Choose the best cryptocurrency exchange with help from our comprehensive Crypto exchange Reviews.
What Are Crypto Exchanges?
Cryptocurrency exchange are websites than enable buying, selling or exchanging of other cryptocurrencies
For other digital currencies or traditions currencies such as the US dollar or pounds. Examples of digital currencies are bitcoin, ethereum, litecoin, ripple amongst others. There are two types of exchanges: Fiat exchange; this allows one to buy the cryptocurrencies with fiat money, this is the traditional money such as dollars. Through this method they can transact via credit card, cash or bank accounts. This is usually the method used when one joins the trade.
Pure or altcoin exchange, this methods requires strict exchange of the digital currencies, traditional money is not acceptable here. Therefore one is expected to acquire the currencies, deposit them into your account then you can steer t the trade for other coins from there.
Both modes of exchange are very essential and it is important to have both for effective trading. Sometimes the requirements may be one or the other forms of what are crypto exchanges only or the latter, this way, you will always be in position to take part in whatsoever trade you are interested in.
However before diving into this trade, there are several things that’ll should be taken into consideration:
Form of paymentOne needs to understand the proper channels of payment that are accepted at a particular exchange, the less available options then it is not a good choice. What are crypto exchanges should have options such as wire transfer, credit cards, PayPal, cash and so on, and usual the best option is the credit card as it’s time convenient unlike the wire transfer. As the trade will be an ongoing process one needs to ensure that have the best option that will not constantly inconvenience them.
Proper research should have been done on an exchange before opting to join one, such information can be found on their website where customers give reviews and talk about their experiences. Positive insights means it is a worthy deal. From this one also gets to understand the process and how it works, it’s like joining a community.
Also it is important to check all fee related information that is usually available on the website. This includes, withdrawals, deposits and transaction fees, the amount usually differ from one exchange to another, hence pick the one that suits you best and a worthy investment.
Engaging in such a trade is risk so the proper precautions must be taken. This is where registration by using one’s identification details is required which is followed by the verification process. This process may take a couples of days but it all worthwhile as it saves one from all types of money laundering crimes and gives the assurance of trading in a safe space.
Some of these exchanges have user functions that are not readily available worldwide, and therefore it is important to ascertain that your geographic area is allows you to access all platforms and functions on the exchange you hope to join. After critically considering the above, doing even more research one the coins, you are good to go.
Binance is now ranked as one of the most popular cryptocurrency exchanges worldwide Binance has its foundations in china, although it does not serve china itself, instead it offer its services to traders worldwide
Despite the exchange being fairly new it has still managed to grow exponentially to be one of the top 10 largest exchanges across the globe It currently has a huge selection of cryptocurrencies, with the usual trade pairs of BTC ETH and LTC
The web development team have done a good job in ensuring user friendly operation cross platform as you are able to switch to and from web and mobile (Android & iOS) seamlessly
registration is quick and fast, only needing you email and a few other details to start tradingBinance has a low trading fee of 0.1%
US Based cryptoexchange platform Bittrex is one of the largest and most respected names in cryptocurrency,
It trades more than 190 cryptoicurrencies having great volume across its paris, making it a perfect exchange for buyers and sellers both large and small Bittrex is know to be well regulated and runs compliant with necessary rules. This should put its users at ease whilst trusting the exchange with their funds
Again registration is quick and easy, registering with your email is all that is needed, however once your ready to withdraw, the exchange will require further I.D documents before anything os released
Bittrex is a “crypto-only” exchange, meaning it doesn’t allow you to deposit fiat currencies such as USD, EUR, GBP, etc.