Cryptocurrency has now become a global phenomenon with millions of people investing in it from all over the world. Whether it’s used as a saving, long-term investment, or as short-term trading to make money, cryptocurrency is one of the first go-to options for everyone these days.
Where do you buy them? Where do you trade them? These are pretty common questions which anyone would have. This article is for people who are just starting off or are looking for a better alternative to their current exchange platform.
Digital currency Exchanges (DCE) are the online platforms where trading of cryptocurrency for fiat money or other cryptocurrencies take place.
Currently, there are a lot of cryptocurrency exchanges present out there in the market. And choosing the best out of many ain’t an easy task. Several factors such as reputation, payment method, verification process, transaction fee, security, geographic restrictions have to be considered while selecting the right cryptocurrency exchange.
In order to make the task simple and quick for you, here is the compilation of the best cryptocurrency exchanges in the market.
Best Crypto Exchange Platforms:
Though Binance was founded in 2017, it attracted a pretty decent number of customers as there are no geographic restrictions i.e, it is open to all the countries around the world. Also, the transaction fee is quite low which is just 0.1% and it allows a wide range of cryptocurrencies for transactions with strong security.
Binance also offers a mobile application for both iOS and Android users. However, it only allows a limited number of user registrations per day which would be open for a few hours. Binance will suit well for you if you do not need fiat access.
CoinBase is one of the most popular cryptocurrency exchanges available right now with a 13 million user base. Founded in 2011, the company has sustained its reputation in the market with its easy to use user interface and pretty low transaction fee i.e, 1.49 – 3.99% depending on the payment method. Worldwide, it supports around 30 countries and is available as a mobile app for Android and iOS users.
It allows cryptocurrencies such as Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. However, CoinBase is highly popular for bitcoin exchange. Unlike Binance, CoinBase allows fiat transactions but users will have to go through a strict verification process for registering and trading. Another negative about Coin Base is that there have been few reports of glitches about the platform.
Bitfinex is one of the most popular cryptocurrency exchanges in terms of both users and volume of exchanges and is a perfect option for professional cryptocurrency traders. It has some advanced features such as limit orders, trailing stop, stop orders, TWAP. It also has a mobile app for Android and iOS users to trade cryptocurrencies.
However, it doesn’t allow fiat exchanges and restricts the U.S.A users from registering for exchanges. Another drawback is the long verification process. Bitfinex takes up to 15-20 days for validating users.
Bitterix is one of the old and reputed cryptocurrency exchanges based in the US. It is available worldwide and allows users to trade around 190 cryptocurrencies. It charges around 0.25% as commission for all transactions.
Although the registration process is fast and simple, one must submit ID documents for trading up to 100BTC per day. However, Bitterix hasn’t been allowing many registrations lately.
Kraken is a US-based cryptocurrency exchange founded in 2011. It is available in countries such as U.S, Canada, Europe, Japan. It also supports fiat transactions with charges up to 0.36%.
The verification process is quite different which is carried out in 5 different tiers.
tire 0 – requires an email address for verification. However, the users aren’t permitted to withdraw and deposit cryptocurrencies at this stage.
tier 1 – allows deposit and withdrawal of cryptocurrencies when phone number, verified name, DOB, and country are provided.
tier 2 – allows fiat exchanges if a verified address is provided.
tier 3 – allows trading up to higher limits if photo ID is provided.
tier 4 – allows the users to access much-advanced tools if KYC is completed.
However, one drawback of Kraken is that it isn’t available as a mobile application.
So, this is the list of best cryptocurrency exchanges to buy and sell digital currencies in 2018. Let me know your views about this and comment below if I missed any good cryptocurrency exchange.