The Best Cryptocurrency Exchanges
Are you new to cryptocurrency trading? If you are, welcome. One of the major things you need to research is cryptocurrency exchanges but we are moving too fast. Let’s slow down a little, talk about what a cryptocurrency exchange is.
What is a Cryptocurrency Exchange?
A cryptocurrency exchange is a platform where users can trade digital currencies. Basically, it gives you the opportunity to buy, sell or exchange cryptocurrencies for fiat ones like US Dollars and Euro.
If you want to trade professionally with access to some advanced tools, your exchange would require an ID verification. However, other exchanges offer straightforward trades that do not require opening an account.
There are three types of trading platforms offered by these websites. These are;
- Trading Platforms
- Direct Trading
Trading platforms connect buyers and sellers. However, you are charged a token for every transaction made. With a direct platform, individuals from different parts of the world exchange cryptocurrency in a person-to-person trade. Sellers get to set their own exchange rate.
On a broker’s platform, users must buy cryptocurrencies at a price set by the broker.
Now that we are through with the preambles, let’s get to the subject matter. Here are the best cryptocurrency exchanges out there.
The Best Cryptocurrency Exchanges
There are tons of platform to choose from, each offering slightly different criteria than the next. This list was compiled based on user reviews, accessibility, security and fee. In no order, these are the best cryptocurrency exchanges.
This is one of the most popular trading platforms in the world. The Coinbase platform makes storage, use, purchase and sales of digital currency easier. You can buy Bitcoin, Ether and Litecoin through their digital wallet which is available for download on your smartphone.
You also have the option of trading with other users through the GDAX. Note that you won’t have to pay any transfer fee when trading between Coinbase account and GDAX account. However, there are limited countries supported.
The major advantage of Coinbase is that they offer an insurance coverage for your stored currency. Coinbase is perfect for noobs.
This is the largest Bitcoin exchange when considering Euro volume and liquidity. It offers you the opportunity to not only trade Bitcoins for Euro, you also have US Dollars, Japanese Yen, Canadian Dollars, and British Pounds.
The option of digital currencies to trade from is just as large. They include Bitcoin, Ethereum, Ethereum Classic, ICONOMI, Monero, Litecoin, Augur REP tokens, Ripple, Zcash, Dogecoin and Stellar/Lumens.
Ideal for experienced traders, Kraken offers margin trading and other trading tools.
This platform is famous for its personalized and user-friendly dashboard. Like Kraken, it Cex.io also offers margin trading for experienced traders. However, if you are novice, you can use the simple brokerage service
Cex.io has the advantage of selling in line with the market rate and being friendly to beginners. What’s more, it is supported worldwide. On the downside, the verification process is drawn out and depositing is expensive.
This cryptocurrency exchange website is perfect for straightforward trades. You won’t have to signup or rely on the platform to hold your funds. There are two downsides of using this platform. These are;
- You can’t purchase cryptocurrency with credit or debit card
- There is no fiat policy
Basically, you can only make exchanges involving Bitcoin and other Cryptocurrencies on Shapeshift.
Here is the thing you need to know about Poloniex, it offers advanced trading tools and data analysis for experienced trader. That’s not all, its high trading volume affords you the opportunity of always closing a trade position.
Due to the volume-tier, maker-taker fee schedule employed by this platform for all trades, the fees differ depending on if you are the maker or the taker. It could range from 0 to 0.15%.
The advantages offered when you use Poloniex include;
- No withdrawal fees
- A Chatbox for users
- Bitcoin lending
- High volume trading
The major downside of this platform is that it offers no fiat support and has a slow customer service.
This is one of the first-generation bitcoin exchanges. As such, it has an established loyal customer base. Apart from the 24 hours support offered on the multilingual interface, Bitstamp offers other features such as;
- Two-step verification
- Multisig Technology for its wallet
- Fully insured cold storage
You can make your deposit and start trading immediately after opening the free account. The major downside is that it has a limited payment method and high deposit fees.
Wrapping It Up
As said earlier, there are tons of cryptocurrency exchanges. However, picking the right one depends on the service you require from the exchange. It could range from trading for fiat currency to getting an insured cold storage.
Regardless of the reason, these are the best cryptocurrency exchanges you’ll find.