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Top Cryptocurrency Exchanges

All You Need to Know About Cryptocurrency Exchanges Here!

Many people mistakenly think that the era of cryptocurrency is moving towards completion. But those who are in the subject know that this is not so and actively use it for their own purposes. As in any market, falling and rising is inevitable for finance. But this does not mean that cryptocurrency is irrelevant. People still make good money on this! In principle, nothing prevents you from entering the industry too. Have you seen the current cryptocurrency exchange rates? If so, then you must have come across cryptocurrency exchanges.

If you want to enter this area, but do not know where to start, then the swap is exactly what you need. As they say, it is better late than never! But do not worry, everything just seems to be critical. In this article, you will learn all about what it is, what types are there, how to choose a reliable and get acquainted with the top cryptocurrency exchange platforms. Let's get started?

Cryptocurrency Exchange: What Is It and for What

Well, if you are the owner of crypto or just planning to become one, then you simply cannot do without a cryptocurrency exchange. Why? Because sooner or later you will want something more than limit with Bitcoin or Ethereum. But for the occasion to get acquainted with a wider range, you should consider cryptocurrency exchange. What it is?

And this is exactly the online place where you can exchange, sell or buy a cryptocurrency for any other or even real currency (fiat). It looks like an online platform where all rates will be displayed. In principle, everything looks the same as any site for exchanging real currency.

At such sites, you can see the dynamics of growth and depreciation, forecasts and so on. But it is worth noting that not all platforms offer a swap for fiat. As for the real currency, the crypt can be converted into USD, JPY, CAD, and GBP.

Also, the swap is a good variant for those who do not seek to delve into the details of trading. If you want to trade and use more tools for a profitable investment and make money on the swap rates, you will have to create an account and go through the verification process. But for a quick purchase of an asset, you can do without it. Futher we will consider the types of exchanges.

The Main Types and Features

As you may have guessed, many platforms offer diverse currencies for exchange. According to this first classification by such a criterion as currency, the following types of exchanges exist:

  1. Fiat: such sites offer to swap crypto for real money. You are already familiar above with what real currency you can usually swap electronic funds for.

  2. Cryptocurrency: such platforms offer to swap one crypto for any other of the offered range. This type of swap can be divided into the following classification:

    • Traditional: as is clear from the name of the classification, they work in the usual way. Buyers and sellers can trade crypto according to the current cryptocurrency market price. And the platform itself acts as an intermediary that helps to complete the transaction.

    • Brokers: Since this market is too volatile, brokers create the facilitation of buying cryptocurrency or selling at certain prices. Usually, these prices correspond to the market price.

    • Direct trading: On such platforms, it is easy to do peer-to-peer trading without exchange. The platform acts as an intermediary.

Note, that which type you should choose depends on what goals you pursue.

Be Careful and Use Our Tips Before Start Using Exchange

Before choosing a platform on which you can operate safely, you need to know the following criteria that will help you choose:

  • Reputation and term of work. All the same, it is better to lean towards cryptocurrency exchange sites that have been operating on the market for at least a year. Typically, new platforms, although they offer many benefits, have various flaws that can affect your interaction with the platform. This is especially true if you are new to this area so you better choose the option that works for a long time. Also, look for real reviews from users, usually, information on platforms can be found on the BitcoinTalk forum. By the way, if you are a beginner then here you can ask absolutely any questions and experts will provide you with good answers. Do not be alarmed by the strange interface of the forum, if you spend a little time, then you can easily figure out how to act on this forum. Also, make sure that the platform works around the clock and is not marked by a malfunction of technical work and transaction delays, and so on.

  • Commissions. Do you understand that such platforms charge fees for each operation? On each platform, they can vary and reach indecent amounts. After all, do not you want to get debts? Therefore, this is the second thing you should pay attention to. Before becoming a member of the platform, find out all the details regarding commissions and payments. You can usually find this information on reliable platforms without much difficulty.

  • Payment systems and how to buy cryptocurrency. This also requires special attention. If this is done exclusively with a credit card, then you must remember the procedure for verifying your identity. Also, this method of payment can portend a high commission and the risk of fraud. In general, you should make sure that the payment method that the platform offers is suitable for you.

  • Verification process. Many are scared away by the complex process of verification of personality and they seek to find places where this can be done anonymously. But you must understand that if the platform provides such a process, it means that your security is taken with complete seriousness. This eliminates the possibility of money laundering and fraud.

  • Legislative restrictions. If you entered the world of cryptocurrency, you probably know that in different countries there are legislative restrictions on actions with crypto. Therefore, when viewing the platform, you must make sure that the platform provides the opportunity to operate in your country and use all the functions.

  • The swap rate and assortment. Platforms should offer you a wide range of currencies. But you should also analyze the rates that the platforms offer you. If you conduct a comparative analysis of rates from different platforms, then make sure that some offer the best rates with which you will remain a winner and not vice versa.

  • Reserve transfer operations. Many sites have restrictions on the amount that can be used per day. Therefore, if you have a large scale, then find out about the reserve stock. Maybe your needs are higher than the site can propose.

