Any transactions or operations to Digital Currency Exchange can be made through debit and credit cards, postal money order or any other kinds of money transfer. This article is about discussing the various cryptocurrency exchanges which facilitate crypto currency trading for beginners and what they offer in terms of availability, ease of use, security, deposit/withdrawal methods and fees. We hope this guide to cryptocurrency trading can help you get started with cryptocurrency exchanges.
Coinbase/GDAX
Coinbase is one of the biggest cryptocurrency exchanges based in San Francisco, California. It is available in 32 countries and currently serves over 10 million customers. Launched in 2012, it has an easy to use interface that makes Digital Currency Exchange an easy task for a non-technical person. It is also available for both iOS and Android. Unfortunately, Coinbase doesn't provide crypto currency mining for beginners and is only an exchange.
As of now, it offers four coins, Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. It exchanges digital currency with US dollars, Euros and Great British Pounds. With minimum transfer fees, Coinbase has never experienced any security breach which makes it a perfect platform for digital currency exchange. In addition to that, Coinbase also offers a fully-fledged advanced exchange called GDAX. It offers more advanced features and different and better trading fees than Coinbase.
Bitstamp
Bitstamp is another platform that provides digital currency exchange. It is relatively easy to use and offers more advanced features via TradeView. Bitstamp offers coins such as Bitcoin, Litecoin, Ethereum, Bitcoin Cash and ripple. It exchanges digital currency with US dollars and Euro. You can put into practice all the latest crypto currency trading techniques in this exchange.
It offers Flat deposits via bank transfers and supports debit/credit cards. Perhaps the only drawback one can find in Bitstamp is slightly high fees and the fact that it suffered one security breach in 7 years of its operation. Nonetheless, it is one the most reliable exchanges. It is available in both iOS and android.
Gemini
Gemini is a UK based company launched in 2015 by Winklevoss twins. It is available in few countries including U.S, Canada, Hong-Kong, Singapore and South Korea. One of the downsides to this platform is that it is not particularly user friendly. So, beginners are not recommended to use this platform.
It offers two coins and 1 FLAT currency Bitcoin Cash, Ehtereum and US Dollars. Gemini follows strict protocols when it comes to security and as of 2018, it has not encountered a single security breach thus making it one of the most secure and reliable digital currency platform. However, it is important to have digital currency investment strategies before you start trading.
Digital Ticks
Digital ticks is a modern crypto exchange that aims to be a game changer in this sector. They have implemented many of the latest techniques which makes it easy for anyone to get started with trading.
It has a unique feature called a Single Portfolio View that would enable the traders to see all the holding positions on one single portfolio. It would be easy for traders to make informed decisions regarding the cryptocurrency exchange by using best site this unique feature. It also supports Bitcoin, Ethereum, Litecoin and Dashcoin.
Kraken
Kraken is one of the oldest cryptocurreny exchange platform. Launched in 2011, kraken is the biggest exchange in terms of volume and liquidity for EUR trading pairs. It serves worldwide including the US.
Kraken offers a variety of coins including Bitcoin Cash, Ethereum, Monero, Augur, Litecoin and many more. It also supports deposit/withdrawals via bank transfers and cryptocurrencies. Having a not so friendly user interface, it also suffers from stability and performance issues but nonetheless, it is good platform for binance cryptocurrency exchanges.
Bitfinex
Bitfinex is the largest cryptocurrency exchange platform. Launched in 2012, it has an easy to use interface and offers advanced number of features such as margin trading, margin funding etc. It is available for both iOS and android platforms. It offers BTC, BCH, ETH, LTC, IOTA, XMR and NEO.
Just like the previous cryptocurrency exchanges, it supports withdrawals using US dollars and Euros via bank transfers. Bitfinex has suffered two security breaches, the first one was in May 2015, which resulted in a loss of $330,000. And the second one on August 2016 that resulted in a loss of worth $72 million.
EtherDelta
EtherDelta is a decentralized exchange that directly supports peer to peer connection. It is very different from the previously discussed cryptocurrency exchanging platform. Here, funds are held in a smart contract on a Ethereum network which you are solely responsible for depositing and withdrawing from. Currently, EtherDelta only supports Ehtereum based tokens.
EtherDelta has a rather confusing interface that makes it difficult for users to perform cryptocurrency exchange operations. In one occasion, someone tried to buy 750 Kyber for 0.007 ETH each but ended up buying 0.007 KNC at 750 ETH.
Conclusion
After looking at the various cryptocurrency exchanging platforms, we can safely say that Coinbase and Bitstamp stands out in terms of its good features like security, user friendly interface, multiple withdraws/transfer methods and many more.
I would not call them perfect but I would recommend that it is the safest bet you can make. Every cryptocurrency exchanging platform are unique in its own way and has both advantages and disadvantages. We just have to select the one that suits our needs. We hope that this guide on basic crypto currency exchange and trading would give you a head start in your journey of Cryptocurrency trading.
If we look at the most impactful development in recent times the first thing that comes to our minds without a doubt is cryptocurrency. People have made huge profits by investing in cryptocurrencies like bitcoin and more at the right time. Many people have also managed to make a heyday by simply providing a cryptocurrency exchange platform to investors to trade cryptocurrencies.
Setting an exchange is pretty easy. but you need to know a few basic things before you start your own exchange.
Let us have a look at them -
Do you have a target audience in mind?
One of the most important things to consider before setting up any business platform is to figure out the target audience. Same is the case here.
When you are planning to set up a bitcoin exchange platform, the first thing you need to analyze and figure out is the audience that you are going to target.
For instance, in case of bitcoins, you can target both local as well as the global audience. So, you need to figure out which is your target audience and then plan with the development process. Why is this important? Well, you will get to know about it in the following sections.
Do you understand the legal terms?
The second thing you need to consider is the legal terms and conditions that you will need to follow.
There is a huge hullabaloo about the legal aspects related to cryptocurrency, but you might be amazed to know that there are 96 countries where bitcoin transactions are still unrestricted.
So, creating a cryptocurrency exchange platform while targeting these countries can prove to be the best idea.
Don't forget to always take a thorough look at the legal guidelines operational in the area from where you plan to carry out.
Do you have a partner bank?
Another thing to remember here is that you are going to need a partner bank. The simple reason behind this is that you are going to deal with financial transactions.
In order to ensure that the financial transactions are carried out in a smooth and hassle-free manner, you need to ensure that you have the right support in the form of a partner bank.
Therefore, you need to contact a few banking institutions to see if they can help you, and understand their terms and conditions.
Do you have the right partner to develop the https://cryptosharx.com/delta-exchange-fees/ platform?
The most important step in the process is to find the right professional who can help you develop a secure platform. Why we have specifically mentioned the term secure is because the immense popularity of cryptocurrency has made these exchanges the first target for hackers.
To make sure that your reputation does not get hit due to something unwanted you need to focus on creating a secure platform. You can easily achieve this by hiring a seasoned developer who knows all the ins and outs of the industry.
For instance, they can test the platform out by mimicking a malware attack and see how your cryptocurrency exchange platform stands against it.
Conclusion
This last point sums up the basic things that you need to keep in the back of your mind when planning to set up a cryptocurrency exchange platform for yourself. Once you have an answer to these questions, you can easily go ahead and get going with the development and make some profits.
But, do remember to take all the necessary legal, compliance and security measures if you want to be in this game for for a long time.
So, are you up for it?