When you’re looking to buy or sell any cryptocurrency, you will have to 1st find a trusted cryptocurrency exchange. Only once you are able to discover a trusted cryptocurrency exchange, you can go ahead and think about buying the cryptocurrency which you want.
Instead of believing the claims of any cryptocurrency exchange, it is always a better idea to research yourself about the cryptocurrency exchange which you want to utilize. We will today share with you top 3 cryptocurrency exchanges which you can use.
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Table of Contents
Coinbase:
Coinbase is one of the largest cryptocurrency exchanges. It is based in San Francisco. Also, it allows you to make various recurring purchases in cryptocurrencies. The fees of Coinbase are around 1.49%. If you’re using credit card or debit cards, the fees are around 3.99%. It is surely one of the largest and the most trusted cryptocurrency exchanges which you can use today.
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Coinmama:
Coinmama is an index which is the perfect option for beginners. It allows you to purchase cryptocurrencies through credit card or debit card. Also, it allows you to get instant delivery of cryptocurrencies as well. You can opt for cryptocurrencies like Bitcoin, Cardano, Ethereum, Ethereum classic among others. Also, you can buy the cryptocurrencies through most of the states in United States. The fees too are the higher at 5.5%. You need to; however, keep in mind that the cryptocurrency exchange only provides you with the transaction platform. It does not provide you with the wallet. That is why you will be required to use a third-party wallet.
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BitPanda:
BitPanda is a cryptocurrency exchange which is based in United States. It allows you to buy or sell Bitcoin, Bitcoin Cash, Ripple, Litecoin, and Ethereum among others. It allows 3 types of Fiat currencies which are US dollar, Euros as well as Swiss francs. In addition to that, it allows bank transfer as a payment method as well. It also allows you to use credit card and debit cards. The fees on credit card and debit card purchases are around 5%. Also, with this particular exchange, you will not have to worry about sending smaller amounts as blockchain fees are nulled when sending or receiving cryptocurrencies. As a result, you will be able to send them quite easily.
Thus, if you’re looking at the top 3 cryptocurrency exchanges which you can utilize, you have to look into these few options. Tags: best cryptocurrency exchange 2018, cryptocurrency exchange platform, cryptocurrency exchange rates, best cryptocurrency exchange reddit, list of all cryptocurrency, cryptocurrency exchange india, cryptocurrency market, kraken exchange
You should consider a number of things when determining the best Bitcoin/cryptocurrency exchange for YOU:
How safe is the website and server? Secure exchanges are better.
How is the liquidity? The higher the exchange’s 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?
Kraken Review
Kraken (review) is also one of the better cryptocurrency exchanges. It provides reliability, high-security environment, some legal compliance, and advanced order types like stop-loss orders.
Kraken 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.
CEX.io Review
CEX.IO offers security, high liquidity, and cross-platform trading. It has somewhat high fees, margin trading, almost 100% uptime, etc. It is headquartered in London, UK. It was affected by a small hack long back but has had no issues for a while. It has over 2 million accounts and a wide variety of cryptocurrencies for sale.
CEX.io appears to have little no fees at first glance. They are able to do this by charging a premium on the Bitcoin price. When a user buys cryptocurrency on their exchange, they are paying more for the actual currency compared to the other exchanges prices. This doesn’t matter too much as it is basically the same thing as a service fee.
LocalBitcoins Review
Local Bitcoins ReviewLocalBitcoins 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.
LocalBitcoins is one of the better exchanges for users concerned with their privacy. Bitcoin can be purchased in person without linking an identity to an exchange.
Bitstamp Review
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.
They have a wide variety of trading pairs and cryptocurrencies available such as Bitcoin, Ripple, Litecoin, Ethereum and more. Although it is based in Europe, users from the United States and other countries can send international transfers for a very low fee.
Gemini Review
Gemini Exchange is an exchange based in New York, US. It only trades three currencies: US dollars, Bitcoin and Ethereum. It has low fees of 1%. It offers high security and compliance, top of the line cold storage system that stores information offline, access controls, and multi-factor authentication.
