The concept of cryptocurrency was to introduce a digital currency that could be free of interference and control. Cryptocurrencies are decentralized in nature, which means there is no government or central organization that can control its prices or supply. In addition, it also offered people a great deal of anonymity, which has benefitted a lot of people in this age of information and technology. However, the best thing about cryptocurrencies is that economic drivers do not have any impact on this virtual currency, which means that it could also be used as a store of value. It was developed to thrive regardless of the condition and situations all over the world.
In 2009, when Satoshi Nakamoto introduced Bitcoin, the first cryptocurrency, it drew the attention of numerous investors. Within 2 decades of its inception, cryptocurrencies have become a force to be reckoned with and have attracted a lot of attention and interest from people, institutions, organizations and nations of the world. Therefore, it is not surprising to discover that cryptocurrency trading has become a global phenomenon as it has a lot of potential to offer to investors. What started with Bitcoin has become a huge industry nowadays and there are plenty of cryptocurrencies that can be traded.
But, how do you begin? To be able to trade cryptocurrencies, you have to find a broker, much like you would with any other financial instrument. Choosing a broker for your crypto investment can be a tricky and confusing process because not everyone is who they say they are. There are a number of brokers out there who promise the world to their clients and deliver nothing. As a matter of fact, some of these brokers have turned out to be big scams and have gotten their clients into trouble. Hence, when you are choosing a broker for investment in cryptocurrencies, it requires you to scrutinize the broker carefully before selecting them.
There are very few brokers that actually live up to their claims and are able to fulfill the needs of their clients. One of the brokers that have been able to achieve this feat is BrightFinance. Moving beyond the conventional financial market, BrightFinance is an innovative and reputable brokerage that has recognized the need for unifying newer markets like crypto with older ones. Thus, it has established itself as a prime cryptocurrency broker and also offers some other financial trading products on the sideline.
Introduction to BrightFinance
BrightFinance is a brokerage that aims to use intuitive approaches for revolutionizing the world of online trading. With more than nine years of experience under its belt, BrightFinance is fully aware of what traders need and is capable of providing custom solutions that can deliver an optimal trading experience to everyone. Capital Letter GmbH is the parent company of BrightFinance, which is based in Munich, Germany. The company is registered and legitimate, which eliminates concerns of it vanishing overnight with your investment. It should be noted that BrightFinance offers its clients the opportunity of participating in CFD i.e. Contracts for Difference trading.
This form of trading has gained immense popularity nowadays as it allows for wider investment options and keeps risks under control. This is due to the fact that when you trade CFDs, it means that you are not purchasing the asset physically. For instance, when you buy crypto CFDs, you are not actually buying the cryptocurrency and don’t have to worry about getting a wallet to store it. Instead, you will be dealing in contracts and taking advantage of price movements to earn money. BrightFinance may be registered in Germany, but the broker is continuing to expand its operations.
The broker has offices in three different locations to cater to traders all over the world. You can find its offices in Wenlock (London), Dominica and now Cyprus. This can certainly give peace of mind to traders because it shows that BrightFinance has developed a very strong reputation in the market and is building upon it to enable more people to participate in crypto trading. Let’s take a look at some other aspects of the broker that have helped it in garnering a massive following;
- The trading experience at BrightFinance
There is one primary factor that determines the trading experience a trader can have with any broker; trading platform. A broker’s trading platform is the software that’s used by traders for executing trades and it provides them access to all features, tools and services that are an essential part of the process. No matter what other impressive features a broker offers, if its trading platform is not up to the mark, you will not be able to trade smoothly and efficiently. Therefore, considering a broker’s trading platform is of the utmost importance to determine its feasibility before signing up.
Where does BrightFinance fall in this regard? BrightFinance has developed its trading platform to make it easy and simple for its clients. The broker has opted to use the most cutting edge technology to power the platform, which allows for fluidity when it comes to navigating it. The trading platform is web-based, which means that traders can access it through their web browsers. This assists the broker in ensuring financial inclusion and trading globalization because traders can access it on multiple devices, no matter where they are. The trading nature has a comprehensive nature, which allows it to adjust easily to any device and give traders the flexibility they need.
