What to Consider before joining an exchange
It’s very important to do a little homework before you begin trading. Here are a couple things you need to check prior to making your very first trade.
Reputation — The best way to find out about an exchange is to search through reviews from individual users and well-known business sites. You may ask any questions you might have on forums like BitcoinTalk or Reddit.
Fees — Most exchanges should have fee-related details on their sites. Before joining, make sure you understand deposit, trade and withdrawal fees. Fees can differ greatly depending on the exchange you use.
Payment Methods — What payment methods are offered on the exchange? Wire transfer? PayPal? When an exchange has limited payment choices then it may not be suitable for you to utilize it. Remember that buying cryptocurrencies using a charge card will constantly need identity verification and include a premium cost since there’s a greater risk of fraud and higher transaction and processing fees. Purchasing cryptocurrency via wire transfer will require significantly longer as it takes a while for banks to process.
Verification Requirements — The vast majority of these Bitcoin trading platforms both in the US and the UK require some kind of ID verification to be able to make deposits and withdrawals. Some exchanges allow you to stay anonymous. Although verification, which can take up to a few days, might look to be a pain, it shields the trade against all sorts of scams and money laundering.
Geographical Restrictions — Some specific user functions provided by exchanges are only available from particular countries. Make sure the market that you need to join enables full access to all or any platform tools and functions in the country you now reside in.
Exchange Rate — Different exchanges have various prices. You will be surprised how much you can save if you shop around. It is not uncommon for rates to fluctuate up to 10 percent and much higher in some instances.
The Best Cryptocurrency Exchanges
Today there are a host of platforms to choose from, however not all exchanges are created equal. This listing is based on consumer reviews in addition to a host of other criteria like user-friendliness, availability, fees, and safety. Listed below are just ten of the best crypto exchanges in no particular order.
Bitbuy.ca is a Canadian owned and operated electronic currency platform. Originally recognized as InstaBT in 2013, the organization’s mission is to provide convenient, dependable and secure access to Bitcoin and other digital currencies. Customer service, ease of use, and fast turnaround times for deposits and withdrawals are pillars of this platform. They cater to beginners as well as experienced dealers, and therefore are among Canada’s fastest growing buy/sell platforms. A wonderful choice for users seeking to buy and maintain cryptousers looking for a trustworthy on-ramp to flip their fiat into crypto efficiently.
Great customer support
Fast registration and affirmation
Quick processing of CAD deposits and withdrawals
ChangeNOW is a registration-free instant cryptocurrency exchange platform for limitless crypto conversions. ChangeNOW has been in the marketplace for at least a year now and has made a reputation for dependable service with great prices. The exchange platform doesn’t call for account production, processing rapid transactions for more than 170 cryptos, in addition to fiat-to-crypto purchases. ChangeNOW remains honest with its clients and collects no hidden or inflated charges. The timing of the transaction remains rather brief. Depending upon the trade volume, the processing rate can take as little as 2 minutes.
Registration-free — no accounts required
More than 170 cryptocurrency coins and tokens listed — over 36000 trading pairs
No limits — no maximum exchange amount
2 cryptocurrency exchange flows: standard and fixed-rate
Convenient buy with credit cards
ChangeNOW Doesn’t offer leveraged trading on cryptocurrencies
Backed by reputable traders and used by millions of customers globally, Coinbase is among the most popular and well-known brokers and trading platforms in the world. The Coinbase platform makes it effortless to securely buy, use, store and trade digital money. Users may purchase bitcoins, Ether and now Litecoin out of Coinbase through a virtual wallet on Android & iPhone or through trading with other consumers on the organization’s Global Digital Asset Exchange (GDAX) subsidiary. GDAX currently operates in the US, Europe, UK, Canada, Australia, and Singapore. GDAX does not currently charge any transfer charges for moving funds between your Coinbase accounts and GDAX account. For the time being, the selection of tradable monies will, however, depend on the country you live in. Check out the Coinbase FAQ and GDAX FAQ
Pros: Good standing, safety, reasonable fees, beginner-friendly, saved currency is insured by Coinbase insurance.
Cons: Customer support, limited payment procedures, restricted nations affirmed, non-uniform rollout of providers worldwide, GDAX appropriate for technical dealers only.
