Let’s get familiar with cryptocurrency exchanges. What is
cryptocurrency exchange?
Cryptocurrency exchanges are websites that allows you to buy, sell and exchange cryptocurrencies for other digital currency or buy with fiat currencies like USD or Euro.
The 3 different kinds of trading platforms:
Trading Exchange Platforms - These are websites that connects buyers and sellers to make trading pairs transactions. For example. Trading Bitcoin against the United Stated Dollars or trading Bitcoin against other cryptocurrencies.
Direct Trading - These are peer to peer trading platforms. You may exchange with individuals from different countries as well as different currencies. Some platforms allows you to "borrow" with your fiat currency from lender "peer" in exchange for Bitcoin.
Brokers - These are websites that anyone can visit to purchase cryptocurrencies. However, the price is set by the broker. Cryptocurrency brokers are similar to foreign exchange brokers.
In no particular order, here is a list of Cryptocurrency Trading Platforms:
Bittrex - Is a cryptocurrency trading platform that allows trading pairs for Bitcoin, Ethererum, and USDT against other cryptocurrecies. You cannot buy cryptocurrecy with fiat currency on this platform.
Binance - Is a exchange that provides several cryptocurrency related functions. This platform is similar to Bittrex, where you can exchange trading pairs for Bitcoin, Ethererum against other cryptocurrencies and fiat currencies. What makes this exchange special is that Binance has its own cryptocurrency called Binance Coin (BNB) and runs on the ethererum blockchain & you can trade BNB pairs too. You can buy BNB to pay for your fees, your fees go from .1% to .05%.
Click Here to Sign Up For Your Binance Account
Bitstamp - This platform allows you to trade, but also lets you buy Bitcoin, Ethererum, Litecoin, Ripple & Bitcoin cash with your credit card. Or you can make a bank transfer to purchase these cryptocurrencies.
Kraken - Kraken is the largest Bitcoin exchange in euro volume and liquidity and also trading Canadian dollars, US dollars, British pounds and Japanese yen. Good platform for experienced traders. You can buy/sell and trade cryptocurrencies; Kraken is kind of limited payment wise. Only allowing you to buy cryptocurrency with fiat currency through a bank transfer, which takes a view days.
CEX.IO - With this platform give you can do all the same as the rest, buy/sell and trade cryptocurrencies. CEX.IO has flexible payment method to buy cryptocurrencies. You can buy with your debit/credit card instantly, bank transfer, or Cryto Capital.
Click here to buy Bitcoin at CEX.IO
Coinbase - Coinbase is one of the most basic and popular exchange platforms out there. This platform is
user friendly as it makes it easy for you to securely buy, use, store and trade cryptocurrency. Coinbase allows you to exchange/buy currencies like Bitcoin, Ethereum, and, Litecoin w/ your debit card. They also have a digital wallet that is available on iPhone and Android. Click Here and Sign Up For Your CoinBase Account
xCoins - xCoins is a peer-to-peer trading platform that allows you to buy bitcoin from other peers on the network, using Paypal or your debit card. You "borrow" with your fiat currency in exchange for Bitcoin from a lender (whom is another peer on the next work).
Keep these things in mind before you sign up and trade:
Reputation - When you go to a trading platform, checkout their 'About Me' section and see what services they provide, who is on their team/staff, check reviews, and do a Google and Reddit search. All the ones that I mentioned are reputable.
Fees - Fees will vary according to the exchange you choose. Make sure you understand the deposit, transaction and withdrawal fees. Don't let these eat up your profits.
Payment Method - Different platforms provide different payment methods. Some allow you to deposit your fiat currency from your debit/credit card or bank, to buy cryptocurrency on their platform. Does the site use
credit and debit card? Wire transfer? PayPal? Make sure you pick a payment method that is convenient for you.
Verification Process - Majority of cryptocurrency trading platforms, both in the US and overseas, require a form of ID verification to make deposits and withdrawals. Some exchanges will also allow you to remain anonymous. Verification may take up days but this is protect exchanges from any sort of money laundering.
Before you sign up and start trading, make sure you know what your goals are. The main factor to take into account before starting your investment is to acknowledge whether you are an active or passive user of cryptocurrency; are you in it for the short-term, or the long-run?
Now that you have figured it out, pick a platform that suites your strategy and TAKE ACTION. The market moves 24/7 and changes frequently, so get out there and get to trading!