Gemini recently added support for more cryptocurrencies such as Zcash. This was a huge addition as Zcash is a privacy-focused currency and very few exchanges allow direct purchases of privacy cryptocurrency.
Crypto to Crypto Exchanges
Here’s some information on some of the most popular crypto to crypto exchanges.
Binance
Binance (review) is one of the newer exchanges but has impressed its customers on several occasions. They have some of the highest trading volumes 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.
Kucoin Review
Kucoin (review) is also a relatively new cryptocurrency exchange based in Korea, that has a wide variety of cryptocurrencies for sale. It has its own token similar to Binance known as Kucoin shares, that award its holders a percentage of the exchanges total trading fees. Kucoin’s trading fee is .1%.
Kucoin holds contests and other promotions similar to Binance making it a great exchange to have an account on.
Bittrex Review
Bittrex (review) is a Seattle, U.S. based and regulated exchange. It offers several trading pairs and supports more than 190 cryptocurrencies. It offers speedy transactions, high stability, and follows some risk management practices. Bittrex’s fees are .25%, which are somewhat high compared to their competition. Bittrex’s customer support is pretty good and uses Slack, Twitter and Email.
Cryptopia Review
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%.
In addition to their cryptocurrency trading pairs, Cryptopia offers a marketplace where nearly any item or service can be purchased with cryptocurrency.
Bitfinex Review
BitFinex is one of the larger cryptocurrency in terms of volume and users. It is based in Hong Kong and has trading fees of .1% for makers, and .2% for takers. It is important to note that BitFinex does not allow US users to sign up for their exchange.
Poloniex Review
Poloniex ReviewPoloniex is a U.S. based exchange available in all countries and states. It was recently purchased by Circle and has a great selection of cryptocurrencies. Poloniex has .15% fees for makers and .25% fees for takers.
Conclusion
Most cryptocurrency exchanges will serve their intended purpose in letting users buy cryptocurrency listed on the exchange. The main differences are the exchanges fees, customer support, amount of supported coins, and supported countries. To ensure you have access to as many cryptocurrencies as possible, it may be wise to sign up for each exchange.
The important things to take away from this page is the difference between the two main types of exchanges. The first set is commonly referred to as fiat exchanges, and allow users to use credit cards, debit cards, and bank transfers to purchase cryptocurrency. The most popular fiat exchange is Coinbase.
The other type of exchange is known as a crypto to crypto exchange and only allows cryptocurrencies to be exchanged with each other. No fiat currencies or debit/credit or bank transfers are used on these exchanges.
How to choose the best cryptocurrency exchange
Don’t buy your bitcoin from a place that could disappear overnight
There are at least 190 exchanges to chose from.
Here’s how to decide on the right one for you.
Annie Nova | @AnnieReporter CNBC
Your first step into the new world of cryptocurrencies is often through an exchange, a marketplace in which buyers and sellers interact. In theory, that’s not all that different from a stock exchange.
The reality can sometimes be quite different.
To get started, investors sign up with an online exchange using their bank account, credit card or digital currency.
Yet instead of relying on a third party like a broker to execute a transaction as you typically do with a stock, bond or ETF, cryptocurrencies trade on decentralized platforms with no middle man.
“Is it a fly-by-night operation operating out of a P.O. box in the Bahamas or is it a genuine operation, of which we have many? ”
-Emin Gün Sirer, a professor at Cornell who writes about bitcoin
There are at least 190 exchanges in operation, with new ones popping up every day.
Most of them don’t operate under any rules, regulations or obligation to replace your digital money should it lose all value, get lost, stolen or hacked. One of the first exchanges to go mainstream – Mt. Gox – ended in bankruptcy.
Here’s what you should consider about where you buy and sell your cryptocurrencies.
Always remember: These assets are incredibly volatile (In December, bitcoin was trading at more than $19,000. As of Tuesday, it was at $8,860). And so never invest more than you can afford to lose.
In addition, the IRS has labelled these currencies a property, meaning every transaction needs to be recorded and eventually taxed at your capital gains rate.
