PowerTrade Crypto Exchange Review 2023 : Pros & Cons

What Is Crypto Exchange

A crypto exchange is a platform that enables individuals to buy, sell, and trade various cryptocurrencies for other cryptocurrencies or traditional currencies such as the US dollar, Euro, or British pound. In simpler terms, a crypto exchange is like a stock exchange, but instead of trading stocks, it allows users to buy and sell cryptocurrencies.

There are various types of crypto exchanges, including centralized exchanges (CEXs) and decentralized exchanges (DEXs). Centralized exchanges are operated by a company or organization, and they control the users’ funds and transactions. Decentralized exchanges, on the other hand, operate on a blockchain network and allow peer-to-peer transactions without the need for a middleman.

What Is PowerTrade Crypto Exchange ?

PowerTrade is a cryptocurrency derivatives trading platform that enables users to trade options and other advanced financial instruments. It is designed to be a user-friendly platform that offers a range of trading tools and features for both novice and experienced traders.

PowerTrade was founded in 2020 and is headquartered in Singapore. The platform offers a mobile app that is available for both iOS and Android devices, making it easy for users to trade on-the-go. PowerTrade’s trading engine is built on the Ethereum blockchain, which enables fast and secure trading.

PowerTrade is also committed to providing a secure trading environment for its users. The platform uses advanced security measures such as multi-factor authentication, SSL encryption, and cold storage for user funds.

PowerTrade Crypto Exchange Quick Facts

How To Register At PowerTrade Exchange?

To register on PowerTrade , click Register Now button at the top of the page. You can also start creating an account directly through the form on the main page.

You only need to enter your e-mail and come up with a password. If there is a referral code, it is also entered at this stage. Password requirements: at least 8 characters, numbers, upper and lower case.

Click ” Create Account ” then go to your email to verify it. Enter the code you received and registration is complete. You can start replenishing your account.

PowerTrade Exchange Supported Countries

PowerTrade Exchange is a cryptocurrency exchange that supports users from various countries around the world. However, the availability of services may vary depending on the location of the user.

Exceptions are the US, Canada, United Kingdom and countries in the Australia. New Zealand and South Korea, Japan are also countries whose nationals cannot trade on PowerTrade .

How To Verify Your PowerTrade Cryptocurrency Account ?

There is no mandatory verification at PowerTrade , but you can pass it if you wish. At the moment, the only restriction imposed on unverified users is the withdrawal limit of Free. In the future, depending on the actions of regulatory authorities, conditions may change.

For verification, you can use one of four documents to choose from: passport, driver’s license, identity card or residence permit. Artificial intelligence is used to evaluate the authenticity of documents. This service is provided by the Onfido online identification service, already used by the PowerTrade , Revolut platforms.

How To Buy Crypto Or Deposit Crypto At PowerTrade Crypto Exchange?

There are two main options for topping up your balance on PowerTrade . Firstly, you can buy cryptocurrency with a bank card – it’s fast and convenient. Go to the ” Buy crypto ” -> ” Buy crypto with a credit card ” section.

Choose a cryptocurrency (currently there are 13 coins available for purchase in this way). Enter the amount and select the fiat currency to be used for payment.

After that, you will need to select a payment channel: each of them has conditions. You can choose between Simplex, Mercuryo, Banxa and Moonpay. Click ” Buy ” next to the appropriate option.

Agree to the terms and confirm the transition to the site of the payment provider. Enter information about the card and its owner, confirm the transaction. Cryptocurrency will be credited to the exchange account within a few minutes.

Second Method

You can transfer digital assets to the balance of the exchange from any external crypto wallet. For this:

• Go to the “Deposit” section from the “Assets” menu.

• From the drop-down list, you can select the cryptocurrency you want to deposit into your account.
• The wallet address will appear. You need to copy it and send funds to it from another wallet or exchange. Please note that only bitcoin can be sent to bitcoin addresses, similarly with other coins.
• You can also click “Show QR code” – for transfers from a mobile wallet, this is a more convenient option.

How To Withdraw Crypto Asset From PowerTrade Exchange ?

Having completed all the necessary trading operations, it’s time to withdraw the received assets to an external wallet. Go to ” Assets ” -> ” Withdraw “. Please note that the operation is only available after enabling two-factor authentication in the settings. This is for added security and requires less than a minute, so don’t neglect this measure.

