Top 5 Cryptocurrency Exchanges: Crypto Blueprint Day 2

Top 5 Cryptocurrency Exchanges: Crypto Blueprint Day 2

After you find a cryptocurrency wallet to use, you need to find secure and reliable cryptocurrency exchanges to trade on. Most cryptocurrency exchanges are not places you want to be giving your hard earned money to. In this article we will define what a cryptocurrency exchange is and discuss 5 reliable exchanges to trade on.

What are Cryptocurrency Exchanges?

Cryptocurrency exchanges are businesses which allow users to trade cryptocurrencies for other assets. These assets are other cryptocurrencies or fiat money. They are similar to stock exchanges in that traders can buy and sell cryptocurrency using limit and market orders. All exchanges have transaction fees, which is usually a small percentage of the total order size.

To transact with cryptocurrency on an exchange, a user has to register with the exchange and go through a series of verification processes. Once the verification process is complete the user can deposit and withdraw funds from the exchange. You need to have a cryptocurrency wallet to store the cryptocurrency securely. Leaving your cryptocurrency on an exchange for an extended period of time is dangerous. Learn more about cryptocurrency wallets here. Here are 5 secure and liquid exchanges for you buy and sell cryptocurrency on:

Binance

Binance exchange

Binance is probably the most well known exchange right now. They have only been around for only a year but have done a great job in providing the crypto community with features that were needed in an exchange.

Exchange Details

Fiat Currency: Not yet supported

Cryptocurrencies: BTC, ETH, XRP, LTC and 100+ more

Deposit Method: Must buy crypto from a wallet like Coinbase and then deposit that crypto onto Binance to trade

Fees: 0.1% trading fee, no deposit fees, withdrawal fees vary depending on the cryptocurrency, mobile app and charting interface is free

Headquarters: Servers and headquarters were moved from China to Japan. Offices have been established in Taiwan and Malta

Future Plans: Decentralized exchange and blockchain academy

Pros

  • 100+ cryptocurrencies
  • Multi-language support
  • High liquidity
  • Available worldwide
  • Backed by an established team
  • Low transaction and withdrawal fees
  • Bounty and reward programs
  • Partnered with Trust Wallet
  • Google authentication available
  • Great mobile app for trading
  • Free and easy to navigate charting interface
  • Has its own token you can use for reduced trading fees

Cons

  • Possible Android mobile app bugs
  • Delays when withdrawing certain coins
  • 2FA for Chinese phone numbers only
  • Some user data logged

How To Make A Trade

  1. Register and verify your account
  2. To deposit, click ‘funds’ then click deposit next to the coin you want send
  3. Copy the alphanumeric code and send the funds to that address
  4. Once it is confirmed that transaction may take a few minutes
  5. When transaction is complete the funds will appear in that coins balance
  6. Now, click the exchange tab
  7. Choose the trade you want to make based on the pairing
  8. Enter the amount you want to purchase and how much you’re willing to pay
  9. Once the transaction is complete the new funds will show up in your balance section

You can sign up for an account at Binance here.

Bittrex

Bittrex has been a trusted exchange for a few years. It was founded in 2014 by IT and security experts. I has been one of our goto exchanges since we started. They have recently launched fiat support which is great for an exchange that offers us the ability to buy 100+ coins.

Exchange Details

Fiat Currency: Supports USD

Cryptocurrencies: BTC, ETH, XRP, LTC and 100+ more

Deposit Method: Cryptocurrency or wire transfer

Fees: 0.3% trading fee, no deposit fees, withdrawal fees vary depending on the cryptocurrency

Headquarters: Las Vegas, Nevada

Future Plans: More fiat support

Pros

  • Buy/sell 140+ cryptocurrencies
  • Available worldwide
  • Automated features
  • Easy to use
  • High-level security features
  • Google authenticator available

Cons

  • High trading fees
  • Long verification process
  • Slow customer service
  • No mobile app
  • Charting interface isn’t that great

Sign up for an account here.

OKEx

OKEx exchange

 

OKEx is a top cryptocurrency exchange which is regularly in the top 10 in 24 hour trade volume. Although we haven’t used this exchange much, it is one of the top exchanges to buy and sell cryptos.

