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The Top Three Cryptocurrency Exchanges Reviewed;

top crpto reviews backgroundIncreased demand to acquire cryptocurrencies for speculative, investment and payment reasons has led to the increase of cryptocurrency exchanges. These exchanges fall into two broad categories; those that facilitate exchange of cryptocurrencies with fiat money and those that only offer exchange between different cryptocurrencies. Beyond these two spectrum, we can also categories the exchanges by type as follows;

Peer to Peer/Direct trading; these types of exchanges facilitate trading of cryptocurrencies between individuals from the same or different countries. The involved parties are responsible for setting their own prices/exchange rate.

Brokers; they set their own exchange rate based on the current market prices and offer them to traders. They are similar to Forex trading brokerages.

Trading platforms; these exchanges provide websites that enable cryptocurrency buyers and sellers to make transactions in exchange for a fee.
Below is an overview of the top 3 cryptocurrency exchanges based on popularity, reputation and trading volume;


Coinbase;

top crypto reviews coinbase pro

Foundation year; June, 2012.
Location; San Francisco, California.
Coins offered; Ethereum, Litecoin, Bitcoin.
Contacts; [email protected]
Mobile apps; Android, iOS.
Deposit methods; Credit/debit cards, bank wire.
Withdrawal methods; Paypal, bank wire.

Most popular in the US; Coinbase offers a digital wallet to store bitcoin, ethereum and litecoin as well as a trading platform to facilitate transactions. The exchange boasts over 20 million users and $150+ billion in trading volume since inception. They hold several licenses in various states in the US including a Money Transmitter License (MT 103755) and a Digital Currency Licence (0000003).

Coinbase charges a 1% commission on every bitcoin transaction allowing traders to make an instant purchase of $1000 in bitcoin via their debit or credit cards every week. For more experienced traders, Coinbase offers a trading platform; Coinbase Pro, with charting and order book features.

Apart from the US, other countries supported by Coinbase Pro include; Australia, Canada, Singapore, UK, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Finland, France, Greece, Hungary, Ireland, Italy, Lativa, Liechtenstein, Malta, Monaco, Netherlands, Norway, Poland, Portugal, San Marino, Slovakia, Slovenia, Spain, Sweden and Switzerland.

Advantages of Coinbase;

  • Insurance on bitcoin deposits
  • Beginner friendly platform
  • Licensed in several states in the US
  • Mobile wallet available

Disadvantages;

  • Customer support only limited to email
  • Limited choice of assets/coins
  • Not available in most countries
  • Multiple cases of closed or frozen accounts

Binance;

top crypto reviews binance

Binance is a relatively new entrant to the cryptocurrencies space having been launched in August, 2017. Despite this, the exchange has grown quickly to become one of the top exchanges offering numerous coins including its own; the Binance coin (BNB).
There are 200 million BNB in circulation in which Binance plans to buy back 100 million coins thereby attaching real value to the cryptocurrency. BNB currently trades at $8-9 from $0.5 during launching.

Binance boasts platforms across all devices; web, mobile web, iOS, Android, Windows and macOS.

Some of the cryptocurrencies offered by Binance include; BTC, ETH, BCC, BNB, LTC, NEO, CND, XLM, IOTA, ICX, XRP, ADA, TRX, XLM, POE, XVG, EOS, MCO, VEN, LEND, TNB, REQ, BRD, ELF, QSP, BTS, QTUM, SNT, AION, FUN, STORJ, MOD, DASH, OMG, SALT, MANA, GTO, HSR, KMD, SUB, RDN, XMR, ETC, OST, FUEL, ADX, CTR, LRC, ENJ, ZRX, POWR, TNT, LINK, AST, LSK, ENG, KNC, TRIG, CDT, CMT, WABI, WTC, MDA, SNM, MTH, RCN, GXS, STRAT, ARK, BAT, ZEC, WAVES, ICN, AMB, WINGS, MTL, OAX, NULS, BNT, VIB, PPT, BCPT, DNT, SNGLS, NAV, BCD, BQX, EVX, YOYO, XZC, ARN, BTG, EDO, GVT, NEBL, LUN, DLT, DGD, ZEC, GAS.

Pros of the Binance Exchange;

  • Cheap to transact in; the exchange charges a standard 0.1% fee with all BNB transactions getting a 50% discount.
  • Credit and debit cards available for transaction.
  • Numerous coins to choose from.
  • Fast withdrawals with no complex verification processes.
  • Charting tools are available.
  • Available worldwide.
  • Support across several social media platforms including telegram.

Bitfinex;

top crypto reviews bitfinex

Bitfinex is one of the most established cryptocurrency exchange launched in 2012 and operated by iFinex Inc situated in Hong Kong. Some of the coins traded in the exchange include; Bitcoin, Ethereum, Litecoin, BCash, OmiseGo, EOS, Iota, Monero, Zcash, Dash, NEO, Santiment and Ripple.

The exchange has some of the best industry security features after it was hacked back in 2016 and $72 million worth of coins supposedly stolen. Despite this setback, Bitfinex was able to remain on its feet and compensated all the stolen coins by issuing and buying back its own token; BFX.

Pros of Bitfinex;

  • High liquidity due to its large trading volume hence offering low transaction costs.
  • Available on Android and iOS mobile platforms.
  • Advanced charting tools; Bitfinex is integrated with tradingview.com.
  • Offers up to 3.3 leverage.
  • Different types of orders available including; market, limit, stop and trailing stop orders.
  • Provides an API for traders and developers to build their own applications.

Cons;

Funding in USD is only available through bank wire which is a relatively slow mode of payment. Credit/debit cards and mobile wallets such as Paypal and Skrill are not available.


Conclusion;

Each exchange has its fair share of complaints circulating through the internet from dis-grunted users. However, some of the popular exchanges, including the above three, have been able to maintain their reputation by providing great trading environments for cryptocurrencies. Other popular exchanges include; OKEx, Kraken, Poloniex, Huobi, Gemini, Bitstamp, Kucoin and Coinmama.

 

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