Cryptocurrency Exchange or Digital Currency exchange is a business that involves the exchange of cryptocurrency with other assets such as money or any other crypto exchange digital currency. It is a web service that provides electronic transactions in electronic forms and taking fees for them.
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 transactions which facilitate crypto currency trading for freshies and what they offer in terms of availability, user friendly, security, deposit/withdrawal methods and fees. We hope this guide to cryptocurrency trading can help you get started with cryptocurrency transactions.
Coinbase/GDAX
Coinbase is one of the biggest cryptocurrency transactions headquartered San francisco, California. It is available in 32 countries and currently serves over 10 million customers. Launched in 2012, it has a simple to operate 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 freshies and is only an exchange.
Nowadays, it gives four coins, Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. It transactions digital currency with us dollars, Euros and Great British Pounds. With minimum transfer fees, Coinbase hasn’t experienced any security breach which makes it a perfect platform for digital currency exchange. In addition to that, Coinbase has also a fully-fledged advanced exchange called GDAX. It gives 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 will be offering more advanced features via TradeView. Bitstamp offers coins such as Bitcoin, Litecoin, Ethereum, Bitcoin Cash and ripple. It transactions digital currency with us dollars and Euro. You can apply all the latest crypto currency trading techniques in this exchange.
It gives Flat deposits via bank passes across and supports debit/credit cards. Maybe 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 transactions. 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 You. S, The us, Hong-Kong, Singapore and South Korea. One of the downsides to this platform is that it is not particularly easy to. So, beginners are not recommended to use this platform.
It gives 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 straightforward for anyone to get started with trading.
It has a unique feature called a single Past record View that would enable the traders to see all the holding positions on one single past record. It would be straightforward for traders to make informed decisions the cryptocurrency exchange applying this unique feature. It also supports Bitcoin, Ethereum, Litecoin and Dashcoin.
Kraken
Kraken is one of the first born cryptocurreny exchange platform. Launched in 2011, kraken is the biggest exchange in terms of volume and liquidity for EUR trading twos. It serves worldwide including the US.
Kraken offers a variety of coins including Bitcoin Cash, Ethereum, Monero, Augur, Litecoin and other. It also supports deposit/withdrawals via bank passes across and cryptocurrencies. Having a not so friendly program, it also suffers from stability and performance issues however, it is good platform for cryptocurrency transactions.
Bitfinex
Bitfinex is the largest cryptocurrency exchange platform. Launched in 2012, it has a simple to operate interface and will be offering advanced number of features such as border trading, border funding etc. It is available for both iOS and android platforms. It gives BTC, BCH, ETH, LTC, IOTA, XMR and NEO.
Just like the previous cryptocurrency transactions, it supports withdrawals using US dollars and Euros via bank passes across. 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 May 2016 that resulted in a loss of worth $72 million.
EtherDelta
EtherDelta is a decentralized exchange that directly supports expert to expert connection. It is very unlike the previously discussed cryptocurrency exchanging platform. Here, funds are held in a smart contract on a Ethereum network which you are solely responsible for lodging and pulling out 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 been for a while buying 0. 007 KNC at 750 ETH.
Conclusion
After looking at the various cryptocurrency exchanging platforms, we can safely say that Coinbase and Bitstamp excels in terms of its good features like security, easy to interface, multiple withdraws/transfer methods and other.
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 specific to it way and has both advantages and disadvantages. We just have to select this suits our needs. We hope that this guide on basic crypto currency exchange and trading would give you a head begin in your journey of Cryptocurrency trading.