Why is STICPAY the Best Digital Wallet for Crypto and Forex Traders?
Crypto and forex offer ample opportunity for profitable gains and add an exciting element to any trader’s portfolio. As FinTech and digital evolve, the capabilities of these markets will also become more lucrative for savvy traders who strike when opportunity presents itself, but trading success hinges greatly on the tools traders use.
Digital wallets have revolutionised the way fund transactions are carried out, including in the trading space, and are incredibly useful tools for traders working across locations and markets. However, not all digital wallets are the same, and the digital wallet requirements for trading differ from those for day-to-day to money transfers. In this blog, we explore what crypto and forex traders need from their digital wallet solutions, and what to look out for when choosing the best digital wallet for your crypto and forex needs.
Why Crypto and Forex Traders Need an Efficient Digital Wallet Solution
What an efficient digital wallet for crypto looks like
Cryptocurrency, and more recently NFTs, offers investors an attractive alternative investment that can provide much higher returns than traditional investments. Trading your crypto at the right time, with the right strategy can make for lucrative returns. But whether you’re actively trading your crypto regularly, or storing it for prolonged periods of time to accumulate value, you need to ensure your digital wallet is capable of supporting your goals.
Crypto traders have two options when it comes to trading cryptocurrency — via an exchange or through a privately owned crypto wallet. Exchanges are less secure than private digital wallets because they “co-own” your private keys required to make crypto transactions, and should the exchange get hacked, you risk losing your keys. However, exchanges do offer some perks, like being able to exchange crypto for fiat currency.
Crypto wallets, on the other hand, have a higher level of security, are more convenient to access, and enable long-term crypto storage. In addition to their inherent convenience, wallets can also either be “hot” or “cold” to support different crypto trading strategies. If you would like to capitalise on good market performance in real-time, a hot wallet that remains online is ideal, but if you’d prefer to store your crypto to accumulate value over the medium to long term, a “cold” wallet, which stays offline, is better. Either way, the best digital wallet for crypto guarantees the convenience that comes with owning a crypto wallet and can support various crypto trading strategies.
What forex traders need from their digital wallet
Forex is the biggest market in the world to trade on, and the effects of forex trading can be felt in the price of imported goods and the costs associated with travelling abroad. Forex trading, like other forms of speculative trading, can be profitable, but also risky. Because forex trading requires leverage and because traders use margin, executing large trades can either maximise profits or accelerate losses. This makes keeping a close watch on fluctuating currency pair prices and acting quickly on opportune price movements important for traders. Profitable trades can help traders easily recover the leverage borrowed, but trade losses make recovering leverage difficult. Transaction costs have a noticeable effect on profitability and loss, as profits can be eaten into, and losses can be worsened, quite substantially.
Digital wallets are growing in popularity for forex traders because of the convenience, speed and accessibility they offer. Compared to traditional bank transfers, digital wallets allow for instantaneous fund transfers and considerably lower transaction costs — capabilities that benefit time- and cost-conscious forex traders. Numerous forex brokers also now offer e-wallets as a payment method for deposits and withdrawals, usually without additional commission fees, showing that digital wallet adoption is just increasing in the forex space.
Digital Wallet for Trading Must-Haves
Since successful crypto and forex trading depends on prudent observations and quick action on the part of traders, the digital wallet they use when making trades needs to have the capabilities to support them. Here are the must-have functionalities to look out for when choosing the best digital wallet for crypto or forex trading.
Convenience
In today’s fast-moving financial world, the technology you use for any kind of transaction needs to be convenient, and digital wallets are no exception. A convenient digital wallet:
- Is highly accessible from your mobile or desktop, anywhere in the world, with as few clicks as possible
- Supports international funds transfers to as many countries as possible, quickly and compliantly
- Has local payout capabilities, saving users on transfer and conversion costs
- Offers cashback services for additional value adds
Depending on your requirements, the currencies you trade in, and where in the world you trade, a convenient digital wallet should enable you to make trades easily and intuitively, with minimal additional effort required from you.
Low transfer fees
Traditional bank wire transfers are notoriously costly and take a few days to complete, especially for international transfers, which can be challenging for traders that need quick transfers at as low costs as possible.
As such, it is important that the digital wallet you choose offers competitive transfer fee rates for deposits and withdrawals, no matter where you are or where you’re sending funds to. Transfer costs should also be minimal for other payment methods, including credit card processing. Remember that is also worth noting any minimum and maximum transaction limits that the wallet provider may have.
