To find out what crypto exchangers are and to conclude which ones are better, read our review. You will learn what is a cryptocurrency exchange and about top exchanges. It will also be useful for beginners to learn about Bitcoin liquidity and trade altcoins (such as Litecoin and Ripple, and Ethereum). Let’s start our exchange critique.
What is a cryptocurrency exchange?
Crypto exchange is specialized internet hustings that allow its customers to swap fiat (USD or another cash) to crypto or get crypto. Some sites do not require registration and operate on the principle of an online store. On such a website, a visitor will be able to pick up the crypto such as Bitcoin and many altcoins.
Alternatives work as a good cryptocurrency broker. Traders can exchange coins or use special selling and convert tools.
Usually, services charge a fee for buying withdrawal currencies. At the same time, customers pay no fees for creating a profile and making a deposit. The asset can be increased using a bank card or cash (through a special ATM).
Crypto exchanges often set week limits for traders to avoid scams. Each transaction is recorded on the blockchain. Therefore, cryptocurrency exchanges are a relatively trusted source.
Crypto exchange can offer to buy or sell cryptocurrency at the market price. Other communities (brokers) set any price for coin exchange.
What to find out before joining to exchange
It is advisable to blast-off with studying offers, to choose the best exchange for cryptocurrency. Each digital currency exchange has a different level of secure, resident’s support, options, and altcoins to get.
The criteria to evaluate the risks:
- Compare Bitcoin exchanges to help user reviews in specialized forums. Find out the rating of the commentator and the length of his stay on the forum. Massive positive comments from new users do not inspire much confidence. Also on the forums, you learn the positive and negative sides, even the best crypto exchanges.
- Perform an analysis of the rate for biggest and lowest exchange coins. Often prices depend on your country and banks (users located in the US, Canada, etc. are in different conditions).
- Check how friendly the founders of Bitcoin exchanges have set up payment methods. It is essential whether you can investing dollars, what minimum commission and cryptocurrencies list.
- Most cryptocurrency exchanges check their clients before allowing them to trade cryptocurrencies. Depending on the scale, you have a specific limit of daily operations and a set of tools. Standard verification takes several days.
- To start, find out the best cryptocurrency to invest in 2019. Next, you need to define websites that offer this the best cryptocurrency. Then looking to cheap places.
The Best Cryptocurrency Exchanges
Now the best cryptocurrency exchanges may be considered those that work with top cryptocurrencies to invest in. Also specify what market strategies, mobile apps, the real margin you achieve.
Compare Pure & Altcoin Exchanges
There is the best exchange if you look for a cheap way to receive Bitcoin or other global cryptocurrencies. The Chinese platform offers the fastest transactions with low rates. The developers offered to trade pairs with the most significant cryptocurrencies (Bitcoin, Tether, Ether). If a customer uses his exchange coin (BNB) for transactions, he will be charged lower payments.
- The access to a convenient online wallet for storing coins;
- The participants may trade directly without a complex strategy;
- The playing field is safe in the opinion of users;
- Access to the cryptocurrency market through the Binance website is possible from any country.
• Binance only trades cryptocurrency and does not accept fiat.
Binance proposes a convenient application for different operating systems. Similar functions are available in the app, as on the site. You can build a profile right now and become a trade in any place.
Changelly – Swap
There is not precisely an exchange in the complete sense of the word. The service is an automatic selection of the best course. The program analyzes several exchanges (including Poloniex, Bittrex, HitBTC). Then, users can trade Bitcoin at a favorable moment.
Bittrex is located in the USA. This site holds over 190 cryptocurrencies to buy. The ring has an official license and a right level of protection for its customers. Besides, the service has one of the most substantial volumes of Bitcoin day trading.
A distinctive feature is that investors themselves can determine the rates for buying and selling, as well as the time during which the offer is valid. You must pass the verification of your id according to KYC standards before starting work. Depending on the amount of personal data that you are ready to provide, the founders have provided different types of accounts:
- Basic – you should withdraw no more than 3 Bitcoins per day from your wallet;
- Advanced – transfer is up to 100 Bitcoins per day.
With all the advantages, you can enter the exchange only with coin cryptocurrency. Any national currency units on this site will not be useful to you. But advanced players have a place to roam. Charts are accessible for trading candlesticks, big loans.
The exchange provides Bitcoin trading with many types of coins. In addition to accessing the best cryptocurrencies to buy, Poloniex offers many tools for analyzing strategy. Standard tools are price charts. A feature of the service is a chat with the comments of all users. Moderators delete inappropriate posts. You value the rest of the tips yourself.
- A quick and straightforward registration permits you to start acting on the same day;
- The creators provided for the possibility of leveraged Bitcoin trading;
- Short and pending transactions are available;
- Everyone may trade in large volumes;
- There are many guides for new users;
- Management has developed a differentiated system of commission fees, depending on whether you initiate a transaction or agree (a tip is low in any case);
- For integration into various programs, the API is in the public domain.
