Best crypto currency exchanges

Jun 29 2018

Cryptocurrencies are a rising trend. The total market cap of all cryptocurrencies combined is ca. $133 billion. Bitcoin remains the most popular choice, with Ether following close behind. With over 1,000 cryptocurrencies circulating in the market, the chance to earn massively has never been closer. So, how are cryptocurrencies traded? Similarly to equities and forex, cryptocurrencies are traded in exchanges. The best crypto currency exchanges offer high levels of security and numerous trading options. For example, you can sell or exchange cryptocurrencies for both traditional currencies (USD, EUR, JPY, etc.) or for other digital currencies. Professional traders should look for highly specialised online exchanges that require them to verify their ID and open an account. For people who want to trade occasionally, there are various platforms that don’t require signups.

Blockbid is a secure cryptocurrency exchange aiming to facilitate the highest volume of trades with a single login. It offers fiat currency trades and facilitates trading of more coins on a single platform than any other exchange. The platform is suitable for traders of all experience levels. Pros: fiat currencies, easy access, great rates, secure and offers full cybersecurity insurance. Cons: operates in accordance with Australian AML/CTF guidelines, so it might not be the best option for traders elsewhere.

Bitsquare is a peer-to-peer (P2P) exchange allowing for trading Bitcoin for other cryptocurrencies or fiat currencies. Bitsquare does not require a signup and allows for instant trades. The platform is secure and features a purpose-built arbitrator system for potential disputes. Pros: good reputation, privacy, multiple cryptocurrencies are available, decent fees and is available worldwide. Cons: limited payment options, suitable for professional traders only and average customer support.

LocalBitcoin is a P2P exchange available worldwide. The platform allows for trading Bitcoin in cash and sending money through PayPal, Skrill and Dwolla. The commission stands at 1 percent (sellers only), which makes it one of the lowest-fee platforms. Sellers set their own exchange rates. Pros: no ID required, mostly free, beginner-friendly, instant transfers and worldwide availability. Cons: high exchanges rates and not the best option for high Bitcoin volumes.

Gemini is a fully-regulated, licensed U.S. Bitcoin and Ether exchange. It was co-founded by Tyler and Cameron Winklevoss. That is to say that Gemini’s capital requirements and regulatory standards are in line with those of a bank. All USD deposits are FDIC-insured, and the majority of digital currencies are held in cold storage. The platform trades in three currencies only: Bitcoin, Ether and USD. Gemini offers discounts for high-volume traders, and deposits and withdrawals are free of charge. Pros: security, compliance, great analytics and high liquidity. Cons: limited currencies, average customer support, no margin trading and it is available only in 42 U.S. states, Canada, Hong Kong, Japan, Singapore, South Korea and the UK.

Cashing out cryptocurrencies

Since the popularity of cryptocurrencies is on the rise, many traders are looking to cash out their virtual coins. New traders might be having trouble with this, as there are numerous ways to do it and singling out the best one is a challenge indeed. So far, cryptocurrency exchanges remain the most popular option. Not all of them offer the service, but those that do impose certain limitations (e.g., how many coins can be exchanged without verification). The process is, in itself, fairly simple and stipulates linking your account with either your bank account or your debit/credit card. Another way would be selling cryptocurrencies for fiat currencies. This, again, is best done through cryptocurrency exchanges allowing for such kinds of transactions. The great majority of them offer transparent fees and are escrow-based, which minimizes the risk. Further out, you may wish to get a Bitcoin prepaid/credit card. Bitcoin cards have been around for some time and are generally issued by Visa or MasterCard. Bitcoin cards are more or less used in the same way as fiat currency cards: for cashing out at worldwide ATMs, paying at POS systems and conversions to fiat currencies. Bitcoin prepaid cards are not accepted in all countries, so make sure to check whether your country is eligible. Some of the most popular Bitcoin cards include Monaco and Tenx. Finally, crypto loans are a new rising trend. It is only to be expected that, in the future, they will be as common as fiat currency loans. If you are a professional crypto trader, do not bypass this opportunity. At the moment, there are a number of businesses allowing people to take out loans, with their cryptocurrency holdings serving as collateral. A huge benefit of this solution is that it bypasses taxes altogether.