If you want to make money out of nothing, trading is exactly what you need. And if you want to plunge into the world of increased volatility, then crypto trading is your choice.
There are cryptocurrency exchanges meant for speculative actions, as well as quick exchange. These are platforms that allow trading of both different cryptocurrencies and exchange digital coins for fiat. The scheme on these resources is similar to any other exchange operation. You purchase crypto coins at a cheaper rate to sell them at a higher price and gain income.
Popular cryptocurrencies are highly liquid assets. They are easy to sell or exchange for any other currency, including fiat. Due to the increased volatility of cryptocurrency rates, you can get large profits in a short period of time. To that end, you must have the appropriate knowledge and use the right trading tools.
Options for choosing a reliable exchange
Consider the following parameters to find the best cryptocurrency exchange:
- Supported currencies
- Hidden fees
- Possibility of delays (withdrawal of funds, analysis of controversial situations, etc.)
- Reliability rating and reputation
- Commission size
- Daily turnover
- Work speed and usability
- The official location of the exchange
- The efficiency of the support service
The best cryptocurrency exchanges
Studying the indicators of reliability and stability, it appears impossible to work comfortably on major exchanges. The convenience of depositing and withdrawing funds as well as making real profits are the most important aspects for users. However, it is often difficult to find a platform that is profitable, reliable, and stable at the same time. Below are some of the most popular options.
Binance
Figures show that as of February 2021, Binance is the leader in terms of popularity and trading volume in the top crypto exchanges.
Although this platform appeared recently, at the beginning of 2017, it currently ranks first in the world in terms of trading volume. As of the beginning of March 2021, it is $22 billion.
Characteristics of Binance:
- first place in terms of trading volume;
- own cryptocurrency (BNB);
- low rates for traders;
- high speed of order execution;
- the ability to create separate wallets for each virtual currency;
- a wide range of tools for trading;
- no commission for funds withdrawal;
- availability of a mobile application;
- simple and user-friendly interface;
- support of a large number of fiat currencies.
Poloniex
It is a fairly popular exchange in the crypto market. Due to its great popularity, this site is very attractive for hackers. Be careful when working with Poloniex, especially when reading letters in the mail. Don’t click on suspicious links.
The size of the trading fee depends on two factors. One is the type of order — maker or taker, meaning the one creating or withdrawing liquidity. The other is the trading volume for the last 30 days. You can check out the current fee in the “Trading Tier Status” section. The initial status is 0.125%. It can reach 0% for a maker with a turnover of over $50 million.
Godex
If anonymity, simplicity, and speed of order performance are important to you, pay attention to the Godex decentralized exchange. You don’t need to register to start working on this site. Its creators value financial secrecy.
Almost all well-known and even little-known cryptocurrencies are on the Godex list. The exchange occurs within 5-30 minutes, depending on the amount of transaction. Amounts exceeding 1 BTC are processed longer. There are no upper limits on Godex, so large investors and miners often choose this site. No doubt Godex falls in our top crypto exchanges list for its simplicity and anonymity.
Bitfinex
This site is also very popular with crypto traders. It has a simple and intuitive interface that even a beginner can figure out. Besides, registration at Bitfinex does not take long.
Another feature that will help beginners is the demo mode. It allows testing the exchange without the risk of losing money.
Here one can exchange Bitcoin, Ethereum, DASH, and other cryptocurrencies for dollars. The Bitfinex exchange allows trading through mobile applications running on Android and iOS.
BTC-e
It’s pretty easy to work with this exchange. First, you need to register, then confirm your mail. You don’t have to pass identity verification. However, it may be necessary when withdrawing money in the future. There are 27 pairs in total on the exchange. Other benefits include:
- Fast account replenishment without extra commission
- Support for popular options for depositing and withdrawing funds
- Replenish account in USD
- Efficient support staff
- 0.2% commission for actions on the exchange.
Kraken
Kraken was launched in September 2013. It is one of the oldest cryptocurrency exchanges on the market. It is possible to deposit/withdraw fiat currencies here. Kraken has been cooperating with the German bank Fidor Bank since 2014.
On the site, there are 19 cryptocurrencies (BTC, ETH, BCH, XRP, USDT, XLM, LTC, XMR, ADA, ETC, DASH, XTZ, REP, QTUM, EOS, ZEC, MLN, DOGE, GNO), 5 fiat currencies ((USD, EUR, CAD, JPY, GBP), as well as 69 currency pairs. You can also trade with leverage.
Conclusion
When choosing a service for making exchange transactions, you have to analyze the market situation carefully. Fortunately, competition forces the creators of such sites to provide the best service for users and traders. After all, final consumers benefit from this, enjoying working on crypto exchanges, swapping coins, and making a profit in a convenient way. Anonymity and the wide range of currencies available are equally important for such services. Not to mention low fees, easy withdrawal of funds, and friendly support service, which solves raising issues in a matter of minutes right in chat.
