Best Cryptocurrency Exchange


Cryptocurrency Exchanges – What’s This?

A lot of people think that the Cryptocurrency industry is rocket science, and only the chosen can understand how online exchanges work. Well, that is not exactly true. In fact, even if you are a newbie who hasn’t even heard about such platforms, you will understand the main principles without much difficulty.

In simple words, Cryptocurrency exchanges are the sites where a user can purchase, sell, and/or exchange digital currency for the so-called “real” currency. The range of currencies depends on the policy of a particular company, but you can change your Bitcoin or other Cryptocurrency for a USD or Euro on 99% of such sites.

If you aren’t going to become a pro trader and use sophisticated tools to make more profit, you’ll need to create an account on one of the exchanges that provide such kind of services. However, if you just need to perform some simple acts, for example, buy some cryptocurrency for your own needs, you won’t need to create an account. Please note that such platforms are not social networking sites – all trusted websites require ID verification.

What Are The Main Types Of Such Cryptocurrency Exchange Sites?

As you can see, everything is pretty simple. Nevertheless, there are a few more things you need to know to better understand how this industry works. In particular, you need to know what types of exchanges work in the field of cryptocurrency. Why is this information crucial? Well, you need to understand what kind of exchange is likely to meet all your requirements, criteria, and expectations. Choosing the right company not only allows a user to do everything fast and without much difficulty but also gain more profit.

So what are the main types of these websites? Most professionals distinguish the three following types of crypto exchanges:

  • The so-called traditional, classic exchanges. We bet you have bought or sold a currency when traveling to another country or for any other reason. Well, these exchanges apply the same principle: people buy and see cryptocurrencies on the platform, which is nothing but a middleman between the one who buys and the one who sells the currency. Another important thing to mention is that all users buy it at market price.

  • Brokers – brokers are the ones who set the prices, and users are free to buy or sell currency at these prices.

  • Direct trading sites – websites that provide peer-to-peer trading.

However, there are also two other types of exchanges:

  • Fiat – websites where you can exchange cryptos for lots of “common” currencies, from Rands to dollars.

  • Crypto-to-crypto – the name speaks for itself; these are the sites where you can exchange only cryptocurrencies.

What To Consider When Choosing The Best Cryptocurrency Exchange?

It is no secret that all people who have some crypto make every effort to find the best place to buy cryptocurrency. However, if you are a newbie, there is one crucial thing that you need to keep in mind – there are no perfect companies that have no weak points. Nevertheless, there is a super effective strategy that will help you find the best option from the existing ones. The thing is there are certain criteria you need to consider when analyzing and comparing crypto trading sites.

  1. Here are the most important questions you need to ask. Just find the answers to all of them, and you will find the best place to buy cryptocurrency.

  2. What do other users and traders say about this platform?

  3. What are the fees? Are they reasonable?

  4. What are the payment methods offered by a company? Are there debit card payments? What are the deposit methods? Does this platform work with your bank?

  5. What are the verification requirements?

  6. Does this platform accept traders from your country?

  7. What are the exchange rates?

 The good news is most companies in the industry provide new customers with all the info they need to decide if this is the right exchange for them. In other words, when you visit the site, you can browse around, read terms and conditions, find some reviews on other trusted websites, and make the right decision.

What Is The Best Cryptocurrency Exchange In 2020?

This is not the simplest question ever, because all the companies in this industry have their weaknesses as well as strong points. Though perfect, the best of the best exchange just does not exist, there are a lot of great options to choose from. Below, you can find the list of top cryptocurrency exchanges, as well as the description of their main features, advantages, and disadvantages. Consider this information when choosing the right company to work with.

Coinbase

Coinbase is considered to be one of the best websites for newbies as well as for pros. Firstly, we must note that it is super easy and convenient to use, so even people who buy currency for the first time can buy bitcoins without much difficulty. More importantly, you can do it with your bank card, which is especially great for users who do not have other cryptocurrencies to exchange it for Bitcoin. Currently, this site accepts users from more than fifty countries. Moreover, it is not only one of the largest companies in the industry but also the best Bitcoin exchange.

The main pros of choosing this website are as follows:

  • High limits
  • Great interface, the site is great for newbies
  • Possibility to make a purchase using your bank card

The main cons of choosing this website are as follows:

  • Not all payment options are available
  • The site may save info on how registered users spend cryptocurrency

 

CoinMama

If you wonder how to buy cryptocurrency without spending a lot of time and effort on trying to figure out how sophisticated systems work, you definitely need to check out Coin Mama – one of the largest and the most trusted companies in the industry. It provides its users with the possibility to purchase Ethereum or good old Bitcoin, i.e., you can buy cryptocurrency, but you cannot sell it, and this is the only reason why some pro traders choose other sites. There is no need to say that you can use your bank card to buy your first BTC or ETH – the company is really interested in attracting as many new customers as possible. Besides, it accepts users from more than a hundred countries of the world.

