Cryptocurrency Exchange or Digital Currency Exchange is a business that involves 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 forms and charges payments for them.
Any transactions or operations on the Digital Currency Exchange can be done by debit and credit card, postal money order or any other form of money transfer. This article is about discussing the various cryptocurrency exchanges that facilitate crypto currency trading for beginners and what they offer in terms of availability, 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 based in San Francisco, California. It is present in 32 countries and now 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. It is also available for iOS and Android. Unfortunately, Coinbase does not offer crypto currency mining for beginners and only one exchange.
Currently, it offers four coins, Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. It converts digital currency into US dollars, Euros and Great British Pounds. With the minimum transfer fee, Coinbase has not yet experienced any security breach that makes it a perfect platform for digital currency exchange. In addition, Coinbase also offers a fully advanced exchange called GDAX. It offers more advanced features and different and better trading fees than Coinbase.
Bitstamp
Bitstamp is another platform that provides digital currency exchange. It is easy to use and offers more advanced features through TradeView. Bitstamp offers coins such as Bitcoin, Litecoin, Ethereum, Bitcoin Cash and ripple. It converts digital currency into US dollars and Euros. You can practice all the latest crypto currency trading techniques on this exchange.
It offers Flat deposits via bank transfers and supports debit/credit cards. Perhaps the only drawback Bitstamp will find is the relatively high fee and the fact that it has suffered a security breach in its 7 years of operation. However, it is one of the most reliable exchanges. It is available on iOS and android.
Gemini
Gemini is a UK -based company launched in 2015 by the Winklevoss twins. It is available in several countries including the US, Canada, Hong-Kong, Singapore and South Korea. One of the drawbacks of this platform is that it is not very user friendly. Therefore, beginners are not recommended to use this platform.
It offers two coins and 1 FLAT currency Bitcoin Cash, Ehtereum and US Dollars. Gemini follows strict protocols when it comes to security and in 2018, it has yet to encounter a security breach thus making it one of the most secure and reliable digital currency platforms. However, it is important to have digital currency investment strategies in place before you start trading.
Digital Ticks
Digital ticks are a modern crypto exchange that aims to be the game changer in this sector. They implement many of the latest techniques that make it easy for anyone to start trading.
It has a unique feature called A Portfolio View that enables traders to see all the holding positions in a portfolio. It is easy for traders to make informed decisions about cryptocurrency exchanges by using this unique feature. It also supports Bitcoin, Ethereum, Litecoin and Dashcoin.
Kraken
Kraken is one of the oldest cryptocurreny exchange platforms. Launched in 2011, the kraken is the largest exchange in terms of volume and liquidity for EUR trading pairs. It serves the entire world including the US.
Kraken offers a variety of coins including Bitcoin Cash, Ethereum, Monero, Augur, Litecoin and many more. It also supports deposit / withdrawal via bank transfers and cryptocurrencies. Having a less friendly user interface, it also suffers from stability and performance issues but nonetheless, it is a good platform for cryptocurrency exchanges.
Bitfinex
Bitfinex is the largest cryptocurrency exchange platform. Launched in 2012, it has an easy -to -use interface and offers an advanced number of features such as margin trading, margin funding and more. It is available for iOS and android platforms. It offers BTC, BCH, ETH, LTC, IOTA, XMR and NEO.
Like previous cryptocurrency exchanges, it supports withdrawals using US dollars and Euros via bank transfers. Bitfinex suffered two security breaches, the first in May 2015, resulting in a loss of $ 330,000. And the second was in August 2016 which resulted in a loss of $ 72 million.
EtherDelta
EtherDelta is a decentralized exchange that directly supports peer to peer connectivity. This is very different from the previously mentioned cryptocurrency exchange platform. Here, the funds are made in a prudent contract with an Ethereum network where you are responsible for depositing and withdrawing. Currently, EtherDelta only supports Ehtereum -based tokens.
EtherDelta has a somewhat confusing interface that makes it difficult for users to perform cryptocurrency exchange operations. On one occasion, someone tried to buy 750 Kyber at 0.007 ETH each but ended up buying 0.007 KNC at 750 ETH.
Conclusion
After looking at the different cryptocurrency exchange platforms, we can safely say that Coinbase and Bitstamp stand out in terms of its good features like security, user friendly interface, multiple withdraw/transfer methods and many more.
I wouldn’t call them perfect but I recommend it’s the safest bet you can make. Each cryptocurrency exchange platform is unique in its own way and has advantages and disadvantages. We just have to choose the one that fits our needs. We hope this guide to basic crypto currency exchange and trading can give you a head start on your Cryptocurrency trading journey.