A Cryptocurrency Exchange or Digital Currency Exchange is a business that involves the exchange of cryptocurrency with other assets such as money or any other digital currency. It is a web service that provides and charges for electronic transactions in electronic form.
Any transaction or transactions to the Digital Currency Exchange can be made by debit and credit cards, postal money orders or any other money transfer. This article discusses various cryptocurrency exchanges that facilitate cryptocurrency trading for beginners and what they offer in terms of availability, ease of use, security, deposit/withdrawal methods and fees. We hope this guide to cryptocurrency trading can help you get started with cryptocurrency exchanges.
Coinbase/GDAX
Coinbase is one of the largest cryptocurrency exchanges based in San Francisco, California. It is present in 32 countries and currently serves more than 10 million customers. Launched in 2012, it has an easy-to-use interface that makes Digital Currency Exchange an easy task for a non-technical person. It is also available for both iOS and Android. Unfortunately, Coinbase does not provide cryptocurrency mining for beginners and is only an exchange.
It currently offers four coins, Bitcoin, Bitcoin Cash, Ethereum and Litecoin. Exchanges digital currency for US Dollars, Euros and British Pounds. With minimal transfer fees, Coinbase has never experienced any security breaches, making it the perfect platform for digital currency exchanges. In addition, Coinbase also offers a full-fledged advanced exchange called GDAX. It offers more advanced features and different and better trading fees than Coinbase.
Bitstamp
Bitstamp is another platform that provides digital currency exchange. It is relatively easy to use and offers more advanced features through TradeView. Bitstamp offers coins like Bitcoin, Litecoin, Ethereum, Bitcoin Cash and ripple. Exchanges digital currency for US dollars and Euros. You can practice all the latest cryptocurrency trading methods on this exchange.
Offers Flat deposits via bank transfers and supports debit/credit cards. Perhaps the only drawback you will find with Bitstamp is the somewhat high fees and the fact that it suffered a security breach within 7 years. Nevertheless, it is one of the most reliable exchanges. Available on both iOS and Android.
Twins
Gemini is a UK-based company founded in 2015 by the Winklevoss twins. Available in several countries including the US, Canada, Hong Kong, Singapore and South Korea. One of the downsides of this platform is that it is not particularly user-friendly. So beginners are not advised to use this platform.
Offers two coins and 1 FLAT currency Bitcoin Cash, Ehtereum and USD. Gemini follows strict protocols when it comes to security and has not experienced a single security breach since 2018, making it one of the most trusted and reliable digital currency platforms. However, it is important to have digital currency investment strategies before you start trading.
Digital ticks
Digital ticks is a modern cryptocurrency exchange that aims to be a game changer in this sector. They have implemented many latest techniques that make it easy for anyone to start trading.
It has a unique feature called Single Portfolio View that allows traders to see all holding positions in one portfolio. Using this unique feature, it would be easy for traders to make informed decisions about cryptocurrency exchanges. It also supports Bitcoin, Ethereum, Litecoin and Dashcoin.
Kraken
Kraken is one of the oldest cryptocurrency exchange platforms. Launched in 2011, kraken is the largest exchange in terms of volume and liquidity for EUR trading pairs. It serves all over the world, including the United States.
Kraken offers a variety of coins including Bitcoin Cash, Ethereum, Monero, Augur, Litecoin and more. It also supports deposit/withdrawal via bank transfers and cryptocurrencies. It also suffers from stability and performance issues, having a not-so-friendly user interface, but nevertheless, it is a good platform for cryptocurrency exchange.
Bitfinex
Bitfinex is the largest cryptocurrency exchange platform. Launched in 2012, it has an easy-to-use interface and supports margin trading, margin financing, and more. offers advanced features such as It is available for both iOS and Android platforms. Offers BTC, BCH, ETH, LTC, IOTA, XMR and NEO.
Like previous cryptocurrency exchanges, it supports withdrawals using US dollars and Euros via bank transfers. Bitfinex has suffered two security breaches, the first in May 2015, which resulted in a loss of $330,000. The second resulted in a loss of $72 million in August 2016.
EtherDelta
EtherDelta is a decentralized exchange that directly supports peer-to-peer communication. This is very different from the previously discussed cryptocurrency exchange platform. Here, funds are stored in a smart contract on the Ethereum network, where you are solely responsible for depositing and withdrawing. Currently, EtherDelta only supports Ehtereum based tokens.
EtherDelta has a rather confusing interface that makes it difficult for users to perform cryptocurrency exchange transactions. Someone once tried to buy 750 Kybers for 0.007 ETH each, but ended up getting 0.007 KNC for 750 ETH.
The result
After looking at various cryptocurrency exchange platforms, we can confidently say that Coinbase and Bitstamp stand out for their good features like security, user-friendly interface, multiple withdrawal/transfer methods and more.
I wouldn’t call them perfect, but I would recommend that this is the safest bet you can make. Each cryptocurrency exchange platform is unique in its own way and has both advantages and disadvantages. We just have to choose the one that suits our needs. We hope this guide to basic cryptocurrency exchanges and trading will give you a head start on your Cryptocurrency trading journey.