Well, lastly, you should understand that good and faithful platforms automatically fall into the top cryptocurrency exchanges.

What About Top Exchanges Where You Can Start?

If you don’t know about which exchanges it is worth starting to operate on, then we have prepared a list of the best cryptocurrency exchanges 2020. They are different in type and their unique features. What you should choose is solely for what goals you pursue.

Coinbase

This is one of the most famous and largest American cryptocurrency exchange. It is worth starting with the fact that this platform operates under the two brands Coinbase and GDAX.

The first is more suitable for those who are retail customers. For example, they want to swap crypto for real money. But the second platform is already opening more tools for crypto trading. It is important to note that since these platforms are American, investors can trade here without any restrictions.

There is also a digital wallet that is accessible for both Android and iPhone users. This platform works not only in the USA but also in Europe, Australia, Singapore, the UK, and Canada. As for which currencies you can use, it will depend on which country you will operate in. This is the place where to buy cryptocurrency, exchange, trade and store it. So that it is certainly worth your attention.

CoinMama

This is just the brokerage company we mentioned in the types of exchanges. If you are looking for a place where you can instantly make a direct purchase of currency. This site has a good reputation and is suitable for beginners. As for the payment method here is everything you may need!

But check out the commission for operations, as for each method of payment, it may vary. In general, if a fee for brokerage services suits you, you can safely use the capabilities of this platform. Please note that despite the fact that the platform works in many countries, some still cannot use the platform’s functionality. Be sure to read this before you begin.

Binance

Although this platform is new to the market, it has already managed to gain a good reputation and loyalty of many people. But it is worth noting immediately that there is no possibility of fiat swap but this is the best place to buy cryptocurrency. Therefore, if your goal is to swap for real currency, you will have to use a different platform.

The most important advantage is that the platform offers a very low commission, unlike many others. This is exactly what brought this young platform to the top rating. There is your own BNB coin (Binance coin), using which you will get the opportunity of a reduced commission from the platform.

Cex.io

On this platform, you will find a very wide range of services and currencies. Here you can make a swap as crypts for crypto and for fiat.

But it is worth noting that there are excellent opportunities that make this site the best Bitcoin exchange. For novice traders, it is possible to use the services of a broker. So whether you are an expert or a novice, you will definitely like it here. As for security, everything is in order here, too, and the site is incredibly easy to use and will not cause any difficulties. This site is definitely worth your attention. But be prepared for strict personality verification procedures, the fees depend on the payment methods.

Poloniex

Want a wide selection of Bitcoin pairs? Here the number is reached up to 100 pairs. This company dates back to 2014 and is great for those who know about trading by hearsay. As for commission fees, they vary on this platform (0 to 0.15%), so be sure to familiarize yourself with all the features before starting work.

There is a window where you can write comments or ask questions. Sometimes, really cool tips and solutions slip in there. But it is worth mentioning that there is no possibility of fiat exchange.

Kraken

This platform is known since it is a partner of the first crypto bank. This platform is also attractive because it allows you to swap for fiat currencies and provides a wide range of crypto.

If you are a more experienced trader, then here you can easily use margin trading. There are good swap rates on this site, and the commission is pretty low.

It is worth emphasizing that this platform is more suitable for advanced users than for beginners. If you are not new to the cryptocurrency issue and are actively interested in places for profitable cryptocurrency trading, then this is what you need!

It’s Time to Conclude

So, if you are interested in a quick purchase of cryptocurrency, but do not want to delve into the intricacies of trading and the specifics of crypto exchanges, then this option is for you.

But in order to make a profit on rates jumps, it is better to create an account and use the site to the full. Hence, for quick and easy asset purchases, exchanges are the best option.

Well, if you are a beginner and just enter the industry, then the functionality for trading can be complicated. But for the swap or purchase, cryptocurrency exchanges are a great option. The main condition is an approach to choosing a platform wisely, rather than using the first one that comes across. You can safely use one of the sites from our list. Certainly with a focus on your needs!

FAQ That You Should Note

I am a beginner - how to find and choose the best cryptocurrency exchange?

Perhaps the best option for beginners is to use platforms that offer good rates and low commission. Also, it might be better to use platforms that are brokerage exchanges. There you do not need to delve into the details and complete financial transactions with professional support.

How Is It Possible to Deposit into an Exchange?

Everything will depend on what type of swap you will use. With a fiat exchange, you will need to link your credit, debit card or bank account. Well, to swap crypto for another one you have to use your electronic wallet.

How Is It Possible to Withdrawal from an Exchange?

Here everything is exactly the same  - everything will depend on what type of swap you will use. Typically, fiat exchanges provide the chance to withdraw money back to a bank card or account.

Well, when exchanging crypto for crypto, you will need a wallet just like with a deposit.

What types of cryptocurrency exchanges exist?

The following types are available:

  • Trading platforms: they act as a link between the buyer and seller. In turn, the platform charges a fee for a transaction.

  • Direct trade: There is no fixed market price, and each member can set their own rates.

  • Brokers: Here the prices are set by brokers, they are usually similar to the market, but in addition, users need to pay extra fees for the services of brokers.