Multiple payment method support
The best digital wallets offer support for multiple payment methods, which can be useful depending on your preferred or available payment capabilities. Whether making payments via your Visa or Mastercard, or bank transfers, or with crypto, your digital wallet needs to be flexible enough to support your payment method of choice.
Multi-currency support is also beneficial, as this enables multi-currency settlements for global transactions more quickly and cost-effectively, so take note of which currencies are supported by your digital wallet, and whether they align with the currencies you trade in.
For crypto trading specifically, crypto-to-fiat gateway capabilities are also beneficial. Crypto-to-fiat options are most commonly available on crypto exchanges, which limits traders who prefer to use a private wallet for their crypto transactions. As such, the best digital wallets for crypto offer traders the ability to exchange their crypto for fiat currencies and vice versa, without having to go through an exchange.
Security
Security is a non-negotiable when it comes to financial technology. Whether trading crypto or storing it for a prolonged period of time, or trading forex within minutes of a good market swing, your digital wallet needs to be able to keep your assets safe throughout the trading or transaction process. Luckily, digital wallets are renowned for their security features, specifically their impenetrable technology that makes intercepting sensitive data or fund transfers impossible.
Security methods and features to look out for in a digital wallet include:
- Multi-factor authentication protection
- Encryption capabilities
- Biometric, pin or password protection
- Device recognition
- KYC and AML checking capabilities
Transaprency on the part of the digital wallet provider is also important. As such, when assessing a possible digital wallet solution, consider the reputation of the provider and whether they are transparent about their security and how they handle the transferring of funds.
Optimal user experience
Relating to convenience, a digital wallet also needs to provide as optimal a user experience as possible. This includes having:
- A user-friendly interface with an intuitive layout
- Performance stability and optimisation
- Transfer tracking and monitoring capabilities
Additionally, the best digital wallet service providers offer 24-hour support, seven days a week, and can ensure quick and seamless problem resolution once an issue has been logged. The process of reporting an issue should also be easy and quick for users.
Why STICAY is the Best Digital Wallet for Crypto and Forex Trading
STICPAY is a global digital wallet service that is not bound by location. Regardless of where a funds sender or receiver sits, STICPAY enables users to send and receive money into their STICPAY account within one minute. This enables users to make international fund transfers without worrying about the funds taking days to reflect — a necessary requirement for forex traders who need to move quickly on opportune trades.
Additionally, to minimise on forex trading transaction costs, and thus protect margins from unnecessary expenses, STICPAY’s global capabilities and local bank partnerships eliminate traditional intermediary banks from the transfer process entirely, allowing traders to send and receive funds in the currency they require, locally, without worrying about high transfer and conversion fees.
STICPAY is also an excellent digital wallet solution for all your cryptocurrency needs. For traders, STICPAY offers the ability to deposit crypto and convert it to fiat currency and vice versa. With STICPAY’s digital wallet, both traders and merchants can effortlessly deposit, hold, convert, transfer and withdraw crypto, while STICPAY’s algorithms monitor over five global exchanges to ensure the best conversion rates for customers.
Present in over 190 countries, and currently supporting 27 national fiat currencies and two crypto currencies (being Bitcoin and Litecoin), STICPAY enables users to have multiple currency wallets that can be used worldwide for immediate transfers at very low fees. Specifically, STICPAY charges only 1% for crypto deposits and Ethereum and Litecoin withdrawals, with a 1.2% +$3 fee for Bitcoin withdrawals. Furthermore, the payment solution features a competitive 1.8% fee for processing cryptocurrency transactions.
Conveniently available as a secure mobile app for iOS and Android devices, STICPAY uses multiple layers of security to ensure that your funds remain safe and accessible to only you. Additionally, STICPAY’s local bank partnerships enable local fund withdrawals, and all banking partners are regulated in their own jurisdictions and approved by the regulators, easing any concerns users may have about compliance. And should users run into any issues, STICPAY provides 24-hour customer support, ideal for 24-hour forex trading.
Summary
The quick-paced nature of crypto and forex trading means that traders need optimal support from their digital wallets for successful trade transactions. The best digital wallet for crypto and forex trading should be convenient to use, have the most competitive fees, support multiple payment methods, guarantee uncompromised security, and provide a seamless user experience. Armed with the right digital wallet, crypto and forex traders can enjoy streamlined transfers, enabling them to optimally manage their trading funds.
STICPAY offers an unparalleled digital wallet solution for traders working across countries and markets, and has ample support for crypto and forex trading requirements specifically. If you’re looking to capitalise on cutting-edge FinTech capabilities to support your trading goals, sign up for a STICPAY account now, or reach out to us for more information.
Originally published at https://www.sticpay.com on August 9, 2022.
