Before we get started with a detailed discussion about the best exchange platforms that one can capitalize on when trading in cryptocurrencies, let us form a quick overview of how and why these currencies are trending in the present economy. Long gone are those days when investment was inevitably associated with equities and liquid cash that faced several backlashes in the market from time to time including unstable cash flow, amendments in the government’s inflationary policies, the influence of the global economy and several others. However, with the galloping pace of change, investors these days are drawn more towards Bitcoins and Altcoins, the two primary forms of cryptocurrencies. The curve on the cryptocurrency market graph is only rising with each year thereby rendering it a safe and profitable recourse for investment.
Irrespective of your degree of expertise in the field of cryptocurrency, in the following section, we will be jotting down a catalog of exchange sites that can be relied upon in terms of convenience, fees, ease and all the other accompanying details to carry out hassle-free transactions.
If you are a beginner and in search of an exchange that comes with a simple user interface, then Coinbase is your ideal resort. This U.S. based Exchange is one of the world’s leading platforms that host crypto transactions and serve users from almost every corner of the globe. Coinbase’s application is available in both Android and Apple app store and owing to its universality, one is free to purchase and trade their currencies in the same breath. Apart from this enhanced level of comfort, Coinbase is guarded with a set of strapping security and privacy policies which in turn is a necessity when it comes to conducting online investments. Coinbase has a fixed rate for all its transactions that amounts to $2.99 and covers all the exchanges that amount up to $200. Additionally, depending upon whether the transaction has been sourced from your USD wallet or bank account, a variable fee of 1.49% us charged every time the limit of $200 is surpassed.
As per the reports submitted in June 2019, Coinbase currently has a volume that is worth more than $1.5 billion hence confirming that the number of people turning to cryptocurrency investments is only growing with time. An intriguing fact that must be mentioned here is that if you want to get access to cryptocurrency through Coinbase, the process weighs more towards centralized; while, if you are using cryptocurrency, it automatically bends over to decentralized.
Lastly, because Coinbase has its roots in the USA, it strictly follows the KYC guidelines that issue identity verification as a mandatory step before getting registered with the exchange.
First things first, the exchange Binance is registered in Malta which is considered to be the ultimate stalwart in the world of cryptocurrency transactions. The lightning-fast speed, when married to its humongous volume of 15,000,000 USD, endows it with its well-deserved position in the list of the top 10 cryptocurrency exchanges in the world. The fee structure of Binance is quite distinct from its contemporaries; it is allotted on the basis of solitary transactions and to the taker and maker. When compared to its competitors in the market, Binance’s fee is only 0.10% of the total transaction, that is, about 0.25% less than the general market rate. The 0.10% fee remains the same for both the taker and maker, but here, the charge levied for withdrawal is of 0.0005 Bitcoins. Nonetheless, this fee can be further lowered if you choose to pay the trading charge in BNB.
Like the preceding alternative, Binance too is available on both the sites of Apple and Android thus making the whole process to get the ball rolling invariably fast and simple. Also, the privacy grip of Binance is further tightened by their KYC approval policy that needs the user to first verify and submit his valid identity document and then avail their services.
Binance was initially a centralized exchange that accommodated solitary techniques to expand its business like granting generous discounts when one used the BNB coins for their transactions. But in April 2019, the exchange launched its first model of the decentralized version that has received a warm welcome from all its subscribers.
Third, in this list and justifiably so is the exchange BitMex where the liquidity of one’s cryptocurrencies receives the highest flexibility and there is hardly any bump that arises regarding the same. BitMex, as the denomination suggests, mostly employs Bitcoins in its transactions and is concerned about its future contracts. Nevertheless, the fee structure of BitMex is not as simple as the other counterparts primarily because it deals with the future contracts of the cryptocurrencies. The amount levied for each cryptocurrency varies from the others; for instance, for Bitcoin, the taker fee is 0.0750%. Here, one must remember that the overall fees published by BitMex is higher when compared to the current market scenario and depends on the leveraged position and margin.
The use of BitMex comes with elevated simplicity and one just needs to register through one’s email id to carry on with the transactions. One factor that differentiates BitMex from all the names mentioned above is that it doesn’t require any KYC verification as it can be categorized under decentralized exchange thereby making it doubly easy to open and access an account.
There is a list of exchanges whose services are surging down because of the host’s incapability to meet the demands of its customers; but, Coinmama, amidst all these ongoing conjectures, have successfully held a strong ground for itself and deals in BTC, LTC, ETH, BCH, XRP, QTUM, and ADA. On Coinmama, one is not compelled to buy the whole Bitcoin but can settle for only a portion of it. A multi-language site that presents the live pricing in US dollars and Euros, Coinmama offers the highest limits for buying Bitcoins with a credit card.
