There are several platforms that are out there for bitcoin exchange. But before you start using those platform you must know what bitcoin exchange is and how it works.
So what is bitcoin exchange?
A bitcoin exchange is a platform that allows the exchange of bitcoins. This works just like a brokerage where you deposit money through different ways and pay for the service that you get.
Traders can even exchange cryptocurrencies as they pay certain currency conversion charges. This is just like banking services.
Bitcoin exchange essentially matches buyers with sellers, which is quite similar to the stock exchange. As the market order is selected the exchange is authorized by the trader and you get the best price that is available online.
For doing this exchange the users have to verify their identity first. As they verify their identity they can easily open an account and start with the exchange. There are several different ways that can be used for depositing the funds. Any trader can withdraw the money from his/her account as per the options provided by her exchange platforms.
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There are several platforms for bitcoin exchange these days. Here are the best exchange platforms along with their pro and cons:
It is world’s largest bitcoin exchange platform. You can easily purchase several types of cryptocurrencies without much of a hassle. This platform is available in over 30 countries.
This platform offers high liquidity and buying limits to its users. As it is really easy to use any amateur can start investing in bitcoin through this exchange platform. An “instant buy” option is available for its users where they can buy bitcoins as they pay with their debit cards.
On the downside, any purchase made with bank transfer could take up to 5 days to process. You don’t get the option to track your coins as well, you might not be able to track your bitcoins.
This platform is available in almost every country and allows its users to buy cryptocurrencies as they pay through their debit or credit cards. Users pay a 6% fee for every purchase. You can use SEPA transfers for a lower service fee if you live in Europe.
As Coinmama is available in most of the countries you get the highest limit for buying bitcoins with your credit card. It is one of the most reliable and trusted brokers as well.
However, as it charges a high service fee some of you might not be comfortable with that.
Based in Singapore, luno is a bitcoin and ethereum exchange platform. You get several modes of payments using Luno. This platform was originally developed to support countries like Indonesia and Africa, however, it is now available in Europe as well.
Luno is a trusted exchange platform that is there for a long time. You get free deposits and a low withdrawal fee which makes this app ideal for transactions. However, you are recommended not to store your bitcoins in Luno’s wallet service.
Founded in 2017, Binance is one of the largest cryptocurrency exchange platform. You get their website in multiple languages and you can easily purchase cryptocurrencies from there. They are really handy as they offer just 0.05% service charge per transaction. Which is quite low.
Binance also offers the most volume of cryptocurrency exchange which is why it is ideal for small traders. You even get a Binance mobile app which is really easy to use and is quite handy for managing your investment. The app is available in both android and iOS and you can download it for free as well. You have to pay 0.15% per transaction as well.
Bitterax was created in 2017 in Malta. It offers a bunch of cryptocurrency exchange with a low charge of 0.25%. As it has a decent volume across all its pairs, small traders and buyers can use this platform.
Poloniex was once one of the largest exchange platforms but lost many of its users due to technical reasons. However, it is still one of the most trusted and reliable exchange service that you get.
Founded in 2013, Changelly is based in Malta. It also offers a low fee of 0.5% on your transactions. What makes it really stand out is the fact that there is no need to deposit coins as you use changelly. All you need is the number of bitcoins that you want to purchase and changelly is going to do all the calculations for you. You just have to put down your rate and the exchange will go through quickly. This is a great way of exchange directly from your bitcoin wallet.
It is another exchange platform in which you go through two-factor authentication to verify your identity and bank details. It has a complex user interface that might confuse beginners, which is why beginners should start with much simpler apps. However, Gemini offers instant transfers which is really handy.
These are the best cryptocurrency exchange platform that are there. Some of them like Coinbase and Binance are really good for beginners as they are easy to use and also offers mobile apps that are really helpful as you start with bitcoin trading. These websites are regulated and are well established so there is no need for you to worry about your investments.
As you choose an exchange service you should consider the following factors:
You should know how much transactions your exchange platform will be able to handle. It is really important that before you invest in any of these services you know what they offer and how much they are going to charge you for your transactions.
As you use any of the services you should be careful about how much personal information you are giving away. It is recommended that you should keep your personal information safe as identity theft is really common these days.
- Service charge
You should always compare the fees that you will be charged for your transaction. It is really important that you compare these service charges with others. You can save yourself some money with this as well.
How fast your transaction is going to take place. There is a different period of time associated with each type of transaction.
You should always invest in some credible exchange service as there are several fake websites out there that might end up taking up all your money.
Besides all these factors you should see if your exchange platform is regulated or not, if there are any cases of hacking. You should always choose one with a good customer service that is available 24 hours. This service should be responsive and should answer your problems as soon as possible.
Moreover, you should never store your cryptocurrency on your wallet unless you have a private key to your coins. If you want to store them you should invest in getting yourself a hardware wallet which is much safer and realiable.