After we have written about the best cryptocurrency to invest in 2018, many viewers contacted us to ask about the best cryptocurrency exchanges in 2018.
Before we go on to it, you need to know what a cryptocurrency exchange is and how is it different from a normal stock exchange. What everyone needs to understand is that crypto is the future of foreign money transactions and payments. And you of course need to have a sound knowledge about it.
What is a cryptocurrency exchange?
A cryptocurrency exchange in its being a platform where you can buy or sell cryptocurrency such as Bitcoin, Litecoin etc. in exchange for money in US dollars or other widely acceptable currencies.
Is it just so?
No, you can even launch your own ICO and get investments for your projects. That is a separate perspective of cryptocurrencies which is outside the realm of this article.
What makes a cryptocurrency exchange the best?
Coming back to cryptocurrency exchanges, there are many of them in the market and each has completely diverse products to offer. However, in the very basics, the way they operate is different by only a hairline.
As a crypto-trader you need to have a full grasp on how these exchanges operate and what makes them the best likewise.
Many other marketers believe it to be less important but I believe it is the most important as the presence of support of variety of payment methods definitely increases the credibility of the site itself. What you need to look for in a cryptocurrency exchange is that does it have the payment method you want to work on with.
The transaction and crypto holding fees is actually a grey area. There are companies that vow to have no registration fees but have much more transaction fees than others. The best way to choose the best cryptocurrency exchange for yourself is that you roughly estimate what the volume of your transactions might be in a month and then you can calculate the fees.
The repute of the company does matter a lot. However, it is not advisable to go to forums of the same company itself or to read reviews on less popular sites. Big game players might be manipulating smaller sites to suit their personal motives.
These are quite relative to how market is progressing and can even change in a day. Sometimes the rates can be as low as just under 5% and on a heavy business volume day, you can also expect it to be over 10%. You should ask someone around you who is into crypto-trading to know what kind of experiences he has gone through in this case.
The best Cryptocurrency exchanges in 2018:
As I already have mentioned, the best exchange works for you relative of the factors discussed above. Here I have mentioned a few of them for you to get a better info of what they are offering in a general sense.
It is by far one of the most reputed and famous cryptocurrency exchange in 2018. Not only it is backed by trusted investors that are looking forward to invest in cryptocurrency, it is also used by millions worldwide making it a well-known crypto trading platform.
Its interactive features enable secure payments and transactions while buying, using, storing and trading the currency. Coinbase is also offering support for its users to buy Bitcoin, Litecoin and Ether via a private digital wallet available on Android. It offers support and trading options for people living in US, Europe, Uk, Australia, Singapore and Canada.
As far as the fees is concerned, you aren’t required to pay anything till you are trading between Coinbase account and GDAX (Global Digital Asset Exchange) account.
In terms of liquidity and market volume, Kraken has got the top rank in the world since it was formed in 2011. It is loved by its users due to its added support systems. You can trade in bitcoins, euros, Canadian Dollars, US Dollard and even Japanese Yen too. Quite recently they have incorporated the British Pound as a currency too.
Kraken is also one of the best crypto exchanges around the world as it allows trading of the most number of cryptocurrencies namely as; Bitcoin, Ether, Ethereum Classic, Monero, Augur REP tokens, ICONOMI, Litecoin, dogecoin, Ripple and Lumens.
Kraken has its own trading margins and added features for the older customers. So, if you have been there for long enough, you will definitely get something more than seasonal users.
An online brokering site as well as a crypto wallet, Cex.io is well known across the globe as a cryptocurrency exchange that allows the both way trading of fiat money with cryptocurrency. It also has specialized dashboards for experienced traders and a separate margin in trading too.
It is a perfect platform for novice traders too who don’t have much knowledge about how to trade cryptocurrencies effectively. It offers them an easy way to trade just on the basis of easy interpretable graphs and market data to sell and buy cryptocurrencies at a profitable rate.
On the whole, it is a fast and secure exchange that is equally good for both experienced as well as fresh traders.
If you ask for my recommendation as the best cryptocurrency exchange in terms of providing the best user support, I will go for Poloniex.
It offers an option to exchange with over 100 cryptocurrencies and also shows advanced data analysis free of cost! Its fee schedule is also nominal and gets even lesser as you move up the tiers into a more experienced users bracket. The authority to close a trade position rests with the trader and once you see you have made enough profit, just go home and enjoy!
Another very distinct feature is the Poloniex chatbox that is continuously updated with valuable information for the users. Even the users can comment or write anything as pleased. However, irrelevant and spam comments are deleted by efficient moderators. There will be a lot of advice and you as a trader should see what works for you or not.
So what actually is the best cryptocurrency exchange?
To be honest, I don’t know myself. I have given you an overview of what they might be. It’s up to you how you find the one that works for you.