The invention of the Blockchain and cryptocurrency as a whole as led to the invention of exchanges and this post will attempt to talk on the best cryptocurrency exchange available today.
People have continued to show interest in Cryptocurrency. New people are continuously being introduced into the system. This has made it possible for Bitcoin to gain adoption worldwide slowly. The demand for the currency and the use case has made it possible for the coin to move from few dollars that it was in 2009, all the way to thousands of dollars as at today. The success and adoption of Bitcoin always mean good for the crypto world since Bitcoin is seen as the father of all other cryptocurrencies.
A lot of people are already turning in to crypto as their source of income. We’ve witnessed how a large number of people have been turned into millionaires because they invested their time and resources in cryptocurrency.
The sweetest part of the story is the fact that you don’t need to be too rich before earning in the cryptocurrencies world. Performing a few tasks can be all you need to pull through. This blog is committed to making sure you earn some free cryptocurrency in your free time.
That’s why we earlier published a post where we showed you how to earn free cryptocurrency through blogging on Steemit.
We also wrote on how to earn free cryptocurrency by participating in simple Airdrops. These methods are entirely free and can be an excellent way to spend your spare time positively.
The primary purpose of this post was to highlight a few exchanges that users can comfortably trade their cryptocurrency. Without wasting any more of your time, let’s get started.
What is a Cryptocurrency Exchange?
In a layman understanding, a cryptocurrency exchange may be defined as a platform where users of the platform trade (buy and sell) cryptocurrency.
I will not only give a straight forward definition because of the complete novice that might be reading this post. So I’ll break it down into simple terms.
Let’s say you want to buy Bitcoin, you have the money but needs someone willing to sell the Bitcoin to you. Then you make a post requesting someone to sell you Bitcoin. After the post, someones show interest, and you both accept the price. Since you both have never met, trust issues set in. No one is willing to send the money or Bitcoin first. You can’t trust someone you just met online after all the happenings around the world. The seller can’t also trust you. So you both get stuck, and the transaction might likely not pull through. Apart from trust issues, It is sometimes difficult to find someone that has and is willing to sell the coin you wish to invest. Sometimes you finally get to see the person, but the volume issue comes up.
People looked at ways to bridge this gap. They worked on bringing everyone together while the company acts as an escrow.
That means an exchange solves the trust issues because the seller must first deposit and have the required amount of coin that is needed for your trade to go through. Since there is trust in the community, people now register there, and the volume increases.
That means that a cryptocurrency exchange provides a platform in which users can comfortably trade, knowing that they have a middle man that protects their interest. In exchange for their services, the platform sometimes collects a small fee from the users.
I hope I have been able to break down the Idea behind a cryptocurrency exchange to you.
Best Cryptocurrency exchanges
There are lots of platforms that are offering these escrow services. They all have different designs, terms, and conditions. This post will attempt to look at some of the best cryptocurrency exchanges that you can to trade (buy and sell) cryptocurrency conveniently.
We may not be able to cover a lot of them, but we will talk on my three favourites.
One of the best Cryptocurrency Exchanges available today is known as Binance. Binance shocked the world during its 2017 ICO (Initial coin offering). The company was able to raise a whopping fifteen million dollars from that particular ICO and has grown rapidly to become one of the household name crypto exchange. Apart from trading Bitcoin, Binance users have access to over 180 altcoins for their daily trading.
They have one of the best trading fees (0.1%) and even provide an extra discount (up to 50%) when you use their coin (BNB) to pay for their fees. Their BNB coin got above thirty dollars per coin in the second quarter of 2019.
They have a mobile application that makes trading fun and more comfortable on a mobile device.
Binance also has one of the best customer support. The account creation is super simple, and it is done instantly. KYC verification is only compulsory once you wish to withdraw more than 1BTC daily.
Visit this link to sign up with binance using your email address.
This is another exciting exchange that allows its users to trade (buy and sell) cryptocurrency.
KuCoin does not require verification for you to start trading. It has an extensive range of crypto pairs for their users to trade. Unlike some exchanges, there are no transaction limits, and the fees are competitive.
KuCoin has a 0.1% trading fee and a good trading layout. They also have a mobile application to aid you through the process. One good part of this exchange is the fact that users are exposed to new altcoins that are rare on other top exchanges. It has over one hundred and fifty different cryptocurrencies on its platform.
It is worthy of note that the exchange is in Hong Kong, and you might have little difficulties getting help in English.
Visit this link to sign up on KuCoin.
BitMEX (Bitcoin Mercantile Exchange) is a platform that enables its users to engage with other global financial markets through bitcoin.
It is different from the other two types that I talked about. BitMEX still retains its number one spot when it comes to Bitcoin volume. They don’t have a fixed trading fee. Instead, they adjust their fees according to the activity on the network.
This is the best place to trade your Futures. It is an exchange for the experience, and I would not advise you to land there if you have no trading experience.
The only deposit accepted here is Bitcoin and deposits are free even though you have to pay for the Bitcoin network fee.
Visit this link to sign up on BitMex.
Even though the exchanges mentioned above are safe and reliable, I advise that you store your token in your wallets where you have the private key. Never leave your coins in an exchange except you are actively trading with it.
There are also lots of exchanges that I have an account with. It is advisable to have an account with other smaller exchanges in case you need their services on small coins that are not on the above big exchanges.
We’d like to hear from you, feel free to drop us a comment if you think we should include another exchange in our three best cryptocurrency exchange.