Everyone knows that cryptocurrency is mined in the mining process. But it can be earned, bought, exchanged, just like fiat money. For several years now, there have been cryptocurrency exchanges on the Internet – specialized platforms for converting digital assets.
Cryptocurrency Exchange Services
Clients of such a service can:
- Buy cryptocurrency for fiat money or title units of electronic payment systems;
- Store your digital assets in a software online wallet;
- Convert cryptocurrency to other coins available on the exchange.
In addition to cryptocurrency exchanges, acquiring the features of classical ones, instant exchange services are presented on the network. In terms of functionality, they differ from services and complement them.
Service Selection Criteria
In any market, there is a risk of encountering scammers. And the cryptocurrency market is no exception. Before deciding to purchase digital assets, inquire about the reputation of the service and study the terms for users.
The exchange earns funds through fees. Traders strive to find a service with minimal fees. However, platforms with high commissions often have more opportunities. There are several types of fees:
- Trading fees. The service charges a fee for posting or attracting someone to participate in it. Trading fees can be up to 1%, depending on the payment method or cryptocurrency pair.
- Balance replenishment and withdrawal fees. Funding an account is usually cheaper than withdrawing funds. You can deposit funds in a variety of ways, including credit cards. For fees, payments from the card fees up to 4%.
- Exchange fee. This fee is charged when converting cryptocurrencies. The size of the commission may be zero, or may differ from zero, depending on the cryptocurrency pair. For example, on some marketplaces there are no costs when converting Matic to BUSD.
Other Important Criteria
Cryptocurrency pairs offered. Some exchanges are targeting a specific currency, most often Bitcoin. There are other coins available on other exchanges besides Bitcoin. The richest selection will be provided by Kraken and Coinbase.
Safety. Make it a rule to be sure to study the information about the service on which you plan to buy digital assets. Pay attention to the age of the service, its history and stability. Study customer reviews of the service, view individual ratings of traders.
Of course, all users, individuals and large companies are vulnerable on the Internet. It is impossible to completely eliminate all risks, they can only be minimized.
- LetsExchange. The cryptocurrency list price contains about 300 coins, there is no exchange fee.
- Kraken. The service supports 150 trading pairs, including spot trading and derivatives trading.
- Localbitcoins. Crypto exchange for peer-to-peer transactions.
- Huobi. The service provides 5x leverage for spot trading, futures, swap, C2C lending.
- Coinbase. This trading platform supports over 20 cryptocurrencies.
- CEX.io. The exchange offers a relatively small number of coins and works with fiat currencies. One of the best in terms of security.
- OKEx. Spot trading, futures, perpetual swap and derivatives trading, cold and hot wallets are available.
- Bittrex. There are two types of markets on this platform: USD and Bitcoin.
- Stormgain. The service offers low fees and 200x multiplier on BlockFi cryptocurrency futures
- Eksmo. This platform has been operating for over 6 years without data leaks and hacks