Before Your Start Trading
Bitcoin exchanges are an essential component of the virtual currency world and anything related to it. However, things aren’t easy when it comes to finding the best Bitcoin exchange since most the sites are still relatively new. The first thing you should always consider while trading on a Bitcoin exchange is the security features of the website. You should also look for the type of currency pairs that the site accepts and the region it serves. In this article, we evaluate the top Bitcoin exchanges, their key features and regions covered.
From the time Binance concluded its ICO till now, it has recorded a tremendous growth – a trend that has seen debut in the top ten exchanges in the world.
Binance is a China-based company; however, it doesn’t serve its country. But this hasn’t hindered it from spreading its wings across almost all countries in the world. Being a centralized exchange, its system has been set in a way to expand its operations as well as offer discounts to day traders.
Bittrex is a US-based cryptocurrency exchange that is a “crypto-only” exchange which means that you cannot deposit fiat currencies such as GBP, USD, EUR, etc. It allows its users to trade more than 190 cryptocurrencies at a given time.
For investors in need of a large altcoin selection, then Bittrex is a suitable platform. Bittrex continues to attract a huge following thanks to their unparalleled security combined with a smooth user experience.
Coinbase has risen to become a high profile name in the world of cryptocurrency especially Bitcoin. In fact, Coinbase is considered as a one-stop solution for anything related to Bitcoin. The platform acts as a Bitcoin processor which allows spending, storing, accepting and buying Bitcoins. It has become the most trusted wallet for both businesses and merchants and features among the top Bitcoin exchanges.
The company is based in San Francisco, California and it is restricted to the United States and Europe. It is available in the United States, Singapore, Canada, UK, and other countries in Europe. Coinbase serves as an excellent site where you can get bitcoins with multiple wallets or a debit card.
The platform operates on a slightly different principle whereby merchants are required to link their bank account to their Coinbase account and initiate an automatic transfer option for purchasing the Bitcoins every time. Typically, Coinbase doesn’t hold dollars in your account. Bitcoins are only released at the time when the exact amount of money is credit from your bank account to your Coinbase account which usually takes between three and five business days.
Etherdelta was developed by Mr. Coburn in early 2016, and it has become the most preferred destinations for merchants who wish to buy/sell Ethereum ICO tokens without relying on a centralized server or other custodial accounts.
Being a decentralized system, it means that your funds are held in a smart contract in such a way that only you can deposit, withdraw or transfer funds. The best feature of this site is that your funds are always under your control. However, using Etherdelta requires a Metamask Google Chrome Browser extension.
Your funds are incredibly secure since the system is decentralized and the system doesn’t require any ID, registration or real name to trade. The platform is available in all countries since its decentralized. However, a beginner will have to go through a comprehensive Etherdelta tutorial to understand how it works before they start using the platform.
Bitstamp is a Slovenia based Bitcoin exchange that facilitates spontaneous buying/selling of orders for a US Dollar/BTC pair. Deposits and withdrawals are also available in US dollars. Bitstamp is available across Europe supported in more than 18 countries. The platform is the most preferred for people using credit cards and SEPA.
Apart from the US dollars, it also accepts euros. The primary focus of Bitstamp is Bitcoin hence rarely will you find other cryptocurrencies on the platform. Merchants who are located outside of the USA and the EU region can’t use Bitstamp. The exchange facilitates trading based on limit orders through which a pre-determined cost can be established for the sell and buy orders.
The exchange is among the few that are managed very professionally with sound regulatory compliance and updated audits. You need to sign up with Bitstamp to be able to buy Bitcoins. After signing up, you’ll be required to transfer money from your bank account to the Bitstamp account through SEPA, or any other international wire transfer.
Kraken is a renowned Bitcoin broker serving many markets across Europe and the United States. It has an easy verification process, and the people who manage it are experts in the field of cryptography and internet security.
The platform started repositioning itself as a leading cryptocurrency exchange by adding several other altcoins. Another essential feature of Kraken is that it supports fast deposits and withdrawals for advanced merchants. It also features advanced trading tools including but not limited to the stop-loss limit, stop loss, trailing stop-limit, trailing stop, leverage, and margin.
The platform supports Euros, U.S dollars, and the South Korean Won. The trade fee at Kraken depends on the 30-day trading volume and the currency pair. However, traders are required to pay some other charges for all deposits and withdrawals which are above the trading fee. Kraken is strict on its audit and regulatory compliance.