Cryptocurrency exchanges: Which one is better than others?
Cryptocurrency is a hot topic on the investment scene. Everyone is talking about it, whether they understand it or not. The trading of cryptocurrencies takes place through a platform called a cryptocurrency exchange. This is usually a website where you are able to exchange cryptocurrencies directly with other traders (or through a broker).
There is a variety of cryptocurrency exchanges available on which to trade. Just like with any other investment decision, you cannot underestimate the importance of research to find the best option. Some important factors to consider when choosing an exchange include, payment methods, fees, reputation, exchange rate and geographical restriction.
Popularly known for its beginners friendly interface, Coinbase is trusted by millions of traders around the world. Unlike other trading platforms, this cryptocurrency exchange is also a brokerage. You can easily and securely buy Bitcoin, Litecoin and Ether using a digital wallet on mobile devices such as an iPhone or those with an Android mobile operating system.
Coinbase offers market data in real-time, no fees on maker trades and 0.1% fee on taker trades. In 2018, Coinbase Pro added new features to make trading safer and easier. New features include, the Address book and Crypto Address Whitelisting. The new features also allow for the tracking of your crypto addresses as well as the restriction of transfers when required.
Bittrex is one of the largest and top three exchanges in the world! A couple of features make this platform stand out.
Generally this platform has a good security track record and is easy to use. Wire transfers were stopped early 2017, but they started accepting them again in June 2018. The trading fee on Bitrex is 0.25%, but there are no fees for withdrawals and deposits.
Bittrex is popular among its users for top-notch security. Not only does the platform use a 2 step verification process, the Enhanced account has a stringent verification process. Although there have been complaints about slow response time, most of their customer support information is offered through social media, news articles and FAQs.
Binance focuses on crypto-to-crypto trading. Although it’s one of the newest exchanges, founded in 2017, it’s also one of the biggest in the world. Binance provides a platform for over 100 cryptocurrencies. Deposits are free of charge. On the other hand, withdrawal fees depend on the particular cryptocurrency. As an example, the Bitcoin fee is 0.0005 BTC and Binance coin fee is 0.09 BNB.
Binance offers a beginners guide that makes it easy for beginners to get started. In addition, you can easily get the latest updates and push notifications on the go with the Binance app. It is available for mobile devices with iOS and Android operating systems. The fee for each trade is 0.1% and you can enjoy a 25% discount if you use their platform token, Binance coin (BNB).
This Binance review would not be complete without a few negative points. They have been struggling with slow customer service due to exponential growth, especially during the 2017 crypto bull market. However, they provide FAQs and detailed articles that enable users to make informed decisions.
Although many other cryptocurrency exchanges exist, the Coinbase, Bittrex and Binance reviews above, are reviews of the top ones in the crypto space. These crypto exchange reviews present you with the best options and information to make the right trading decisions.
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