The Cryptocurrency Exchange or Digital Currency Exchange is a business that involves the exchange of cryptocurrency for other assets, such as money or any other digital currency. It is a web service that provides electronic payments in electronic forms and receives payment for them.
Any transaction or transactions on the Digital Currency Exchange can be made by debit and credit cards, postal money orders or any other money transfers. This article discusses the various cryptocurrency exchanges that facilitate cryptocurrency trading for beginners and what they offer in terms of availability, ease of use, security, deposit / withdrawal methods, and fees. We hope this guide to cryptocurrency trading can help you get started on cryptocurrency exchanges.
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Coinbase / GDAX
Coinbase is one of the largest cryptocurrency exchanges in San Francisco, California. It is available in 32 countries and currently serves more than 10 million customers. Launched in 2012, it has an easy-to-use interface, making it an easy task for anyone who is not a technician at Digital Currency Exchange. Available for both iOS and Android. Unfortunately, Coinbase does not provide cryptocurrency riding for beginners and is only an exchange.
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It currently offers four coins, Bitcoin, Bitcoin Cash, Ethereum and Litecoin. It exchanges digital currency for US dollars, euros and British pounds. With minimum transfer fees, Coinbase has never faced any security breaches, which makes it the perfect platform for digital currency exchange. In addition, Coinbase offers a full-fledged advanced exchange called GDAX. Coinbase offers more advanced features and different and better trading fees.
Bitstamp is another platform that provides digital currency exchange. It is relatively easy to use and offers more advanced features via TradeView. Bitstamp offers coins like Bitcoin, Litecoin, Ethereum, Bitcoin Cash and ripple. It exchanges digital currency for US dollars and euros. You can apply all the latest cryptocurrency trading methods on this exchange.
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It offers Flat deposits via bank transfers and supports debit / credit cards. Perhaps the only drawback you can find on Bitstamp is the slightly higher fees and the fact that it has been subjected to a security breach for 7 years. Nevertheless, it is one of the most reliable exchanges. Available on both iOS and Android.
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The twins are a UK-based company founded in 2015 by the Winklevoss twins. Available in several countries, including the United States, Canada, Hong Kong, Singapore and South Korea. One of the disadvantages of this platform is that it is not particularly user-friendly. Thus, beginners are not recommended to use this platform.
Two coins and 1 FLAT currency offer Bitcoin Cash, Ehtereum and US Dollars. The twins follow strict protocols when it comes to security and have not encountered any security breaches since 2018, making it one of the most trusted and reliable digital currency platforms. However, it is important to have digital currency investment strategies before you start trading.
Digital Ticks is a modern cryptocurrency exchange aiming to be a game changer in this sector. They use the latest technology to make it easier for everyone to start trading.
It has a unique feature called Single Portfolio View, which allows traders to see all holding positions in one portfolio. Using this unique feature, it would be easy for traders to make informed decisions about cryptocurrency exchange. It also supports Bitcoin, Ethereum, Litecoin and Dashcoin.
Kraken is one of the oldest cryptocurrency exchange platforms. Launched in 2011, Kraken is the largest exchange in terms of volume and liquidity for EUR trading pairs. Serves all over the world, including the United States.
Offers a variety of coins including Kraken, Bitcoin Cash, Ethereum, Monero, Augur, Litecoin and more. It also supports deposit / withdrawal via bank transfers and cryptocurrencies. Having a less user-friendly interface, it also suffers from stability and performance issues, but is still a good platform for cryptocurrency exchange.
Bitfinex is the largest cryptocurrency exchange platform. Launched in 2012, it has an easy-to-use interface and can be used for margin trading, margin financing, etc. offers advanced features such as. It is available for both iOS and Android platforms. Offers BTC, BCH, ETH, LTC, IOTA, XMR and NEO.
Like previous cryptocurrency exchanges, it supports withdrawals using US dollars and euros through bank transfers. Bitfinex suffered two security breaches, the first in May 2015, which resulted in a loss of $ 330,000. The second resulted in a loss of $ 72 million in August 2016.
EtherDelta is a decentralized exchange that directly supports peer-to-peer communication. This is very different from the cryptocurrency exchange platform discussed earlier. Here, the funds are stored in a smart contract in the Ethereum network, which is your sole responsibility for depositing and withdrawing the deposit. Currently, EtherDelta only supports Ehtereum-based tokens.
EtherDelta has a rather confusing interface that makes it difficult for users to perform cryptocurrency exchange operations. Once someone tried to get 750 Kyber for 0.007 ETH each, but in the end they got 0.007 KNC for 750 ETH.
After looking at different cryptocurrency exchange platforms, we can say with confidence that Coinbase and Bitstamp are distinguished by good features such as security, user-friendly interface, numerous withdrawal / transfer methods and so on.
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. We just need to choose the one that suits our needs. We hope that this guide to basic cryptocurrency exchange and trading will give you a start in your Cryptocurrency trading journey.