Cryptocurrency Exchanges (Part 3)
(Reading time 7 minutes)
Trading with cryptocurrencies is becoming more and more
popular these days. Slowly but steady Bitcoin and the altcoins are getting more
and more attention around the world. Some people are even securing
cryptocurrencies as their retirement funds, while some are doing speculations
with short-term trading (buy low, sell high). Every day new people wants to get
involved with the cryptocurrencies. They are looking for the answer where to buy
cryptocurrencies, what are the best cryptocurrecy exchanges? In the two
previous posts I have told you about the 2 types of cryptocurrencie exchanges
where you can buy and sell. The decentralized and the centralized crypto
exchange. I went through some of the prons and cons of both of them. Today I
will tell you about the most popular and safest crypto exchanges.
Do not be surprised that different exchanges offer different
rates. Therefore, always remember that you must shop around and not settle
immediately for certain exchange. Because this makes a big difference on your
investment, especially if you like to trade on a daily basis. Since the fall of
Mt.Gox as the biggest exchange, many traders have become wary of these exchanges as they are uncertain
how reputable they are and whether their money is safe. For this article I have
chosen 8 of the biggest exchanges. Please do not mind if I will miss a few of
them. So let’s go through the 8 major exchanges:
·
CEX.IO
·
Binance
·
Coinbase
·
Poloniex
·
Kraken
·
KuCoin
·
Bitfinex
·
Bittrex
· CEX.IO
CEX.IO is registered in UK and provides sufficient security
and is one of the more well regarded Bitcoin platforms in the world. CEX.IO
users have a high degree of confidence and trust in the company. This platform
enables you to easily trade fiat currency with cryptocurrencies and vice versa.
The platform also offers personalized and user friendly trading dashboard and
margin trading, for professional traders. CEX.IO offers a brokerage service for
inexperienced traders to purchase bitcoins on a very simple way according to
the market rate. All you need to do is go to the main page and sign up for
account. CEX.IO requires additional forms of identification to verify and
validate the account. It is also one of the first exchange to accept credit
card paymnets (credit and debit). Supports instant buying and selling of
Bitcoin, Ethereum, Litecoin and accepts multiple fiat currencies like
(USD,EUR,RUB). There are over 600.000 active traders on the platform.
· Binance
Binance is located out of China, and it is a rapidly growing
exchange. It is based in Hong Kong with offices in Japan. Binance announced on
March 23rd that they are moving to Malta. It is placed in the top 10
crypto exchanges in the world. It has more than 140 altcoins listed, which are
increasing. To get started with Binance you need to register using your email
ID, and the process is quite simple and fast. Binance is one of the few
exchanges that offers mobile app for iOS and Android. Binance is capable of
handling 1,400,400 orders per second, making it one of the fastest exchanges on
the market today. They have support of English, Spanish, Japanese, Korean
language.
· Coinbase
Coinbase is one of the most popular exchange platforms to
date, and also most reputable.It is very easy and secure to buy, use, store and
trade digital currency. It is located in San Francisco (USA). It allows you to
exchange currencies like Bitcoin, Ethereum and recently itecoin. They have also
a digital wallet that is available on iPhone and Android. The selection of
tradable currencies, depends on the country you live in. Coinbase allows
transactions in the US, Europe, UK, Canada, Australia and Singapore. The method
of payment is also limited and restricted to bank transfers, credit/debit cards
and PayPal. To get started all you need to do is sign up for your account.
· Poloniex
Poloniex is located in Delaware (USA). Poloniex offers a
secure trading environment with more then 100 different altcoins and advances
features for professional investors. With Poloniex there is no support of fiat
currencies, bank transfers or credit card transactions. The deposits must be
done in cryptocurrencies. After you will deposit your funds there is an option
to store value in USDT (Tether), it is a cryptocurerncy that represents US $
(ex: 1 USDT should be the same as 1USD). Poloniex provides some of the lowest
fees. A small down side in Poloniex is its security and customer support. So do
not keep large sums in the exchange. Always use a cold wallet, for storing.
· Kraken
Kraken is the largest Bitcoin exchange in euro volume and
liquidity also trading in Canadian dollars, US dollars, british pounds and
Japanese Yen.and is the first partner in the cryptocurrnecy bank. It is also
located in San Francisco (USA). It is rated as one of the most consistent and
secure Bitcoin exchanges. Kraken also allows the trade of digital currencies
such as Ethereum, Monero, Litecoin, Zcahs and many more. Kraken caters towards
more experiences users where it offers margin tradings and other advances
trading features. Kraken has very decent exchange rates, low transaction fees
as well as minimal deposit fees. The payment methods are very limited. To open
a basic account to start trading, you need to sign up for your account on their
main page where it requires your personal details, like government issued ID
and a proof of residence.
· KuCoin
KuCoin is relatively new exchange that is based in Hong
Kong. Although it’s new, the KuCoin team has already proven itself as a
reliable exchange. Registering to join KuCoin is very simple. You need to go on
their site and make an account. KuCoin has a very modern layout throughout the
website and you can trade Bitcoin and many other altcoins. At the moment KuCoin
does not accept fiat currencies, only crypto. KuCoin also offers very low fees
for trading and withdrawals. There is no fee to make a deposit, and the trading
fees are only 0.01 % based on the asset that you purchase. Some of the key
features that KuCoin has are: Efficient customer service available 24/7,
Financial system stability, Financial safety, fast processing and a few more.
· Bitfinex
Bitfinex is another large and very popular crypto exchange out there. It is based out of Hong Kong, operating since 2014
and accepts Bitcoin and other altcoin like – Ethereum, Zcash, Monero, Litecoin.
Here you can trade also with USD (with a wire fee of at least 20$). Also when
you deposit and withdraw anything, are charged certain fee. To get started on
Bitfinex, you need to register, verify your ID, and authenticate yourself.
Usually it takes 15-20 business days after submitting valid ID proof before
you’re accepted to the platform. On January 12th 2018 they opened
the registration, but put a limit of 10.000 $ or equivalent cryptos to be
deposited. Bitfinex has also Android and iOS mobile apps.
· Bittrex
Bittrex is located in the US, and provides you the option to
trade more than 190 cryptocurrencies. They are all well-regulated and compliant
with the US rules, so the users don’t need to worry about the safety of their
funds. Bittrex handles one of the largest Bitcoin trading volumes out of all
exchanges in the world. To start trading on Bittrex, you need to register and
log in through your e-mail, but to withdraw funds you need to submit your ID
documents and phone number. The verification is very fast. Bittrex, does not
support fiat currencies, it only supports cryptocurrencies. Bittrex supports
two type of accounts: Basic – where you can withdraw up to 3 Bitcoins per day.
Advanced – where you can withdraw up to 100 Bitcoins per day.
This is my pick of the top 8 exchanges where you can trade.
Some honorable mentions as well: Cryptopia, Bitstamp. Coinmama, Cryptsy, Gate.Io,
Coinseeter. In this post I wanted to give you a small overview of the top 8
exchanges.
If you have any question about these exchanges, or you want
to know more about certain exchange, you can always contact me, and I will be
more than happy explain you. Whatever exchange you choose, always be safe. Do
not put all of your funds in the exchange. Trade with certain amount.
If you liked this post, don’t forget
to share it with the world!
Thank you for reading
Follow me on facebook http://bit.ly/2zDUBpp
Comments
Post a Comment