Founded in 2011, Kraken is the most significant Bitcoin market in euro liquidity and volume and has been a partner from the very first cryptocurrency bank. Kraken lets you purchase and market bitcoins and trade involving bitcoins and euros, US Dollars, Canadian Dollars, British Pounds and Japanese Yen. It’s also possible to trade digital currencies Aside from Bitcoin such as Ethereum, Monero, Ethereum Classic, Augur REP tokens, ICONOMI, Zcash, Litecoin, Dogecoin, Ripple and Stellar/Lumens. For more experienced users, Kraken provides margin trading and a host of other trading features. Kraken is a great choice for more experienced dealers. Check out the Kraken FAQ
Pros: Good reputation, adequate exchange rates, very low trade prices, minimal deposit fees, feature rich, fantastic user support, stable, supported global.
Cons: Limited payment methods, not suitable for novices, unintuitive user interface.
Cex.io gives a vast range of services for utilizing bitcoin along with other cryptocurrencies. The platform lets users easily trade fiat cash with cryptocurrencies and conversely cryptocurrencies for fiat money. For those looking to exchange bitcoins professionally, the system provides personalized and user-friendly trading dashboards and margin trading. Instead, CEX also offers a brokerage service that offers novice traders a very simple way to purchase bitcoin at costs that are more or less in line with the market rate. The Cex.io site is secure and intuitive and cryptocurrencies can be stored in safe cold storage. Check out the Cex.io FAQ
Pros: Good standing, good mobile Solution, supports credit cards, beginner friendly, Good exchange rate, supported global, API options for automated trading
Cons: Strict verification rules, fees fluctuate with the payment process
ShapeShift is the top exchange that supports a number of cryptocurrencies such as Bitcoin, Ethereum, Monero, Zcash, Dash, Dogecoin and many others. Shapeshift is very good for people who wish to make immediate straightforward transactions without signing up into a account or relying on a stage to maintain their funds. ShapeShift does not allow users to purchase crypto’s with debit cards, credit cards or any other payment system. The platform includes a no fiat policy and only allows for the exchange between bitcoin and another supported cryptocurrencies. Visit the Shapeshift FAQ
Pros: Good reputation, beginner friendly, Dozens of Crypto’s accessible for trade, fast, reasonable rates.
Cons: Average cellular program, no fiat monies, restricted payment options and tools.
Founded in 2014, Poloniex is one of the world’s leading cryptocurrency exchanges. The market provides a secure trading environment with at least 100 different Bitcoin cryptocurrency pairings and advanced tools and data analysis for advanced traders. As one of the most popular trading platforms together with the maximum trading volumes, users will always be able to close a trade position. Poloniex employs a volume-tiered, maker-taker fee program for all transactions so fees differs depending on if you are the maker or the taker. For makers, fees range from 0 to 0.15%, depending on the total traded.
For takers, fees vary from 0.10 to 0.25%. There are no fees for withdrawals beyond the trade fee required by the network. One of the distinctive tools on the Poloniex platform is your chat box which is constantly full of consumer help and virtually everything. Any user can write almost anything but improper remarks are deleted by moderators. It can occasionally be hard to differentiate the good advice from the bad, however, the Chatbox is a good tool that will keep you engaged.
Pros: quick account creation, feature rich, BTC lending, high-volume trading, user friendly, very low trading fees, open API.
Cons: Slow customer support, no fiat support.
Bitstamp is a European Union established bitcoin marketplace founded in 2011. The platform is one of the very first generation bitcoin exchanges which has built up a loyal client base. Bitstamp is well-known and trusted throughout the bitcoin community as a safe platform. It gives advanced security features such as two-step authentication, multisig technologies for its own wallet and fully guaranteed cold storage. Bitstamp has 24/7 service and a multilingual user interface and getting started is relatively easy. After opening a free account and making a deposit, then users can begin trading immediately. Check out the Bitstamp FAQ along with the Fee Schedule
Pros: Good reputation, high-level security, worldwide availability, low trade prices, great for big trades.
Cons: Not beginner friendly, restricted payment procedures, high deposit fees, user interface.