Exchange Details

Fiat Currency: Supports USD and CNY

Cryptocurrencies: BTC, ETH, XRP, LTC and 100+ more

Deposit Method: Cryptocurrency, Alipay, WeChat Pay, Bank Transfer

Fees: 0.02 – 0.15% maker and 0.05 – 0.2% taker trading fee, deposit fees vary, withdrawal fees vary

Headquarters: Belize and Hong Kong

Future Plans: Office opening in Malta

Pros

  • Buy and sell more than 100 cryptocurrencies
  • Several fiat currency deposit options
  • Advanced trading options
  • Leverage trading and futures trading available
  • Desktop client available
  • Competitive trading fees
  • Large trading volume
  • Simple and straightforward trading interface
  • Established company
  • 2-factor authentication

Cons

  • Mobile app still in beta testing phase
  • Futures trading is only for experienced traders and should be avoided by beginners

Click here to open an account.

Bitfinex

Bitfinex is one the worlds largest exchanges. They survived a large hack back in 2016 and still manage to be one of the goto exchanges for traders outside of the USA. Bitifnex is also closely related to Tether which is pegged to the US dollar for trading purposes.

Exchange Details

Fiat Currency: Supports USD and EUR

Cryptocurrencies: BTC, BCH, BTG, IQ, TRX, GNT, AVT, DASH, DATA, EDO, EOS, ETC, ETH, ETP, LTC, MIOTA, NEO, OMG, QTUM, SAN, USDT, XMR, XRP, ZEC, BAT, ZRX, FUN, MANA, SPANK, TNB, RLC, RCN, REP, ELF, AID, SNGLS, SNT, QASH, YOYO, MITH

Deposit Method: Cryptocurrency, Wire Transfer (minimum of $10,ooo US to trade)

Fees: 0 – 0.1% maker and 0.1 – 0.2% taker trading fee, deposit fees: 0.1% wire transfer while cryptocurrency fees vary, withdrawal fees: 0.1% wire transfer, 1% express bank wire, and cryptocurrency fees vary

Headquarters: Hong Kong and British Virgin Islands

Pros

  • Advanced charting tools
  • Build your own workstation
  • Free deposits
  • In-built wallet options
  • Deep liquidity
  • Advanced trading features and order types
  • Wide range of cryptocurrencies
  • Competitive fees
  • Mobile app supported

Cons

  • May not be suitable for beginners or those unfamiliar with trading platforms
  • Not available for US traders
  • Hacked in 2016

You can sign up for an account here.

Kraken

Kraken

Kraken is my favorite exchange to short cryptos. We have been using this exchange a lot this summer to short many cryptos, since many altcoins have been in a non-stop downtrend since its big runup in May. The exchange is based in San Fransico and was founded in 2011. Kraken has a much-improved trading platform.

Exchange Details

Fiat Currency: Supports USD, EUR, GBP, JPY, CAD

Cryptocurrencies: BTC, BCH, ETH, ETC, XMR, DASH, LTC, XRP, XLM, REP, ICN, MLN, ZEC, USDT, GNO, EOS

Deposit Method: EFT, SEPA, Wire Transfer

Trading Fees: 0 – 0.36% maker and 0 – 0.08% taker

Deposit Fees: EUR SEPA Deposit (Free) – EEA countries only
USD Bank Wire Deposit ($5 USD) – US only
EUR Bank Wire Deposit (€10) – outside US only
USD Bank Wire Deposit ($10 USD) – outside US only
JPY Bank deposit (Free, ¥5,000 deposit minimum) – Japan only
CAD Wire Deposit (Free)

Withdrawal Fees: Cryptocurrency: Fees vary
EUR SEPA Withdrawal (€0.09) – EEA countries only
USD Bank Wire Withdrawal ($5 USD) – US only
USD Bank Wire Withdrawal ($60 USD) – outside US only
EUR Bank Wire Withdrawal (€60) – outside US only
JPY Bank withdrawal (¥20) – Japan only
CAD EFT Withdrawal ($10 CAD)

Headquarters: San Francisco

Pros

  • 24/7 customer support
  • Great for shorting during bear markets
  • 5:1 margin trading
  • Supports EUR, USD, CAD and JPY
  • Low transaction fees
  • Professional trading platform with all the features needed
  • 2-factor authentication
  • Cold storage available

Cons

  • Customer service can be slow at times
  • Signups are known to take awhile
  • Traders have complained about slow trade executions
  • Not suitable for beginners

You can sign up for the Kraken exchange here.    

Check back here tomorrow for day 3. Make sure to sign up for our weekly newsletter below where you will get everything traders and investors need to know about the market in an easy to understand and bite sized chunk.

Bulls on Crypto Street is a trading education website dedicated to cryptocurrencies. We teach strategies for swing and day trading cryptocurrencies such as Bitcoin, Ethereum, Litecoin, UnikoinGold, and other Altcoins. We're at the forefront of this industry and are continuously providing up to date information on each coin, regulations, news, token sales, and much more.

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