How to choose the best cryptocurrency exchange solution?
The crypto currency market is currently booming and is likely to be on the rise in the nearest future. Thousands of people are looking for the best cryptocurrency exchange rates and would like to operate only on reliable and reputable platforms. However, choosing the best website for performing operations with cryptocurrencies might often appear to be challenging. How to buy cryptocurrency easily and quickly? Where to buy cryptocurrency for the lowest possible price? What is the best place to buy cryptocurrency? What should you do in case you are complete beginner but still want to dive into the world of crypto? In this post, you will find the most detailed information about buying cryptocurrency, cryptocurrency trading and discover the best cryptocurrency exchange sites.
Cryptocurrency exchange: The basic facts
Using exchange platforms is an inevitable part of any successful crypto trading. Crypto exchanges are specially designed websites that allow all the users to purchase, sell, or exchange different types of cryptocurrencies to other digital currencies or real currencies (for example, Euro, US dollars or pounds)
The platforms that deal with crypto trading greatly vary. They might specialize in a different number of currencies, as well as offer basic or advanced tools for doing your business. There are many websites that don’t require having an account, so making a transaction can take you just a couple of moments. In case you are an experienced crypto professional and would like to use some extra website features, you will need to create an account on a chosen service. No worries, becoming the website member will not take you long - you will need to provide only some basic information about yourself, such as login name and email.
In most cases, a cryptocurrency exchange platform has a convenient and handy design that will suit even the beginner users. Even in case you have no experience in this area, you are likely to find these websites understandable and easy to use. Moreover, most transfers and payments are being completed within the shortest terms.
The most common types of cryptocurrency exchanges?
Although there are plenty of websites that specialize in the following area, all of them can be divided into three groups. Different users prefer different platforms to suit their needs and you can easily pick up the best solution among these types of websites, too.
Top cryptocurrency exchanges can be divided into these categories:
Direct trading services. These websites are developed for people from different countries who would like to exchange their digital currencies. These are person-to-person services with no fixed prices. Each seller can offer their own rates, while the buyers can choose the most fitting price.
Trading services. These solutions are designed to set up successful connections between sellers and buyers. As a rule, these platforms take a small fee for each transaction made with the help of the website.
Brokers. The brokers are very similar to sellers on direct trading systems. Brokers are sites that allow each visitor to purchase cryptocurrency for the fixed price.
Furthermore, cryptocurrency exchange systems can be also divided by the product they deal with:
Fiat. These services allow selling and buying operations, where cryptocurrencies are being exchanged for state currencies, like euro or dollar. These services usually use traditional payment methods, such as credit and debit card or bank account.
Crypto to crypto. These platforms are not dealing with real money and provide only services for exchanging one digital currency to others.
How to choose a perfect cryptocurrency exchange system?
Choosing the best service for making financial operations is key to successful trading. What parameters and features should you pay attention to when searching for the best solution?
Reputation. One of the best ways to check whether a chosen platform is likely to suit your personal needs is to check the reviews of other users. This way, you will be able to discover both the strong and weak points of a certain service in advance.
The number of supported cryptocurrencies. In case you are dealing with crypto that are not popular yet, it is better to double-check whether the service proceeds operations with it.
Limitations. Some platforms have some limits on the number of coins you are allowed to purchase or sell at one time. Furthermore, many services also set limits on withdrawal operations. This means if you purchase or sell coins in large volumes, you will be forced to withdraw a certain number of coins over several days. Make sure you know all the limits provided by your service.
Payment methods supported by the service. The higher the number of payment methods, offered by the platform, the better. Does it support making payments via credit card, PayPal, wire transfer? It is also important to decide which payment service you are planning to use for proceeding with your operations.
Verification procedures. It is surely great to discover the personal information you will need to provide in order to use the exchange solution. Can you make transections anonymously or will you need to send a scanned copy of your ID card?
Security. This is surely one of the most important parameters when choosing an excellent service for financial operations. Make sure you’ve picked up a reliable and trustworthy service with a perfect reputation. It should be legal and meet all the state requirements.
Fees. The pricing policies of trading services significantly vary. When joining a certain platform, you can effortlessly find all the needed information about the deposits, fees, and extra costs directly on the website.
Exchange rate. There are tons of services that offer the best bitcoin exchange and top rates for other types of digital currencies. Just take a look around to pick up the most fitting platform for your needs.
Speed. How much time does a certain platform need to proceed with an operation? Make sure it is fast and meets your expectations.
Ease of use. The easier the platform is, the better. Using an understandable service can save you plenty of time and effort.
The best cryptocurrency exchange 2020
In case you are looking for a perfect solution for making crypto-to-crypto operations, this website is likely to meet the requirements even of the most demanding users. This is surely one of the best bitcoin exchange platforms with an excellent number of payment methods, advanced features, and additional trading options. All the services are available for a reasonable fee, so using the service can help you to save a good deal of money. The platform also offers great discounts for those customers who trade Binance token, also known as BNB. The platform is available for all the users globally and has reasonable pricing policy. However, it has no Fiat trading option, so make sure you are not planning to use your country currencies for proceeding operations with the help of the website.
