Yahoo Finance Top 5 Altcoin Cryptocurrencies Exchanges
What is a Cryptocurrency Exchange?
Cryptocurrency exchanges are businesses that operate like stock exchanges where people go to buy and sell digital currencies. Simply put, they are online platforms where people exchange cryptocurrencies for other cryptocurrencies or fiat currency.
There are two types of cryptocurrency exchange
Fiat Exchange
A fiat cryptocurrency exchange is an exchange that allows the use of fiat currencies (USD, Euros or GBP) for the purchase of digital currencies.
Cryptocurrency to cryptocurrency exchange
Cryptocurrency to cryptocurrency exchange allows virtual currencies to be traded for each other. In this case, a person may hand over Bitcoins to get a certain amount of Ethereum.
Below is a list of the top 5 cryptocurrency exchanges in the world.
Coinbase
Fiat Support: Yes
Order Types: Market, Limit Stop Limit
Transaction Fees: No Marker fees, moderate taker fees
Coinbase should be a good start for novice traders looking to find their way in the cryptocurrency business. The cryptocurrency exchange comes with a user-friendly interface that makes it easy to buy and sell cryptocurrencies.
Coinbase is a reputable cryptocurrency exchange, backed and trusted by millions of customers. The exchange platform makes it easy and secure to buy, use, store and trade a wide range of cryptocurrencies.
The exchange accepts credit cards, and banks account for the purchase of cryptocurrencies, ranging from Bitcoin to ether, Litecoin, Ripple among others. Coinbase does not have restrictions on who can carry out transactions on the platform as it allows people from all walks of life regardless of jurisdiction.
The fees for buying a cryptocurrency using a credit card are currently pegged at 3.99%, while fees for bank transfers are pegged at about 1.49%. The exchange has a sign-up bonus of $10 in Free Bitcoin for the first $100 order than one makes.
Binance
Fiat Support: No
Altcoin Support: Yes
Order Types: Market, Limit Stop Limit
Transaction Fees: 0.1%
Binance is a Hong Kong-based cryptocurrency exchange that charges some of the lowest fees for cryptocurrencies transactions. The low transaction fees are made possible by the fact that the platform is funded by its underlying coin BNB.
Binance is a crypto to crypto exchange, whereby cryptocurrencies are used to buy other cryptocurrencies rather than fiat currencies. The platform comes with two interfaces one Basic, which is designed by those that are just getting started and Advanced suited for experienced users.
Binance is perfect for those looking to trade an excellent array of cryptocurrencies at low transaction fees of 0.1% per trade.
CEX.IO
Fiat Support: Yes
Altcoin Support: Yes
Order Types: Market, limit stop limit
Transaction fees: Moderate taker, lower maker
Cex.io is a fiat based cryptocurrency exchange that allows people to buy a wide array of cryptocurrencies using fiat money. The exchange comes with a personalized and easy to use dashboards for trading various cryptocurrencies. The exchange also offers security, high liquidity, and cross-platform trading.
Based in London, the exchange is available to 99% of the countries in the world. It is also the first cloud-mining provider as it also doubles up as a multi-functional cryptocurrency exchange. The exchange is perfectly suited for individual businesses and corporation looking to buy various cryptocurrencies with no limits.
The exchange compensates for the lower transaction fees it charges by charging a premium on Bitcoin price.
HitBTC
Launched in 2013, HitBTC cast itself as an advanced Bitcoin Exchange that allows people to trade bitcoin in exchange for other cryptocurrencies such as Ripple, Dash, and Zcash. The exchange also provides support for Ethereum, Litecoin Dogecoin, and Monero among others. It claims to provide the most reliable, fast and powerful platform solution in the market.
The cryptocurrency exchange uses the 2-factor authentication advanced encryption technology and uses cutting-edge matching engine technologies. The exchange also offers cold-storage services for cryptocurrencies.
HitBTC charges as low as 0.1% in fees for every marker trade that people make. Traders also stand to enjoy 0.01% rebate on LP orders. The exchange has no limits on deposits and withdrawals.
YoBit
YoBit is a Russian based cryptocurrency exchange founded in 2015. YoBit platform allows people from all walks of life to buy and sell a vast array of cryptocurrencies. In addition to bitcoin, the exchange offers support to hundreds of other Altcoins. The exchange currently supports two fiat currencies, the U.S dollar, and the Russian Ruble
Some of the deposit methods include Payee AdvCash, Perfect Money, and QIWI. The exchange also accepts cryptocurrencies from digital wallets which can be exchanged for other digital currencies in the trading platform.
YoBit does not charge any trading fees, it is also free to deposit money into the account. Withdrawal fees vary depending on the mode of transfer. Cryptocurrency withdrawal fees are pegged at 0.0005, Perfect Money at 5%, Payer 7% AdvCash 4% Credit card 4%.
YoBit offers the option of two-factor authentication for people who wish to secure their account as an added layer of security. Also, a bonus program rewards frequent users of the platform.
Conclusion
While all cryptocurrency exchanges serve the purpose of letting people buy and sell cryptocurrencies, they differ a great deal. That said, when it comes to selecting a platform to use to buy and sell cryptocurrencies, it is essential to look at exchange fees as well as the number of coins supported, as well as the location in which it is available.
Customer support is also essential as from time to time one may need help to be able to complete certain operations. It is also important to consider whether an exchange is a fiat or crypto-based.
This article was originally posted on FX Empire