The main pros of choosing this website are as follows:

  • Great customer support service
  • Great interface
  • The site is great for newbies
  • Accepts users from more than 100 countries
  • Bank card payments available

The main cons of choosing this website are as follows:

  • No possibility to sell currency
  • No mobile application available

 

Binance

 

Looking for a “pure” crypto exchange? Why not choose Binance – one of the oldest and most reputable sites in the cryptocurrency market? This company is really popular for plenty of reasons. In our opinion, the most important of them is that it provides basic tools for traders who start discovering the world of online trade, multiple sellers, and cryptocurrency exchange rates, as well as for the professionals who need sophisticated tools to gain more profit. In other words, you can use basic or advanced versions depending on your own needs, skills, and expectations. Pro traders note that even the advanced version is pretty easy to use, and the range of cryptos is really wide (this very thing is often considered as Binance’s biggest advantage.)

The main pros of choosing this website are as follows:

  • The site has a great interface and design
  • The fees are pretty low, especially in comparison with the site’s competitors
  • Plenty of listings
  • Great customer support service
  • Basic & Advanced modes

The main cons of choosing this website are as follows:

  • You cannot reach the Support Team by phone

 

Cex.io

Is Cex.io exchange popular? Yes, it is! Is it perfect? Unfortunately, no.

Nevertheless, lots of people continue using its services, and more and more new users are joining this strong community monthly. What are the reasons why it is this popular? Firstly, Cex.io works not only with Bitcoin or Ethereum but also with other popular cryptos. The interface is pretty good, as well as the tools, and the company has a good reputation. Still, as we have already noted, each site has its benefits and weaknesses. As for this site, its main disadvantage is the hidden costs and extra fees. In other words, it is not the cheapest site, but it is one of the most solid and reputable platforms to work with.

 

The main pros of choosing this website are as follows:

  • The site has a good reputation on the web
  • Even a newbie can use its service, in particular, buy crypto
  • Great support service
  • Sophisticated trading tools available
  • Bank card payments, wire transfers available
  • All transactions are 99% secure

The main cons of choosing this website are as follows:

  •  Hidden costs and pretty high fees (in comparison with some of its competitors)

 

Poloniex

If you ask yourself where to buy cryptocurrency, pay some attention to Poloniex – there is a chance that this company is the right exchange for you. This is an American company that works with people who want to exchange their crypto for some other cryptocurrency and gain some profit. Yes, there is no fiat exchange but there is at least one thing that can compensate this – you can use the website anywhere, literally in any place in the world. Another great thing about this site is that the range of cryptos is super wide. Please note that most newbies consider it to be a bit hard to use mostly because the site was created for other target audiences.

The main pros of choosing this website are as follows:

  • The site is pretty user-friendly
  • No hidden costs and extra fees
  • All transactions are safe
  • Lots of coins

 The main cons of choosing this website are as follows:

  • Though the site is user-friendly, it may be tough for a beginner to understand how the system works
  • No mobile application available
  • You cannot reach support by phone
  • You cannot use any currency but cryptocurrency
  • You may need to wait for a response from the Support team for a couple of days

 

Kraken

 Kraken is another American website that helps people buy & sell good old Bitcoin. There was a time when it was considered to be a fairly unstable website. Still, the good news is that the company cares about its customers – the team made every effort to make Kraken 100% secure and safe, and more importantly, to offer the lowest fees in the market. Well, they succeed, and today the site is considered to be one of the most popular platforms that work with BTC.

The main pros of choosing this website are as follows:

  • Perfect for experienced traders
  • SEPA deposits
  • Accept users worldwide
  • Good interface

The main cons of choosing this website are as follows:

  • It is perfect for professionals, but it is not the right site for beginners

The Bottom Line

Choosing a laundry or a restaurant is a pretty difficult task to do just because you need to analyze and compare hundreds (or even thousands) of offers, loyalty programs, and so on and so forth. No wonder that most people think that choosing a cryptocurrency exchange is rocket science. Of course, it may seem pretty hard for a beginner to choose the right company or even to understand how the whole system works, but the good news is there are a lot of sites that offer top-quality services for beginners who want to sell and/or buy cryptos. On the other hand, there are also lots of companies that care about PROs, too, and offer a wide range of sophisticated trading tools. Buying cryptocurrency has never been easier than today, and you can keep going or get started with it at any time – just use the tips and the options above to find the right exchange!

Frequently Asked Questions

I’m a beginner, so how can I find the most suitable cryptocurrency exchange platform?

We recommend you to pick fiat or pure crypto exchange that it is super easy and convenient to use. The verification is supposed to be pretty fast. A good mobile app is a good reason to pick a certain company, too. Please note that most people do not really need sophisticated tools in the early stages. Use the tips above to find the best crypto exchange. The first great companies for newbies that come in mind are Binance and Coinbase.

What are the main types of exchanges?

If you are a beginner, you need to keep in mind that there are two main types of such sites. Some sites can be classified as fiat exchanges that allow users to purchase crypto using common payment options like bank transactions, credit card payments, and even buying currency for cash. On the other, “pure” crypto websites, you can sell your currency and get other currency, i.e., no one will buy your currency for Euros, Rands, etc.

How can I make deposits?

It depends on the site you choose. In most cases, to make a deposit, you need to select the Wallets tab, pick the currency you need, choose the payment method, provide all the info required, and approve the transaction. 

How can I withdraw currency?

You can withdraw your earnings or savings from your wallet to your bank account without much effort if you choose one of the exchanges listed above or any other website. In other, most traders use the services provided by third parties, the middlemen. The best thing is you can find lots of sites with reasonable fees and requirements.

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