- If you encounter difficulties, technical support will not respond to a request quickly;
- Trade can only crypto.
Initially, the exchange was planned as the best for beginners and continuing. Customers of the service used the broad possibilities of buying and selling of coins. Top 10 cryptocurrencies could be exchanged without commission. The exchange was known for the lowest gratuities and their absence for some transactions.
After a grand hack and the most massive cryptocurrency theft ($ 16 million equivalent was lost), the site was closed. The owners initiated the process of liquidation of the company and deceived investors still can not return their money.
Fiat vs. Pure Cryptocurrency
Many exchanges offer favorable conditions for trading and many types of coins. But there is one problem. These services do not sell coins for fiat money. Therefore, to enter the market of cryptocurrencies, you need to buy or get them in advance.
In this case, Fiat Exchanges, such as Coinbase, come to the rescue. You start to trade Bitcoin for Euro, USD or peer currency. After that, you need to purchase a digital wallet for storing coins. It could be hardware or software. On it, you will stock your assets until you deposit into the selected exchange.
Best Cryptocurrency Exchange for Day Trading
The exchange must meet the following criteria, to keep the title the best:
- A large number of transactions are made every day. It guarantees you fast transactions. You can quickly enter and easily exit trades.
- Low commission fees make you earn more.
These conditions are most consistent with Binance.
Which Cryptocurrency Exchange has moderate payments?
The right to be called the best exchange was given to Binance for the lowest tip to date. But this indicator may boast Coinbase, Coinbase Pro (formerly GDAX), Bitpanda.
Need to evaluate
Some services require too much personal information. To access the foremost transactions, you must present a passport, bank account, or card, take a selfie. Other sites require an expanded amount of information only to remove or increase trading limits. While access to small transactions is possible even anonymously.
They depend not only on your country or the level of identity verification that you have passed. Most often in great quantities, you can buy bitcoins. The remaining coins will have to buy small parts. Withdrawals are also limited, so sometimes you have to withdraw money from the exchange daily within the limit. It is tiring, besides, every time you need to pay a commission.
Membership fees for using one or another service are very different. They depend on the market cap of each particular coin, the type, and quantity of operations. Buying with a credit card is usually 2-3 times more expensive than using a bank transfer.
New transactions are processed depending on the paying. If you purchase a specialized cash machine, the coins will be credited instantly. Bank transfer will be processed by the system up to a week.
Here is what you should know first:
- Does the company have a state license and pay taxes?
- Have there been hacker attacks in the company’s history with the loss of large sums of money?
How to get Crypto with USD?
The easiest and most reliable way to become a happy owner of digital currency is to purchase it on Coinbase. The site looks like an online store. You choose the money, the right amount, and pay with debit or credit card or go pay to the bank. It is better to spend a little more time and learn the Coinbase Pro interface to buy large amounts. So you save a significant sum of the tip.
There is the most famous and reliable broker. Investors can buy ETH, BTC, LTC. There is a desktop and mobile version of the site. For storing assets, the site offers its digital wallet.
- The exchange has an impeccable reputation;
- Each client and each transaction automatically has insurance;
- An intuitive interface is understandable even to novice traders.
- Slow customer support and sometimes its complete lack of force to seek answers to your questions on the forums;
- Commission fees are higher than on most pure exchanges;
- Not all countries can use the site;
- The list of services for different countries is very different.
Good App to trade
Among the free applications for different operating systems, Coinbase, Cash App, Binance are really well-known.
PayPal payment system allows you to purchase the only Bitcoin.
How to control Rates?
CoinMarketCap is lightweight way. Prices, comparative charts are available to you.
What are the variant kinds of exchanges?
The services differ in the range of offered currencies and commission, the speed of the transaction plays an important role. Most exchanges freeze your funds for a while. It is risky, as a client is not sure whether he gets his money back.
From this point of view, Changelly compares favorably. Transactions are reflected in the system almost instantly.
What is essential to look for in a cryptocurrency exchange?
It is imperative that the firm has a state license and has never been cracked. It is crucial that the support team respond at the latest 24 hours after contact. It is important since the coins are highly volatile, their rate changes many times a day.
The exchange has a state license and conducts a full audit of its customers. There are a trade-in fiat currencies. All fiat deposits are insured, and cryptocurrencies are in cold wallets, so they can not be cracked. Deposits and withdrawals are free of charge. A small commission is charged for transactions.
- Security is maintained at the bank level;
- Simple website design is understandable to all customers;
- For accurate analytics have provided price charts;
- Easy to enter and leave the market.
