Top 5 Cryptocurrency Exchanges: Features List
The public interest in buying cryptocurrencies is still high. Bitcoin’s bullish price movements to over $19,000 in December 2017 pushed many investors to join the cryptocurrency market and put a good deal of money into it. Everybody can get the cryptocurrencies at centralized or decentralized exchanges. Both types of marketplaces have advantages and disadvantages, so the choice of a reliable and safe website is as relevant as ever. In this paper, we will describe the top 5 platforms in 2018 and also look through their unique features.
*Note, the exchanges are listed in alphabetical order.
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Top 5 Cryptocurrency Exchanges: Features List
Bitstamp has been running since 2011 and is one of the oldest cryptocurrency companies, which is based in Luxembourg. Its policies are highly focused on safety, thus they stick to the latest security tools such as Multi-Sig for hot wallets and cold storage for 98% of customers’ funds. The exchange requires extensive verification according to KYC, including scans of ID documents, and phone number verification.
Bitstamp will be a good choice for experienced traders; however, it could be difficult for beginners. There are only 5 cryptocurrencies available for trading — Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin. These digital assets can be purchased with fiat currencies like the US Dollar and Euro.
The trading fees to pay are based on the total volume of your trades and range from 0.1% to 0.25%. Deposit and withdrawal fees can vary as per the payment method you are going to use and may reach up to 5% for purchases with credit cards.
Established in 2013 in London, it is one of the biggest cryptocurrency company in the UK, which successfully supports the majority of countries. The exchange provides full account security, 2FA, as well as cold storage of clients’ funds.
CEX.IO allows to instantly buy/sell cryptocurrency for several fiat options — Euro, US Dollar, British Pound and Russian Ruble. There are overall 22 trading pairs available.
It facilitates cryptocurrency trading as well. Cross-platform trading options include operations within the website, mobile application and several API solutions for day traders and institutional traders. Margin trading is also available.
Giving a brief overview of CEX.IO and its commissions, it should be noted that the trading fees schedule is based on a taker-maker model and ranges within 0.1%-0.25% for takers, but may go as low as 0% for makers. The commissions for deposits and withdrawals also vary.
Changelly is located in Prague, Czech Republic, and has been in operation since 2013. This crypto-to-crypto exchange is popular for instant and seamless operations. The range of cryptocurrencies to trade with is wide enough — it has more than 90 coins listed. The exchange has a strong global presence and is popular across Europe and North America.
Changelly does not ask for personal details to trade within its platform; the only email is needed to sign in. Payments at the exchange can be done in almost any cryptocurrency. The deposits with payment cards are also available, but the fees for this service are high enough.
For each transaction, Changelly charges 0.5%. Though there are still networking fees and extra commissions if you choose to buy cryptocurrency with a payment card. In this case, the fee may go up to 10%.
GDAX is a US-based exchange in operation since 2015. The Global Digital Asset Exchange or GDAX is the advanced-level marketplace of cryptocurrencies, owned by Coinbase. Its sole purpose is to facilitate professional trading with API solutions.
If you are already registered with Coinbase, your financial means can be easily transferred to GDAX and deposited free of charge. The platform supports cryptocurrency trading against the US Dollar, Euro, and British Pound. You can deposit Bitcoin, Ethereum, Litecoin, and Bitcoin Cash to your personal GDAX wallet without limits. Despite offering a few cryptocurrencies, GDAX enjoys a high volume of trades.
Trading here is free of charge for market makers, while the fees for takers fall within the 0.1%-0.3% range. The exchange supports wire transfers and SEPA deposits/withdrawals. The commissions are charged depending on the payment method you choose.
LocalBitcoins is a pioneer peer-to-peer Bitcoin exchange, where any user can trade their local currency for Bitcoin. It is the largest decentralized option to buy Bitcoin worldwide almost anonymously.
The main peculiarity of LocalBitcoins is trading operations that are carried out between buyer and seller directly, without intermediaries and delays. Both parties connect with each other within the platform and then agree on the trade conditions to proceed either through the website or meet in person to buy with cash.
LocalBitcoins supports any type of payments preferable by both parties to the trade. For each transaction, the exchange provides escrow services to protect customers. Nevertheless, there are many scams and frauds registered. When buying with cash the prices can be higher due to extra privacy. There are no limits set by LocalBitcoins, users of the marketplace decide on prices and limits themselves.
If talking about fees, the platform charges a commission for every completed trade from the users placing ads (1%) and imposes fees on their merchant invoicing services (0.5%).
In conclusion, there are many modern and reliable ways to buy/sell Bitcoin and popular altcoins nowadays. Please be scrupulous in the choice of a platform and rate it according to your personal aims and priorities. It’s better to do research beforehand and find out what features the exchange has and whether they can work in your favour.