Digital Currency - Beginner Guide To Crypto Currency Exchange

A cryptocurrency exchange or digital currency exchange is a business that involves exchanging cryptocurrencies with other assets such as money or any other digital currency. It is a web service that provides electronic transactions in electronic forms and charges fees for them.

Digital currency vs cryptocurrency

Any transaction or operation in a digital currency exchange can be done through debit and credit cards, postal money orders, or any other form of money transfer. This article is about discussing the various cryptocurrency exchanges that offer cryptocurrency trading facilities for beginners and what they offer in terms of availability, ease of use, security, deposit/withdrawal methods, and fees. this guide to cryptocurrency trading can help started with cryptocurrency exchanges.

Coinbase/dx

Coinbase is one of the largest cryptocurrency exchanges based in San Francisco, California. It is available in 35 countries and currently serves over 100 million customers. Launched in 2012, digital currency exchange is an easy task for a non-technical person. available for both iOS and Android. Unfortunately, Coinbase does not offer cryptocurrency mining for beginners and is only an exchange.

So far, it offers four coins, Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. It exchanges digital currency with the US Dollar, Euro, and Great British Pound. With minimal transfer fees, Coinbase has never experienced any security breach which makes it an ideal platform for digital currency exchange. In addition, Coinbase also offers a full-blown advanced exchange called GDAX. 

Bitstamp

Bitstamp is another platform that offers digital currency exchange. It is relatively used and offers more advanced features through Trade. Bitstamp offers coins Bitcoin, Litecoin, Ethereum, Bitcoin Cash, and Ripple. It exchanges digital currency with the US dollar and the euro. all the latest cryptocurrency trading techniques on this exchange.

It offers flat deposits via bank transfer and supports debit/credit cards. Perhaps the only drawbacks Bitstamp can find are slightly higher fees and the fact that it suffered a security breach in its 7 years of operation. Nonetheless, it is one of the most reliable exchanges. It is available on both iOS and Android.

Gemini

Gemini is a UK-based company that was launched in 2015 by the Winklevoss Twins. It is available in some countries including the US, Canada, Hong Kong, Singapore, and South Korea. One disadvantage of this platform is that it is not particularly user-friendly. beginners are not recommended use this platform.

It offers two coins and 1 FLAT currency Bitcoin Cash, Ethereum, and US Dollar. Gemini follows strict protocols when it comes to security and as of 2018, it has not faced a single security breach, making it one of the most secure and reliable digital currency platforms. However, it is important to have digital currency investment strategies before you can start trading.

Digital ticks

Digital Tick is a modern crypto exchange that aims to be a game-changer in this sector. They have implemented many latest technologies which make it easy for anyone to start trading.

It has a unique feature called Single Portfolio View which enables traders to view all the holding positions on a single portfolio. It will be easier for traders to make an informed decision about a cryptocurrency exchange using this unique feature. It supports Bitcoin, Ethereum, Litecoin, and Dashcoin.

Kraken

Kraken is one of the oldest cryptocurrency exchange platforms. Launched in 2011, Kraken is the largest exchange in terms of volume and liquidity for Euro trading pairs. It serves worldwide including the US.

Kraken offers a wide variety of coins including Bitcoin Cash, Ethereum, Monero, Augur, Litecoin, and many more. It also supports bank transfers and deposits/withdrawals via cryptocurrencies. Due to the not-so-friendly user interface, it also suffers from stability and performance issues, but still, it is a good platform for cryptocurrency exchanges.

Bitfinex

Bitfinex is the largest cryptocurrency exchange platform. Launched in 2012, it has an easy-to-use interface and offers advanced features like margin trading, margin funding, etc. Android platforms. It offers BTC, BCH, ETH, LTC, IOTA, and MXR.

Like previous cryptocurrency exchanges, it supports withdrawals using US Dollars and Euros via bank transfer. Bitfinex has suffered two security breaches, the first was in May 2015, which resulted in a loss of $330,000. and another in August 2016 resulting in a loss of $72 million.

Ether delta

EtherDelta is a decentralized exchange that supports direct peer-to-peer connections. It is very different from the previously discussed cryptocurrency exchange platforms. Here, funds are kept in a smart contract on the Ethereum network, which you are solely responsible for depositing and withdrawing. Currently, EtherDelta supports only Ehtereum-based tokens.

EtherDelta has a confusing interface that makes it difficult for users to conduct cryptocurrency exchange operations. In one occasion, someone tried to buy 750 Kyber for 0.007 ETH but ended up buying 0.007 KNC for 750 ETH.

Conclusion

After looking at the various cryptocurrency exchanging platforms, we can safely say that Coinbase and Bitstamp stand out in terms of good features like security, user-friendly interface, multiple withdrawal/transfer methods, and many more.

I wouldn't call them perfect but I would recommend that this is the safest bet you can make. Each cryptocurrency exchange platform is unique in its own way and has both advantages and disadvantages. We have to choose only what suits our needs. We hope that this guide on basic cryptocurrency exchanges and trading will give you a head start in your journey of digital currency trading.

Go to Link