TMCnet Feature
September 24, 2020

Best Exchange Platforms for Cryptocurrencies



According to reliable data by CoinMarketCap, there are more than 1,600 cryptocurrencies in circulation today. This massive growth has been occasioned by investor's interests to trade in this rapidly-growing economic space. The demand has resulted in a slew of cryptocurrency platforms that have emerged to cater to the infrastructure needs to support the exchange for digital currencies. A good exchange platform will allow you to buy, sell, and trade cryptocurrencies. You can do this through fiat currencies like the dollar, euros, or Yen, etc. You can also exchange your cryptocurrency with other cryptos like bitcoin or Ether. So, how do you tell the best exchange platform to use? What are the criteria for determining the best platform for you? Let us expound more on some of the best exchange platforms in the market.



Things to consider when choosing an exchange platform

Choosing a cryptocurrency exchange can be a daunting task for beginners. Now, so of the essential aspects you should consider making it easier for you include:

·         Reputation: cryptocurrency space is still largely a new industry. Hence, you need to be aware of the reputation of each exchange of interest. Yes, it is no longer a secret that many exchanges have been involved in nefarious activities, hacks, and exit scams. All these challenges have left many users in less than ideal situations. You need to learn from other traders' experience before you determine which exchange to use because clearly, you do not want to learn from your own experience.

·         Security: Security of your transactions should be a priority if you do not want to count losses. Each exchange has its preferred methods of security. However, you should consider the exchange that has two-factor authentication. You may also check if the exchange has additional security measures such as cold storage and custodial storage services.

·         Insurance funds: You should be keen to check whether your exchange of interest has an insurance fund. The best exchange is one that has funds to compensate you in case the unlikely happens, which means that you do not risk losing your money.

·         Leverage training: leverage will allow you to borrow a certain amount of funds for trades, based on the number of funds they hold on the exchange. Leverage will come in handy when you intend to enter short positions with the larger size.  

·         Prices: The price of assets varies from one exchange to another. Crypto assets might trade higher or lower on one exchange versus another due to participant location, volume, among other factors. You can note these factors to help you in choosing an exchange that is right for you.

Let us now look at the best exchange platforms for crypto coins.

Binance

This is distinguished as the world’s largest cryptocurrency exchange. That explains why it has become a household name in the crypto world. So, if you are determined to thrust yourself in one of the most demanding exchange platforms, then it is up there with the best. It doesn't matter if you are starting or you are somewhere with cryptocurrency trading. The platform will guide you to become an expert through its multi-dimensional UI and creative framework. It has unique features that distinguish it from the rest of the platforms include:

·         Capability to process 1,400,000 orders per second, making it the most powerful world-class matching engine.

·         It has separate functions for client management, data management, and application processing, making it handier.

·         It has a multi-layered approach and clustering technique working behind the trading process to ensure security for your assets.

·         There are mobile applications alongside separate desktop applications for windows and mac, making it more flexible.

Kriptomat

This is yet another exchange platform that is designed to give you a great experience as a cryptocurrency trader. Do you know that you can send and receive cryptos to and from anywhere in the world? Well, Kripomat is a multi-currency wallet, meaning you can trade Bitcoin, Ethereum, Ripple, and Eos on the same platform. The crypto exchange puts the security of your funds as a priority. They have implemented some of the best practices in the industry. These include:

·         SMS authentication

·         Offline cold-wallet storage

·         Organizational and technical protection

·         Ongoing security evaluations and monitoring

Kriptomat is regulated by government legislation. This means that your safety is guaranteed. Also, your data is protected under the General Data Protection Regulation. More significantly, the platform has increased the ease with which you can do business, as your expedited account approval takes only a few minutes.

Bittrex

This is undoubtedly one of the most high-level cryptocurrency trading sites. It uses cutting edge technologies for bringing revolution by increasing the demand for cryptos around the world. If you are interested in spending minimum time trading on a secure platform, Bittrex is the right exchange. It distinguished for the following features:

·         It incorporates cross-sectional layers alongside diversifying security schemes. This makes it an effective ad, reliable platform.

·         It generates dynamic API and algorithmic trading, which makes it usable for integrating third-party trading platforms.

·         It has a scalable engine that ensures the minimum time so that each transaction you make can be completed in real-time.

·         It has a modernized approach to record the data of token order, and digital wallets are also available for instant trading.

Kraken

If you are beginning on cryptocurrency trading, then look no further. Kraken is designed in such a way that it will guide you to get used to cryptocurrency and become an expert as well. It is reputed for highlighting the ever-changing way of how traders understand money and finance. Other unique features include:

·         Simplicity and portfolio management to keep track of your profile

·         Focus on ensuring the highest quality safety and security for the digital platform to prevent any fraudulent activities

·         It has 24/7 support that provides fluent and flawless communication with traders.

·         It has advanced features for listing your financial resources.

Coinmama

Coinmama has been operational since 2013 and has grown to become a central crypto trading platform. Its primary focus is on the ever-evolving development process, intending to render the best service to you. The platform is an epitome of the secrets of bitcoin trading. You can buy Bitcoin, Ethereum, Ripple, among other cryptocurrencies, without necessarily having to deposit. You can also start trading immediately. Your account is verified. The following are features that make it great:

·         The platform has a bitcoin calculator. This enables you to check the rates in our currency in real-time

·         It promotes digital wallets for the customers and focuses on security and privacy standards.'

·         The platform has high transparency services and a user-friendly responsive interface.

·         It supports all the popular payment methods, which means it also accepts western union payments.

In summary

Cryptocurrency trading has gain popularity over the recent past. As the demand for cryptos rises around the world, so has the digital exchanges. This has not come without a challenge, though. It can be challenging to determine which exchange to use, especially if you are a newbie. Hence, it is essential to understand the criteria to use and reputable platforms to trade on. Find the best exchange platform and start trading to make cash!



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