Select a cryptocurrency and enter the withdrawal amount. Each coin has its own withdrawal fee, for example, for BTC it is 0.00057 BTC. Click ” Output “. By default, the exchange processes applications three times a day, however, hourly withdrawals are available for Premium users. Also, the time of receipt of the cryptocurrency is affected by the workload of the blockchain network.

How To Secure Your PowerTrade Account ?

To secure your PowerTrade account, follow the steps below:

1. Use a strong and unique password that is not used on any other websites or platforms.
2. Enable two-factor authentication (2FA) on your account. PowerTrade supports several 2FA options, including Google Authenticator and SMS.
3. Keep your login credentials and 2FA codes safe and secure. Do not share them with anyone.
4. Regularly monitor your account activity and check for any unauthorized transactions or access.
5. Enable email notifications for account activity, such as login attempts and withdrawals.
6. Use a reputable antivirus software and keep it updated to prevent malware attacks.
7. Be cautious of phishing scams and do not click on any suspicious links or download any suspicious attachments.
8. Keep your personal information up-to-date and accurate to facilitate account verification and security checks.

In addition to the above measures, it is also recommended to keep your cryptocurrency assets in a secure external wallet that you control, rather than leaving them on the exchange for an extended period of time. This helps to minimize the risk of potential security breaches or hacking attempts on the exchange.

Fees taken when buying virtual currency

The fees for buying virtual currency on PowerTrade depend on the specific cryptocurrency being purchased and the payment method used.

PowerTrade charges a trading fee of 0.05% for both buying and selling cryptocurrencies. In addition, there may be network fees associated with depositing and withdrawing cryptocurrency from the exchange.

When buying cryptocurrency using a credit or debit card, there may also be additional fees charged by the card issuer. These fees vary depending on the card issuer and the specific card used.

It is important to review the fees associated with buying cryptocurrency on PowerTrade before making any transactions. This can help to ensure that you are aware of the total cost of the transaction and can make an informed decision about whether or not to proceed with the purchase.

Trade On Go PowerTrade Is 100% Mobile Friendly

Yes, that’s correct! PowerTrade offers a fully mobile-friendly trading platform called “Trade on Go,” which allows users to trade cryptocurrencies on their mobile devices.

With Trade on Go, users can access all the features and functions of the PowerTrade exchange, including buying and selling cryptocurrencies, viewing their portfolio, and monitoring market prices and trends. The platform is optimized for mobile devices, with a user-friendly interface and intuitive navigation.

Trade on Go is available for both iOS and Android devices, and can be downloaded from the App Store and Google Play Store, respectively. It is free to use and provides a seamless trading experience for users who prefer to trade on-the-go or from their mobile devices. Overall, Trade on Go is a convenient and user-friendly option for those who want to trade cryptocurrencies from their mobile devices.

How To Contact PowerTrade Customer Support Team?

If you need to contact PowerTrade customer support team, you can follow the steps below:

1. Go to the PowerTrade website and log in to your account.
2. Click on the “Support” button in the bottom left corner of the screen.
3. Choose the type of issue or question you have, such as “Deposits and Withdrawals,” “Trading,” or “Account and Security.”
4. Review the articles and FAQs related to your issue to see if there is already an answer or solution available.
5. If you cannot find the answer you are looking for, click on the “Submit a Request” button at the bottom of the page.
6. Fill out the support request form with your name, email address, and a detailed description of your issue or question.
7. Click on the “Submit” button to send your request to the PowerTrade support team.

Alternatively, you can also send an email to [email protected] with your issue or question. The PowerTrade support team will respond to your request as soon as possible, typically within 24-48 hours.

It is important to provide as much information as possible when submitting a support request to help the PowerTrade team diagnose and resolve the issue quickly and efficiently.

Features Of PowerTrade Crypto Exchange

PowerTrade is a cryptocurrency exchange platform that offers several features and benefits to its users, including:

User-friendly Interface

PowerTrade’s platform is easy to use and navigate, with a clean and intuitive interface that makes it easy for beginners to get started with cryptocurrency trading.

Low Fees

PowerTrade charges a trading fee of 0.05%, which is lower than many other popular cryptocurrency exchanges.

Range of Cryptocurrencies

PowerTrade offers a range of popular cryptocurrencies for trading, including Bitcoin, Ethereum, and Litecoin, as well as a number of altcoins.

