Cryptocurrency exchange or digital currency exchange is a business that involves the exchange of cryptocurrency with other assets such as money or other digital currency. This is a web service that provides electronic transactions in electronic forms and charges for them.
Any transactions or operations to the digital currency exchange can be performed by debit and credit cards, postal money order or any other type of money transfer. This article is about discussing the various cryptocurrency exchanges that make it easier for beginners to trade cryptocurrencies and what they offer in terms of availability, ease of use, security, deposit / withdrawal methods and fees. We hope that this guide to cryptocurrency trading can help you get started with cryptocurrency exchanges.
Coinbase / GDAX
Coinbase is one of the largest cryptocurrency exchanges based in San Francisco, California. It is available in 32 countries and currently serves over 10 million customers. Launched in 2012, it has an easy-to-use interface that makes digital currency exchange an easy task for the non-technical person. Available for both iOS and Android. Unfortunately, Coinbase does not provide cryptocurrency digging 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 translation fees, Coinbase has never had a security breach, making it the perfect platform for digital currency exchange. In addition, Coinbase offers a full-fledged advanced 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 for US dollars and euros. You can put into practice all the latest cryptocurrency trading techniques in this exchange.
Offers fixed deposits by bank transfer and maintains 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 a security breach in 7 years of operation. Nevertheless, this is one of the most reliable exchanges. Available in both iOS and android.
Gemini is a UK-based company launched in 2015 by the Winklevoss twins. 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. So beginners are not recommended to use this platform.
Offers two coins and 1 FLAT currency Bitcoin Cash, Ehtereum and USD. Gemini follows strict protocols when it comes to security and by 2018 has not encountered a single security breach, making it one of the most secure and reliable digital currency platforms. However, it is important to have strategies for investing in digital currency before you start trading.
Digital Ticks is a modern crypto exchange that aims to change the game in this sector. They have applied many of the latest techniques, which makes it easier for everyone to start trading.
It has a unique feature called single portfolio view that would allow traders to see all positions in one portfolio. It would be easy for traders to make informed decisions about the cryptocurrency exchange using this unique feature. It also supports Bitcoin, Ethereum, Litecoin and Dashcoin.
Kraken is one of the oldest cryptocurrency exchange platforms. Launched in 2011, kraken is the largest exchange in terms of volume and liquidity for trading pairs in euros. Serves worldwide, including the United States.
Kraken offers a variety of coins, including Bitcoin Cash, Ethereum, Monero, Augur, Litecoin and many more. It also supports deposit / withdrawal via bank transfers and cryptocurrencies. With a less user-friendly interface, it also suffers from stability and performance issues, but is still a good platform for cryptocurrency exchange.
Bitfinex is the largest cryptocurrency exchange platform. Launched in 2012, it has an easy-to-use interface and offers advanced features such as margin trading, margin financing, etc. Available for both iOS and android platforms. Offers BTC, BCH, ETH, LTC, IOTA, XMR and NEO.
Like previous cryptocurrency exchanges, it maintains withdrawals in US dollars and euros by bank transfer. Bitfinex suffered two security breaches, the first in May 2015, which resulted in a loss of $ 330,000. And the second in August 2016, which resulted in a loss of $ 72 million.
EtherDelta is a decentralized exchange that directly maintains a relationship between partners. It is very different from the cryptocurrency exchange platform discussed earlier. Here, the funds are kept in a smart contract in the Ethereum network, for the deposit and withdrawal of which you are entirely responsible. Currently, EtherDelta only supports tokens based on Ehtereum.
EtherDelta has a rather confusing interface that makes it difficult for users to perform cryptocurrency exchanges. In one case, someone tried to buy a 750 Kyber for 0.007 ETH each, but ended up buying 0.007 KNC for 750 ETH.
After looking at the various cryptocurrency exchange platforms, we can safely say that Coinbase and Bitstamp stand out for their good features such as security, user-friendly interface, many withdrawal / transfer methods and much more.
I wouldn’t call them perfect, but I would recommend that this is the safest bet you can make. Each cryptocurrency exchange platform is unique in its own way and has both advantages and disadvantages. It only remains to choose the one that meets our needs. We hope that this guide to basic cryptocurrency exchange and trading will give you a start in your journey to cryptocurrency trading.