Entering the crypto space can be a challenging experience, and navigating through the different exchanges can be overwhelming and confusing for new traders. Cryptocurrencies are volatile assets, which makes investing in digital currencies very risky.
When finding an exchange in Sweden, it is important to consider what suits your activity best. Swedish stock exchanges may have very different features depending on your trading requirements.
Here is a look at the most important stock exchanges currently available in Sweden.
1. Best for Beginners: Coinbase
Coinbase is one of the largest and most popular cryptocurrency exchanges in the world. It is a great place for users to start buying and storing crypto. Coinbase offers additional services such as the Coinbase Wallet app as well as Coinbase Pro. Coinbase Pro allows for a more extensive trading platform with live order history as well as trading history. For anyone interested in buying cryptocurrency quickly and easily, Coinbase is a great option.
2. Best for Social Trading: eToro
eToro is a great trading platform for individuals who are looking to get started in cryptocurrency trading socially. The social trading platform offered by eToro is simple and smooth, and provides a great user experience. Traders can see other traders’ trades, which adds a whole new aspect to trading. This feature enables traders to repeat the actions of other traders in real time, which is called copy trading. For anyone interested in buying cryptocurrency as well as viewing other traders’ deals, eToro is a great choice.
3. Best for leverage trading: FTX
FTX is a trading platform designed by traders with the aim of providing a powerful trading platform.
FTX is a cryptocurrency exchange specializing in derivatives, indices, futures and leveraged tokens that can be traded on margin. This allows traders to use their assets as collateral in order to take advantage of different positions. For users looking to trade on margin, FTX is a good option. Always do your research before executing a trade on margin.
4. Best for Crypto Rewards: Crypto.com
Crypto.com is a cryptocurrency exchange that allows users to buy, sell and trade digital assets. There are also a few credit cards offered by crypto.com with varying rewards, ranging from 1% to 8% APR. The Crypto.com credit card has an unstable payment schedule as well as no monthly late fees or deadlines. For users who want to earn crypto rewards on cash purchases, a Crypto.com credit card might be a good option.
Types of cryptocurrency exchange
A cryptocurrency broker is a company or individual that acts as an intermediary for market purchases. The broker allows customers to buy and sell at a set price. The broker usually charges a premium for using the platform.
On the other hand, cryptocurrency exchanges provide an online platform for individuals to buy, sell and trade cryptocurrencies themselves. The exchanges act as an intermediary and charge a fee for trading, allowing users to execute trades at the desired market price.
Current crypto prices
As the decentralized finance (DeFi) industry continues to evolve, the price movement of cryptocurrency continues to reverse. Taking a step back, the cryptocurrency market as a whole appears to be holding support. If traders continue to maintain this level, we can expect the bullish trend to continue. If price action drops further, we may start to see a shift in market sentiment.
What to look for in a cryptocurrency exchange
When dealing with cryptocurrencies, security is one of the most important aspects to consider. When using an exchange, traders want to feel as if they can trust that their money is safe. A secure exchange should have control systems that detect and block suspicious transactions. It is also highly recommended to consider two-factor authentication systems for added security.
Most cryptocurrency exchanges charge a small percentage as a fee for each buy and sell order. Exchange rates vary greatly depending on the exchange the trader is using. It is always a good idea to do your research on all the different exchange rates before executing trades.
Code of coding in Sweden
In Sweden, cryptocurrencies are recognized as property under Swedish law and are given the same protection as any other type of property. Swedish law does not contain any specific regulation against cryptocurrencies.
What you need to open a Crypto account in Sweden
All exchanges require users to verify their personal identity before they can start trading. Usually, it will start by filling in your personal information: your legal first and last name. This is followed by selecting the government ID you wish to use (ID card, passport) and then taking a photo and sending it in. Finally, users must submit a photo of themselves to match the profile form previously submitted.
Best cryptocurrency wallets in Sweden
When trading cryptocurrencies, it is important to make sure that your assets are safe. This can be done using a software wallet like ZenGo, or a hardware wallet like Ledger.
ZenGo is a mobile software wallet, great for users who want to store their cryptocurrency. This wallet also removes the worry about keeping your private keys due to the facial biometric feature.
Ledger is a great hardware wallet for those who want to store their assets in a cool place. The device is mainly an offline hardware wallet, which can also connect with Bluetooth and USB for computer and mobile phone use.
Choose your exchange
When looking for an exchange, be sure to take a look at the platform, fees, security, and ease of use before deciding what is best for you. The exchange platform you use can greatly affect your ability to trade, so be sure to choose the one that best suits your needs. If you want to get more detailed information about cryptocurrencies or reviews about different exchanges, visit our cryptocurrency landing page.
Benzinga has developed a specific methodology for classifying cryptocurrency exchange instruments. We prioritize platforms based on offers, pricing, promotions, customer service, mobile applications, user experience, benefits and security. For a comprehensive analysis of our methodology, please visit our cryptocurrency methodology page.