Cryptocurrency Exchange or Digital Currency Exchange is a business involving the exchange of cryptocurrency with other assets such as money or any other digital currency. It is a web service that provides electronic transactions in electronic form and charges fees in exchange for them.
Any transaction or operation for digital currency exchange can be done by debit and credit card, by post or any other type of money transfer. This article discusses the different types of cryptocurrency exchanges that make it easier for beginners to trade cryptocurrencies and what they offer in terms of usability, ease of use, security, deposit / withdrawal methods, and fees. We hope this cryptocurrency trading guide can help you get started with cryptocurrency exchanges.
Coinbase / GDAX
Coinbase is one of the largest cryptocurrency exchanges in San Francisco, California. It is available in 32 countries and currently serves more than 10 million customers. Launched in 2012, it has an easy-to-use interface that makes Digital Currency Exchange an easy task for a non-technical person. Also available for iOS and Android. Unfortunately, Coinbas does not offer crypto currency mining for beginners and is just an exchange.
So far, it offers four currencies, Bitcoin, Bitcoin Cash, Ethereum and Litecoin. It exchanges digital currency with the US dollar, the euro and the British Pound. With minimal transfer fees, Coinbas has never been a breach of security, making it the perfect platform for digital currency exchange. In addition, Coinbas also offers a full advanced exchange called GDAX. It offers more advanced features than Coinbase and different and better trading fees.
Bitstamp is another platform that offers digital currency exchange. It’s fairly easy to use and offers more advanced features through TradeView. Bitstamp offers coins like Bitcoin, Litecoin, Ethereum, Bitcoin Cash and ripple. It exchanges digital currency with the US dollar and the euro. In this exchange you can practice all the latest techniques of cryptocurrency trading.
It offers flat deposits by bank transfer and accepts debit / credit cards. Perhaps the only drawback that can be found in Bitstamp is the slightly higher fee and the fact that it has suffered a security breach in the last 7 years of operation. However, it is one of the most reliable exchanges. Available on both iOS and Android.
Gemini is a UK company that was launched in 2015 by the Winklevoss twins. It is available in a few countries, including the United States, Canada, Hong Kong, Singapore, and South Korea. One of the downsides of this platform is that it is not particularly easy to use. Therefore, beginners are not advised to use this platform.
It offers two coins and 1 FLAT currency for Bitcoin Cash, Ehtereum and US dollars. Gemini follows strict security protocols and since 2018 has not found a single security breach, making it one of the most secure and reliable digital currency platforms. However, it is important to have digital currency investment strategies before you start trading.
Digital ticks are a modern crypto exchange that aims to be a game changer in this sector. They have established many of the latest techniques, which make it easier for anyone to start trading.
It has a unique feature called a single portfolio view, which will allow traders to view all positions in a single portfolio. It would be easy for traders to make informed decisions about cryptocurrency exchange using this unique feature. It also supports Bitcoin, Ethereum, Litecoin and Dashcoin.
Kraken is one of the oldest cryptocurrency exchanges. Launched in 2011, it is the largest exchange of kraken in terms of volume and liquidity among euro-denominated trading pairs. Serves worldwide including US.
Kraken offers a variety of currencies, including Bitcoin Cash, Ethereum, Monero, Augur, Litecoin and more. It also accepts deposits / withdrawals by bank transfer and cryptocurrency. The less user-friendly interface also suffers from stability and performance issues, but it is still a good platform for cryptocurrency exchanges.
Bitfinex is the largest cryptocurrency exchange platform. Launched in 2012, it has an easy-to-use interface and offers advanced features such as margin trading, margin financing, etc. Available for both iOS and Android platforms. It offers BTC, BCH, ETH, LTC, IOTA, XMR and NEO.
Like previous cryptocurrency exchanges, it allows withdrawals using US dollars and euros by bank transfer. Bitfinex suffered two security breaches, the first of which occurred in May 2015, resulting in a loss of $ 330,000. And the second resulted in a $ 72 million loss in August 2016.
EtherDelta is a decentralized exchange that directly supports peer-to-peer connection. It is very different from the previously discussed cryptocurrency exchange platform. Here, the funds are stored in a smart contract on an Ethereum network, which is the only one responsible for depositing and withdrawing. Currently, EtherDelta only supports Ehtereum-based tokens.
EtherDelta has a fairly confusing interface that makes it difficult for users to perform cryptocurrency exchanges. Once upon a time, someone tried to buy 750 Kyber for 0.007 ETH, but in the end he bought 0.007 KNC for 750 ETH.
After looking at the different cryptocurrency exchange platforms, we can safely say that Coinbase and Bitstamp stand out for their good features, security, user interface, various withdrawal / transfer methods and much more.
I wouldn’t call it perfect, but I would recommend it as the safest bet you can make. Each cryptocurrency exchange platform is unique in its own way and has its advantages and disadvantages. All we have to do is choose the one that suits our needs. We hope that this guide to basic cryptocurrency trading and trading will kick off your journey in cryptocurrency trading.