The fee structure of Coinmama is extremely straightforward; they have set a transaction fee of 5.5% and a credit card purchase fee of 5%, which in total is a tad higher when sitting beside the other exchanges. Customers in Europe also have the privilege to purchase cryptocurrency with SEPA transfer at a mush discounted margin. Coinmama is immensely swift and fast therefore making one of the most preferred choice for the beginners.
Coming to the verification process of Coinmama, it doesn’t require one to produce documents approved by the KYC and a simple ID proof such as the driving license will be enough to take you through the registration mechanism. All these characteristics of Coinmama safely boil down to prove that the exchange is decentralized.
The exchange Bittrex is solely dedicated to cryptocurrency transactions and it has been in the negative limelight for quite some time now because of the repeated target drawn to it by the phishers to encrypt all its data and information. Similar to Coinbase, Bittrex has held most of its funds offline thereby escalating the security standards and customer support reputation to remove all the glitches that have so far been a part of the exchange’s journey.
There is hardly an exception to the case when it comes to the fees charged by Bittrex for its transactions; a flat fee of 0.25% has been fixed by the site since its inception and continues to do so. There are a lot of users who use Binance coins for the Bottrex transaction and therefore if you pay the trading free through the medium of BNB, the amount charged will be only 0.05%. Coming to its security, Bittrex is a centralized exchange just like Coinbase and Binance which essentially forms the majority of the total cryptocurrency transaction volume.
Bittrex being a centralized exchange directly implies that when a user signs up to create an account here, he is supposed to undergo all the prerequisites of the KYC verification to produce a full proof identity transparency to get started with the trading.
Only after Binance and Coinbase, KuCoin stands tall as one of the highest favored recourses for cryptocurrency trades. The exchange ranks within the top 25 programs in CMC in which the authorities keep adding brand new coins and tokens on the exchange conducted by the users regularly. Not only is KuCoin accessible on the global platform but it also has a negligible portion of fees attached to each trade which amounts to 0.1%. Presently, KuCoin has a 24-hour trading volume of 4,755.35 that ensues from 206 different coins and 450 trading pairs.
KuCoin has recently been recognized as a centralized exchange that has automatically led to the strengthening of all the trades hosted by it. This feature will encourage more and more investors from all around the world to participate in the transactions and carry out the process of buying and selling cryptocurrencies without being intervened with the underlying dangers of the funds.
As because KuCoin has been recognized as an active centralized exchange platform, it requires KYC verification before granting access to a new user ensuring that the trades that are being carried out by it have a genuine source and destination.
Changelly is probably one of the most-frequented websites because it fulfills all the methods of funding that include wire transfer, credit card, and crypto and are US investors permitted. Changelly, however, is not entirely an exchange platform as when signed into it, it will furnish you with a window that makes way into the other platforms such as Binance, Bittrex, HitBTC, and Poloniex to provide you with a catalog of the best prices offered by these sites and accordingly chooses the most suitable one.
The total fee charged by Changelly is an integration of the deposit fees, trading fees, and withdrawal fees, which thus is not always constant. The deposit fees chiefly depend on the amount of money that the user chooses to deposit, but the trading fees are of flat 0.50% paid by the takers and makers alike. Furthermore, Changelly charges 0.0001 BTC as their withdrawal fees for the BTC withdrawals.
Changelly has always maintained its status as one of the most trusted decentralized exchange platforms serving such a wide range of digital assets. The fact that Changelly only stands as a mediator between the trader and his profitable sites, the customary verification of identity details are null and void. Additionally, the decentralized feature of the exchange has debarred all the stages of the approval process and opens doors for a smooth evaluation of rates at multiple sites.
The reason that has led Poloniex to be on this list despite the presence of strong competitors is its attribute as a crypto-to-crypto exchange; meaning, Poloniex has been delineated to be a platform that allows only pure digital currency transactions in form of digital-currency to digital-currency trades. This reinforces the claim that the users can only make transactions through cryptocurrencies.
With Poloniex, the fee structure works in a form different from the others; depending upon the trading volume of the user in 30 days, the charge levied is lower when the amount of trade is higher. The trading fees of this exchange amounts to 0.25% and thereby can prove profitable than the majority of platforms active in the market for the time being. Poloniex also has an invariably low fee for a maker that is a total of 0.15% of the total trade conducted. Therefore, the fee structure of Poloniex can be relayed as 0.20% for takers, 0.10% for makers and 0.0001 Bitcoins as the withdrawal charge.
Poloniex is a centralized exchange along with some of the platforms mentioned in the above section; this directly means that the exchange has an underlying KYC verification process, but with a catch. As we have already mentioned that Poloniex holds transactions that are entirely based on digital currency, the norms abiding the verification process is not as rigid as the other exchanges.
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