One of the most important things about the BrightFinance trading platform is that the broker has equipped it with topnotch trading tools that can be invaluable during the trading process. You will come across a variety of charting tools and custom indicators that have been tailored to help in decision making in customization and trading activities. In addition, the trading platform also provides users with detailed information and updates regarding any current or upcoming economic events, the dynamics and movements of the market, the price movements in various cryptocurrencies and the driving forces behind market valuation.
Some of the other prominent features that BrightFinance has offered via its trading platform include roll over, margin calls, leverage trading and double up. The broker has also added a number of security layers to the trading platform to ensure its clients can trade safely without worrying about having their funds or information compromised in any way. As it is a web-based platform, the broker is responsible for its maintenance and security updates and makes them on a timely basis to prevent any vulnerabilities and loopholes.
- The trading instruments and portfolio at BrightFinance
BrightFinance is dedicated to making advancements in the financial market landscape. One of the ways it has gone about it is to offer an extensive portfolio of trading products that has been designed for attracting investors and accommodating the calls of demand and supply. The financial products that traders will find at BrightFinance include indices, Forex, shares, stocks, commodities and cryptocurrencies and all of these help the broker in becoming the prime trading platform for every trader around the globe. With BrightFinance, both retail and institutional investors are given the opportunity of trying out new financial instruments while exploring the existing markets. Doing so can help them maximize their profits and keep risks minimal.
The broker has taken into account the chasm between conventional financial systems and the alternative currencies that have been introduced i.e. cryptocurrencies. When you sign up with BrightFinance, you will discover that the broker is offering support for more than 200 cryptocurrencies and some of the most popular trading pairs are Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH) and Ripple (XRP). The volatility of the crypto market and its dynamics can lead to losses due to which the broker has minimized them via Contracts for Difference trading.
With the help of CFDs, traders have the opportunity of profiting from the market over a span of time. CFDs basically involve the agreement of paying the difference between the strike price of an asset and the actual price of the crypto at the end of the stipulated period. While there is a certain amount of risk with these contracts, BrightFinance ensures that its clients can make smart trading decisions by taking advantage of the educational resources and trading tools that it offers to them. Apart from that, the broker is also offering FX contracts or future contracts. In these contracts, the value is pegged to an asset and the price movements in a period.
You can find it in both written and oral aspects, depending on your preference. BrightFinance has also added commodities on its platform, as mentioned above. The broker has featured commodities, such as gold and Brent crude oil and has also opened the door to some of the most popular indices in the world. One of the best things about BrightFinance is that it provides all the assets at very competitive prices, which can add to the incentive. Furthermore, the brokerage has also given traders the opportunity of opening small trades, which has made it a good choice for beginners as well.
Stocks, shares and forex currency pairs are also available and the availability of these options enable traders to diversify their portfolio as much as possible. It is possible to trade a variety of assets from one platform that BrightFinance offers and can be used for making high profits in a short time period.
- The regulatory status and trust at BrightFinance
It is common knowledge that the widespread adoption of cryptocurrencies in the mainstream has been partly impeded by the lack of a proper regulatory system. This means that there is always a risk in crypto trading, but you can reduce this risk significantly when you opt to trade these cryptocurrencies through a regulated and trustworthy broker. As BrightFinance wants to offer its clients easy access to the top cryptocurrencies in the market, the broker has also paid attention to its regulatory status and has subjected its activities and services to different regulatory parties.
If you take a look at the details, you will discover that BrightFinance is regulated by the Cyprus Securities and Exchange Commission (CySEC). This means that all trading operations and activities are subjected to the regulatory framework of CySEC and the broker doesn’t partake in any illegal activities. To add to it, the legalities of the system are also ensured by the Financial Investments Directives (FID) of the European Market. In this way, BrightFinance has protected the interests of its clients because it maintains compliance with the regulations that are set forth by these parties.
- The trading and registration requirements at BrightFinance
As stated earlier, BrightFinance is a regulated broker and so it has several requirements that have to be fulfilled in compliance with regulations and policies that are imposed by the bodies in charge. First off, the broker requires KYC compliance from its customers, which means that users have to provide documents for identification before registration can be completed. Considering the simplicity of BrightFinance’s network, the registration process is quite straightforward. Some of the documentation that clients need to provide include a government-issued identity card or international passport. The requirements also dictate the submission of a utility bill, bank statement or residential permit for identification.
