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 takes fees for them.
Any transactions or operations to Digital Currency Exchange can be made through debit and credit cards, postal money orders, or any other kind of money transfer. This article is about discussing the various cryptocurrency exchanges which facilitate cryptocurrency trading for beginners and what they offer in terms of availability, ease of use, security, deposit/withdrawal methods, and fees. We hope this guide to cryptocurrency trading can help you get started with cryptocurrency exchanges.
Coinbase
Coinbase is one of the biggest cryptocurrency exchanges based in San Francisco, California. It is available in 32 countries and currently serves over 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 both iOS and Android. Unfortunately, Coinbase doesn’t provide cryptocurrency mining for beginners and is only an exchange.
As of now, it offers four coins, Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. It exchanges digital currency with US dollars, Euros, and Great British Pounds. With minimum transfer fees, Coinbase has never experienced any security breach which makes it a perfect platform for digital currency exchange. In addition to that, Coinbase also offers a fully-fledged 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 relatively easy to use and offers more advanced features via TradeView. Bitstamp offers coins such as Bitcoin, Litecoin, Ethereum, Bitcoin Cash, and ripple. It exchanges digital currency with US dollars and euros. You can put into practice all the latest cryptocurrency trading techniques in this exchange.
It offers Flat deposits via bank transfers and supports debit/credit cards. Perhaps the only drawback one can find in Bitstamp is slightly high fees and the fact that it suffered one security breach in 7 years of its operation. Nonetheless, it is one the most reliable exchanges. It is available on both iOS and Android.
Gemini
Gemini is a UK-based company launched in 2015 by the Winklevoss twins. It is available in a few countries including the U.S, Canada, Hong Kong, Singapore, and South Korea. One of the downsides to this platform is that it is not particularly user-friendly. So, beginners are not recommended to use this platform.
It offers two coins and 1 FLAT currency Bitcoin Cash, Ethereum, and US Dollars. Gemini follows strict protocols when it comes to security and as of 2018, it has not encountered a single 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 before you start trading.
Belpay
Belpay.io is a digital marketplace where users can purchase and sell Bitcoins White Bitcoin in a variety of currencies. Bitcoin can be exchanged for fiat currency (legal tender) or alternative cryptocurrencies like Ethereum. The exchange acts as a go-between for bitcoin traders. The ability to buy Bitcoin by WBTC is the first step toward trading it. Belpay.io exchanges have transaction fees that range from 0% to 1%, just like stock exchanges. To trade Bitcoin on an exchange, a user must first create an account and complete a number of verification requirements. It’s important to remember that Bitcoin and other cryptocurrencies are only digital money; there are no actual Bitcoins.
Looking at the virtual coins supported by an exchange is a smart place to start. With over 1000 cryptocurrencies to choose from and more being introduced all the time, it’s critical to first determine which currencies you want to trade and then find an exchange that does so. Ethereum mining, for example, has recently grown in popularity, but not all Belpay.io exchangers accept this alternative cryptocurrency.
Kraken
Kraken is one of the oldest cryptocurrency exchange platforms. Launched in 2011, Kraken is the biggest exchange in terms of volume and liquidity for EUR trading pairs. It serves worldwide including the US.
Kraken offers a variety of coins including Bitcoin Cash, Ethereum, Monero, Augur, Litecoin, and many more. It also supports deposits/withdrawals via bank transfers and cryptocurrencies. Having a not-so-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, etc. It is available for both iOS and Android platforms. It offers BTC, BCH, ETH, LTC, IOTA, MXR, and NEO.
Just like the previous cryptocurrency exchanges, it supports withdrawals using US dollars and Euros via bank transfers. Bitfinex has suffered two security breaches, the first one was in May 2015, which resulted in a loss of $330,000. And the second one in August 2016 resulted in a loss worth $72 million.
