Crypto trading has become lucrative. That has come with an increase in the number of crypto exchanges. This article looks into 5 of the biggest crypto exchanges.
Let’s get to it;
Coinbase is the most used and trusted crypto exchange in the crypto world. Started in 2012, the exchange has expanded over the years. It supports all the major cryptos; Bitcoin, Ethereum, Ripple, and Litecoin.
Coinbase is also safe to use. It comes with regulations allowing it to operate in several states. The user interface is quite responsive and easy to use. As one of the largest exchanges, it comes with very high liquidity.
Coinbase supports several deposit and withdrawal methods. It allows for online payments and bank transfer for USD transactions.
The exchange provides for both beginners and experienced traders’ needs. Coinbase is great for beginner traders. Coinbase pro is for the gurus. The Pro version comes with additional charts and indicators.
Coinbase does not compromise on security. It provides for a custodial wallet for investors. The wallets keep coins safe for those learning their way on the platform. It is, however, not liable for losses caused by investor negligence.
The exchange comes with a few challenges. It is costly for the traders using the Coinbase Pro. It does not grant control of keys to users. Also, it has relatively lesser altcoins on the platform.
Binance was started in 2017 with a specialty in altcoin. The crypto exchange has grown to offer a wide variety of crypto trading pairs.
Binance has grown to be one of the biggest crypto exchanges due to its lower fees. It also provides a wide variety of cryptos and fiat trading pairs. The exchange also comes with advanced charting. The traders get to understand the market movements for more accurate trades.
Binance has gained a reputation over the years. It supports high daily volumes trades for several users. It is an ideal site for those looking to trade in several cryptocurrencies. It lists more than 150 cryptocurrencies on the exchange platform. Not many other crypto exchanges can match that in digital currencies.
Binance also has its fair share of concerns. It is not so beginner-friendly. It also not available in some states in the US like New York. It also does not support US dollar deposits. It, however, covers this by supporting several other major currencies.
Bitfinex is a Hong Kong operated cryptocurrency exchange that has been operational since 2012. It has spread to offer services globally.
Bitfinex offers several payment methods. It supports major fiats like USD, GBP, and JPY. It also provides for free deposits and cheap withdrawal costs. Among its assets are Monero, Bitcoin, Litecoin, Zcash, Ethereum, and over 80 other assets.
The crypto exchange is ideal for traders of any level. It provides an extensive knowledge base. This is resourceful for the different customer concerns. It backs this up with reliable customer service.
The high trade volume within the exchange provides it with high liquidity. It also comes with advanced features like margin funding and leverage.
Operating on Bitfinex, however, calls for caution. The exchange has been subject to several hacks’ allegations. It has since braved the storm to maintain its name as one of the biggest crypto exchanges. It has managed to regain the trust of the traders again. Some also believe the hackers have made the platform resistant to future attacks.
BitFlyer is a Japanese exchange launched in 2017. It has become one of the biggest exchanges in the world. The growth is due to its secure and regulated trading environment. It also comes with some of the lowest transaction costs in the sector.
The exchange supports the top cryptos like Bitcoin and Ethereum. It also has Litecoin and other altcoins. It is yet to experience any hacking cases since its inception. The traders go about their business stress-free.
BitFlyer is an ideal platform for any level of trading. It provides a simple interface for beginners. The professional traders can opt for the advanced interface. It also has a corporate account with added features for institutional investors.
Trading in the exchange is all about convenience. The platform provides for several deposits and withdrawals. It also provides for different location-specific platforms. It has the BitFlyer Europe, Japan, and the US versions.
The exchange also provides a mobile app. The app ensures ease of access and trading on the go.
OKex is an exchange for those looking for a variety of trading options. The exchange supports a wide range of trading within the platform. It has spots, perpetual swaps, futures, and options trading. It also promotes peer-to-peer trading within the forum. Traders can create and complete transactions between them.
The exchange completes millions’ worth of daily transactions. It comes with assured security for any commodity on the platform. It comes with distributed storage that guards against the possibility of hacking. It also provides for cold storage for even better protection.
The exchange supports both digital currency and fiat currency trading. One does not have to worry about how to cash out digital money from the platform. It also takes several regulator audits to ensure compliance.
The only concern that comes with operating the exchange is unavailability for US residents. It also does not disclose the presence of an insurance cover. It, however, has reliable security that does not call for so much worry.
Choosing a crypto trading exchange is a tough task. The lucrative crypto-economy means several exchanges keep coming up. It would help if you had an exchange that comes with security and accessibility.
You also need to understand the various types before settling on the one. The two main types of crypto exchanges are centralized and decentralized.
Use this list for some of the most reliable crypto exchanges. They are the biggest of the exchanges within the crypto world. The big exchanges attract several traders hence high liquidity. They also come with verified security and regulations.