The Beginners Guide to Crypto Currency Exchange
Cryptocurrency Exchange or Digital Currency Exchange is a small business that involves the exchange of cryptocurrency with other assets such as money or some other digital currency. It is a web service that provides electronic transactions in electronic forms and taking fees for them.
Any transactions or operations to Digital Currency Exchange could be made through debit and credit cards, postal money order or some other types of money transfer. This article is about discussing the different cryptocurrency exchanges which facilitate crypto currency trading for novices and what they feature when it comes to availability, ease of use, security, deposit/withdrawal methods and fees. Hopefully this guide to cryptocurrency trading will help you get started with cryptocurrency exchanges.
Coinbase/GDAX
Coinbase is among the biggest cryptocurrency exchanges situated in San Francisco, California. It is available in 32 countries and currently serves over 10 million customers. Launched in 2012, it comes with an user friendly interface that makes Digital Currency Exchange an easy task for a non-technical person. It can also be designed for both iOS and Android. Unfortunately, Coinbase doesn’t provide crypto currency mining for novices and is an exchange.
As of this moment, it gives 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 great platform for digital currency exchange. Along with that, Coinbase also provides a fully-fledged advanced exchange called GDAX. It gives heightened features and different and better trading fees than Coinbase.
Bitstamp
Bitstamp is another platform that provides digital currency exchange. It is relatively user friendly and offers heightened features via TradeView. Bitstamp offers coins such as Bitcoin, Litecoin, Ethereum, Bitcoin Cash and ripple. It exchanges digital currency with US dollars and Euro. You are able to put into practice all the latest crypto currency trading techniques in this exchange.
It gives Flat deposits via bank transfers and supports debit/credit cards uniswap.Probably the only drawback you can find in Bitstamp is slightly high fees and the fact it suffered one security breach in 7 years of its operation. Nonetheless, it’s one the most reliable exchanges. It is available in both iOS and android.
Gemini
Gemini is just a UK based company launched in 2015 by Winklevoss twins. It is available in few countries including U.S, Canada, Hong-Kong, Singapore and South Korea. One of the downsides to the platform is it is not particularly user friendly. So, beginners aren’t recommended to use this platform.
It gives two coins and 1 FLAT currency Bitcoin Cash, Ehtereum and US Dollars. Gemini follows strict protocols in regards to security and as of 2018, it hasn’t encountered a single security breach thus rendering it one of the very most secure and reliable digital currency platform. However, it is important to possess digital currency investment strategies before you start trading.
Digital Ticks
Digital ticks is a modern crypto exchange that aims to become a game changer in this sector. They have implemented many of the latest techniques which makes it easy for everyone to begin with with trading.
It features a unique feature called a Single Portfolio View that could enable the traders to see all of the holding positions on one single portfolio. It would be easy for traders to produce informed decisions regarding the cryptocurrency exchange by using this unique feature. Additionally it supports Bitcoin, Ethereum, Litecoin and Dashcoin.
Kraken
Kraken is among the oldest cryptocurreny exchange platform. Launched in 2011, kraken is the largest exchange when it comes to volume and liquidity for EUR trading pairs. It serves worldwide like the US.
Kraken offers many different coins including Bitcoin Cash, Ethereum, Monero, Augur, Litecoin and many more. Additionally it supports deposit/withdrawals via bank transfers and cryptocurrencies. Having a maybe not so friendly interface, additionally, it is suffering from stability and performance issues however, it’s good platform for cryptocurrency exchanges.
Bitfinex
Bitfinex is the biggest cryptocurrency exchange platform. Launched in 2012, it comes with an user friendly interface and offers advanced quantity of features such as margin trading, margin funding etc. It can be acquired for both iOS and android platforms. It gives BTC, BCH, ETH, LTC, IOTA, XMR 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 initial one was in May 2015, which led to a loss of $330,000. And the second one on August 2016 that led to a loss of worth $72 million.
EtherDelta
EtherDelta is just a decentralized exchange that directly supports peer to peer connection. It is different from the previously discussed cryptocurrency exchanging platform. Here, funds are held in an intelligent contract on a Ethereum network which you are solely accountable for depositing and withdrawing from. Currently, EtherDelta only supports Ehtereum based tokens.
EtherDelta features a rather confusing interface that makes it difficult for users to perform cryptocurrency exchange operations. In one occasion, someone tried to purchase 750 Kyber for 0.007 ETH each but wound up buying 0.007 KNC at 750 ETH.
Conclusion
After taking a look at the different cryptocurrency exchanging platforms, we could safely say that Coinbase and Bitstamp stands out when it comes to its good features like security, easy to use interface, multiple withdraws/transfer methods and many more.
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