Cryptocurrency exchange or digital currency exchange is a business that involves exchanging cryptocurrency for other assets such as money or any other digital currency. It is a web service that provides electronic transactions in electronic forms and takes a fee for them.
Any transactions or transactions with digital currency can be made using debit and credit cards, postal money orders or any other type of money transfer. This article discusses the various cryptocurrency exchanges that facilitate cryptocurrency trading for beginners, and what they offer in terms of affordability, ease of use, security, deposit / withdrawal methods and fees. We hope this guide to cryptocurrency trading will help you get started with cryptocurrency exchanges.
Coinbase / GDAX
Coinbase is one of the largest cryptocurrency exchanges in San Francisco, California. It is available in 32 countries and currently serves more than 10 million customers. Launched in 2012, it has an easy-to-use interface that makes exchanging digital currency an easy task for the non-technical person. It is also available for both iOS and Android. Unfortunately, Coinbase does not provide cryptocurrency mining for beginners and is only an exchange.
It currently offers four coins: Bitcoin, Bitcoin Cash, Ethereum and Litecoin. It exchanges digital currency with US dollars, euros and large British pounds. With minimal transfer fees Coinbase has never experienced a security breach, making it an ideal platform for exchanging digital currency. In addition to this, Coinbase also offers a full-fledged extended exchange called GDAX. It offers more advanced features and different and better trading fees than Coinbase.
Bitstamp is another platform that provides digital currency exchange. It is relatively easy to use and offers more advanced features through TradeView. Bitstamp offers coins such as Bitcoin, Litecoin, Ethereum, Bitcoin Cash and Ripple. It exchanges digital currency with US dollars and euros. On this exchange you can put into practice all the latest cryptocurrency trading methods.
It offers flat deposits through bank transfers and supports debit / credit cards. Perhaps the only drawback that can be found in Bitstamp is the slightly high fees and the fact that it has suffered one security breach in its 7 years of operation. However, it is one of the most reliable exchanges. It is available for both iOS and Android.
Gemini is a British company founded in 2015 by the Winklevoss twins. It is available in several countries, including the United States, Canada, Hong Kong, Singapore and South Korea. One of the disadvantages of this platform is that it is not very user-friendly. Therefore, beginners are not recommended to use this platform.
It offers two coins and 1 FLAT currency Bitcoin Cash, Ehtereum and US Dollars. Gemini adheres to strict security protocols, and as of 2018, it has not faced a single security breach, making it one of the safest and most reliable digital currency platforms. However, before you start trading, it is important to have strategies for investing in digital currency.
Digital ticks is a modern crypto exchange that seeks to change the game in this sector. They have introduced many of the latest techniques that make it easy for anyone to start trading.
It has a unique feature called single portfolio viewing that will allow traders to see all positions in one portfolio. With this unique feature, it would be easy for traders to make informed decisions regarding cryptocurrency exchanges. It also supports Bitcoin, Ethereum, Litecoin and Dashcoin.
Kraken is one of the oldest cryptocurrency exchange sites. The Kraken, launched in 2011, is the largest exchange in terms of volume and liquidity for EUR trading pairs. It serves all over the world, including the United States.
Kraken offers many coins including Bitcoin Cash, Ethereum, Monero, Augur, Litecoin and many more. It also supports deposit / withdrawal through bank transfers and cryptocurrencies. Having a not very friendly user interface, it also suffers from stability and performance issues, but, nevertheless, it is a good platform for cryptocurrency exchanges.
Bitfinex is the largest platform for cryptocurrency exchange. Launched in 2012, it has an easy-to-use interface and offers an extended range of features such as margining, margining, etc. It is available for both iOS and Android platforms. It offers BTC, BCH, ETH, LTC, IOTA, XMR and NEO.
Like previous cryptocurrency exchanges, it supports cash withdrawals in US dollars and euros through bank transfers. Bitfinex suffered two security breaches, the first of which was in May 2015, resulting in a loss of $ 330,000. And the second – in August 2016, which led to a loss of $ 72 million.
EtherDelta is a decentralized exchange that directly supports peer-to-peer connections. It is very different from the cryptocurrency exchange platform discussed earlier. Here the funds are stored in a reasonable contract in the Ethereum network, for the deposit and withdrawal of which you are fully responsible. Currently, EtherDelta only supports Ehtereum-based tokens.
EtherDelta has a rather confusing interface that complicates cryptocurrency exchange transactions for users. Someone once tried to buy 750 Kyber for 0.007 ETH each, but ended up buying 0.007 KNC for 750 ETH.
Looking at the different platforms for cryptocurrency exchange, we can say with confidence that Coinbase and Bitstamp stand out for their good features such as security, user-friendly interface, multiple withdrawal / transfer methods and more.
I wouldn’t call them perfect, but I would recommend that this is the safest bet you can make. Each platform for exchanging cryptocurrencies is unique in its own way and has both advantages and disadvantages. We just have to choose the one that meets our needs. We hope that this guide to basic cryptocurrency exchange and trading will give you a head start in your path to cryptocurrency trading.