Analysis of Top Cryptocurrency Exchange Platforms

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bitcoin exchange
September 2, 2019

Cryptocurrency exchanges are specialized online platforms on which holders of crypto coins can deal digital currency among themselves as well as exchanging coins for fiat currencies. Coin holders from different states can use Bitcoin exchanges. When choosing one or another crypto-exchange, holders should pay attention to the terms of each board and choose the place where the conditions suit the user to the fullest.

The only thing you need to remember is that storing coins in accounts on any of the exchanges is risky. It would do you best to try to keep all your Bitcoin assets online or in cold storing privacy places. This protects you from possible hacking or from the actions of fraudsters who have recently become very active.

Types of Crypto Exchanges That Exist Today

If we consider all the platforms available to the user today, they can all be classified using the following three groups:

  • Traditional cryptocurrency exchange. Concerning functionality, these platforms resemble traditional exchanges where holders have the opportunity to buy various coins at a market price. In this case, the exchange plays the role of an intermediary between the buyer and the seller. Platforms that fall under this group earn a commission for conducting trade operations with Bitcoin. Some of these platforms offer their customers the opportunity to deal with cryptocurrency and tokens between themselves. They also get to buy and sell digital coins for fiat money. One such example is GDAX Coinbase.
  • Online guide on a cryptocurrency exchange. The work of these services is based on the online transaction of cryptocurrencies on specialized sites. In this case, the client deals directly with a broker who acts as an intermediary. The client buys or sells cryptocurrency and tokens at a price set by the broker. As a rule, the price includes not just the market rates, but also an additional markup from the broker. In traditional stock exchanges, the transfer occurs between the buyer and the seller accounts. In this case, those who participate in the transaction are the buyer, the seller, and the broker. One of the most prominent examples of such crypto exchanges is Coinbase.
  • Online direct cryptocurrency exchange platform. This type of online platform offers its customers direct dealing between buyer and seller. However, in this case, the board does not provide the current market rates of crypto coins. Sellers themselves can set the desired selling rate of Bitcoin. On the other hand, buyers can also set the rates for which they are willing to buy and sell certain crypto-coins and expect a counteroffer from sellers.
  • Сryptocurrency exchange with the help of individual funds. In essence, these funds are crypto-asset accounts managed by professional-level experts. Now, it is possible to buy and store an unlimited number of cryptocurrencies using a fund. In other words, holders have the opportunity to put money in a digital coin without the need to buy and store it.

Choosing Stock Exchanges

Before you zero-in on a particular crypto exchange, you need to make a decent analysis of each of the platforms. So try to pay attention to the following characteristics:

  • Platform reputation. Today, perhaps the most effective way to know a board’s reputation is to search for feedback from holders who have had practical knowledge in dealing with a wide range of services. Thanks to digital coin forums as well as well-known sites engaged in the analysis of industry companies, you can always find an up-to-date guide about chosen exchanges. Try to find relevant information on resources such as BitcoinTalk and Reddit.
  • Analysis of Tariff fees. Each new stock exchange must necessarily place information on all types of commissions for trade transactions that occur between its customers. Be sure to look at how clearly the exchange describes all the conditions under which you are charged. If you have any questions, make sure to contact the customer support service. Try to calculate how much it will cost you to move funds. Look into the various transaction fees and transfers that can be made through credit cards or personal bank accounts. If you competently analyze these pertinent aspects, your following deals will prove more lucrative.
  • Existing payment methods. Find information about all available payment method options on one or another exchange. Perhaps some of the platforms will offer wide options that you will find unfit for you. Also, keep in mind that a quick purchase of digital currency through credit card or bank transfer will require you to go through a strict identification procedure. Moreover, it is important to remember that the purchase of crypto coins by transferring funds from your bank account takes about 3-4 days to complete.
  • Options of identification process. Most trading platforms that operate in the US or the UK require confirmation of the identity of user accounts before deposit or withdraw of funds. Even though the system of passing such control can take up to several days, this is one of the best ways to protect yourself from fraudsters and prevent money laundering. However, some crypto exchanges allow you to remain anonymous to both buyers or sellers. The wide choice of such platforms presents threats; the final decision of which platform to pick is always yours.
  • Peculiarities of geographical location. Some exchanges impose certain restrictions on the use of their specialized services for users who live in some states. Therefore, try to find out detailed information about geographical limits and make sure that the company (if located in Hong Kong) will provide you with full functionality system and all necessary and available services.
  • The choice of the board based on the rate. Platforms usually offer a cryptocurrency rate in its course, which may be bigger or lower than the average market price. As such, rates can fluctuate up to 10% like in companies based in Hong Kong, which will accordingly affect the efficiency of your transaction tools.