Find the right exchange for your location
In the past few months, San Francisco-based Coinbase has poached key executives from LinkedIn, Twitter, Facebook and the NYSE and has doubled the size of its full-time engineering team.
In the past few months, San Francisco-based Coinbase has poached key executives from LinkedIn, Twitter, Facebook and the NYSE and has doubled the size of its full-time engineering team.
Experts say if you’re in the United States, you would be wise to pick an exchange based in the United States.
Look for an address for the company. If you can’t find one, that should be a red flag.
If you don’t know where your exchange is located, “when you get hacked it’s going to be very difficult for you to even find the right jurisdiction in which you should sue the people who stole your money,” said Emin Gün Sirer, an associate professor of computer science at Cornell University who writes about bitcoin.
Check the relevant policies
Visual representation of the cryptocurrency Bitcoin on February 1, 2018.
Visual representation of the cryptocurrency Bitcoin on February 1, 2018.
Not all cryptocurrency exchanges accept U.S. dollars. If you don’t have any digital tokens yet, like most people, you’ll need to find an exchange that takes cash.
Make sure the exchange will work with you. For example, one of the biggest exchanges, Bitfinex, doesn’t accept United States payments, citing, among other reasons, a challenging regulatory landscape.
To that point, check your state’s stance on exchanges. In 2015, New York designed rules that require cryptocurrency companies to meet certain regulatory standards.
Recently, the U.S. Securities and Exchange Commission has focused its attention on exchanges, requiring that certain ones register with the department. In the meantime, the agency warns investors not to assume that these exchanges’ meet SEC standards.
Look into the reputation
Hackers participate in the Wikimania Hackathon at George Washington University in Washington, D.C.
“Is it a fly-by-night operation operating out of a P.O. box or is it a genuine operation, of which we have many?” Gün Sirer said.
A simple Google search can turn up some telling results about potential problems. For example, when you search, “Bitfinex hack,” you’ll quickly see a Wikipedia page dedicated to the event. You should also try to speak to other users of an exchange and inquire about their experience.
Online forums have become a magnet for cryptocurrency exchange information as well.
“There are a lot exchanges that have been hacked,” said Timothy Tam, co-founder and CEO of CoinFi, a cryptocurrency market intelligence platform. “Get yourself educated.”
Confirm that there’s enough security
Major bitcoin exchanges hit by cyberattacks as record rally makes them a target Major bitcoin exchanges hit by cyberattacks as record rally makes them a target
11:07 AM ET Thu, 15 June 2017 | 00:38
Experts say cryptocurrency exchanges should follow what are called “know your customer” (KYC) and “anti-money laundering” (AML) procedures, which are designed to reduce the risk of illegal or fraudulent activity by certifying customers’ identity.
“If it’s really easy to open an account, and it’s really easy to shield your cryptocurrencies from the IRS, then it’s going to be just as difficult to get your money back when things go south,” Gün Sirer said.
Make sure the exchange keeps the majority of its assets offline. At least 95 percent of the exchange’s assets should be offline, said Tam. Coinbase, for example, says it keeps 98 percent of its customers’ funds off the internet.
Fees and “volume”
Bitcoin on a mound of gold. Why is the price of bitcoin different on different exchanges?
5:08 PM ET Tue, 12 Dec 2017 | 01:32
Most exchanges make you weigh fees against protection, experts say.
The more secure exchanges charge a higher transaction rate. Coinbase charges a base rate of up to 4 percent for all transactions, for example, while other exchanges — with fewer guarantees, perhaps — can charge as low as 0.2 percent.
You also want to pick an exchange with high volume (you can check exchanges by volume on coinmarketcap.com). A higher volume tends to lead to higher price accuracy, experts say, since the exchange is processing many transactions at once rather than a few an hour — over the course of which these volatile investments can lose or gain thousands of dollars.
No matter how much you’ve researched and verified an exchange, don’t keep too much money on it for too long, said Matti Kon, CEO of financial software company InfoTech. Instead, transfer the digital coins offline and into a hardware wallet, safe from hackers.
“Do your thing and get off quick,” Kon said.
