As a beginner, your entry gate to the world of cryptocurrency is the “exchange.” It is a platform that allows investors to buy, sell or trade cryptocurrencies. Those platforms make it possible to trade fiat money into crypto, from crypto to crypto or from the traditional currencies such as US dollars, euro or pounds to crypto. To transact or trade bitcoin, a user must open an account by signing up on an exchange after completing some verification processes to authenticate his or her identity.
Exchanges are as important as your investment. Without a credible marketplace, investors stand the risk of losing their money or have their transactions delayed over inefficiency. Trading platforms have peculiarities. For instance, a bitcoin platform may support your wallet to be funded through credit or debit cards, and others may specify PayPal transfer, check mailing or cash delivery. Knowing efficient exchange platforms can be an excellent way to succeed in the crypto market. This article tends to present eight (8) top cryptocurrency exchanges among so many which are found to be reliable.
Binance is a global cryptocurrency exchange where over 100 digital currencies are traded with well over $700million volume of trade. It has varying sign up fees for different countries with 0.1% standard trading fee, which make it less compared to others. It is known to support a variety of coins such as bitcoin, bitcoin gold, ethereum, ethereum classics litecoin, Dash and many more. It can be used to pay fees and settle other financial services. Opening of account is fast and straightforward on this exchange as two-factor authentication is required to verify your account and carry out transactions.
Coinbase is a secure platform that makes buying, selling and storage of cryptocurrency such as bitcoin, ethereum, litecoin more easier. It has global coverage with over 13million users, and it is considered beginner-friendly. It facilitates more than 50 billion of digital currencies. Coinbase requires you to link your bank account, or credit or debit cards to your Coinbase account to purchase your cryptocurrency. You earn bonuses for your deposit pay varying charges depending on your transaction.
This is a UK-based cryptocurrency exchange. It was founded in the year 2014 and provides cryptocurrency to fiat trading and is regarded as one of the most notable cryptocurrency exchange giants in the Baltics. paybis.com has the world’s highest permitted limits- you can purchase amounts of up to $20,000 per transaction and up to $50,000 per month.
Bittrex is a medium that allows you to trade almost 200 currencies at a time. It is one of the largest crypto-crypto exchanges offering a large number of trading pairs into bitcoin such as darkcoin, nextcoin, litecoin. It runs a more decentralized exchange system where buyers and sellers decide the rate at which they want to trade while Bittrex charges a small fee: usually 0.25% for providing the platform. It handles the enormous bitcoin trading volume in the world though does not trade fiat currencies such as USD, EUR or GBP. Verification and authentication are fast and straightforward, making transaction processes to be quick.
It is regarded as the largest and most advanced cryptocurrency exchange in the world. Its trading volume is over $35m with more than ten cryptocurrencies such as bitcoin, B cash, Dash, ethereum, Z cash, litecoin, ethereum being traded on the platform. A trading fee between 0.1% to 0.8% to users. Deposit and withdrawal also attract charges. Authentication and verification process is usually between 15 to 20 business days after submitting a valid means of identification.
6) Huobi Pro.
Huobi Pro is a platform that makes buying, selling and storage of Cryptos such as bitcoin, ethereum, litecoin, Dash to be done with ease. It processed around $1billion daily. It’s most familiar trading pairs are BTC/USD traded at a volume of over $130million. It is considered to be a very safe platform. Verification and authentication processes are known to be rigorous for safety concern. Personal information of users such as e-mail ID and name are generally scrutinized to confirm the identity of users.
One of the fastest crypto exchange with real-time rate. Changehero currently supports more than 35 cryptocurrencies such as bitcoin, ethereum, XRP, litecoin including fiat pairs such as USD/EUR. Crypto- crypto on this platform usually takes between 2 to 20 minutes and has a commission fee of 0.5% on each trade. It has a trading volume of over $43billon. Funding of account can be done through VISA or MasterCard. Verification and authentication are simple and fast.
Poloniex is a digital asset exchange which provides the most substantial amount of trading in bitcoin. It offers over 100 cryptocurrencies to its users to trade and has over $35million trading volume. They charge a processing fee between 0.15% to 0.25%. Verification and authentication on poloniex are less cumbersome- a valid ID with password and username and other little information is needed to open an account and complete transactions.
In conclusion, a credible and efficient exchange is needed to trade cryptocurrencies successfully. Understanding how these exchanges operate- peculiarities and characteristics give investors and users ample opportunity to choose the platform suitable to personal needs.