Comparing the Most Popular Crypto Exchanges!


July 27, 2020 Facebook Twitter LinkedIn Google+ SupplyChainGameChanger.com


You can’t really rank crypto exchanges unless you’re ranking by very specific metrics. Some clearly win in terms of transaction volume. Others accept more currencies, others make more trades, while others have a more user-friendly interface.

It comes down to what you value more in a crypto exchange and what makes that one a better fit for you. That said, it’s possible to compare some of the most popular exchanges to see an overview of what they have to offer.

Based on what type of investments or trades you’re looking to make, you should be able to pick something ideal for your situation.

The Three Types of Cryptocurrency Exchanges

Before comparing some of the world’s leading crypto exchanges in popularity, here’s a look at what types of exchanges you can run into:

  • Brokers

Crypto exchange brokers are very simplistic websites where you can buy cryptocurrencies at a specific price set by that broker. Much like foreign exchange brokers.

  • Trading platforms

This type of website connects sellers and buyers. They provide real-time pricing, solid and secure platforms for users to trade their crypto assets. Each trading platform has its own fees which are usually a percentage of the transaction.

  • Direct trading

This is another type of platform that connects sellers and buyers. However, in the case of direct trading, it’s not the exchange that sets the price, rather the individual or company. You can also use a direct trading platform to buy crypto directly from your bank account using fiat money.

Coinbase

This exchange is so old that it has become one of the most trusted trading platforms for Bitcoin as well as many other crypto currencies. The platform provides digital wallets for storing, buying, selling, and trading fiat to crypto and crypto to crypto.

The user-friendly interface and emphasis on important market developments makes Coinbase one of the go-to platforms for small-time and big-time investors. Coinbase also offers insurance, up to a specific amount, depending on the crypto you hold. But what really separates it from the rest is how easy it makes things for newbie investors.

What does affect its reputation slightly is a lack of better customer support, limited support for some countries, as well as fewer payment methods. The transaction fees are ok too, but definitely not the lowest you can find.

Kraken

Kraken has been around since 2011. Since then, it has grown into the largest platform when it comes to Euro trading volume. Although it is also available in the US, Canada, and even Japan, among many other European countries.

One of the things that makes Kraken stand out is the fact that it allows margin trading too. This is something extra that should appeal to seasoned investors. It also offers the option of buying crypto with crypto, and most of the popular crypto coins are supported.

When it comes to the interface, Kraken isn’t for your average user. It’s a bit heavy on the details and quite complex. It’s also worth noting that unlike Coinbase, Kraken doesn’t offer a wallet for long-term storing. In terms of payment options, credit cards and PayPal are a no-go. Kraken prefers SEPA, SWIFT, and wire transfers (only in select countries).

This isn’t the best platform for anyone that invests small amounts or can’t make use of bank transfers. However, for large volume trades and expert investors, it’s one of the most reliable platforms.

Binance

If you’re looking for something that doesn’t deal in fiat trading, Binance is your best bet. This is a platform for serious crypto investors. While it may seem limiting in the fact that it doesn’t offer fiat trading support, Binance also has one of the largest crypto offerings on the market.

It’s also one of the few platforms that doesn’t shy away from allowing trades with newly-released cryptos. The interface is a bit more advanced but not as confusing as Kraken. Still, it’s far from the user-friendly UI of coinbase.

But what’s even more exciting is the fact that Binance doesn’t have deposit and withdrawal fees. This can be great if you’re trying to trade crypto for crypto but you don’t have that many assets. The only fee you have to worry about is the 0.1% transaction fee, which is already quite low compared to other exchanges.

That said, you need some crypto assets to get you started. So Binance is for many the second stop on the road.

Save Money by Choosing the Right Exchange

There’s no doubt that if you’re already a crypto asset holder, Binance should be your go-to platform for trading amongst the Crypto exchanges. But if you’re just starting out and buying your first crypto assets, you will need fiat trading. Coinbase makes that very intuitive, even though the fees can get quite high, even for small volume trades.

The post Comparing the Most Popular Crypto Exchanges! appeared first on Supply Chain Game Changer™.

Source: SupplyChainGameChanger.com
Link: Comparing the Most Popular Crypto Exchanges!

Comments