary aim of these security policies is to protect traders against a lot of security threats. They help brokers in ensuring that only legitimate accounts are created on their trading platform and no criminal can use their services for conducting illegal activities like terrorist financing and money laundering.
In fact, it is also help in preventing identity theft and compliance with these policies requires traders to submit documents for confirming their identity, address and their payment details. You can submit any government-issued ID for confirming your identity like your passport, driver’s license or national ID card.
To give proof of your address, you are asked to provide a bank statement, credit card bill or a utility bill (gas, water or electricity), which shows your name and address. The payment details are required in case you plan on using a debit or credit card.
Trade Galactica dictates that the card should be in your name and photographs have to be submitted under the AML rules. They will check your documents and then verify your account, after which you can use it for conducting financial transactions easily.
As this is sensitive information, SSL (Secure Socket Layer) encryption is used for keeping it under wraps and away from cybercriminals. The funds deposited with them are kept with the top banks, and as Trade Galactica follows the policy of account segregation, there are no misappropriations of any sort.
- Robust customer support
Support is an integral part of every business and if it doesn’t provide you with good support, you will not have a good experience with them. When it comes to crypto trading, customer support is crucial because you could have important questions that need answers and not getting them can set you back, especially if there is a technical issue you have encountered.
To give you basic answers, Trade Galactica has come up with an FAQ section that you will find on their website. Here, questions that are asked frequently are listed with their answers.
If you don’t find the answer you are looking for, you can get in touch with Trade Galactica’s team through several channels. Go to the Contact Us section on their website and fill out the online contact form given.
You can also send them an email, if that seems more comfortable. In case you have an urgent problem, you can give them a call on the number provided. This will help you get some quick answers to your problem.
In a nutshell, Trade Galactica offers some major and impressive features that can contribute to your crypto trading process and help you make your mark.