Crypto exchanges

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0.5 ETH
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10,000$
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A guide to cryptocurrency exchanges

It is true to state that to fully understand the concept of cryptocurrency can sometimes be a bit a hustle due to the fact that it is relatively new. There are so many technicalities when it comes to understanding the origin of these cryptocurrencies, that a layman will find difficult to wrap the head around. Despite this fact, the population of people buying cryptocurrencies especially bitcoin is on the rise on a daily basis. This article seeks to simplify things for you to easily understand what cryptocurrency is all about. If you are a beginner who is struggling to grasp the concept or is looking for the best cryptocurrency exchange site to buy from this is the article for you. By the time you finish reading, you will have in-depth knowledge of everything you need to know about cryptocurrencies.

What is crypto exchange?

Crypto exchange is a platform that allows you to buy, sell or exchange digital currency for fiat currency like USD or for other cryptocurrencies. There are different types of crypto exchange platforms where you exchange cryptocurrencies. Amongst them are trading platforms, and direct trading and broker platform. The requirement of some platform includes opening and verifying accounts like Kraken whiles others do not require such things of you. To better understand how they operate let’s go into detail.

Trading platforms

 This is more or less like forex trading. Those of you are active traders this will most likely be your best option. For this platform, you are required to verify your account with your personal details once you open an account. To open an account is free but you will be charged a commission for every transaction you make. You will be required to pay fees like deposit fee, withdrawal, and trading fees.

Direct trading platforms (Peer-to-Peer)

This type of platform allows individuals to trade directly with each other in a virtual world. These platforms provide the opportunity for people from all walks of life to meet and exchange currencies on their own terms. The price is determined by the individuals themselves. For people interested in these platforms, it will be to analyze the market properly before joining in order to avoid being short-changed.

Broker Platforms

With this site, people can buy cryptocurrencies from brokers at different prices. These sites can be compared to the dealings of foreign exchange brokers. The price is set by the brokers which can be higher or lower than the market price. You should always be sure to know the market price of whatever currency you are buying so as not to buy a currency at an extremely higher price from a broker without knowing.

How to identify the best crypto exchange

Before choosing a platform you need to have some clear objectives as to what you want to do, whether it’s trading or speculating. Everyone who is already or about to deal in cryptocurrency wants to deal with the best amongst the rest. This is because we all want good quality and better services from these crypto exchange platforms. So how will you be able to identify the best cryptocurrency exchange? What are the things to look out for?

Reputation

It is only logical that you should choose the crypto exchange with a good reputation. The only reason why they would have attained this reputation is because they must have done something right so people naturally chose them. And your story wouldn’t be any different. Read online reviews about different websites to get a good idea about each platform. This will help you know which platform will most suit your need.

Exchange rate

The exchange rate in question is the conversion rate for fiat currencies. Different exchange platforms have different exchange rates. I will assume that you will most likely amongst other things look for the platform with relatively lower exchange rate.

Restrictions

Some crypto exchange platforms are limited to certain countries. Check to make sure the platform you might be interested in is available in your country. This will help you avoid complications with withdrawal and depositing funds.

Limitations

Certain platforms have certain features which limit user’s access to certain things on the platform. For example, limitations can be put on different account types. And the higher the account type the better services you receive. You obviously cannot enjoy the same privileges that a VIP user will enjoy. In other to bypass these limitations you need to fulfill some criteria’s.  There are those that have a cap regardless of whether your account is verified or not. You should also check out the flexibility with which you can use fiat currencies for digital token and the ease that comes with trading token for token. The highly liquid exchange platforms are some of the best because you have access to most of the cryptocurrencies.

Verification

Most platforms require some form of verification with personal information once you an account. Some form of the verification includes uploading identity card, location details and taking photos of yourself holding your ID card. The verification is very important as it is used to prevent fraud. I presume most people will like to feel safe about a platform they deposit funds on. So it’s all for your own safety and protection. Crypto exchange platforms with verification process as part of their feature will most likely be on my list when looking for a platform.

