How does Young Platform work

Young Platform is an Italian crypto exchange that has a basic and a Pro version: let’s see how it works.

How does Young Platform work and what services it offers

In order to use this centralized exchange, it is necessary to register and perform identity verification.

Young Platform is duly registered with the OAM Registry of Virtual Currency Operators, and therefore subject to compliance with Italian regulations that require, among other things, identity verification for all users.

Both the web platform and the appropriate app can be used to carry out registration and subsequent identity verification.

It is worth noting that the Young Platform project was actually born with an app, in 2018, so it is in fact a mobile-first platform, used largely precisely via smartphone.

In fact, it even has an app called Young Platform Step that pays in tokens for the steps you take throughout the day, thanks to the tracking of a smartphone.

After registering, a deposit must be made in order to start selling and buying cryptocurrencies.

The platform supports the euro as a fiat currency, and allows deposits and withdrawals in euros using bank transfer, credit or debit card, Google Pay and Apple Pay, and Satispay.

It also allows gift card deposits, which are euro credits that can be deposited to purchase cryptocurrencies.

It supports more than 30 cryptocurrencies, particularly on the Ethereum and Bitcoin networks, as well as Matic and some other major blockchains including Ripple, Stellar, and Algorand. However, it does not support Binance Smart Chain and Tron.

In addition to classic fiat currency buying and selling of cryptocurrencies, Young Platform also supports recurring purchases, and crypto-to-crypto conversions.

Of course, being a centralized exchange, it has custodial wallets. That is, the sole ownership of its wallets is corporate, so the user who deposits his or her tokens effectively entrusts custody of them to the exchange operators.

It is worth noting that in addition to simple custodial wallets, it also offers the so-called P&L (Profit & Loss) wallet, which allows users to monitor the performance of their crypto portfolio so that they have an immediate idea of any losses or gains.

It is indeed an exchange designed to be used by anyone, even those who have no experience in this field. For this reason, it is easy to use, and it was later joined by a more complete Pro version.

The Pro version

If the basic version of Young Platform is intended specifically for beginners, Young Platform Pro on the other hand is an advanced exchange aimed at traders and people with experience in this field.

In fact, Pro offers additional tools, e.g., indicators, APIs, and analysis tools, so that the user can develop targeted trading strategies.

Sponsored

These strategies require the use of intermediate or advanced features, such as limit orders, stop orders, and advanced chart reading, making the Pro version unsuitable for beginners. In the basic version these intermediate or advanced features are not there.

However, you can easily switch between versions at any time, as the account is the same, with the same login credentials and authentication method. In addition, the euro and crypto wallets are also the same, so that the available balances are the same on both exchanges.

It is worth noting that only the Pro version offers a wider choice of cryptocurrencies and trading pairs because more complex or newer cryptocurrencies may involve higher risks if purchased.

For this reason, and the fact that very specific skills are required to use these cryptocurrencies, it was decided not to make them available on the basic beginner version. In fact, for cryptocurrencies available only on Pro, no balances are visible on the basic version.

Another distinction concerns transactions: it is not possible to see on one version the transactions made on the other.

So each of the two versions shows users only the transactions made on that specific exchange. Then again, generally those who use the basic version do not use Pro, and vice versa, although in many cases people start with the basic version and then move to the Pro version.

The academy

In order precisely to help beginners get into this world, Young Platform also has its own Academy, where you can find various resources to help people take their first steps into this world.

It is worth noting that these are not only resources related to cryptocurrencies, but also cover trading in general, blockchain, economics, and technology.

The glossary is also interesting from this point of view, because it helps to become familiar with the countless technical terms that are often used in this area, and whose meaning is obscure or incomprehensible to most.

Young Platform is certainly a good starting point for approaching this world, and the fact that it also has a Pro version allows those who want it to embark on a path of evolution and growth by taking even a few more steps than the initial simple ones.

A good start for absolute beginners might be the video posted by Young Platform on its YouTube channel titled “How to Buy BITCOIN in 5 Moves (Guide for BEGINNERS).”

It is worth mentioning that leaving one’s cryptocurrencies in the custody of a third party, as is the case with all centralized exchanges’ custodial wallets, always carries a risk, because it can happen that one can no longer have access to those wallets, effectively losing possession of one’s cryptocurrencies.

However, it is always possible to leave tokens on the wallets of exchanges when one wants to use their services, and then withdraw them in case one no longer needs to use them instead.