I had been able to utilize the forum for compiling topics that I could be used as a reference in the future and also wanted to share of it to other users especially the newbie wanted to get involve or invest in bitcoin and other cryptocurrency. This is another for your ready reference series and this time is all about cryptocurrency exchanges.
Cryptocurrency exchange plays a vital role to the massive growth of cryptocurrencies around the world to where people can trade cryptocurrencies for other digital currency or traditional currency like US dollars. These exchanges connect buyers and sellers and take a fee from each transaction.
These are a few roles of cryptocurrency exchanges:1. Receiving cryptocurrency and issuing IOUs
2. Receiving fiat
3. Processing an order book
4. Redeeming IOUs (essentially a token, issued on the blockchain, representing the same value as the underlying asset.)
As a newbie trying to get details on exchanges in my search I learn that there are a few concerning issues regarding current exchanges platform:
1. Fees Most exchanges charge fees for all kinds of transactions. Fees can differ substantially depending on the exchange you use.
2. Payment MethodsSome exchange has limited payment options which make it not convenient to be used for trading. Purchasing cryptocurrencies with a credit card will always require identity verification and come with a premium price as there is a higher risk of fraud and higher transaction and processing fees. Purchasing cryptocurrency via wire transfer will take significantly longer as it takes time for banks to process.
3. Verification RequirementsThis is one of a long and inconvenient process. The vast majority of the cryptocurrency trading platforms both in the US and the UK require some sort of ID verification in order to make deposits & withdrawals.
4. Geographical RestrictionsSome exchanges can only be accessible from certain countries.
But this is not really becoming a problem over time because exchanges now are slowly adapting and making their system user friendly not only in their areas but also expanding to all over the world. Other exchanges are gaining popularity and step up over. And because there are many wanted to invest in cryptocurrency I made my own list of good cryptocurrency exchange. If you do not have digita wallets for now you may refer to one of my post which is
for your ready reference on bitcoin wallets.Here is my list of cryptocurrency exchange.
BINANCE Binance is a cryptocurrency exchange that provides a platform for trading various cryptocurrencies. As of January 2018, Binance was the largest cryptocurrency exchange in the world in terms of trading volume. It is a Hong Kong–based cryptocurrency exchange launched by Chanpeng Zhao develop in July 2017. Zhao’s company Beijie Technology created the exchange after a successful ICO that raised
CoinbaseCoinbase is a digital currency exchange headquartered in San Francisco, California, United States. They broker exchanges of Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Tezos, and many others, with fiat currencies in approximately 32 countries, and bitcoin transactions and storage in 190 countries worldwide.
LocalBitcoinsLocalBitcoins is a peer to peer bitcoin marketplace based in Helsinki, Finland. Its service facilitates over-the-counter trading of local currency for bitcoins.[2] Users post advertisements on the website, where they state exchange rates and payment methods for buying or selling bitcoins.
Kraken Kraken is a US-based cryptocurrency exchange, founded in 2011. The exchange provides cryptocurrency to fiat trading, and provides price information to Bloomberg Terminal. As of 2020, Kraken is available to residents of 48 U.S. states and 176 countries, and lists 40 cryptocurrencies available for trade. Kraken played a role in attempting to recover funds lost by investors during the 2014-15 Mt. Gox implosion. According to CoinMarketCap, Kraken is the 4th largest cryptocurrency exchange in the world (as of September 2020).
BybitBybit is P2P cryptocurrency futures exchange that is based in Singapore. The exchange operates under Bybit Fintech Limited which is a company that is registered in the British Virgin Islands. The exchange gives traders the ability to trade Cryptocurrency perpetual contracts with up to 100:1 leverage. In their short time in operation, the exchange has managed to build up sizable liquidity.
eToro’seToro's advanced crypto exchange, eToroX, offers a progressive cryptoasset trading experience for algo traders, institutional-grade investors, and seasoned crypto traders.
CoinmamaCoinmama started its operations in 2013 in Israel. It has grown its customer base from zero to more than 2 million customers from more than 188 countries around the world. Coinmama is registered as a company in Slovakia, but the headquarter is still located in Israel. This broker is considered one of the biggest cryptocurrency available on the internet.
Luno Luno is a cryptocurrency exchange aimed mainly at emerging markets. Luno offers Bitcoin services to countries such as Malaysia, Nigeria and Indonesia which are usually not allowed on most Bitcoin exchanges.
CEX.ioCEX.io is one of the more popular options for buying and selling Bitcoin and several other cryptocurrencies. The site offers a brokerage service that supports multiple coins and a trading platform for trading BTC, BCH, ETH and XRP.
BitfinexBitfinex is a cryptocurrency exchange owned and operated by iFinex Inc., which is headquartered in Hong Kong and registered in the British Virgin Islands. Their customers' money has been stolen or lost in several incidents, and they have been unable to secure normal banking relationships.
BittrexBittrex is a US-based cryptocurrency exchange headquartered in Seattle, Washington.[1] The company was founded in 2013 by Bill Shihara and two business partners, all of whom previously worked as security professionals at Microsoft.
