Top 5 Cryptocurrency Exchanges
The digital jungle of cryptocurrency is still largely unexplored by the typical John Doe. We are often concerned about our personal information becoming exposed as we attempt to dive head-first into the deep pool of digital currency. However, there have been some interesting developments in recent years, as the establishment of crypto-exchange platforms. The following are 5 of the most popular crypto-trading platforms that are sure to put your worries to rest:
Binance is one of the most trusted and popular exchanges out there. Its birth came in 2017 and since then it has become an extremely diverse platform. It offers a multitude of different trading pairs, with the inclusion of fiat trading pairs.
The great thing about Binance is that it offers users the opportunity to access less-known currencies, that are not commonly traded on other platforms. Estimates suggest that since mid-2021, Binance had become the dominant exchange platform, as it also currently accounts for a large portion of daily crypto-trading volume.
Safety is high on the Binance priority list, as it makes use of a Two-factor authentication mechanism to ensure the safety of coins stored on its servers. Users are also given the option to activate Google Authenticator to verify any modification to security settings and withdrawals on their profiles.
Simply put, if you’re looking for the ultimate platform concerning account safety and transparency of its privacy policies, Binance is your golden ticket.
According to Investopedia, Coinbase is the leading crypto-exchange platform in the United States of America. Established in 2012, the platform originally only supported Bitcoin trading, but quickly expanded to include other popular currencies, including Litecoin and Ethereum.
The platform allows the use of bank accounts, debit cards, and credit cards, with reasonable rates that should suit the average trader. The major drawback, however, is that buying crypto through Coinbase, is like storing your money at your local bank, as the platform doesn’t allow users to directly access their coins.
Currently, US citizens have a trading limit of $25K daily, although the limits do depend on the individual’s payment method. The platform currently supports over 100 countries worldwide. Globally, there have been complaints regarding the provider’s customer support services, especially the telephonic ones.
All negativity aside, Coinbase is one of the older and widely trusted exchange platforms.
Established during 2019 in Seychelles, PrimeXBT was awarded the best Crypto-trading margin globally, according to Medium.com.
The platform is one of the few that offers the option of margin trading to its users. Simply put, users are allowed to borrow currencies from other investors and then allowed to invest it as they see fit. This, however, requires extensive knowledge about the market and the factors influencing it. One might therefore argue that PrimeXBT is for the more experienced trader.
An advantage of the platform is that its centralized nature allows to platform to process an extreme number of transactions and orders every second. It also caters to about 150 countries worldwide, making information regarding its policies and workings more transparent.
Surprisingly, few complaints about the platform can be found on the web, sating its solid reputation among users worldwide. For beginners without any knowledge about margin trading though, PrimeXBT should be put on the waiting list for now.
If you’re looking for quick, simple purchases, Coinmama just might be your golden ticket. The platform allows users to buy coins directly from them and not from other sellers. This makes transactions on Coinmama extremely quick.
The drawback to these quick purchases and transactions is the high transaction fee. According to reports, the platform charges a transaction fee of 5.5%. The situation becomes even worse when making use of a credit card, with the provider also charging an additional 5%.
Other than the high transaction fees, Coinmama also offers only a limited amount of currencies options when purchasing crypto, which are GBP, EUR, CAD, AUD, and IPY. This makes it costly for users in countries with weaker currencies to fully and effectively participate in the platform.
Although the above mentions are significant drawbacks, Coinmama is still a popular platform worldwide, catering to over 2 million users in over 180 different countries.
Changelly ranks customer service high on its priority list. It offers a user-friendly interface and allows purchases through credit or debit card, although this is not recommended as its fees with this method are almost ridiculously high.
The platform has the advantage of offering a wide arrange of alternate cryptocurrencies (Altcoins), apart from mainstream Bitcoin. It offers an environment in which users can easily exchange currencies.
Transaction history is well recorded within the user-friendly interface and the transactions themselves usually only take about 20 minutes based on the experiences of users on online forums. If there were to be a problem with a user’s account, Changelly’s support staff have a good reputation for being caring, decisive, and professional. The platform’s customer service is ranked as one of the best of all the popular exchange platforms.
The world of crypto is growing faster than we could have ever imagined. We will always be wondering which platform will give us the most bang for our buck, as with most money-making opportunities throughout life.
The fact of the matter is, is that there really isn’t a single ‘bad’ exchange platform out there. The platform you use will ultimately come down to your personal preferences and experience in crypto trading, as some platforms have more sophisticated interfaces than others.
Just be sure to do your share of research before investing your hard-earned cash into one of them!
Now that you know where to buy crypto, you need to buy a crypto, but which one? Don’t worry we’ve got you covered with our blog post on “Top 20 Cryptocurrencies“. Thank you for reading our blog post! Hope you have an amazing day!