Fees

Be sure to check the commissions and exchange charges on transactions users make on the platform. Some have relatively lower commissions than others. Nevertheless, don’t get caught up on the need for a lower commission because there are some platforms with extremely low commissions and these are most likely con artists looking for some means to take your money.

Payment methods

There are different methods of payments on different platforms. Some platforms have a variety of payment options like a debit card, credit card, bank wire transfer, PayPal and many more. The more payment options are available the better because you will have a variety of options to choose from all for your convenience.

Customer support

It is always best to have a customer support system on an exchange platform because there will always be issues from users that need to be addressed. Customer support system that available 24 hours is usually the best.

Cryptocurrency exchange review

Due to the increasing popularity of cryptocurrencies, many crypto exchanges have emerged. You might be wondering how many cryptocurrency exchanges are out there. This crypto exchange review is meant to help you find what will best fit your need from the rest. Below are some of cryptocurrency exchange list. Let’s take a look at some of the best exchanges out there based on merits.

CEX.io

The birthplace of this exchange is in London, the United Kingdom in the year 2013 as a Bitcoin Exchange. It also served as a cloud mining provider but this aspect was shut down in January 2015. It has been registered by FinCEN located in the United States and ICO in Europe and UK. This company’s mining pool called Ghash.io held about 42% of all bitcoin mining power just as it was starting to operate. It is a really big company and has been around for a while.

The transactions on this platform are based on FOK, where you will receive not a penny more or less than the number of coins you buy.  This sets this company apart from its peers. There are four different account types depending on your level of verification. A government-issued identity is the standard required for verification. They are the Basic account type, Verified, Verified plus and corporate.

  • Basic account – The maximum number of coins you can buy per day is $500 and $2000 per month.
  • Verified account – The maximum you can buy per day is 10,000 and $100,000 per month.
  • Verified plus and corporate account types – these have no limitations

Nevertheless, you should expect very high fees due to the use of FOK on the platform.

Advantages

  • Transitions are very quick
  • You are protected against fluctuating exchange rates.
  • They offer multiple payment options.
  • There is a two-factor authentication security system.
  • The platform supports Bitcoin and Ether.

Disadvantages

  • Very high fees for transactions
  • There is no dollar withdrawal option.
  • Very strict requirements for verification.

Coinbase

This platform is also one of the largest in the world and it is based in San Francisco in the United States. It can be found in the United States and 32 other countries around the world.  Their payment options are the credit card, debit card, wire transfer and PayPal.

They have a standard commission of 3.5% on transactions but there can be other extra charges depending on the payment option you use and the country you are trading from. Identification is also required.

Advantages

  • Since they operate within 32 countries, it allows you to buy and sell within these countries.
  • It supports cryptocurrencies like Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and Ethereum Classic.
  • You can use your bank account to fund your account and make withdrawals.
  • You can make transactions using a credit card, debit card, and
  • There are about 38,000 different businesses including Dell and Expedia supports coinbase. This should definitely boost your confidence level in them.
  • It supports limited altcoin.
  • There is no anonymity.
  • It is functional with both mobile wallet and web wallet.

Changelly

This exchange was birth in Prague, the Czech Republic as a bitcoin mining pool in the year 2013 and it is currently one of the best altcoin exchange in the world. It was later upgraded from a bitcoin mining pool to an exchange platform in April 2015. It supports cryptocurrencies like Bitcoin, Litecoin, Bytecoin, Monero, Digitalnote, Dash, Ethereum, NuBits and many more. It is accessible to many countries around the world. The payment options available are the MasterCard and the Visa card.

Advantages

  • Offers low transaction fees.
  • Allows you to buy with Fiat currencies.
  • It has proven without a doubt to support altcoin exchanges.
  • Its accessible in many countries
  • They offer very high liquidity and trading limits

Disadvantages

  • Transactions are slow

Also, they have very limited payment options. Just the master and visa card.

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