Cryptocurrency exchange is such a medium which is used for converting cryptos into fiat. Traders use it for trading in crypto market. They provide all necessary trading tools including trading platform indeed. If a trader wants to trade in crypto market then he needs to open an account in a certain exchange and have to verify his ID. But if you are willing to occasional and straightforward trade, then there is platform for you but no account is required to open.
Types of Exchanges
1: Brokers: Anyone can visit their websites and can buy cryptocurrency on the basis of the price set by brokers.
2: Direct Trading: It is a person to person trading type. People from different countries can exchange currency. There is no fixed market price.
3: Trading platforms: These are websites take fee from buyers and sellers for connecting them to the market.
Qualities of Exchanges
-Exchange rate: Though every exchange has their own exchange rate but it’s not unusual for rates to fluctuate up to 10% and even higher in some instances.
-Geographical Restriction: Exchanges offer benefits according to country. So before entering an exchange traders should ensure that they have access to all technical tools provided by the exchange.
-Reputation: Refutation is the big fact because many exchanges are found into scamming. From the reviews of individuals traders can come to know about a exchange’s regulation.
-Fees: Fees taken by the brokers differs according to the use. So traders should comprehend deposit, transaction and withdrawal fees of a certain exchange through their website.
-Payment Methods: If an exchange allows all types of payments methods then it will be very much convenient to the traders. It is because traders don’t belong to all types of payments cards as a result they only have one or two mediums for exchanging. If exchanges allow all payments methods then all types of traders can easily exchange indeed.
-Verification: Before making deposit & withdrawl traders should verify their ID. Some exchanges allow you to remain anonymous. Verification helps you to be protected from scam and money laundering.
The Best Cryptocurrency Exchanges
There are a lot of crypto exchanges in retail market place but they are not similar indeed. Now I am going to mention some well known exchanges according to their user reviews, user friendliness, accessibility, fees and security issue.
It’s actually a Canadian platform. It is founded as InstaBT in 2013. It is one of the quickest growing buy-sell platform. The platform is always determined to provide convenient, dependable and secure access to bitcoin and other digital currencies. They are famous for great customer service, fast registration and verification, quick processing of CAD deposits and withdrawals and also for low fees. But it still has some disadvantages like it offers only BTC, ETH, LTC and BCH. The platform is not worldwide rather it is confined to only Canada.
It is one of the most popular and well-known brokers and worldwide platform. Here a trader can securely buy and store digital currency. Bitcoin, Ether and Litecoin from coinbase can be purchased through a digital wallet here. GDAX company is also associated with the broker and it does not currently charge any transfer fees for moving funds between your Coinbase account and GDAX account. The benefits of selecting the exchange is that it is secure, reputed, offers reasonable fees, limited countries supported and GDAX suitable for technical traders only.
It’s demerits are poor customer support, limited payment methods, limited countries supported, non-uniform rollout for service worldwide.
Though you entrust your money upon the exchange so they provide highly secure environment. They maintain a ledger themselves in the interest of ensuring that they know where every coin whether Canadian or ethereum-is at all times. Facilities of selecting the broker are good reputation, security reasonable fees and beginner friendly. The demerits of selecting the broker is poor customer support, limited payment methods, non-uniform rollout of service worldwide.
It is established in 2011. It is the largest Bitcoin exchange in euro volume and is a partner in the first cryptocurrency bank. Bitcoin, Ethereum, Monero, Ethereum Classic, Augur REP tokens, ICONOMY, Zcash, Litecoin, Dogecoin, Ripple and Stellar/Lumens are allowed to trade here. Kraken offers margin trading. It is a reputed broker offers decent exchange rate, low transaction fees, minimal deposit fees, feature rich, great user support, security and supported worldwide. The demerits of selecting the broker is limited payment methods, not suitable for beginner, unintuitive user interface.