Best Cryptocurrency Exchange Guide

Day by day, cryptocurrencies are becoming increasingly relevant for many investors from different states. And this is not surprising. Digital coins are now considered as assets as traders protect their investments from the influence of the inflationary tendencies of various governments. That is why holders use this type of financing for long-term storage as well as for daily speculation for profit.

Some investors take digital coins as their choice of investment. For this group of users to be able to answer a question like, “which crypto exchanges are the most effective today?”, they analyze each of the most popular tools in detail.

Binance

After the ICO procedure, which took place on July 21st, 2017, Binance was able to earn more than $ 15,000,000. According to its registration documents, Binance was opened in Malta. It offers a high-speed and convenient option for dealing with altcoins. Today, Binance is among the top 10 crypto exchanges in the world.

Moreover, users of Binance have the opportunity to deal between more than 190 of the most popular altcoins volume, the number of which continues to increase continually. Every year the Binance’s capability continues to expand, offering all traders engaged in daily operations the most efficient services for coin dealing. For traders who use specialized Binance Coins, dealing conditions become even more attractive.

It is also worth noting that commissions paid by the company’s customers are among the lowest on the market, amounting to only 0.1%. At the same time, if investors want to spend even lower commissions to Binance, this would require to sell/buy operations with the help of BNB coins.

To start dealing through the Binance platform, you need to go through a quick registration procedure using your email address.

Binance also offers its customers the ability to install mobile applications for iOS and Android OS. This allows them to deal on the go. Binance also has a multilingual interface and various options for individual user setting tools.

KuCoin

This board is also one of the most convenient and straightforward ways to deal cryptocurrencies.

Through KuCoin, users have access to the most popular altcoins as well as a wide range of specialized services. The company’s administration also took care of integrating the board with the most popular mobile phone operating systems. Thus, users can make the necessary number of dealing operations anytime and anywhere in the world with direct access to the Internet. To start working with the platform system, the client needs to place the required number of crypto coins to an account and add an email address. It is also worth noting that the platform effectively takes care of the security of its customers. Today KuCoin has an outstanding reputation in the cryptocurrency market.

Bitmex

This popular crypto exchange is one of the largest in the world and was created thanks to the cooperation of talented specialists in the field of economics and highly-skilled experts in software development. Because of its extensive functionality for daily operations, the board provides its customers with a maximum level of service that eliminates problems with cryptocurrency liquidities. One of the leading crypto coins that investors can use for this is Bitcoin. Also, the platform offers the opportunity to trade the most popular types of altcoins, such as:

  • Bitcoin;
  • Ethereum;
  • Cardano;
  • LTC.

The process of registering on a giant board is straightforward and will require you to provide an email address. All points related to trade and exchange, as well as payments to users, are as convenient and straightforward as possible.

Changelly

Changelly has established itself as an easy-to-use platform for exchanging cryptocurrencies. Every year, Changelly tries to increase the number of various dealing services for its customers. Today, it had eliminated the need to go through a long and painful process of registration and identification for new users. To start buying, selling, or exchanging coins on Changelly, all you need is your email address.

Changelly supports 35 cryptocurrencies and various fiat money currency pairs such as USD/EUR. Changelly has gained the reputation of being one of the most convenient platforms to navigate through. It is also worth noting the beneficial functionality of buy/sell bots on this platform, which can connect to the largest crypto-boards for the analysis of price offers.

On average, the dealing process on Changelly only takes the user 5 to 30 minutes with the commission amounting to only 0.5% for each transaction. To start dealing through this crypto-exchange, you can use VISA and MasterCard as payment instruments, as well as various cryptocurrencies transfer and e-wallet.

Huobi Pro (Hong Kong)

Huobi Pro is a cryptocurrency trading platform from Hong Kong that had expanded its reach to hundreds of countries and jurisdictions. The company has been servicing numerous customers and investors all over the world for five years. This Hong Kong board is among the three most active cryptocurrency exchanges when it comes to buying and selling. It also offers its customers the opportunity to trade with more than 244 currency pairs. Because of this, holders have no problems with liquidity.

Huobi Pro also made sure that their platform is integrated into mobile phones. The company has developed exclusive applications for operating systems such as Android and iOS, allowing traders to engage in dealing while on the move.

Bittrex

Today, Bittrex is based in the US and helps its customers trade with more than 190 varieties of digital currency. All platform activities are exclusively regulated following all the rules of the US market. That is why holders are provided with the maximum level of safety for their assets. Bittrex is among the leaders in selling volumes of cryptocurrency like Bitcoin. The unique functionality of the service also allows users to set their cryptocurrency rates. The commission charges that users have to pay are only 0.25%.

To start working with this trading platform, users need to go through the registration procedure using their email address. However, to transfer funds to debit or credit cards, traders will need to provide identification documents as well as a phone number. If traders choose to trade with high limits, this board will also require two-factor identification. It is worth noting that the identification procedure in Bittrex is speedy.

