Confused what CoinMarketCap does and does not offer.? Let us help you out!
CoinMarketCap is one of the most visited websites for cryptocurrency prices, market caps, volumes and more. With hundreds of millions of monthly users, CoinMarketCap has become a go-to resource for crypto traders and investors.
But a common question from new users is "Can you actually trade crypto on CoinMarketCap?"
The short answer is NO.
Here's what you need to know about what CoinMarketCap does and does not offer.
Is CoinMarketCap a Crypto Exchange?
CoinMarketCap is not a cryptocurrency exchange. The site does NOT allow you to buy, sell or trade crypto.
Instead, CoinMarketCap serves as a data aggregation site. It compiles data on price, market cap, volume and more for thousands of cryptocurrencies from exchanges around the world.
So while CoinMarketCap provides detailed data on crypto markets, it is not an exchange itself. To actually trade cryptocurrencies, you'll need to sign up with a crypto exchange like Binance.
What Kind of Website Is CoinMarketCap?
In simple terms, CoinMarketCap is a data site. It aggregates crypto prices, market caps, volumes and other metrics from exchanges worldwide.
The aim is to make crypto more discoverable for users globally. It provides information to help users conduct research and make informed investment decisions.
Beware of Scammers Sharing CoinMarketCap Portfolios
It's important to be aware of scammers who may use CMC Portfolio to deceive people. These scammers often share screenshots of their CoinMarketCap portfolios that appear to show massive profits from cryptocurrency trading.
However, these portfolios are entirely fabricated and manually input by the scammers themselves. Since CoinMarketCap does not facilitate any actual trading or transactions, the "profits" shown in these portfolios are completely fake.
The scammers' goal is to trick unsuspecting individuals into believing that they have a proven strategy for profitable crypto trading. They may then try to sell this "strategy" or other dubious products and services.
It's crucial to understand that CoinMarketCap portfolios are simply watchlists created by users. They do not reflect any real trading activity or account balances. Any claims of making millions through CoinMarketCap portfolios should be regarded as outright scams.
Do your own research, and only invest through reputable exchanges. Never send money to someone who uses a CoinMarketCap portfolio as proof of their success.
Remember, CoinMarketCap is a data aggregation site, not a platform for trading or generating actual profits.
How to Withdraw from CoinMarketCap
As CoinMarketCap is NOT an exchange, you CANNOT withdraw cryptocurrency funds from CMC.
The site has tracking features like Watchlists and Portfolio where users can add their favorite cryptocurrencies. But these are simply used to follow coins and build a hypothetical portfolio - NOT to make actual crypto transactions.
Can You Deposit Money on CoinMarketCap?
Since CoinMarketCap is not an exchange, you cannot deposit funds to CoinMarketCap.
If you want to trade crypto, you'll need to sign up and deposit funds with a crypto exchange like Binance.
Can You Make Money on CoinMarketCap?
Since CoinMarketCap is not an actual exchange, you cannot make money on the platform.
The main purpose of CoinMarketCap is to provide market data and research tools, not income. It is not a platform where users can deposit, trade, or withdraw crypto funds.
Key Takeaways
- CoinMarketCap is a data aggregation site, NOT an exchange - you CANNOT buy, sell or trade crypto on CoinMarketCap
- The site compiles data on thousands of cryptocurrencies from exchanges around the world
- CoinMarketCap aims to make crypto more discoverable and efficient for users globally
