Why is the right choice of the stock exchange important?
Anyone who plunges into the world of digital currencies, sooner or later, faces the need to choose a stock exchange. There are a huge number of crypto-exchange exchanges, and each has its advantages and disadvantages. So, some exchanges have a large selection of currency pairs, others - a convenient interface, the third - an expanded functionality and a lot of tools for technical and graphical analysis, the fourth - the fastest add new tokens immediately after the ICO, the fifth offer enhanced security settings,
In most cases, crypto-enthusiasts are not limited to just one trading platform. For example, one exchange is used for daily trading in highly liquid assets, the second for trading in high-risk altcoyins, the third for buying new cryptotenes "for long periods," and the fourth for buying or selling cryptotenes that are not represented on the other three sites, etc. Here There can be many options.
Do not forget that when choosing a stock exchange, a trader has to trust the funds to a third party. Decentralized exchanges, which give full control over the private key and, accordingly, the user's funds, are still only at an early stage of development. Thus, in this brief guide we will talk about the criteria for selecting "traditional" or centralized crypto-sites.
What criteria should be followed when choosing an exchange?
Exchanges are quite numerous, and the choice is individual. Nevertheless, the main criteria that should be considered when choosing a trading platform are the following:
- Reputation (before, to raise funds for an unfamiliar exchange, it is better to read reviews about it on forums such as bitcointalk or Reddit);
- commissions (each time buying and / or selling digital currency the user pays a commission fee to the exchange, it can differ on different sites, but on average it is 0.2%);
- the number of trading pairs (some users prefer to trade high-liquidity crypto-currencies from the "top-10", others - volatile and less liquid altcoyins);
- liquidity (in many respects this indicator depends on the daily trading volume, if the site is liquid, then buyers and sellers will appear in the glass every second, and the schedule of Japanese candles will be smooth, without frequent "spikes");
- payment options (some exchanges support a variety of payment methods, including bank transfers, while others allow the entry and withdrawal of funds only in the crypto currency);
- requirements for user verification (some exchanges, for example, Kraken, impose strict requirements for new users, others (for example, Poloniex or Bittrex) allow non-verified customers to trade with a daily limit of $ 2000 turnover).
Among other criteria for selecting the exchange, one can distinguish:
- the country where the trading platform is based (for example, some Japanese and South Korean exchanges, despite their attractiveness as a tool for arbitrage operations, may "not allow" users from other countries);
- convenience of the user interface;
- availability of various tools for technical and graphical analysis;
- availability of convenient statistics on operations;
- the possibility of margin trading (and, as a consequence, the possibility of obtaining passive income from the provision of loans to other participants in the exchange), etc.
It is said that now the Poloniex exchange is very popular. This is true?
Yes, this is the most popular crypto-exchange for today (according to the data of the coinhills service). It was founded not so long ago - in 2014, but thanks to a user-friendly interface, a wide range of altcoys and the rapid addition of new tokens, Poloniex became the top stock exchange on daily trade turnover.
Currently, the listing of the stock exchange contains more than 60 different cryptotenes and 4 types of markets (\ BTC \ ETH \ XMR \ USDT). The site can operate in three main modes:
- Exchange - spot trading (without leverage);
- Margin Trading - trading with a leverage (up to 2.5x);
- Lending - a mode where you can lend to other participants of the exchange, trading using leverage.
For each of the modes there is a convenient opportunity to analyze the profit and / or losses, in the context of each currency pair. These analysis tools are located in the section My trade history & analysis.
The charts are equipped with a minimal set of analysis tools that includes moving averages (SMA and EMA), Bollinger bands and Fibonacci levels. Also, Poloniex has the ability to create pending orders (Buy Stop, Buy Limit, Sell Stop, Sell Limit).
There is a mobile version of the exchange, but Poloniex does not have applications for Android and iOS.
In general, despite the lack of support for fiat currencies and periodic disruptions due to excessive traffic, the Poloniex exchange is an attractive platform for both beginners and experienced traders.
And where else are many Altcoins traded?
Bittrex is a real "abode of altcoys" (over 180 of them are represented). Largely due to the avalanche demand for alternative bitcoins of digital currencies, Bittrex has recently been included in the top 10 crypto-currency areas according to the daily trading volume.
Bittrex has a slightly less user-friendly interface, compared with Poloniex. On the other hand, graphics are equipped with many tools for technical and graphical analysis.
Verification on the exchange is not required, but it is necessary to withdraw over $ 50,000 per day. Trade commissions are 0.25%.
In general, Bittrex is quite liquid, and the interface and various security settings are well thought out. Bittrex will like lovers of trading a lot of altcoyins.
And if I want to trade the most liquid assets?
Then to you at Bitfinex, where the most liquid crypto currencies are represented, basically, the "regulars" of the top 10 coinmarketcap rating. The indisputable advantages of the exchange: professional graphics from the TradingView platform, extensive opportunities for statistical analysis of user activity and a variety of security settings, notifications, and user interface.
Bitfinex supports the Finnish currencies, the "Financing" mode (analogous to Lending on the Poloniex exchange) is implemented, which allows receiving passive income from the provision of loans to other users who trade on the site with the shoulder. The exchange supports various types of orders, including stop-limit, trailing stop, Fill or Kill ("execute" or "cancel"), and so on.
Bitfinex's reputation is unquestionable, especially after the exchange repaid all debts to users after the hacking of 2016.
From the disadvantages of the trading platform, you can note a somewhat complex interface for perception, which may seem to newcomers overloaded with all sorts of intricate "chips." Nevertheless, the exchange deserves attention, especially among crypto-enthusiasts, who prefer highly liquid instruments and a thorough approach to technical analysis and trading in general.
6th
What about BTC-e? Many people talk about this exchange
BTC-e has a wide range of payment options. On the other hand, the listing of crypto currency is not so much as on most other popular trading platforms. This is likely to negatively affect the liquidity of BTC-e and its daily trade turnover (17th place in the world). The interface of the exchange is minimal, the charts are provided by TradingView.
Verification on the exchange is not required, but its passage opens for the user a number of additional options. Among the latter, it is possible to allocate an opportunity to deposit funds through a bank transfer, withdraw money holdings to withdraw funds from payment systems, increase the withdrawal limit, and so on.
Many crypto-enthusiasts from the Russian-speaking audience are attracted by a cozy mini-chat. Trade commissions are low, only 0.2%.
And where are the hottest tokens traded during the ICO traded?
At Liqui. The main advantage of this site is the rapid addition of new crypto-currencies (basically, almost immediately after the ICO). The interface is minimalistic, there is a mini-chat (Trollbox) in Russian and English. There is an option to create a deposit account (Interest mode), on which interest is charged from commissions charged by the exchange.
From the minuses of the stock exchange, you can select an insufficiently thought-out interface (for example, analysis tools for the trading pair are located centrally, at the very bottom of the Balances tab), and also