Cryptocurrency Exchanges

If you want to start trading cryptocurrencies, it is essential to learn about crypto exchange. In order to do so, you better follow our article in which we have provided the traders, who are mostly beginners, with a good and brief guide on cryptocurrency exchanges.

What is cryptocurrency exchange?

Cryptocurrency exchanges offer a platform where traders also can trade different assets for other digital currency or traditional ones like US dollars or Euro.

If you are a professional trader or have access to fancy trading tools, you probably need to use an exchange.

that requires you to verify your ID and open an account; otherwise, for the occasional and straightforward trade, you can use platforms that do not require an account.

There are different types pf exchanges. The Trading Platforms are websites that connect buyers and sellers and take a fee from each transaction.

The next platform also is Direct Trading where individuals from different countries can exchange currency directly from person to person. also Sellers set their own exchange rate on this platform and there is no fixed market price here.

Brokers are another type of exchanges which are similar to foreign exchange dealers. beacuse they are websites where anyone can visit to buy cryptocurrencies at a price set by the broker.

introduction to Cryptocurrency Exchange

 

How do crypto exchanges work?

Crypto exchanges allow exchanging one cryptocurrency for another, the buying and selling of coins and the exchange of fiat money into crypto.besides that, They basically work similarly to regular stock exchanges. While traders buy and sell assets on a stock exchanges including shares or derivatives in order to profit from their changing rates, traders using cryptocurrency pairs on crypto exchanges profit from highly volatile currency rates since the crypto exchange set the rate of the currencies both coins and tokens.

Cryptocurrency pairs allows traders to profit from currencies changing rates. For instance, if you anticipate that BTC may increase against USD in the near future,so you should buy the BTC/USD pair with BTC first place and USD second.

You may probably wonder why crypto exchanges range in different prices and that is because exchanges are not connected and each one of them calculates the price of Bitcoin based on its own volume of trades, as well as supply and demand of its users. They set the rate of both coins and tokens and the rate itself depends on actions of buyers and sellers. Some crypto exchanges are made for allowing traders to buy crypto and sell them with lower commission fees.

The performance of cryptocurrency Exchange

 

What are the best cryptocurrency exchanges?

Here we have listed ten of the best Cryptocurrency Exchanges in no specific order but based on criteria such as user-friendliness, with also accessibility, fees and security.

Binance

Ranked as one of the most popular cryptocurrency exchanges worldwide, which they provide you with impressive offerings along with an extremely low trading fee.

  • Pros: Ubiquitous platform, platform token, very cheap to transact, available worldwide.
  • Cons: No fiat trading, limited payment options. impressive offerings along with an extremely low trading fee.

Binance is one of the best Cryptocurrency Exchange

 

Coinbase

The Coinbase platform makes it easy to securely buy, use, store and trade digital currency.

  • Pros: Beginner friendly, security, reasonable fees, good reputation, stored currency is covered by Coinbase insurance.
  • Cons: Limited payment methods, costumer support, non-uniform rollout of service worldwide, limited countries supported, GDAX suitable for technical traders only.

Coinbase exchange a platform for crypto trading

 

Bitstamp

The platform is one of the first generation bitcoin exchanges that has built up a loyal customer base.

  • Pros: High-level Security, good reputation, with worldwide availability, good for large transactions, low transaction fees.
  • Cons: High deposit fees, not beginner friendly, limited payment methods, user interface.

Bitstamp, first generation bitcoin exchanges

Coinsquare

Coinsquare Built on the same technology as the New York Stock Exchange.

  • Pros: Security,with good reputation, reasonable fees, beginner friendly.
  • Cons: Limited countries supported, customer support, limited payment methods, non-uniform rollout of services worldwide.

Coinsquare, New York Exchange

Bitbuy.ca

Customer service, ease of use, and quick turnaround times for deposits also withdrawals are pillars of this platform.

  • Pros: Fast registration and verification, low fees,also great costumer service, Quick processing of CAD deposits and withdrawals.
  • Cons: Only available for Canadians and only offers BTC, ETH, LTC, BCH

 

supports some of the cryptos

 

ShapeShift

ShapeShift is the leading exchange that supports a variety of cryptocurrencies including Bitcoin, Ethereum, Monero, Zcash, Dash, Dogecoin and many others.

  • Pros: Good reputation, beginner friendly, Dozens of Crypto’s available for exchange, fast,also with reasonable prices.
  • Cons: Average mobile app, no fiat currencies,  but limited payment options and tools.

for trading crypto

Gemini

Co-founded by Tyler and Cameron Winklevoss, Gemini is a fully regulated licensed that exchange US Bitcoin and Ether.

  • Pros: Security & Compliance, slick/minimalistic and user-friendly design, great analytics, high liquidity.
  • Cons: Limited currencies, small community, average customer support, limited worldwide availability, no margin trading.

Gemini for trading bitcoin and etherium

Cex.io

For those looking to trade bitcoins professionally, this cryptocurrency exchanges also offers user-friendly trading dashboards and margin trading.

  • Pros: Decent exchange rate,with good reputation, good mobile product,also supports credit cards, Supported worldwide, API solutions for automated trading
  • Cons: Strict verification rules, fees vary with the payment method

CEX.IO, a platform to buy and sell

If you want to know more Cryptocurrency and all related areas, read our previous articles about crypto introduction ,how it works and crypto trading, stay tunned for our next articles and increase your knowledge simply by checking the QuanVan.academy .