Coinbase is considered to be among the leading trading platforms and brokers. Millions of people use the service for purchasing, storing, and using various digital currencies. The platform is focused on proceeding operations with the world-known Bitcoin, Litecoin, and Ether. However, it is important to double check the digital currencies you can deal with since its number depends on your country of residence. You will use a digital wallet available for both Android and iOS gadgets. The service is easy-to-use, reliable, and fast.
The platform is one of the most reputable services in the cryptocurrency exchange market. It is a global solution that is used by customers from dozens of countries. You can purchase the digital currencies with the help of MoneyGram or your credit card. Among the greatest benefits of the service is that you can buy crypto money for your local currency. The service is also very convenient and understandable, making Coinmama friendly for beginner users. Furthermore, Coinmama can boast of having a relatively fast transaction time.
This service is a modern platform that is focused on cryptocurrency exchanges of both bitcoin and other popular types of digital currencies. You can effortlessly convert fiat to cryptocurrencies and vice versa. This popular solution also has plenty of advanced tools for industry experts who are trading crypto on a professional level. You can use various dashboards, tools, and utilities for proceeding operations in the most handy way. Furthermore, Cex.io is completely understandable for newbies, offering a simple and convenient interface. The platform also has a storage option, so there is no need to search for extra apps to keep your cryptocurrency safe. All the information about using the service is collected in an FAQ section for maximum convenience. The service has a fair cryptocurrency exchange rate and supports different payment methods.
Poloniex has been present in the digital market for years. Being one of the leading providers in the area, the platform offers trading options with over 100 crypto pairings. In case you are new to the world of digital currencies, the service is one of the best alternatives for making your first financial operations. If you are a pro trader, you will surely enjoy using the app’s rich functionality and superior website design. What brings crowds of customers to the service, is that it allows trading in high volumes.
The fees, offered by the program, are quite reasonable and will not leave your budget empty. It is important to know that the service offers different pricing for makers and takers, so it is highly recommended to double check the fees for your transaction before initiating an operation. Poloniex is a service full of unique features. One of the extra tools, highly popular among the customers, is a Chatbox. With the help of the tool, you can ask the advice of pro traders, communicate on different crypto-related topics and discover something new about the world of digital currencies. The service has an opened API that is surely one more benefit. By the way, Poloniex doesn’t offer fiat trading options.
Kraken is one of the major players in the crypto area. The platform is known to be the biggest Bitcoin exchange service in the euro. Moreover, the platform is proud to be an honored partner of the first cryptocurrency bank in the world. The service deals with dozens of types of cryptocurrencies and government currencies, including the US and Canadian dollars, Japanese Yen, Euro, and British Pounds. The program will perfectly fit the needs of experienced traders looking for advanced trading functionality. Kraken has a very attractive pricing policy with low deposit and transaction fees. In case you have any questions regarding using the program, a friendly support team is accessible round the clock.
Cryptocurrency exchanges: the verdict
Searching for the best cryptocurrency exchange service might need some time and effort. Fortunately, you are not limited to using only one platform and can try a few alternatives to choose the most fitting solution. Experimenting with using different solutions will help you to gain your own experience and decide which platforms are really worth using. However, it is important not to forget about checking the most important parameters of any service, including its reputation, fees, payment methods, limitations, and ease of use. This way, you will find the best solution that suits all your requirements easily and quickly.
Generally, using cryptocurrency exchange solutions is easy and usually requires minimum knowledge and practice. The services are available for complete beginners, who can effortlessly cope with making the basic operations with digital currencies.
What is the best cryptocurrency exchange for beginners?
The best cryptocurrency exchange platform for newcomers is a service with the most understandable and user-friendly interface. Moreover, the service for beginners should have a detailed FAQ section and an excellent support service to assist you in case you have any issues with using the platform. In case you consider a platform from the list above, you can start using Coinbase, Coinmama, Cex.io or Binance.
How Do I Deposit Into an Exchange?
The way you will place your deposit depends on the type of transaction you would like to perform. For example, in case you would like to make an exchange for real money, you might use your credit or debit card, as well as your bank account. For those looking for crypto-to-crypto operations, you will find more detailed information on the platform you are going to use. You might use special deposits, wallets, and other tools depending on the cryptocurrencies you will deal with.
How Do I Withdrawal from an Exchange?
The process f withdrawal your exchange also depends on the type of operation. As for fiat platforms, in most cases, you can get your money back to your bank account used for the transaction.
As for the crypto exchanges, you are likely to deal with your wallet tab mentioned earlier. By the way, verifying your identity can help you to improve the limits set up by certain systems on withdrawal.
What are the basic types of cryptocurrency exchanges?
There are 3 common types of services available on the global market. The first one, the trading platforms, is developed to establish connections between sellers and buyers. As a rule, these services take a certain fee for each transaction. The second option, direct trading, allows individuals to exchange digital currencies. Each seller can offer its own price. The third option is brokers, who sell coins to all the users for a fixed price.