What is a cryptocurrency exchange?
Cryptocurrency exchanges are websites where you can buy, sell, or exchange cryptocurrencies for other digital currency or traditional currency like US dollars or Euro. For those that want to trade professionally and have access to fancy trading tools, you will likely need to use an exchange that requires you to verify your ID and open an account. If you just want to make the occasional, straightforward trade, there are also platforms that you can use that do not require an account.
Types of crypto exchanges
- Trading Platforms – These are websites that connect buyers and sellers and take a fee from each transaction.
- Direct Trading – These platforms offer direct person to person trading where individuals from different countries can exchange currency from their bank account. Direct trading exchanges don’t have a fixed market price, instead, each seller sets their own exchange rate.
- Brokers – These are websites that anyone can visit to buy cryptocurrencies at a price set by the broker. Cryptocurrency brokers are similar to foreign exchange dealers.
look out for before joining crypto exchanges
- Reputation – The best way to find out about an exchange is to search through reviews from individual users and well-known industry websites. You can ask any questions you might have on forums like BitcoinTalk or Reddit.
- Trading Fees – Most exchanges should have fee-related information on their websites. Before joining, make sure you understand deposit, transaction and withdrawal fees. Fees can differ substantially depending on the exchange you use.
- Payment Methods – What payment methods are available on the exchange? Credit card? Debit card? Wire transfer through your bank account? PayPal? Can you trade with USD EUR? If an exchange has limited payment options then it may not be convenient for you to use it. Remember that purchasing cryptocurrencies with a credit card will always require identity verification and come with a premium price as there is a higher risk of fraud and higher transaction and processing fees. Purchasing cryptocurrency via wire transfer will take significantly longer as it takes time for banks to process.
- Verification Requirements – The vast majority of the Bitcoin trading exchanges both in the US and the UK require some sort of ID verification in order to make deposits & withdrawals. Some exchanges will allow you to remain anonymous. Although verification, which can take up to a few days, might seem like a pain, it protects the exchange against all kinds of scams and money laundering.
- Exchange Rate – Different exchanges have different rates. You will be surprised how much you can save if you shop around. It’s not uncommon for rates to fluctuate up to 10% and even higher in some instances.
Best cryptocurrency exchange list:
LocalBitcoins.com is a peer-to-peer bitcoin exchanging site. At LocalBitcoins.com, individuals from various nations can trade their nearby money to bitcoins. The site enables clients to post promotions where they state swapping scale and installment strategies for purchasing or offering bitcoins. Your answer to these notices and consent to meet the individual to purchase bitcoins with money, or exchange specifically with web-based managing an account. Bitcoins are put in LocalBitcoins.com web wallet from where you can pay your bitcoin buys specifically.
Coinbase cases to be the world’s most prominent approach to purchase and offer bitcoin, ethereum, and litecoin. The mainstream wallet of Coinbase works smoothly on Android or iPhone along with the web. The cryptocurrency put away on its servers is secured by an insurance policy. Coinbase stores by far most of the advanced resources in secure offline storage. Individuals can invest in cryptocurrencies gradually by scheduling their purchases weekly or monthly.
The team of EtherMium firmly believes in free trade and in the sovereignty of the individual to make his/her own decisions. As trade is a critical driver of civilization, and any restrictions on trade hinder progress. EtherMium has embarked on the path being convinced that the blockchain technology is the future and any future devoid of freedom is just inconceivable. The vision and views are of EtherMium are fully represented in its product. The company also believes in loyal business only to its customers. Not to governments or any other party.
Xcoins.com is a European-based leading cryptocurrency exchange platform. Since its launch in 2016, the easy to use platform has served over 250,000 satisfied customers worldwide. Xcoins offers a quick and secure solution to purchase cryptocurrencies with 24/7 live support. They cater to beginners, as well as experienced crypto-veterans, and support more than 167 countries. With exceptional customer service and one of the quickest transaction processes, it’s easy to see why Xcoins has been growing exponentially since its inception. No matter your level of experience or where you are in the world, Xcoins.com is a safe and reliable way to get your hands on cryptocurrencies.
CoinChangelly is a cryptocurrency exchange service provider for digital currencies. The administration goes about as administrations comprising of stages for crypto exchange, bitcoin price, Coinmarketcap, and Crypto calculator. They have a quick and simple information exchange process. The organization goes about as a totally decentralized exchange platform covering cryptocurrencies, market analysis, blockchain news, and preferences.
Cex.io is one of the best cryptocurrency exchange that provides multiple payment options for using bitcoin and other cryptocurrencies. The platform lets users easily trade fiat money with cryptocurrencies and conversely cryptocurrencies for fiat money. So, if you are a beginner, this is one of the best crypto exchanges that you can use to get started. For those looking to trade bitcoins professionally, the platform offers personalized and user-friendly trading dashboards and margin trading. Alternatively, this crypto exchange also offers a brokerage service that provides novice traders in an extremely simple way to buy bitcoin at prices that are more or less in line with the market rate. The Cex.io website is secure and intuitive and cryptocurrencies can be stored in safe cold storage.
CryptoIdol is a project of Zimba Infonet LLP that was begun with a dream to enhance the openness of digital forms of money in India. CryptoIdol goes for giving a problem-free digital currency exchanging stage to ordinary citizens. Understanding the lack of digital currency trades in India, CryptoIdol was begun to improve cryptographic money exchanging and give the most noteworthy number of cryptographic money venture choices on a solitary stage.
Bitstamp is one of the best bitcoin exchange based out of Europ. It was founded in 2011 and is one of the first generation bitcoin exchanges that has built up a loyal customer base. Bitstamp is well known and trusted throughout the bitcoin community as a safe trading platform. It offers advanced security features such as two-step authentication, multisig technology for its wallet and fully insured cold storage. Bitstamp has 24/7 support and a multilingual user interface and getting started is relatively easy. After opening a free account and making a deposit, users can start trading immediately.
Buy and sell INR-crypto and crypto-crypto pairs on India’s #1 crypto exchange, serving over 3 million members since 2014. Trade Bitcoin, Ethereum, BAT, XRP, and more with low fees and world-class security on our web and mobile platforms. ZebPay 2.0 is better than ever.
With a suite of products across devices, ZebPay platforms include mobile apps for those who are always on the go, and a seamless web interface for users who prefer desktops. Designed to reduce all friction, our platforms are meticulously designed to be clutter-free so you can trade cryptos stress-free!
If your focus is to conduct crypto-to-crypto trading, Binance is one of the best options. Ranked as one of the most popular cryptocurrency exchanges worldwide, they provide you with impressive offerings along with an extremely low trading fee. Although the Binance platform is a young entrant into the market, it is rapidly growing, and holds a huge selection of altcoins with Bitcoin, Ethereum, and Tether pairings.
The exchange offers its own coin termed as BNB (Binance coin). Being a centralized exchange, you can get decent discounts while conducting trade with their token. Binance offers a standard trading fee of only 0.1% which can even be reduced further if the payment is made with in BNB.