Cryptocurrency and fiat money and vice-versa can be traded here. The platform offers personalized and user friendly trading dashboards and margin trading. Traders can easily buy bitcoin and other cryptocurrencies here. Here a trader can store cryptocurrency in safe cold storage. It is secure and intuitive. It has a good reputation. Others f=user friendly supports from this platform are good mobile product, support credit cards, beginner friendly, decent exchange rate, supported worldwide, API solutions for automated trading. It’s main demerits are strict verification rules and fees vary with the payment method.
This exchange support many cryptocurrencies Bitcoin, Ethereum, Monero, Zcash, Dash,Dogecoin and many others. Those who want to appear trading without opening an account ShapeShift is for them. People can rely upon their security issue for funding. But you can’t buy crypto with debit card, credit card and any other payment system. There is no fiat policy. The benefits of selecting the broker are good reputation, beginner friendly, dozens of crypto’s available. And the demerits are average mobile app, no fiat currencies, limited payment options and tools.
It is established in 2014. There are 100 different Bitcoin cryptocurrency pairings, advanced tools and data analysis. Polonies employs a volume-tiered, marker-taker fee schedule for all trades so fees are different depending on if you are the maker or taker. To the takers fees range from 0.10 to 0,25%.There is no withdrawal fees. There is a chat box which is unique congenial to the users for help. Chatbox helps one to keep engaged. The pros of selecting the exchange are fast account creation, BTC lending, high-volume trading, user friendly, low trading fees and open API. And the cons are slow customer service and no fiat support.
The exchange was established in 2011 and European Union based marketplace. It is a safe platform to the Bitcoin community for its security issue. It is highly secure because they maintain two-step authentication, multisig technology for its wallet and fully insured cold storage. Their support is active for 24/7 hours and they maintain a multilingual user interface. The exchange is reputed indeed. Their other facilities are high-level security, worldwide availability, low transaction fees and good for large transactions. The demerits of selecting the exchange are not beginner friendly, limited payment methods, high deposit fees, user interface.
It’s a veteran broker platform where bitcoin or ether can be bough using crebit card or cash via MoneyGram. A trader can instantly and straightforwardly purchase digital currencies with the platform. CoinMama is available in English, German, French, Italian and Russian. The pros of selecting the exchange are good reputation, beginner friendly, great user interface, good range of payment options, available worldwide and fast transaction time. The cons of selecting the broker are high exchange rates, a premium fees for credit cards, no bitcoin sell function, average user support.
It is an user-friendly peer to peer exchange. Bitsquare never holds user funds and no one except trading partners exchange personal data. The platform offers high security with multisig addresses, security deposits and purpose-built arbitrator system. The facilities of selecting the platform are good reputation, secure & private, a vast amount of cryptocurrencies available, no sign-up, decent fees, open source, available worldwide and good for advanced traders. The demerits of selecting broker are limited payment options, average customer support and not beginner friendly.
It is a P2P Bitcoin Exchange available in thousands of cities around the world. Buying and selling process can be done here in cash and PayPal, Skrill are allowed here. They take commission only 1% on the sellers. Trading is secure here. The facilities of selecting the broker are no ID required, beginner friendly, usually free, instant transfers and available worldwide. The demerits of selecting the broker are high exchanges rate and hard to purchase large amounts of bitcoin.
It is an OTC cryptocurrency exchange developed by Yesbit Ltd. The exchange is based in Toronto Canada. The exchange processes transactions autonomously via smart contracts. 7 cryptocurrencies are conventional in the exchange which include BTC, ETH, BCH,ETC,LTC,LKN,BIX. Linkcoin values accessibility. Interac e-Transfer, Bank Wire, AliPay and WeChat Pay are accepted here. The facilities of selecting the exchange are no ID required, very cheap to sell, platform token, free to buy, high privacy and security. The demerits of the exchange are lack of altcoins, limited volume and not beginner friendly.
Binance is one of the best options to the people. They offer low trading fee. The exchange holds a huge selection of altcoins with Bitcoin, Ethereum and Tether pairings. BNB is their own coin. This is a centralized exchange offers discounts while conducting trade. Their unique features are ubiquitous platform, platform token, very cheap to transact and available worldwide. And the demerits are no fiat trading available and limited payment options.