5 Cryptocurrency Exchange Platforms for Crypto Trading
Everything you need to know about the different crypto trading platforms.
Discover 5 crypto trading exchanges where you can trade daily and profit from the crypto volatility.
This article will discuss 5 different crypto trading software that exists to help you in your investment journey.
I will start with a brief introduction of what they are and how they work… Are you Ready?
What is a crypto exchange platform?
First, you should know the there are 2 types of crypto exchanges, Centralized and Decentralized.
An exchange platform is an online market where you can trade your cryptocurrency for other cryptocurrencies at the current market rate.
This means that the cryptocurrencies’ value changes with time as different users trade them on this platform.
Under normal circumstances, buying or selling of cryptocurrencies will attract transaction fees depending on the volume of trade and the cryptocurrency in question.
Today’s most common type of exchange platform is a centralized one that means that all transaction data is stored on a central server in real-time and run through sets of rules programmed into it as a computer program.
Some of the common exchange platforms include Binance, Kucoin, Poloniex, Bittrex, Coinbase, etc.
A decentralized exchange is a market where buyers and sellers are in full control of their transactions.
This means that you hold your cryptocurrency in your personal wallet.
To trade them on the decentralized platform, you will need to initiate a transaction through the decentralized software and pay a fee depending on trade volume.
To send or receive funds from a decentralized exchange to your trading account takes time.
This transaction cannot be traced; this process is completely anonymous, unlike traditional bank transactions.
The common decentralized exchanges include MDex, Uniswap, PankakeSwap, JustSwap, BurgerSwap, etc.
Why should you go for a trading platform aside from just buying and selling?
The main purpose of using a trading platform is to save time, money and keep your cryptocurrency safe.
You should never keep all your cryptocurrency funds in one single wallet.
The best option for securing your funds is to have multiple wallets, with some being large enough to store larger amounts of money and some being small enough for quick transfer between wallets.
For example, storing a few thousand Bitcoins in a single wallet is not such a good option since you are taking the risk of losing your entire amount.
It is better to have many smaller wallets and connect them through a secure exchange platform.
5 Different Crypto Trading Platforms
Binance is a popular cryptocurrency exchange platform that has spread its wings all over the globe.
As of now, it can accommodate up to 1.4 million users per day. Binance is based in China and started operating in July 2017.
Binance allows the user to trade between Bitcoins and Altcoins like Ethereum, Litecoin, IOTA, etc., with BNB as its native coin.
The user interface is amicable and easy to understand, even for newbies in the crypto world.
A huge bonus for traders on this platform is their low transaction fees on trades and withdrawals. The choice of using BNB to pay for the fees makes it even more attractive than other platforms on the market today.
BNB is Binance’s own coin AKA (Binance Coin), which is used to pay for lower transaction fees on the platform. The more BNB you hold, the lower the transaction fee rate applied to your trades and withdrawals.
You can use BNB to pay for any cryptocurrency purchase and trade them with other major coins like Bitcoin or Ethereum.
You can also cash out your cryptocurrencies for Fiat money and get paid through a wire transfer, depending on your country of origin.
One of the most attractive features of this exchange platform is its own ICO launchpad, where new coins are added before they hit other major exchanges if they pass their rigorous checks set by the exchange authorities.
Binance also offers crypto trading competitions where participants and winners get paid generous bonuses; this is definitely a great incentive for crypto traders and even more appealing to bot traders.
Coinbase is one of the most popular exchanges in the US and UK. It is based in San Francisco and was founded in 2012 as a digital wallet to hold your Bitcoin and facilitate payments using cryptocurrency.
Coinbase facilitates the exchange of cryptocurrencies between its users through its wallet service, or an exchange focused on buying and selling currencies.
Before starting to trade on this platform, the user must create an account with Coinbase by providing personal details like first name, last name, email address, etc. After registration, the user will be required to pass an anti-money laundering and know-your-customer (AML/KYC) check.
Once the user passes these checks, he will be allowed to buy and sell cryptocurrencies from a Coinbase wallet or the platform’s exchange interface CoinbasePro.
The major advantage of using Coinbase is that it allows you to make payments in cryptocurrency so that the exchange can add you into a merchant network to pay using your cryptocurrency for goods and services.
This platform’s downfall is that it charges high fees for each transaction; hence, if you often deal with large amounts of money, this might not be the best option for you.
Overall, Coinbase is a great option to buy and sell Bitcoin, but you need to consider its fees before trading on CoinbasePro.
Changelly is one of the fastest cryptocurrency trading platforms globally, with over 1 million users by now. It was founded in 2017 by a former software engineer and CEO of OKCoin exchange.
The interface is clear and easy to understand, which makes it very attractive for beginners. It operates on web technology which means users can buy and sell crypto without downloading any software or mobile apps on their smartphones.
There is no transaction fee on deposits or withdrawals, making it one of today’s best crypto exchanges.
The platform supports a large number of coins and even allows users to trade between cryptocurrencies. Its trading interface is simple and quite easy to follow.
The only downside of this platform is that it supports only cryptocurrency, which means you will not deposit or withdraw fiat currency. You can use Changelly to buy and sell Bitcoin, Ethereum, Bitcoin Cash, etc.
Overall, Changelly is a good exchange platform for beginners who want an easy interface to get started in the cryptocurrency world.
But now, you can take advantage of Changelly Pro, which is a custodial and fully-functional crypto trading exchange where you can do your day trading or scalping the lower time frames if you choose to do so instead of buying and hodling.
Bitpanda is an Austrian cryptocurrency exchange founded in 2014 by Bitcoin enthusiasts and was registered in Vienna. It is a platform that allows you to trade cryptocurrencies with Euro but also supports the Swiss franc, British pound, US dollar, and Turkish lira.
So, if you want to buy or sell crypto with Euro, Coinpanda is the best option. It also offers Bitcoin wallet and Ethereum wallet service to its users and even allows users to buy crypto using credit cards.
The platform offers quality support services for its users, who can contact them at any time. This platform’s downfall is that it charges higher fees for transactions than other competing platforms out there.
To make any trades on Bitpanda, you need to have a bank account in Austria, which the platform uses to verify your identity.
Overall, Bitpanda is a good platform for buying and selling cryptocurrencies with Euro.
They also have the BitPanda Pro, a Fully EU-regulated exchange with API integration, which is good because it attracts the crypto algo-trading crowd.
CEX.IO is one of the oldest cryptocurrency exchanges globally and was founded in 2013 by two entrepreneurs who were dissatisfied with how Bitcoin exchanges operate at that time.
The CEX exchange has had minimal downtime and offers excellent customer support services through its online chat function, which you can access on its website and through email as well.
The interface is quite intuitive and easy to understand as it displays all the information you need within just a few clicks.
If you are new to the world of cryptocurrencies and do not know how it works, CEX.IO is a great platform for you as it offers simple services and fantastic features that help you easily buy and sell your crypto.
It is highly recommended for beginners who want to trade in crypto. It also allows you to store your crypto in its secure wallets, where you can access them whenever needed.
There you have it, 5 crypto trading exchanges you can start using right now and start making money from crypto trading.
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