A look at the most popular Bitcoin exchangesMary Ann (2019)
The popularity of cryptocurrencies, especially Bitcoin, is still increasing, as more and more people decide to enter the crypto world and see what it is all about with their own eyes. Some have more luck and success, others fail somewhere on the way – but that’ just how everything works. However, in order to test your knowledge, might, and even luck when it comes to trading cryptocurrencies, you need a good starting place.
In the case of Bitcoin or any other crypto, your ticket to ride is a good online cryptocurrency exchange. These are online platforms that allow you to buy bitcoin or other cryptos, sell it and follow the crypto market. Some of them even enable buying cryptocurrency with fiat money, allowing you to connect your credit cards and other payment methods.
Not all exchanges are worth it
We are going to be honest here – there are a lot of lousy exchanges that are either overpriced, have bad software, or the liquidity is not that good. In fact, there are many reasons why an exchange might be considered bad.
The good news is that the best ones are usually the most popular ones. Things are pretty simple in the crypto world – if an exchange does a good job, people will come to it. Therefore, we made a list of exchanges that are currently considered the most popular, especially when it comes to Bitcoin, as it is usually the first thing newcomers who have no experience want to buy when they register on one such platform. Therefore, let’s take a look at these sites and why they made it to this list. Read on!
There are many reasons why CEX.IO made it to this list, but one of them that definitely prevailed is the platform’s friendliness towards new users. If you have no prior experience in trading cryptocurrencies, or merely buying BTC for the first time, you should definitely go for CEX.IO. As soon as you register on the platform, you will have an opportunity to obtain BTC or some of the other cryptocurrencies available on the site merely by selecting the amount and proceeding with the transactions.
The platform is available in many countries, meaning that the geo-restriction problem is not that big issue in this case. Moreover, it accepts several types of fiat currencies, including EUR, GBP, and USD. People from Russia can also use RUB for buying Bitcoin.
Finally, the platform has outstanding customer support, as well as great security measures, meaning all your private data and your balance are well protected.
Coinbase grew to become the largest exchange for Bitcoin, and it is available in a total of 55 countries in the world. The platform not only features a high buying limit, but the liquidity is also pretty good as well. Moreover, all people who register on Coinbase can rest assured that it is a very safe platform as it features state-of-the-art measures that help prevent such things as money laundering.
The platform is also aimed towards beginners’ needs, although it can be a bit confusing for complete newbies who register on their first exchange. However, there is helpful support and a great help section on the site where you can find all the info you need.
The only major disadvantage of Coinbase is its fees. Being a US-based company, Coinbase mainly caters to US citizens, meaning it also needs to pay taxes in America. For that reason, the fees are somewhat higher compared to other exchanges.
Kraken is also an exchange platform from the US, and it features high liquidity, as well as outstanding security measures. The platform may not be as popular as Coinbase, but it is one of the oldest ones, and it is considered very trustworthy. In other words, people have overall trust in Kraken, as the platform has a very loyal userbase.
Kraken also accepts fiat currencies that you can use to buy BTC. At the moment, you can use USD, EUR, and CAD to make transactions. On the other hand, the platform supports many more cryptocurrencies. Apart from Bitcoin, you can also trade many other popular cryptos such as BCH, DASH, DOGE, ETH, EOS, and more. Therefore, if you are not into Bitcoin, this platform offers a great opportunity to buy a different cryptocurrency instead.
Binance is a crypto exchange based in Malta, and what makes it stand out from the crowd is the sheer number of cryptocurrencies that you can trade. It is a platform aimed at professional traders, but newbies are also welcomed to trade there.
Compared to some other platforms from this article, Binance is fairly new as it was launched back in 2017. In a very short period, it managed to become one of the leading platforms for crypto-to-crypto trading, and it is generally considered the most prominent online exchange at the moment.
Binance comes in two variants – centralized and decentralized. In other words, you can either go for Binance CEX or Binance DEX, depending on your personal preferences.
Finally, Coinmama is an Israel-based Bitcoin exchange that is available in a lot of countries. Apart from offering high buying limits for people who use credit cards, this platform features great customer service that is always ready to help the newcomers get around and answer their questions.
Apart from being friendly and convenient, Coinmama is also very trustworthy, as it has been around for quite a while to get enough users who trust it and actively use it for trading cryptocurrencies.
Conclusion: Exchanges are just the first step
The journey just begins when you select an exchange. After you register, you need to start learning about the whole process, upgrade your trading skills, trade BTC for other cryptocurrencies, and make a profit from your actions. It’s not an easy job, but it is a rewarding one if you play your cards right. However, that’s a subject for another article! For now, make sure to choose an exchange that meets your needs, and you can make your first BTC purchase!
Publication DateNovember 27, 2019
Citation InformationMary Callahan. "A look at the most popular Bitcoin exchanges" Mary Ann (2019)
Available at: http://works.bepress.com/mary-callahan/2/