So you just picked your bitcoins and want to give a go to trading cryptocurrencies? The good news is that currently there is a variety of altcoins to trade with the trade volume booming. However, the better news is there are a variety of top cryptocurrency exchanges out there, too.
Crypto exchanges are platforms/websites whereby you sell, buy or exchange cryptocurrencies. The exchange risk can be considered as one of highest threat that an investor faces in the crypto world. In fact, the best way of reducing exchange risk merely is by diversifying the holdings across many reputable exchanges.
Many cryptocurrency exchanges are available, but which are the ones that prove themselves over the years?
Undoubtedly, there are a variety of the exchanges that are different when it comes to what they present on the table. Basically, the best exchange should have a good a reputation (they handle your money remember), a reasonable transaction fee, the payment method it offers, the general security, geographical restrictions, and the verification process. Everything mentioned must be considered!
This makes it difficult to choose the best among them, as forever, the decision is for you to make. But until then, this post will make your choice faster and easier as we look at the top 5 best cryptocurrency exchanges.
1. Coinbase
Coinbase is just but more than an exchange as it offers a platform to buy your bitcoin as well as provides a wallet that you can store your cryptocurrency in. Coinbase boasts more than $20 billion in the trading volume with 10million+ users — making it one of the largest cryptocurrency exchanges today.
Coinbase was founded in the year 2012 and is located in San Francisco, USA. It is supported in more than 30 countries and is extremely easy when it comes to the usage. The available currencies include Bitcoin, Litecoin, Ethereum, and Bitcoin cash.
Depending on your location and the method of payment, the Coinbase fee ranges from 1.49-3.99% and payments can as well be made just after authorizing your bank account or a credit card. The exchange has managed to build the best sort of reputation you can think of, and the security as well is near to perfect.
Coinbase also provides another active trader platform called GDAX, which has several features for investors that are short-term.
2. Kraken
Kraken is one of the European cryptocurrency exchanges and founded in 2011 — meaning it has stayed in the game long enough (there must be some good reasons behind that, right?). You can easily buy as well as sell bitcoins, and trade between fiat currencies like euros, US Dollars, British pounds, Japanese Yen and Canadian Dollars.
Kraken is located in San Francisco, USA and is an early adaptor in the exchange and despite ups and downs (they usually are) it has stood out to be a premiere exchange platform.
Kraken offers 17 different types of cryptocurrencies for trading. Making it even better crypto exchange is the fact that Kraken offers Ripple (red-hot currency) which is offered only by very few exchanges as of now. It has a good reputation with minimum transaction fees as well as the deposit fees, and the exchange's support desk is fantastic too.
3. Bittrex
This is just the best cryptocurrency exchange that can be recommended to anyone. Bittrex is most respected and probably the most-vouched in the cryptocurrency market as it provides best exchange platform online.
The greatest advantage of Bittrex is the fact that it allows more than 250 trading pairs. The exchange is one of very few that have credited hard-forked coins to the customers’ accounts — a trustworthiness demonstration of caring for users.
Bittrex charges a fee of around 0.25% and users can buy/sell and decide on the rates they would like to trade. Subsequently, it provides a clean user interface with high security.
Bittrex is located in Seattle, United States and was launched in 2014, and so far has been successful in maintaining an excellent reputation. If you are a trader looking for accessing as many altcoins as you, may need to give Bittrex a shot — but if you are on a look-up to minimize the fees, it probably is not for you.
4. Binance
Currently ranked at first position with a daily trading volume of over $2 billion is the Binance cryptocurrency exchange. The platform is a popular Chinese exchange that's famous for its crypto-to-crypto exchange service.
Comparing with other exchanges, Binance is relatively new on the block but has managed to gain so much popularity because of its low trading fees and also simple to use user interface the platform offers.
Users can trade/exchange cryptocurrencies without going through a though verification process. You can deposit as much as possible. However, withdrawals on the platform from a certain limit will require you to verify your details. This makes this exchange one of the best trading platforms for those who are small and medium scale traders.
5. Bitfinex
Despite its ups and downs, Bitfinex remains one of the best options for cryptocurrency traders.
The Hong Kong-based cryptocurrency exchange was established in 2014 and is one of the trusted. With over 50 cryptocurrencies listed on the platform, users have the option to trade all top cryptocurrencies on the market today.
Transaction fees on Bitfinex platform are flexible and can be between 0% - 0.2% on every transaction depending on volume. The platform also allows users to transact without verification, however, verifying your identity lifts all withdrawal limits on the platform.
In conclusion, despite the fact that the exchanges seem trustworthy and convenient, without direct and sole control of the private keys, there is no control to some level of your holdings. So you must take baby steps and think carefully, and of course, do the proper research for an informed decision in this regard. And to save you a lot of time and hassle, these are the top best cryptocurrency exchanges that you can choose from.
Source: Usethebitcoin