As long as you provide these necessary documents, you will be registered instantly and can move onto the next step of the process.
- The account options at BrightFinance
After you have completed the registration process, you need to open an account with BrightFinance before you can get started. This is a standard step for every brokerage; traders are required to open an account where all relevant information about them is stored and their funds are deposited. As all traders don’t have the same requirements and expectations from trading, brokerages offer different account options and BrightFinance is no different in this regard. It is the account choices that are unique and diverse as they have been specifically developed for every kind of trader.
You have to be careful in making a choice because not every account will offer the same tools and this can have an impact on your trading experience. The account options that you will find at BrightFinance are:
The first account that BrightFinance features for traders is called the Explorer account and it has been created especially for beginner traders with no previous experience, whatsoever. To open this account, traders are required to deposit a sum of $250 and this can be increased to as much as $2,000. BrightFinance provides the most basic features in this account, which include access to trading academy, 24/6 customer support and professional charts for making trading decisions. The leverage for this account is between 1:5 and 1:200.
Put simply, the Basic account at BrightFinance is simply an extension of the Explorer account. The deposit range for this account is between $2,000 and $10,000 and traders can deposit as much as they are comfortable with. The leverage trading opportunities in this account remain the same, but the features of this account extend beyond professional charts to now include a personal analyst for helping out traders. An Introductory Private Session with an experienced or trained analyst is given to the traders in this account, along with customer support and access to Live Chat.
The third account option at BrightFinance is an upgrade because this one is for more intermediate traders who do have some experience in the market. They still receive round-the-clock customer support, which is often needed during trading. However, the deposit range for this account is quite different from the rest as it starts from $10,000 and goes as high as $25,000. Like the previous account, traders can have sessions with a personal analyst and now, they also have the option of enjoying monthly private sessions with a trained and professional analyst. In addition, the account also offers weekly market reviews and traders can access detailed financial research.
This account option was introduced by BrightFinance for skilled and experienced traders. Therefore, it offers the users with a Smart money management plan. The account is different from all the previous ones because the private sessions with the experienced analyst are now weekly because traders have to make investment plans and other trading decisions. The personal analyst, weekly market reviews and financial research are also available with this account. As traders can now take more risks, the deposit range starts from $25,000 and is as much as $100,000.
This is the last account option that BrightFinance has developed and it is primarily for professional traders with a significant amount of experience. They are capable of investing heavily due to which this account starts its deposits at $100,000 and allows traders to deposit $500,000 as well. A direct line is provided to clients for reaching out to their personal analyst and they can also have weekly sessions. Other features of the account include Weekly and Monthly Market Reviews. Along with detailed financial research, the account also includes protect trade choices that are not available under any other account.
- The fees and charges at BrightFinance
Your profitability doesn’t just depend on the trades you make; the fees and other charges of a brokerage can also have an impact on your bottom line. As such, you should always consider the costs charged by the broker and then make your decision. The good thing about BrightFinance is that trading activities are subject to minimal fees and charges. The broker is quite transparent about the fee they charge and everything is broken down so you know exactly what you are being charged for. There are no hidden charges associated with transactions.
Majority of the fee that’s charged by BrightFinance is based on the banking methods that are in use as well as account activities. The fee terms are outlined by the broker in its agreement and you can go over them carefully before you sign up. Opting for BrightFinance gives traders the advantage of trading with commission as low as 0.8 and the other charges depend on the payment method and account of choice.
- The customer support at BrightFinance
When you decide to trade digitally, it is important to remember that while it does offer conveniences, it is not exactly a walk in the park. BrightFinance understands the problems that traders encounter and to assist them during this process, the broker has come up with a customer support system that’s tailored to the needs of its clients. There is a help center on the platform boasting a phone number and email address that enables you to direct your queries or problems to the right place.
The help section also comes with an FAQ section where the most common issues that are faced by visitors and traders are discussed. As far as the response system at BrightFinance is concerned, it is relatively prompt and available round-the-clock. A Live chat feature has also been integrated by the broker, which offers a quicker response system as compared to other methods. But, this feature can only be accessed by registered clients.
BrightFinance offers a unique platform that’s not just restricted to cryptocurrencies and boasts some of the best features and tools that ensure a smooth and profitable trading experience.