Cryptocurrency exchanges are websites where you can buy, sell or exchange cryptocurrencies for other digital currency or traditional currency like US dollars or Euro. There are three main types of exchanges.
The first type of exchange is what most people call a fiat exchange. This an exchange that allows the direct transfer of US Dollars, Euros, and most government-backed currencies to be traded for cryptocurrency.
Third type of exchange is cryptocurrency to cryptocurrency exchanges, that allow cryptocurrencies to be traded with each other. The most common pairings on these exchanges are Bitcoin and Ethereum.To get most cryptocurrencies, you will need to use both types of exchanges. This is because laws and regulations around certain cryptocurrencies make it difficult for fiat exchanges them directly, therefore, you must use fiat exchange example Coinbse to buy a bitcoin than use another exchange to purchase a different Cryptocurrency using your Bitcoin example, Bitcoin-Ripple.
The third type of exchange allows people to buy bitcoin with fiat and also allow users to trade only the major coins, example Bitcoin, Etheurum, Litecoin, Bitcoin Cash.
For those that want to trade professionally and have access to fancy trading tools, you will likely need to use an exchange that requires you to verify your ID and open an account. If you just want to make the occasional, straightforward trade, there are also platforms that you can use that do not require an account.
Things you should consider when determining the
best cryptocurrency exchange for you:
- How safe are the website and server? Secure exchanges are better.
- How is the liquidity? The higher the exchange’s volume, the better.
- What are the exchanges fees? The lower the better.
- How is the exchanges customer support?
- What are trading pairs available?
- How many different payment options does it have?
- What are the verification methods
- Is the exchange beginner friendly?
- Are there any geographical restrictions
Here’s some information on some of the most popular fiat cryptocurrency exchanges.
Coinbase is considered by many as the most beginner friendly exchange. Its headquarters are in San Francisco, California. it also is one of the most popular and well-known brokers and trading platforms in the world. The Coinbase platform makes it easy to securely buy, use, store and trade digital currency. Users can purchase bitcoins, Ether, Litecoin and now Bitcoin Cash. Now Coinbase user can purchase and trade the coins it offer through its sister company GDAX GDAX. GDAX currently operates in the US, Europe, UK, Canada, Australia, and Singapore. GDAX does not currently charge any transfer fees for moving funds between your Coinbase account and GDAX account.
Coinmama is also pretty beginner friendly and focuses on credit and debit card purchases. They have instant delivery and are able to sell Bitcoin and Ethereum to almost all US States, and most countries. Coinmama’s fees are a bit on the higher end at 5.5%.
Bitpanda is a European based exchange that sells a Bitcoin, BCash, Dash, Ethereum, Litecoin, and Ripple for Euros. It has several payment methods such as bank transfers, credit cards, debit cards, Skrill, Neteller and more. Bitpanda has 5% fees on credit and debit card purchases.
Bitpanda has a very simple user interface, making it easy for beginners to successfully invest in cryptocurrency.
Kraken (review) is one of the best Bitcoin/ cryptocurrency exchanges. It provides reliability, high-security environment, some legal compliance, and advanced order types like stop-loss orders. It also offers high liquidity, low fees, fast funding, margin trading, etc. It has uptime problems occasionally. It was founded in 2011. It is headquartered in San Francisco, California.
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