Your initial step into the cryptocurrency world will in all likelihood happen through an exchange. There are two basic kinds of trades that we will talk about in this blog ahead.
The first and the most commonly used exchange, is the one frequently used called as ‘fiat’ exchange. This trade is the direct exchange of US Dollars, Euros, Rupees, etc. and other government backed currencies that can be exchanged for cryptocurrencies.
The second type of trade is from cryptocurrency to crypto currency exchange, that enable digital forms of money to be exchanged with each other. The most widely recognized cryptocurrency trades are with Bitcoin and Ethereum.
Considering what cryptocurrency you want to invest in, you need to decide what exchanges you can use. Most times you need to utilize both the mediums of exchange to make the most out of the cryptocurrency exchange. This is on the grounds that laws and controls around certain digital forms of money make it troublesome for fiat trades to offer them.
Each exchange medium has its own ups and downs, so which suits whom the best is subjective and can differ from person to person.
There are a few things you need to consider before you get down to finalizing the best cryptocurrency exchange for you.
How safe is the website and server? Secure exchanges are better.
How is the liquidity? The higher the exchanges volume, the better.
What are the exchanges fees? The lower the better.
How is the exchanges customer support?
What trading pairs are available?
How many different payment options does it have?
Is the exchange beginner friendly?
Now that you know what you need to check before finalizing we will also make it simple for you by putting forth a list of top 7 cryptocurrency exchange platforms.
Bitpanda is a European based exchange that sells Bitcoin, BCash, Dash, Ethereum, Litecoin and Ripple for Euros. It has several payment methods such as bank transfers, credit cards, debit cards, Skrill, Neteller and more. Bitpanda has 5% fees on credit and debit card purchases.
Kraken is one of the best Bitcoin/ cryptocurrency exchanges. It provides reliability, high security environment, some legal compliance, and advanced order types like stop-loss orders. It also offers high liquidity, low fees, fast funding, margin trading, etc. It has uptime problems occasionally. It was founded in 2011. It is headquartered in San Francisco, California.
LocalBitcoins offers a peer-to-peer (P2P) exchange. It allows users to trade among themselves individually. It offers lower fees. It also offers a resolution system, a rating system for traders, etc. It allows users to post a quick buy or quick sell ad on the exchange platform. It is one of the best cryptocurrency exchanges for peer to peer trading.
Bitstamp is a Bitcoin/cryptocurrency exchange with very high trading volume which gives you more liquidity. It was founded in 2011 and has its headquarters in Luxembourg. Expect .25% when buying and trading on Bitstamp.
You’ll find the foregone analysis quite useful. But, it’s better that you do your own research before undertaking any transactions and judge the suitability of the exchange taking into account your individual needs and characteristics like your risk appetite, fees, security, etc.
Bittrex is a Las Vegas, US based and regulated exchange. It offers trading in many cryptocurrencies, tokens and newer coins. It supports more than 190 cryptocurrencies. It offers speedy transactions, high stability, and follows some risk management practices. Bittrex’s fees are .25%.
Binance is one of the newer exchanges, but has impressed its customers on several occasions. They have some of the highest volume on several of their trading pairs, and an enormous amount of coins available for purchase. It is based in Hong Kong, with offices located in several other countries such as Japan and China. It is available to all countries and US states.
Cryptopia is a New Zealand based exchange that has an enormous amount of cryptocurrencies available. It features Bitcoin, Litecoin and Tether trading pairs. Cryptopia’s serves all countries and has trading fees of .2%.
Go ahead, choose for yourself and start trading right away.