Bittrex clients can create two types of accounts:

  • A basic account which requires a regulated withdrawal of no more than 3 Bitcoins per day;
  • An advanced account that allows you to transfer up to 100 Bitcoin per day.

Since this company provides regulated crypto-exchange services, the user is not able to place some dollars into an account. As for the board functionality, clients have the opportunity to get access to the most efficient selling tools such as candlestick charts. Thus, the interface of Bittrex is straightforward and intuitive, even for beginners.

Bitbuy.ca

Bitbuy.ca is a trading board from Canada. The company was founded in 2013 and was designed to provide the most transparent and convenient ways to trade cryptocurrencies. The board gives high regard to customer service as well as speedy selling operations. Working with this board is excellent for both beginners and experienced traders.

The development of the company, as well as the unprecedented growth of its trade operations, has led to its platform is regarded as one of the most successful boards for buying and selling coins in the world today. If you are looking for a stock exchange that knows how to facilitate and speed up buying and selling cryptocurrency processes and has a well-functioning system for depositing and withdrawing funds, then Bitbuy.ca is one of the best of its kind.

This board offers the following:

  • One of the best services for customers;
  • Option to withdraw money through credit card;
  • Simplified registration and profile identification procedure;
  • High processing speed of work;
  • Supports top-level anonymity;
  • One of the lowest commissions on the market.

But of course, working with this board has its cons:

  • The board works exclusively for those who live in Canada
  • A limited number of offers on cryptocurrencies:
  1. Bitcoin;
  2. Ethereum;
  3. LTC;
  4. BCH.

Changenow

Changenow allows its customers to conduct the fastest possible coin selling procedures without any registration actions and quantity restrictions. The company has been operating for more than a year on the virtual currency market and has established itself as a reliable and high-quality service for thousands of customers.

One of the essential properties of this board is that it does not require registration of an account. It provides an opportunity for its customers to conduct selling operations with more than 170 cryptocurrencies. It is also worth noting that users could buy/sell the necessary cryptocurrencies with fiat money. To date, this board provides an incredible processing speed of trade operations that lasts for no more than 2 minutes.

The significant advantages of this selling board are:

  • No registration needed to start selling;
  • A wide range of cryptocurrencies and tokens;
  • No restrictions on maximum change volume;
  • The possibility of buying virtual currency using a debit or credit card;
  • Unique 24-hour technical support service;
  • Top-level anonymity;
  • Integration with mobile phones.

The only drawback of working with this board is the absence of a margin trading lever. This does not permit customers the usage of additional borrowed funds for selling.

Coinbase

Coinbase is one of the most popular and well-known trading platforms. It is also a reliable place for the assets of millions of users around the world. Coinbase provides opportunities to buy, sell, and store coins while delivering top-tier customer service.

Thanks to the integration of Coinbase with the most popular mobile phone operating systems, the company’s clients can also conduct selling activities while on the move. Coinbase is also able to ensure close integration with its subsidiary, GDAX. Through this, users need not pay any commissions when transferring funds from Coinbase to GDAX. One of the top properties of the work with this Coinbase is that the number of currency pairs is limited depending on your area of residence.

The main advantages of working with Coinbase are:

  • High level of positive market reputation;
  • Minimum trading fees;
  • Friendly interface for beginners.

Coinbase does has several disadvantages as well:

  • Low customer support;
  • Restriction on payment methods;
  • Various services are limited with consideration to geography.

Kraken

This top board is a giant board for the sale and purchase of Bitcoin in the Bitcoin/€ trading pair.

Users of Kraken have the opportunity to buy and sell Bitcoin, as well as trade it alongside, Ethereum with currency pairs such as the €, US Dollar, Canadian Dollar, British Pound, and Japanese Yen. Also, Kraken takes the following altcoins and tokens:

  • Bitcoin;
  • Ethereum;
  • XMR;
  • Ethereum classic;
  • Augur REP;
  • ICONOMI;
  • ZEC;
  • LTC;
  • Dogecoin;
  • Stellar/Lumens.

Experienced traders also have the unique opportunity of trading through margin trading instruments. This makes Kraken an excellent place for users who are already well-versed in Day Trading.

The main advantages of Kraken:

  • High customer confidence;
  • Margin trading options;
  • Profitable rates;
  • Low trading fees;
  • High-quality technical support options;
  • Top-level privacy policy;
  • Opportunity to get money through credit card;
  • Lack of geographical restrictions.

Among the disadvantages of working with Kraken are the following:

  • Restriction on payment methods;
  • Suitable only for experienced users;
  • Sophisticated user interface.