CoinMama is a veteran broker platform that anyone can see to buy bitcoin or Ether with your credit card or money via MoneyGram. CoinMama is great for people who want to create immediate straightforward purchases of electronic money using their neighborhood currency. Although the CoinMama service is available globally, users must be aware that some countries might not be able to use all of the functions of the site. CoinMama is available in English, German, French, Italian and Russian. Check out the CoinMama FAQ
Pros: Good reputation, beginner friendly, fantastic user interface, good range of payment alternatives, available worldwide, quick transaction time.
Cons: High exchange rates, a premium fee for credit card, no bitcoin market feature, average user support.
Bitsquare is a peer-to-peer to peer exchange which permits you to buy and market bitcoins in exchange for fiat monies or cryptocurrencies. Bitsquare markets itself as a genuinely decentralized and peer to peer exchange that’s instantly accessible and requires no demand for registration or reliance on a central authority. Bitsquare never holds user funds and nobody except trading partners exchange personal information. The platform offers great security with multisig addresses, security deposit and purpose-built arbitrator platform in case of trade disputes. If you want to stay anonymous and don’t trust anybody, Bitsquare is the perfect platform for you.
Pros: Good standing, secure & private, a vast amount of cryptocurrencies readily available, no sign-up, decent prices, open source, accessible globally, great for advanced traders.
Cons: Limited payment options, typical customer care, not novice friendly.
LocalBitcoin is a P2P Bitcoin market with sellers and buyers in thousands of cities across the world. Together with LocalBitcoins, you are able to meet up with folks in your regional area and buy or market bitcoins in cash, send money through PayPal, Skrill or even Dwolla or arrange to deposit cash at a bank branch. LocalBitcoins only take a commission of 1% from the sellers who put their own exchange prices. To ensure trading is secure, LocalBitcoins takes a number of precautions. To begin, the stage rates each dealer with a standing rank and openly displays past activities. Also, once a trade is asked, the money is held on LocalBitcoins’ escrow service.
Cons: Hard to buy large amounts of bitcoin, high exchanges rates.
Plus, with a fully functional website, and Android + iOs apps, the platform has the necessary technological infrastructure to provide users with a service that meets all of their investment needs. Which is why they accept interac e-Transfer, Bank Wire, AliPay and WeChat Pay.
Cons: Lack of altcoins, limited volume, not beginner friendly.
Cons: No fiat trading, limited payment options.
That means Gemini’s capital requirements and regulatory standards are similar to a bank. Also, all US dollar deposits are held at a FDIC-insured bank and the majority of digital currency is held in cold storage. Gemini trades in three currencies, US dollars, bitcoin, and ether, so the platform does not serve traders of the plethora of other cryptocurrencies. The exchange operates via a maker-taker fee schedule with discounts available for high volume traders. The platform is only fully available to customers in 42 US states, Canada, Hong Kong, Japan, Singapore, South Korea and the UK.
Check out Gemini’s FAQ
Pros: Security & Compliance, slick/minimalistic and user-friendly design, great analytics, high liquidity.
Located in San Francisco, Huobi is operated by HBUS Holdco, Inc. (“HBUS”), a U.S. firm and strategic partner of Huobi Global, one of the world’s biggest digital asset management and trading service providers. At the time of writing, Huobi is just available to Chinese and US residents excluding those residing in Alabama, Arizona, Connecticut, Georgia, Louisiana, New York, North Carolina, Hawaii, Vermont, Washington, and all U.S. Territories. Huobi offers a plethora of token trading options (Over 50 pairings). As we all know, crypto doesn’t sleep and does Huobi as they offer their clients 24/7 free customer support. Fees for USD transactions are.1% no matter being manufacturer or taker, all crypto into crypto trades are .05%.
Pros: 24/7 Free Customer Support, High-Quality Analytics, High Liquidity, Good standing
Cons: Only Available to Chinese and Some US Residents, USD is the only Fiat Supported
Picking the perfect cryptocurrency exchange system for your particular needs might be a difficult and time-consuming process. Don’t forget to pay attention to the fees, standing, safety, verification processes, and geographical services an exchange platform has to offer. Remember that you are not limited to using just one cryptocurrency exchange. Hopefully, the information provided will assist you in deciding which exchange platform to utilize.