Searching for the best exchange to start a crypto-trade? Learn a few essentials about cryptocurrency exchanges and check out the list of toppers.
Cryptocurrency exchange is a cyberspace or a cyber-platform where we can have the digital currency exchanges. We can buy or sell the cryptocurrency in exchange for another cryptocurrency or with the fiat currency. Pick the type of exchange which suits you.
Peer-to-Peer Exchanges
These are direct trading platforms. Here exchange doesn’t maintain a fixed market price instead the seller fixes the exchange rate. So sometimes price comes higher than market rates. In order to avoid risks that may occur, some build the features to identify the legitimacy of the buyers and sellers.
Are you sure about the essential requirements of your exchange?
Make sure:
- the exchange is having a good reputation;
- the exchange is available worldwide;
- the exchange has adequate rates;
- user friendliness is a part of exchange’s policy;
- there is customer support;
- it’s accessibile;
- it supports all cryptocurrency transactions or has any restrictions;
- the exchange has an adequate volume and liquidity;
- all the trading pairs needed are availabe.
Who Provides You the Best?
Though there are many digital platforms or exchanges, all exchanges may not support all digital currencies, so you may have to use other platforms for trading. Some exchanges may support crypto to crypto exchange, while others support fiat currency. On choosing the exchange, just confirm whether they provide facilities for fiat exchange and crypto to crypto exchange.
Let me suggest the 5 ones which are at its zenith.
Coinbase
Coinbase is a safe exchange noted for its user-friendliness and low fee structure where a new user will also find it a comfortable platform. They are one of the most popular brokers and trading platforms which provide wide options to buy, sell, trade or store the digital currency. Coinbase is known for its bitcoin trading also they support trading with Litecoin and Ether. They provide a coinbase insurance coverage to the stored currency. But the drawback is the limited customer support and not world widely supported.
Kraken
Kraken is another popular platform widely accepted for its user-friendly features. It provides access to a number of currencies like Bitcoin, Ethereum, Ripple, Monero, Zcash and many more. Kraken provides a trading platform to trade crypto pairs as well as with the fiat currency. It is noted for its high liquidity and fast funding. Kraken best suited for the experienced traders and not that fit for the new users. It is a reliable trading platform which follows a low fee structure also give importance to the security features. The main attraction is its worldwide acceptance.
Cex.io
A reputed exchange with good user-friendly and ease of use features, Cex.io gains the name. Cex.io offers the chance to trade crypto to crypto exchange and with fiat currency for both; the experienced ones and to the ones with little experience. The noted advantage of cex.io is that it extends a worldwide support and allows the transaction through many mediums. It provides high liquidity and fast trading options with decent exchange rates. But the main issues with them are, their fee varies according to transactions and the strict verification process.
Binance
The main focus of Binance exchange is it promotes crypto to crypto trading. They offer a wide range of services; low fee, high liquidity, and easy transactions. They ensure a huge amount of coins for purchase and allows trading of many pairs in common. It has become one of the most popular exchanges, though it is new in the market. Binance has its own coin named BNB and you may get decent discounts when you trade with their coins.
It is a centralized exchange with a standard trading fee which can even be reduced when the payment made through BNB coins (Binance coins). But it has no option for trading Fiat currency. Another drawback is that it offers limited payment modes.
Poloniex
Poloniex is one of the best crypto exchanges who provides the most secure trading atmosphere. This exchange is noted for its user-friendliness; having some unique tools for user help like chat support and commenting where you are free to clear your doubts and share your comments.
Also, it provides advanced tools for data analysis for the traders. Poloniex is also a platform for the trading of more than 100 different crypto pairings. Another unique feature of this exchange is its highest trading volume and it supports Ethereum and BTC markets independently. The fee structure is not uniformly fixed for the buyer and seller; is another fact. Though it is a user-friendly exchange, it provides a very slow customer support.
Conclusion
These are some of the top discussed exchanges. Hope you are able to find the best one for your needs. This list doesn’t mean that these are the only ones which are in the top ranks. But still, these are selected for its unique features.
You may be a new one or an experienced one, you should consider some other factors before you sell or buy. It will be better if you go through some reviews and feedbacks and ensure the reputation of the exchange.
The other main thing to share with you is before you make an entry into the crypto trading, be sure that you had done a research on various features provided by the exchanges. In order to keep your investments safe, it is always suggested to keep your data in a hardware wallet. More than that be sure of choosing the one which meets your needs and requirements.
Drishya T is a content writer at Epixel Solutions. She has the experience in writing technical blogs and articles. Her areas of interest include cryptocurrency, blockchain, IoT, Network Marketing, etc.