CEX.io

It offers a wide range of services for the buy-sell of Bitcoin, Ethereum, and other cryptocurrencies. Through this, users can efficiently conduct transfer between dollars and cryptocurrencies. It provides additional services for professional traders through the help of personalized trading panels. It also offers the opportunity to deal with margin trading options.

Since the board offers unique brokerage services to newcomers, it becomes incredibly simple to make the process of buying and selling Bitcoin at a very favorable rate. Also, it provides its users a reasonably safe and intuitive interface that even beginners would be able to grasp quickly. Additionally, holders can store their assets in specialized cold storages.

The most important advantages of working with this board are:

  • High reputation rate;
  • High-quality mobile application;
  • Takes margin trading options;
  • The ability to make payments using debit or credit cards;
  • Accessible and straightforward interface options;
  • Favorable transfer rate offer;
  • The ability to work from anywhere in the world;
  • Unique API solutions for automated trading.

The service does have its flaws:

  • Pro customer profile verification requirements;
  • Trading fees may vary depending on payment methods.

ShapeShift

ShapeShift is one of the most popular exchange markets in the world for trading the most popular cryptocurrencies and tokens. These include:

  • Bitcoin;
  • Ethreum;
  • XMR;
  • ZEC;
  • Dash;
  • Dogecoin and many others.

According to analysts of the virtual currency market, this board is the most effective for those traders who most often make instant and direct transactions without the need for additional registration. It limits clients from buying coins with debit and credit cards or through a bank account. Although any strict rules do not regulate the board, users have the opportunity to change their cryptocurrency and tokens only for other crypto assets available on the board.

The advantages of working with this exchange platform are:

  • High reputation among holders;
  • Suitable for traders of all levels;
  • Top-level anonymity on making buy and sell offers;
  • An option to get money through a credit card;
  • Speedy operations;
  • Fine digital money rate;
  • A huge volume of coins.

Disadvantages of the service:

  • Low-quality mobile application;
  • Lack of change for fiat currencies;
  • A limited set of services for payment.

Poloniex

Poloniex was founded in 2014 and at present occupies a leading position among the largest companies in the world. The company’s clients are allowed to conduct safe trading using more than 100 currency pairs. The company also achieved significant success in providing its clients with the most efficient and technologically-advanced tools for bidding and technical analysis.

With the company occupying a top position among the world’s crypto platforms, a considerable number of transactions are made daily on the web platform. As this is the case, users always have the opportunity to administer buying and selling transactions quickly.

Though this service offers its customers a very complicated fee payment system. The fact is that the trading fees in each case, depending on whether you buy sell digital money will be different.

The most effective tool used in this board is Live Chat. Through this function, holders will be able to change various information and recommendations on current trends in the cryptocurrency market. This helps most traders to be consistently engaged with the market and quickly react to its changes.

The most important advantages of this exchange platform are:

  • Supports quick account registration procedure;
  • Pro functional service work;
  • Profitable trading for holders with significant amounts of currencies;
  • Intuitive interface;
  • Regulated low commission offer;
  • Ability to integrate API for automation of dealing processes.

The disadvantages of the company are:

  • Inefficient customer service;
  • The inability to purchase using fiat currencies.

Bitstamp

Bitstamp was one of the first cryptocurrency platforms in 2011. Today, the board has an outstanding reputation and has a high level of security. Additional services offered by this company include advanced security options, multi-level e-wallet technology, as well as unique cold storages for crypto assets. The registration procedure on this board is simple and will cost you nothing. After depositing funds into an account, a trader can immediately begin exchanging cryptocurrencies.

The advantages of this board:

  • High customer rating;
  • Known to have one of the highest security levels in the industry;
  • Access to your trading account from anywhere in the world;
  • Low trading fees;
  • Supports top-level privacy policy;
  • Additional favorable terms for dealing with significant sums.

These, on the other hand, are its disadvantages:

  • The company is mainly designed for experienced traders;
  • Restriction on payment methods;
  • Significant transfer commission;
  • Poor user interface options.

Coinmama

Coinmama is one of the first crypto exchange markets that appeared upon the creation of the virtual currency market. Because of the high functionality of this board, the user has the opportunity to buy and sell crypto assets using debit cards as well as using dollars transferred through the MoneyGram international payment system. The board is the most effective for crypto holders who plan to make quick and direct transactions with digital currency. Even though the service is available to holders from around the world, the functionality of this board is limited only to some states. Nevertheless, the board is multilingual and is well suited for all kinds of traders.

The advantages of this board are as follows:

  • The company’ of high repute in the virtual coin market;
  • Intuitive for beginners;
  • Has a user-friendly interface;
  • Wide range of payment tools;
  • Top-level privacy policy options;
  • Able to conduct speedy exchanges.

Disadvantages of the service:

  • Inflated rate.
  • Additional fees for using credit and debit cards.