KuCoinKuCoin is one of the lowest-fee exchanges in terms of trading fees. It is safe to say that KuCoin’s biggest competitor is Binance, as both exchanges have similar competitive strategies. They charge almost equally low fees, though KuCoin Shares (KCS) offer some additional advantages.
Huobi Houbi (Chinese: 火币网; pinyin: Huǒbìwǎng) is a Singapore-based cryptocurrency exchange. Founded in China, the company now has offices in Hong Kong, Korea, Japan and the United States. In August 2018 it became a publicly listed Hong Kong company.
BitbankBitbank exchange and services were launched in 2014 with their company being based out of Japan. Being based out of Japan, the company falls under the regulation of the Japanese Financial Services Agency(JFSA). Bitbank is a new cryptocurrency exchange service offering their clients highly accurate and reliable market insights for the trading of Bitcoin and Litecoin. Bitbank achieves these market insights through the analyzation of market news and research, as well as from their sophisticated prediction algorithms and advanced artificial intelligence software. Bitbank’s goal and motto are ‘Bitcoin for Everyone”.
BithumbBithumb has developed from a Korea-focused cryptocurrency exchange to one that serves the global market. Bithumb aims to become a comprehensive digital financial corporation based on the blockchain.
BitstampBitstamp is a bitcoin exchange based in Luxembourg. It allows trading between USD currency and bitcoin cryptocurrency. It allows USD, EUR, bitcoin, XRP, ethereum, litecoin, or bitcoin cash deposits and withdrawals.
HitBTCHitBTC is a crypto exchange that has over 800 trading pairs. The platform was created in 2013, and provides exchange, custodial and other related services. HitBTC offers a range of APIs such as REST, WebSocket, FIX API. The UI was developed to meet the needs of the most demanding and sophisticated traders. Users can take advantage of rebates and competitive trading fees via the Trading Fee Tier system.
CoinoneCoinone cryptocurrency exchange has the security of transactions. This platform has never been subjected to successful hacker attacks. Two-factor authentication and cold wallets are the key to safe operation and storage of funds on the crypto-exchange. To increase security on the exchange, two-factor authentication can be connected.
ZB.comZB Group’s flagship platform is ZB.com, a digital asset exchange. The platform launched in early 2013 and has a sizeable trading community. ZB.com differentiates itself through its highly curated listing process and rare launchpad offers. Deep liquidity, low fees and a dashboard featuring professional-grade trading tools are all key components to the ZB.com platform.
bitFlyerbitFlyer is a private company headquartered in Tokyo, Japan and founded in 2014. It operates one of the largest cryptocurrency exchanges with 2.5 million users[1][2] and develops other crypto-related technology.
UPbitUPbit was already the biggest cryptocurrency exchange in South Korea by average daily trading volumes. Without discounting the level of success represented by the rapid traction UPbit has achieved, the exchange does have some very serious backing. UPbit’s founder, Song Chi-Hyung, is one of South Korea’s richest men. Chi-Hyung’s company Dunamu, which is the holding company behind UPbit, started out in 2012 as an online news aggregator but quickly moved into Fintech, where it has had real success.
Disclaimer: All of the cryptocurrency exchange was being search using google search engine. The post was not paid to promote the cryptocurrency exchanges being listed and only done for your ready reference on newbie if they plan to get involve in the cryptocurrency investment or any related activities.
Other related topics:For your ready reference on Mobile bitcoin walletFor your ready reference on Data file recoveryFor your ready reference on phishingSOURCEhttps://medium.com/@Cooperzi/the-roles-of-cryptocurrency-exchanges-95fd80d64bc5https://blockbasis.com/en/support/what-is-an-iou/https://en.m.wikipedia.org/wiki/Binancehttps://en.m.wikipedia.org/wiki/Coinbasehttps://en.m.wikipedia.org/wiki/LocalBitcoinshttps://en.m.wikipedia.org/wiki/Kraken_(company)
https://www.coinbureau.com/review/bybit/https://www.etoro.com/crypto/exchange/https://cryptotips.eu/en/review/coinmama/https://99bitcoins.com/bitcoin-exchanges/luno-review/https://99bitcoins.com/bitcoin-exchanges/cex-io-review/https://en.m.wikipedia.org/wiki/Bitfinexhttps://en.m.wikipedia.org/wiki/Bittrexhttps://cryptonews.com/reviews/kucoin/https://en.m.wikipedia.org/wiki/Huobihttps://www.fxempire.com/crypto/exchange/bitbank/reviewhttps://coinmarketcap.com/exchanges/bithumb/https://en.m.wikipedia.org/wiki/Bitstamphttps://coinmarketcap.com/exchanges/hitbtc/https://en.bitcoinwiki.org/wiki/Coinonehttps://coinmarketcap.com/exchanges/zb-com/https://en.m.wikipedia.org/wiki/BitFlyerhttps://www.fxempire.com/crypto/exchange/upbit/review#userReviews