- A small selection of coins is accessible;
- Customer support works at an average level;
- The exchange does not serve all countries;
- No margin trading.
US traders can make an immediate ACH deposit. It permits you to fix the price at the moment when you paid. But the coins will be blocked for further actions until the transfer is verified.
The exchange operates with the most massive volumes of resources. A large number of various crypto coins and fiat currencies are available. Margin trading is also present.
- The exchange has a worthy image;
- Traders can find profitable courses for deals;
- Service charges low transaction fees;
- There are many instruments for trading and analytics;
- For users did a speedy support service.
- You can use a few payment methods;
- Sophisticated interface for newbies.
To start, you must provide personal data.
Starting to trade on exchanges, people may use the simple order form. Advanced players can already use more advanced features.
The prices apply:
0.26% for the purchase and 0.16% for sale.
The main focus of the administration is on reliability. Coins are not just stored in cold wallets, and they are additionally insured. Besides, the support service is open around the clock. The interface is translated into several languages.
- The service has never been cracked;
- Two-factor authentication protects every transaction;
- You may trade from any country;
- There are discounts on large purchases.
- Sophisticated interface;
- It is necessary to pay for making a deposit.
The conditions are the same as in the previous service.
For a small number of coins when buying, players give 0.25%. Using a card up to 500 USD, a client is charged 8%.
It is the most liquid crypto exchange. The site makes up to 10% of transactions from all cryptocurrency trading. The interface is very complex and is appropriate only for experienced players. The company has also been hacked and lost 70 million USD.
Validation is excluded when trading cryptocurrency.
The percentage does not depend on the volume of the deal. For buyers, it is 0.2%, and for sellers, it is 0.1%.
2 options are available:
- Bitcoin exchange;
- A regular purchase at the checkout.
If you have verified your identity, there are no limits in both cases. Deposits are checked on average 1-3 days. The exchange is licensed almost throughout the United States. Customer support is available around the clock.
Payment Methods Accepted
Deposits can be made without a commission using a bank transfer.
Traders from all over the world can connect, except for residents of Texas.
The standard commission for transactions is 0.2%. If you buy coins through the cashier, you need to pay 0.1%.
Deposits are allowed only in Bitcoins. A big advantage is the possibility of margin trading with leverage:
- 100 for bitcoins;
- 50 for Ether;
- 33 for Litcoin.
The exchange supports several more best cryptocurrency to invest in 2019:
It is a very convenient option, as there is a large selection of coins, own exchange currency, rare coins (DragonChain). The site allows you to trade with leverage and has a mobile application.
The exchange is based in Asia. Many coins are available to participants, margin trading with leverage, a mobile application. The service also checks users and has never been cracked.
The exchange has the second largest trading volume. The most popular coin is BTC. In second place is EOS.
The site is approachable for residents of the United States (not all states) and China. There is an opportunity to trade between 50 pairs of tokens. When buying crypto for dollars, you pay 0.1% of the transaction; exchanging crypto for crypto is cheaper and will require 0.05% from you. Round-the-clock technical support works.
Centralized vs. decentralized exchange
Centralized exchanges are more inclined to hacker attacks. In addition to assets, such services store private keys of users. In essence, this means that the exchange becomes the owner of the deposits made. You can work at such exchanges, but it is better to store currency in a cold wallet, that is, withdraw it outside the exchange.
Decentralized exchanges do not check new customers using the KYC method. Also, such services are not subordinate to banks and governments. On such a site, it’s readily launching and to exit the game. At the same time, virtually no customer support is available.
Options with the uttermost volumes
The more working capacity on the exchange, the easier it is to take and get rid any coins. It is also a detector of the trust of other users to the site.
Ways to Avoid Fraud:
- Do not trust services that offer too favorable an exchange rate;
- Study the ratings of exchanges before you take action;
- Check if the exchange has been cracked or not;
- Withdraw your funds to your personal hardware wallet.
Trading volume is not the only criterion to view. Some companies create volume artificially using bots. If the exchange is not too popular yet, but you have noticed high growth rates, it is trustworthy. Pay attention to the number of services that are provided to you.
What about Ponzi Schemes?
The Ponzi scheme is essentially a financial pyramid. New members sponsor payouts for previous members. At that time, only company management receives real income. Scammers often work in the field of coin mining. The scheme collapses at a time when new asset injections cease to cover payments to earlier investors.
When choosing a cryptocurrency exchange, be guided by reviews, tips of eminent traders, and common sense. Do not settle for too lucrative offers. Think critically and weigh all risks.
I am a crypto enthusiast. Bitcoin miner in 2013. AERGO Ambassador. I believe that blockchain technology is the future. My goal is to clarify the value of cryptocurrencies and blockchain in a free economy and security. I want to contribute to the implementation of these technologies in people’s lives through an explanation of the principles of its work.