The Best Cryptocurrency Exchanges
Cryptocurrency exchange is just as important as picking the right cryptocurrency to invest in because that is basically where transactions will be going on. Thankfully there are more than a handful of crypto exchange to pick from which of course is dependent on unique requirements. These crypto exchanges are not all created equally and although one cannot tell which is the best exchange of all of them, this list of top crypto exchange will narrow the choices to just a few of the top exchange out there.
Coinbase: Very often Coinbase is referred to as the best cryptocurrency exchange out there and from history it really has attained that reputation being the first exchange to exceed $1 billion worth in value. Coinbase is a great exchange because it is easy to use by design, making it still a go to choice for beginners and more expert crypto traders alike. The exchange is open to over thirty countries and it has an inbuilt wallet where all Coinbase store their coins as well as a pro version for more advanced traders. Coinbase accepts fiat and trades Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ethereum cash and 0x at low fees, although stipulating the exact amount an investor will pay will take a little math.
Coinbase however is still very highly rated as easy to use, secure, available and supportive, unfortunately all coins transacted on the platform are held in a general Coinbase wallet so users do not have a private key to their funds. Also anyone planning to use Coinbase must be aware that Coinbase plays by some traditional financial regulations and have some SEC involvement with the platform, and so the commonly sought after anonymity by crypto enthusiasts might not be very available when using the platform. Nonetheless, this feature makes Coinbase secure.
Coinmama: Coinmama is a reputable crypto exchange as well, even though they used to only deal with bitcoin it is still a go to exchange for many and this is owing to the fact that transactions made on Coinmama are very fast. Asides the speed of transactions, Coinmama is open to a large number of countries; over two hundred of them.
Coinmama recently expanded its list of accepted cryptocurrency from being only bitcoin to now accepting a few other altcoin and this is expected to increase the amount of users of Coinmama. Unfortunately, what can be done on Coinmama is still limited as users are only allowed to buy and not sell cryptocurrency on the platform and the transaction fee charged is still relatively high compared to Coinbase.
On Coinmama, the limit of transaction will depend on the level of the user; level 1, level 2, level 3 and so the higher the user’s level the higher the cap. Coinmama is also a preferred crypto exchange because it helps to control fluctuation of crypto coin value after a transaction has been made, while fluctuation is one of the major pitfalls of cryptocurrency, users won’t have to bother about it so much when they use Coinmama. This is because, Coinmama locks transfers once they have been made even before they have been fully verified so that irrespective of whatever fluctuation happens it will not affect transactions that had already been initiated.
Binance: Binance is a young cryptocurrency exchange but it has done very well enough to make it one of the best out there. Even though it is still new, it is a very accommodating cryptocurrency exchange because it accepts a good number of cryptocurrencies to be traded on the platform and the list of types accepted has no way come to an end as they could add a new one at any time.
This accommodating design of the exchange is amazing so is its performance but the major setbacks of this crypto exchange is that firstly it is based in china and therefore subject to the laws there and the second thing is that the exchange is like a brokerage website with a lot of graphs and charts to read.
Just like with traditional brokerage when a lot of people don’t know how to read the numbers or really understand what may be going on, Binance gives off that kind of vibe because it is not as easy to understand as the previous two named in this list. This becomes a problem because beginners may take some time before they finally understand the platform. To think of the fact that Binance only accept cryptocurrency and not fiat, it sends a hidden message that you have to have had some prior contact with cryptocurrency to use Binance and not just be an absolute beginner.
Despite these, Binance has done exceptionally as an exchange.
Bittrex: Bittrex exchange is also a very accommodating exchange. Its top most appealing features that has got it to this list is the fact that they place a high priority on security and considering that security is one of the major things to look out for when selecting an exchange, Bittrex has won a place with many.
Getting to use the Bittrex exchange requires a verification of transaction, and this process can be a bit frustrating because it definitely does not happen at the same speed that Coinmama does it and for many this is a big disadvantage but looking beyond that Bittrex has a lot to offer. The transaction fees on the platform are low, one of the lowest for exchanges and so this is enough to have crypto traders enjoying the platform.
To transact on the Bittrex platform is very easy and self-explanatory as there are tabs at the top of the screen to click when a user decides to deposit for a transaction, all transactions on the platform however must be paid for using other cryptocurrencies as fiat is not accepted on Bittrex.
In conclusion, selecting an exchange might sometimes leave crypto users confused, trying to weigh the pros and cons, this article however after reviewing different cryptocurrencies has helped make choosing an easier task by discussing the best cryptocurrency exchange out there. This selection was made based on users, crypto exchange values and important requirements of crypto users from an exchange.