What is cryptocurrency exchange?

What is cryptocurrency exchange?

So you want to start trading crypto-currencies? Check out this guide to the best cryptocurrency exchanges. Can’t get enough of cryptocurrencies?

What is cryptocurrency exchange?

Cryptocurrency exchanges are online websites where you can buy, sell or trade cryptocurrencies against other digital currencies or traditional currencies such as the US dollar or the euro. For those who want to negotiate professionally and have access to sophisticated trading tools, you will probably need to use an exchange that will ask you to check your username and open an account. If you want to make occasional and straightforward transactions, you can also use platforms that do not require an account.

 

Types of exchanges

• Direct Trading - These platforms offer direct exchange between people, allowing people from different countries to exchange currencies. Direct exchanges do not have a fixed market price, but each seller sets his exchange rate.

• Brokers - These are websites that any individual can visit to buy crypto-currencies at a price set by the broker. Cryptocurrency brokers are similar to currency brokers.

• Trading Platforms - These are online websites that connect both the buyers and sellers and charge a fee for each transaction.

 

What to look out for before joining a crypto exchange!

It is important to do some work before you start trading. Here are some things to check before making your first exchange.

Fees - Most exchanges should contain fee information on their websites. Before you register, make sure you thoroughly understand the deposit, transaction and withdrawal fees. The fees may differ considerably depending on the exchange you use.

Methods of payment - What are the payment methods available on the exchange? Credit/debit card? Bank transfer? Pay Pal? If an exchange has limited payment options, it may not be appropriate for you to use it. Remember that the purchase of cryptocurrencies with a credit card will always require an identity check and will be subject to a higher price because the risk of fraud as well as transaction and processing fees are high. The purchase of a cryptocurrency via electronic transfer will take much longer, as banks take a long time to process.

Verification Requirements - The majority of cryptocurrency trading platforms in the United States and the United Kingdom require some identity verification to make deposits and withdrawals. Some online exchanges will allow you to remain anonymous. Although checking, which may take a few days, may seem like a pain, it protects the exchange against all kinds of illegal activity of scammers and money laundering.

Geographical restrictions - Some specific set of users functions offered by the exchanges are only accessible from certain countries. Make sure that the exchange you want to join provides full access to all the tools and features of the platform of the country where you currently reside.

Exchange Rates - Different online exchanges have different rates. You will be surprised how much you can save if you shop. It is not uncommon for prices to fluctuate up to 10% and even more in some cases.

 

The Best Cryptocurrency Exchanges

Coinbase

Backed by some trusted investors and used by millions of customers around the world, Coinbase is one of the world's most popular and well-known brokers and trading platforms. The Coinbase platform facilitates the secure purchase, use, storage and trade of digital currencies. Users can buy Bitcoins, Ether and now Litecoin from Coinbase via a digital wallet available on Android and iPhone or through exchanges with other users on the company's GDAX (Global Digital Asset Exchange) subsidiary. GDAX is currently active in the United States, Europe, the United Kingdom, Canada, Australia, and Singapore. GDAX does not now charge a transfer fee for the transfer of funds between your Coinbase account and your GDAX account. For the time being, however, the choice of complementary currencies will depend on the country in which you reside. Check the Coinbase and GDAX FAQs

Advantages: good reputation, security, reasonable fees, beginner level, stored currencies are covered by Coinbase insurance.

Disadvantages: customer support, limited payment methods, limited countries supported, non-uniform deployment of services worldwide, GDAX tailored to business professionals.

Kraken

Founded in 2011, Kraken is the largest Bitcoin exchange in volume and liquidity in euros and is a partner of the leading cryptocurrency bank. Kraken allows you to buy and sell bitcoins and exchange bitcoins in euros, US dollars, Canadian dollars, pounds sterling, and Japanese yen. It is also possible to trade digital currencies other than Bitcoin such as Counos, Monero, Ethereum Classic, Augur REP tokens, ICONOMI, Zcash, Litecoin, Dogecoin, Ripple and Stellar / Lumens. For more experienced users, Kraken offers margin trading and a host of other trading features. Kraken is an excellent choice for more experienced traders. Check the Kraken FAQ

Advantages: good reputation, decent exchange rates, minimal transaction fees, minimal deposit fees, extensive features, excellent user support, secure, supported worldwide.

Disadvantages: Limited payment methods, unsuitable for beginners, unintuitive user interface.

Bitbuy.ca

Bitbuy.ca is a digital money platform owned and operated by Canadians. Founded initially as InstaBT in 2013, the company's mission is to provide convenient, reliable and secure access to Bitcoin and other digital currencies. Customer service, ease of use and fast turnaround times for deposits and withdrawals are the pillars of this platform. They are aimed at both beginners and experienced traders and are one of the fastest growing buying/selling platforms in Canada. An excellent choice for users who want to buy and keep crypto, or those who are looking for a reliable access ramp to turn their fiat into crypto quickly and easily.

Advantages

Excellent customer service

Quick registration and verification

Fast processing of deposits and withdrawals in Canadian dollars

Minimal fee

The Inconvenience

Unique offers BTC, ETH, LTC, BCH

CanadianBitbuy.ca is a digital currency platform owned and operated by Canadians. Founded initially as InstaBT in 2013, the company's mission is to provide convenient, reliable and secure access to Bitcoin and other digital currencies. Customer service, ease of use and fast turnaround times for deposits and withdrawals are the pillars of this platform. They are aimed at both beginners and experienced traders and are one of the fastest growing buying/selling platforms in Canada. An excellent choice for users who want to buy and keep crypto, or those who are looking for a reliable access ramp to turn their fiat into crypto quickly and easily.

Advantages

Excellent customer service

Quick registration and verification

Fast processing of deposits and withdrawals in Canadian dollars

Minimal fee

The inconvenience

Unique offers BTC, ETH, LTC, BCH

Only available for Canadians

Bitstamp

Bitstamp is a bitcoin marketplace based in the European Union, created in 2011. This platform is part of the first generation of bitcoin exchanges that has built a loyal clientele. Bitstamp is well known and recognized by the entire Bitcoin community as a secure platform. It offers advanced security features such as two-step authentication, multisig technology for its portfolio, and fully-assured cold storage. Bitstamp has 24/7 support and a multilingual users interface and getting started is relatively easy. After opening a free account and making a deposit, users can begin trading immediately. Check out the Bitstamp FAQ and the fee schedule.

Advantages: good reputation, high-level security, worldwide availability, minimal transaction fees, suitable for large transactions.

Disadvantages: Not easy for beginners, limited payment methods, high deposit fees, user interface.

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