The Beginners Guide to Crypto money Exchange
Cryptocurrency Exchange or Digital money Exchange is a business that involves the exchange of cryptocurrency with other assets such as money or any other digital money. It is a web service that provides electronic transactions in electronic forms and taking fees for them.
Any transactions or operations to Digital money Exchange can be made by debit and credit cards, postal money order or any other kinds of money move. This article is about discussing the various cryptocurrency exchanges which ease crypto money trading for beginners and what they offer in terms of availability, ease of use, security, place/withdrawal methods and fees. We hope this guide to cryptocurrency trading can help you get started with cryptocurrency exchanges.
Coinbase is one of the biggest cryptocurrency exchanges based in San Francisco, California. It is obtainable in 32 countries and currently serves over 10 million customers. Launched in 2012, it has an easy to use interface that makes Digital money Exchange an easy task for a non-technical person. It is also obtainable for both iOS and Android. Unfortunately, Coinbase doesn’t provide crypto money mining for beginners and is only an exchange.
As of now, it offers four coins, Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. It exchanges digital money with US dollars, Euros and Great British Pounds. With minimum move fees, Coinbase has never experienced any security breach which makes it a perfect platform for digital money exchange. In addition to that, Coinbase also offers a fully-fledged progressive exchange called GDAX. It offers more progressive features and different and better trading fees than Coinbase.
Bitstamp is another platform that provides digital money exchange. It is comparatively easy to use and offers more progressive features via TradeView. Bitstamp offers coins such as Bitcoin, Litecoin, Ethereum, Bitcoin Cash and ripple. It exchanges digital money with US dollars and Euro. You can put into practice all the latest crypto money trading techniques in this exchange.
It offers Flat deposits via bank transfers and supports debit/credit cards. Perhaps the only drawback one can find in Bitstamp is slightly high fees and the fact that it suffered one security breach in 7 years of its operation. Nonetheless, it is one the most reliable exchanges. It is obtainable in both iOS and android.
Gemini is a UK based company launched in 2015 by Winklevoss twins. It is obtainable in few countries including U.S, Canada, Hong-Kong, Singapore and South Korea. One of the downsides to this platform is that it is not particularly user friendly. So, beginners are not recommended to use this platform.
It offers two coins and 1 FLAT money Bitcoin Cash, Ehtereum and US Dollars. Gemini follows strict protocols when it comes to security and as of 2018, it has not encountered a single security breach consequently making it one of the most obtain and reliable digital money platform. However, it is important to have digital money investment strategies before you start trading.
Digital ticks is a modern crypto exchange that aims to be a game changer in this sector. They have implemented many of the latest techniques which makes it easy for anyone to get started with trading.
It has a rare characterize called a Single Portfolio View that would permit the traders to see all the holding locaiongs on one single portfolio. It would be easy for traders to make informed decisions regarding the cryptocurrency exchange by using this rare characterize. It also supports Bitcoin, Ethereum, Litecoin and Dashcoin.
Kraken is one of the oldest cryptocurreny exchange platform. Launched in 2011, kraken is the biggest exchange in terms of quantity and liquidity for EUR trading pairs. It serves worldwide including the US.
Kraken offers a variety of coins including Bitcoin Cash, Ethereum, Monero, Augur, Litecoin and many more. It also supports place/withdrawals via bank transfers and cryptocurrencies. Having a not so friendly user interface, it also suffers from stability and performance issues but nonetheless, it is good platform for cryptocurrency exchanges.
Bitfinex is the largest cryptocurrency exchange platform. Launched in 2012, it has an easy to use interface and offers progressive number of features such as margin trading, margin funding etc. It is obtainable for both iOS and android platforms. It offers BTC, BCH, ETH, LTC, IOTA, XMR and NEO.
Just like the past cryptocurrency exchanges, it supports withdrawals using US dollars and Euros via bank transfers. Bitfinex has suffered two security breaches, the first one was in May 2015, which resulted in a loss of $330,000. And the second one on August 2016 that resulted in a loss of worth $72 million.
EtherDelta is a decentralized exchange that directly supports peer to peer connection. It is very different from the before discussed cryptocurrency exchanging platform. Here, funds are held in a smart contract on a Ethereum network which you are solely responsible for depositing and withdrawing from. Currently, EtherDelta only supports Ehtereum based tokens.
EtherDelta has a rather confusing interface that makes it difficult for users to perform cryptocurrency exchange operations. In one event, someone tried to buy 750 Kyber for 0.007 ETH each but ended up buying 0.007 KNC at 750 ETH.
After looking at the various cryptocurrency exchanging platforms, we can safely say that Coinbase and Bitstamp stands out in terms of its good features like security, user friendly interface, multiple withdraws/move methods and many more.
I would not call them perfect but I would recommend that it is the safest bet you can make. Every cryptocurrency exchanging platform are rare in its own way and has both advantages and disadvantages. We just have to select the one that suits our needs. We hope that this guide on basic crypto money exchange and trading would give you a head start in your journey of Cryptocurrency trading.