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A cryptocurrency exchange or digital currency exchange is a business that involves the exchange of cryptocurrency with other assets such as money or any other digital currency. It is a web service that provides electronic transactions in electronic form and charges for them.
Any transaction or operation for Digital Currency Exchange can be done through debit and credit cards, postal money orders or any other form of money transfer. This article is about discussing the various cryptocurrency exchanges that facilitate crypto currency trading for beginners and what they offer in terms of availability, ease of use, security, deposit/withdrawal methods and fees. We hope that this guide to cryptocurrency trading can help you get started with cryptocurrency exchanges.
Coinbase / GDAX
Coinbase is one of the largest cryptocurrency exchanges based in San Francisco, California. It is available in 32 countries and currently serves over 10 million customers. Launched in 2012, it has an easy to use interface that makes digital currency exchange an easy task for a non-technical person. It is also available for both iOS and Android. Unfortunately, Coinbase does not offer cryptocurrency mining for beginners and is only an exchange.
As of now, it offers four coins, Bitcoin, Bitcoin Cash, Ethereum and Litecoin. It exchanges the digital currency with US Dollars, Euros and Great British Pounds. With minimal transfer fees, Coinbase has never experienced any security breach making it an ideal platform for digital currency exchange. In addition, Coinbase also offers a full fledged advanced exchange called GDAX. It offers more advanced features and different and better trading fees than Coinbase.
bitstamp
Bitstamp is another platform that offers digital currency exchange. It is relatively easy to use and offers more advanced features through TradeView. Bitstamp offers coins such as Bitcoin, Litecoin, Ethereum, Bitcoin Cash, and Ripple. It exchanges the digital currency with the US dollar and the euro. You can put into practice all the latest cryptocurrency trading techniques on this exchange.
It offers flat deposit through bank transfer and supports debit/credit cards. Perhaps the only drawbacks to Bitstamp are the slightly higher fees and the fact that it suffered a security breach in its 7 years of operation. Nonetheless, it is one of the most reliable exchanges. It is available in both iOS and Android.
Gemini
Gemini is a UK based company launched in 2015 by the Winklevoss twins. It is available in some countries including the US, Canada, Hong Kong, Singapore, and South Korea. One drawback of this platform is that it is not particularly user-friendly. Therefore, it is not recommended for beginners to use this platform.
It offers 2 coins and 1 FLAT currency Bitcoin Cash, Ethereum and US Dollar. Gemini follows strict protocols when it comes to security and as of 2018, it has not faced a single security breach, making it one of the most secure and reliable digital currency platforms. However, it is important to have digital currency investment strategies in place before starting trading.
digital ticks
Digital Ticks is a modern crypto exchange that aims to be a game changer in this sector. They have implemented several latest technologies which makes it easy for anyone to start trading.
It has a unique feature called Single Portfolio View which enables traders to view all holding positions on a single portfolio. Using this unique feature it will be easier for traders to make informed decisions about cryptocurrency exchanges. It also supports Bitcoin, Ethereum, Litecoin and Dashcoin.
Kraken
Kraken is one of the oldest cryptocurrency exchange platforms. Launched in 2011, Kraken is the largest exchange in terms of volume and liquidity for Euro trading pairs. It operates worldwide including the US.
Kraken offers a variety of coins including Bitcoin Cash, Ethereum, Monero, Augur, Litecoin and many more. It also supports deposit/withdrawal via bank transfer and cryptocurrencies. Due to not so friendly user interface, it also suffers from stability and performance issues, but still, it is good platform for cryptocurrency exchanges.
bitfinex
Bitfinex is the largest cryptocurrency exchange platform. Launched in 2012, it has an easy to use interface and offers advanced features like margin trading, margin funding etc. It is available for both iOS and Android platforms. It offers BTC, BCH, ETH, LTC, IOTA, XMR and NEO.
Like previous cryptocurrency exchanges, it supports withdrawals using US Dollars and Euros via bank transfers. Bitfinex has suffered two security breaches, the first occurred in May 2015, resulting in a loss of $330,000. and another on August 2016, which resulted in damages of $72 million.
ether delta
EtherDelta is a decentralized exchange that supports direct peer-to-peer connections. It is very different from the previously discussed cryptocurrency exchange platforms. Here, funds are held in a smart contract on the Ethereum network, which you are solely responsible for depositing and withdrawing. Currently, EtherDelta only supports Ehtereum based tokens.
EtherDelta has a confusing interface that makes it difficult for users to perform cryptocurrency exchange operations. On one occasion, someone tried to buy 750 Kyber for 0.007 ETH, but ended up buying 750 KNC at 0.007 ETH.
conclusion
After looking at various cryptocurrency exchange platforms, we can safely say that Coinbase and Bitstamp stand out in terms of their good features such as security, user-friendly interface, multiple withdrawal/transfer methods and many more.
I wouldn’t call them perfect but I would recommend that this is the safest bet you can make. Each cryptocurrency exchange platform is unique in its own way and has both advantages and disadvantages. All we have to do is choose the one that suits our needs. We hope this guide on basic cryptocurrency exchange and trading will get you off to a good start in your cryptocurrency trading journey.
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