Advanced trading Tools

PowerTrade offers advanced trading tools, such as market depth charts and order books, to help traders make informed decisions and execute trades with precision.

Mobile-friendly Platform

PowerTrade’s “Trade on Go” platform is fully mobile-friendly, allowing users to trade cryptocurrencies on-the-go from their mobile devices.

Security Features

PowerTrade takes security seriously and offers several security features, such as two-factor authentication and multi-signature wallets, to help protect users’ assets.

High liquidity

PowerTrade offers high liquidity, which means that users can quickly and easily buy and sell cryptocurrencies without having to wait for orders to be filled.

Fast transaction processing

PowerTrade’s platform is designed to handle high volumes of transactions, which means that trades are processed quickly and efficiently.

PowerTrade Good Or Bad Points

Here are some potential good and bad points of using PowerTrade:

Good Points:

1. Low trading fees: PowerTrade charges a competitive trading fee of 0.05%, which is lower than many other popular cryptocurrency exchanges.
2. User-friendly platform: PowerTrade’s platform is easy to use and navigate, making it a great option for beginners.
3. Range of cryptocurrencies: PowerTrade offers a range of popular cryptocurrencies for trading, including Bitcoin, Ethereum, and Litecoin, as well as a number of altcoins.
4. Advanced trading tools: PowerTrade offers advanced trading tools, such as market depth charts and order books, to help traders make informed decisions and execute trades with precision.
5. Mobile-friendly platform: PowerTrade’s “Trade on Go” platform is fully mobile-friendly, allowing users to trade cryptocurrencies on-the-go from their mobile devices.
6. High liquidity: PowerTrade offers high liquidity, which means that users can quickly and easily buy and sell cryptocurrencies without having to wait for orders to be filled.
7. Fast transaction processing: PowerTrade’s platform is designed to handle high volumes of transactions, which means that trades are processed quickly and efficiently.

Bad Points:

1. Limited availability: PowerTrade is currently only available in select regions, which may limit its accessibility to some users.
2. Limited customer support: Some users have reported difficulty in reaching customer support or receiving timely responses to their inquiries.
3. Limited fiat currency support: PowerTrade currently only supports deposits and withdrawals in US dollars and Euros, which may limit its accessibility to users in other regions.
4. Limited trading pairs: PowerTrade offers a relatively limited selection of trading pairs compared to some other cryptocurrency exchanges.

Overall, PowerTrade offers a range of features and benefits that make it a good option for cryptocurrency traders. However, there are some potential limitations and drawbacks to consider when deciding whether or not to use the platform.

Is PowerTrade Is Safe Platform To Trade ?

PowerTrade takes security seriously and has implemented several measures to help ensure the safety of its platform and users’ funds. These include:

1. Multi-Signature Wallets: PowerTrade uses multi-signature wallets to store users’ assets, which means that no single user or entity can access the funds without the approval of multiple parties.
2. Two-Factor Authentication: PowerTrade offers two-factor authentication (2FA) as an additional layer of security for user accounts.
3. SSL Encryption: PowerTrade’s website uses SSL encryption to protect users’ data and prevent unauthorized access.
4. Cold Storage: A significant portion of users’ funds are stored in cold storage, which means that they are kept offline and away from potential security threats.
5. Regular Audits: PowerTrade undergoes regular security audits and assessments to ensure that its systems and processes are up-to-date and effective in preventing security threats.

Overall, PowerTrade appears to be a safe platform to trade cryptocurrency. However, as with any cryptocurrency exchange, there is always some level of risk involved, and users should take steps to protect their assets, such as using strong passwords and enabling two-factor authentication. It is also important to conduct thorough research and due diligence before using any cryptocurrency exchange to ensure that it meets your needs and that you are comfortable with the level of risk involved.

PowerTrade Conclusion

PowerTrade is a cryptocurrency exchange platform that offers several benefits to its users, including low fees, a user-friendly interface, advanced trading tools, high liquidity, and a mobile-friendly platform. PowerTrade takes security seriously and offers several security features to help protect users’ assets.

While there are some potential drawbacks to using PowerTrade, such as limited availability and limited customer support, overall, it appears to be a safe and reliable platform for trading cryptocurrencies. As with any cryptocurrency exchange, it is important to conduct thorough research and due diligence before using PowerTrade or any other exchange, and to take steps to protect your assets, such as using strong passwords and enabling two-factor authentication.

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