The Ultimate Beginner’s Guide on Cryptocurrency Exchanges
There are many factors and features need to be considered when choosing a cryptocurrency exchange, and most novices and investors are in the dark on just how to choose a reliable exchange. After all, there are more than 200 cryptocurrency exchanges on the market today, and billions of dollars are traded in a single day.
As below, we selected 3 famous and high-quality platforms for you.
Listed as No.1 on the list, ZB.com is a trustworthy platform with more than 5 years of experience. According to CoinMarketCap, ZB.com has been continuously occupying the top 10 position in terms of trading volume. The exchange caters to everyone regardless of their location and the website has a version both in English and in Mandarin.
ZB.com is known as a safe and secure cryptocurrency exchange among members of the cryptocurrency community. The exchange implements the latest and greatest security measures to ensure users and their funds are kept safe.
There are currently 204 trading pairs available on ZB.com, USDT and BTC occupy the major trading volume. ZB.com also support those less active trading pairs on the market and more crypto coins will be supported in the future. The fiat currency at ZB.com is Chinese Yuan (CNY).
Low-cost trading is one of the most fascinating parts. Comparing to other platforms on the market, trading costs at ZB.com only range from 0 to 0.1% depending on the trading instrument, deposits are always free of charge and withdrawals fees are rather low. In addition, ZB.com has Market Maker Program to help users cut the trading fee to zero.
ZB.com has two separate versions which can be accessed by traders that are at beginner and advanced level. The interface for the experienced exchange platform is regarded as being one of the best in the industry. It’s also worth mentioning that ZB.com offers a mobile app which is available for iOS and Android users. ZB.com is a reliable crypto exchange that has a very impressive interface which suits traders of all levels of experience.
Providing crypto to crypto exchange services, Binance is a popular cryptocurrency exchange which was started in China but recently moved their headquarters to the crypto-friendly Island of Malta in the EU. Though Binance is a new cryptocurrency exchange available on the market, it has quickly attained a high level of trust from its users and the digital currency community.
Binance has often been praised for its wide variety of support coins. Traders can use the platform for multiple digital currencies and numerous tokens. As for transaction costs, Binance charges an average fee of 0.1% on each trade that users make. Those who choose to pay via the Binance token can get a 50% discount on the trading fee, which is absolutely great news.
Another thing to note is the Binance Coin, which was issued during their own ICO. The Binance coin can be used to pay fees. Purchasing the Binance coin itself looks like a good investment for the future as the exchange plans to use their profits to buy back a portion of the coins every quarter and destroy them, hence decreasing the supply and making them more valuable for holders.
A unique feature of Binance you will notice is that they regularly hold competitions with some amazing prizes. So, keep an eye on the site for your chance to enter.
Founded in 2013, Bithumb is a cryptocurrency exchange platform based in Seoul, South Korea. Bithumb holds around 50% of South Korea’s Ether trading volume and is the largest Ether exchange in the world.
Bithumb allows users to buy cryptocurrencies using Korean Won (KRW) only. There are 12 listed coins on this exchange including Bitcoin, Ethereum, and Litecoin among others. Bithumb does not support any other fiat currency from any other country, so you cannot use Euros or US dollars. It also offers spot trading only without leverages. If you are a Korean national, Bithumb is relatively cheap as compared to other exchanges especially.
The vouchers service and the blockchain explorer are unique features to this exchange platform. If you want to give out vouchers to family and friends, you can buy Bitcoin vouchers from this exchange that can be exchanged for their corresponding Bitcoin amounts. This exchange also has the blockchain explorer service. You can use this service to follow up your transactions and addresses. This enables you to keep track of your trades and profits as well as the current prices for the listed cryptocurrencies.
As for safety, Bithumb is legally regulated by the Financial Services Commission (FSC), the National Tax Service of Korea, the Police and the Korea Fair – Trade Commission. These regulations give this exchange some credibility amongst traders. It also uses SMS authentication and SSL encryption to enhance its security and protects coins.
Bithumb is majorly available to traders leaving in Korea but is available in many other countries.