A cryptocurrency exchange is a website where you can either buy, sell or exchange one digital currency with another. Also in the crypto exchange, you can swap your cryptocurrency for legal money such as US dollar. There are different types of cryptocurrency exchange platforms, and they include the following:
- Brokers – brokers are mostly websites any buyer or seller can visit either to buy or sell the digital currency at a preset price by the broker. Their Cryptocurrency Exchange Rates are very similar to foreign exchange dealers.
- Trading platforms – a trading platform is a site where buyers and sellers meet, and for every transaction that is made, you pay a fee.
- Direct trading – as the name suggests, they give straightforward (person to person) Cryptocurrency Exchange Rates. In other words, it is an online platform where traders from different parts of the world can exchange their currency. The merit of this kind of platform is that they do not have a fixed market price, but instead every seller is free to set the price he wishes to sell.
Before seeking any Cryptocurrency Exchange services, look out for the following qualities:
(I) Fees – an excellent exchange platform should display all their costs on their website for everyone to see. Moreover, before you join the site, ensure that you have read and understood how to deposit your money, transaction and withdrawal fees. Depending on the kind of exchange that you are doing, the fee will differ from one site to another.
(ii) Exchange rate – there are different Cryptocurrency Exchange Rates for different transactions. For this reason, it is advisable for you to search around till you find one that you will be comfortable with.
(iii) Geographical restrictions – different countries have different limits. Therefore, make sure that the exchange platform that you want to join is accepted in your country of residence.
(iv) Payment method – ensure that you find out what type of payments they offer such as PayPal, Credit Card, Wire Transfer to mention just but a few. Remember, if a cryptocurrency exchange platform has limited payment methods, then it might inconvenience you. Also, bear in mind that buying digital currencies using credit cards always needs identity verification. Additionally, they have higher risks of fraud hence their processing, as well as transaction fees, are higher.
(v) Verification requirements – many of the Cryptocurrency Exchange trading platforms ask for identity verification when either you are making a withdrawal or depositing. The advantage of such verification although they might seem like a cumbersome process, they help to prevent scams and money laundering.
Cryptocurrency Exchange Platforms
There are several Cryptocurrency exchange platforms on the internet today. However, not all of them are reputable. Therefore, the ones that are discussed below are those that have the best previews on the web. They include the following:
It is a global Cryptocurrency Exchange Rates platform that has millions of users, and it is one of the most popular and well-known crypto trading platforms in the world. It offers services such as buying, selling, storing and trading of crypto. It allows you to purchase your cons via the digital wallet. Most importantly, they do not charge any fee for transferring your coins between your Coinbase account and GDAX – a subsidiary company.
It has a good reputation; it is secure, user-friendly and Coinbase insurance covers the coins that you store with them.
It is Cryptocurrency Exchange Rates online platform that offers a wide range of services with different cryptocurrencies. It allows you to freely trade the fiat money with digital currencies and vice versa. In addition to that, the platform offers a brokerage service which provides all the traders with an easy way of buying coins at lower prices as compared to the market rates. The site has a secure and decent exchange rates. Moreover, it offers its services worldwide, and it supports credit cards.
It is one of the biggest cryptocurrency exchange rates platforms. It offers the exchange of a wide variety of coins. It is a good platform if you would like to have instant transfers without opening an account or depending on the site to store your money. They do not have a fiat policy hence it allows the exchange of different digital currencies. Most importantly, they have pocket-friendly fees, and a wide range of cryptos are available for trading.
This is a peer to peer, Cryptocurrency Exchange Rates platform that is user-friendly platform where you can buy or sell crypto with fiat and vice versa. You do not have to open an account with them for you to access it and they do not hold your user funds. Moreover, it is secure and has numerous sig addresses, and it does not display for details if you do not want to.
To learn more about the different digital currencies of the year, visit Top Cryptocurrencies of 2017. You can also learn about the different kinds of Bitcoin wallets Top 5 Bitcoin Wallets (Cloud)