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Cryptocurrency has a lot to offer and people never run out of ideas to improve its network. One of the things that you need to understand when it comes to using cryptocurrency is the exchanges.
Get to know more about it here.
Understanding crypto exchanges
Crypto exchange is a platform where you will see the current market cap of coins and where trading happens. Users can exchange crypto coins based on the market value. Crypto exchanges are different from crypto wallets where you can buy and sell digital assets like Bitcoin, Ethereum, and then sell to another exchange for other altcoins.
Some crypto exchanges only allow users to trade digital assets for digital assets. However, there are also others that allow the trade of fiat currencies for cryptocurrencies. Other exchanges offer both exchange and wallet.
Exchanges make crypto trading easy to achieve. With its degree of day to day trading, crypto exchanges have created a way for users to accumulate other digital assets. It’s a win-win situation for all users because they gain another cryptocurrency in every trade.
These platforms are somehow similar to regular stock exchanges. The rate of cryptocurrency depends on the actions of the users. It will vary on the buying and selling of a particular cryptocurrency.
List of different crypto exchanges
Find a wide range of crypto exchanges when you go online! Here are some of the most popular crypto exchanges there are today:
Coinbase exchange is known to be the world’s biggest crypto exchange. It’s different from usual crypto exchanges because it allows users to buy cryptocurrency using fiat money. With Coinbase, you can trade cryptocurrencies such as Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and more! It’s considered one of the best crypto exchanges because it also offers a built-in wallet where you can buy and store cryptocurrencies.
Cash App allows users to perform P2P payment transactions with the use of credit and debit cards which makes it easier for users to use available sources they have. Cash App is a well-known exchange that allows users to buy, sell, store, withdraw, and deposit Bitcoin.
Binance exchange is another platform where users can trade cryptocurrencies. This exchange also provides a crypto wallet for its users making it a reputable exchange next to Coinbase. Aside from trading, Binance also has its own token called Binance Coin.
Another platform for exchanging national currencies and cryptocurrencies is Bisq. It is a cross-platform desktop application that allows users to purchase and sell Bitcoin. Unlike the usual browser-based web platforms, this exchange works by downloading it into your laptop or desktop computer.
Kraken exchange is a San Francisco-based crypto exchange that allows users to trade various cryptocurrencies. Using different fiat currencies like U.S dollars, Canadian dollars, euros, and Japanese yen, users are able to buy or sell cryptocurrencies. This makes Kraken popular among crypto users because it allows users to use their country’s currency.
Kucoin exchange was launched in 2017 as a global exchange for various digital assets and cryptocurrencies. Due to its multi-language and 24/7 customer service setup, this exchange is known as ‘The People’s Exchange.’ The aim of the Kucoin founders is to build an easy and secure platform that allows everyone to exchange a variety of digital coins for people from different places to use.
Gemini exchange was launched in the United States in 2015 as a private, licensed exchange that provides digital holdings with custodian services. Users can buy, sell, and store cryptocurrencies and have it exchanged with other cryptocurrencies like Bitcoin and Ether, as well as trade against each other for fiat currencies.
Binance US exchange is a digital asset platform that went live in September 2019. It is operated by matching engine and wallet that was approved Binance. As with Binance, Binance US has identical trading costs. The biggest difference between the two platforms is that there might be promotions that are available for one exchange and might not be available for the other.
Okex exchange is considered to be one of the world’s biggest crypto-to-crypto exchanges. This exchange improves its security for the safety of its users. It uses several tools to secure their own accounts. The exchange also claims that they hold user funds in cold storage. Okex improved its services by adding various features such as credit card transactions, futures and options trading, and a leverage perpetual contract up to 100x.
Owned and operated by iFinex Inc., Bitfinex exchange is another popular crypto exchange that is based in Hong Kong. Founded in 2012, this platform is one of the oldest exchanges in the world. Fiat trading, deposits, and exchanges are also supported by this platform.
Founded in 2014, Bitflyer exchange is a private company that is based in Tokyo, Japan. With 2.5 million users, it is considered as one of the largest cryptocurrency exchanges that also introduces other cryptocurrency technology. This exchange supports Bitcoin and other top altcoins for trades and advanced lightning exchange. It only requires a minimal fee.
Whitebit exchange is a centralized European exchange that offers 0.1% trading fees for crypto-to-crypto and crypto-to-fiat transactions. One of the most notable features of Whitebit is its support for processing speeds of up to 10,000 transactions per second and 1,000,000 TCP connections. About 95% of all currency is deposited in cold wallets.
Gate.io exchange was founded in 2017 that serves different cryptocurrencies like USDT, CNYX, BTC, ETH, and others. What makes this exchange easy and quick is because it offers instant deposits and withdrawals of cryptocurrencies with no deposit fee and low trading. Gate.io is accessible via Android and iOS devices.
Founded in 2014, Poloniex exchange is a crypto-asset exchange that serves the crypto community with more than 120 active markets. Cryptocurrencies like Bitcoin, Ethereum, Monero, USD Coin, and Tether are the main cryptocurrencies offered in this platform. What makes Poloniex different from other exchanges is that it offers spot trading, margin trading, and also provides a lending platform. The said platform is where offers and demands for loans can be listed.
Max Maicoin exchange is an entry-level platform that helps beginners use fiat money to enter the crypto market.
Huobi Global has been in the crypto industry since 2013 and became one of the largest cryptocurrency exchanges that caters to Asian audiences. It provides support for altcoins and other varieties of stablecoins, and also provides users with different ways to secure their accounts. 2-factor authentication is available through SMS and Authenticator applications.
Bithumb exchange is another crypto exchange that is based in Seoul, South Korea. They have 75+ available active markets and they offer trading to different currency pairs like fiat-to-crypto and crypto-to-crypto pairs. This platform charges a 0.15% trading fee which is lower than the usual average of 0.25%.
BigONE exchange is a Singapore-registered exchange that operates in China and is not available for the residents of the US. This platform is available through iOS and Android mobile phones. BigONE supports various digital assets such as BTC, ETH, ERC20, ETC, ZEC, and SC.
Bitstamp exchange is the oldest crypto exchange today that was launched in 2011. It offers trading for BTC, ETH, LTC, BCH, and XRP. All major credit cards and 98% of digital funds are also supported by this exchange. There are no hidden fees when it comes to Bitstamp transactions making it an ideal platform for many.
Launched in 2018, Coinsbit exchange is based in Estonia. The owner of this Estonia-based crypto exchange is Yaroslav Yrovenko. It was named as the ‘best trading platform launched in 2018’ and is ranked 29th by 24h trading volume among the top-rated exchanges. Aside from crypto-to-crypto trading, Coinsbit allows users to perform fiat-to-crypto trading as well. Deposits can be done via Visa and Mastercard. As of today, Coinsbit supports fiat deposits of USD and EUR only.
Another crypto exchange is Bitmax. It serves the crypto community with no less than 62 active markets. Aside from spot trading, Bitmax also offers margin trading. This exchange has its own token called Bitmax Token (BTMX) and has a total supply of 10 billion tokens. Bitmax also has a financial product named BitTreasure which focuses on cryptocurrencies or digital assets.