List of Exchanges
There are many available exchanges that you can buy
cryptocurrencies at, and navigating the right exchange can be
hard. There’s a number of factors that you have to consider in
ensuring that you’ve opened the right exchange based on
your expectations, requirements, and what’s best for you. The
majority of exchanges offers only the top coins, which usually
consists of Bitcoin and Ethereum.
This guide will help you make an informed decision on what
exchanges is available, which you should pick, and the factors
that are important to consider when opening a crypto account
on an exchange.
Converting Money to Coins
If you’re new to cryptocurrencies, your first step would be to
find an exchange that allows you to deposit money. Due to
regulations, all exchanges require you to verify your account
before depositing your funds, through the submission of your
identity proof and any other personal information. Hence, you
should find an exchange in your domestic country first to
convert money from your bank account into Bitcoin.
It is important to note that not all crypto exchanges accept
fiat money; some exchanges only allow you to deposit coins
(most commonly Bitcoin) to purchase other alternative coins.
Bitcoin is the most popular crypto that is offered on almost all
crypto exchanges, and represents the gateway to purchasing
other coins. In other words, if you want buy any other coins,
you must do the following:
Step 1:Open a domestic cryptocurrency exchange in your
country and verify your account (submit identity proof)
Step 2: Deposit funds from your bank account to your crypto
exchange account and start buying Bitcoin
Step 3: Open a crypto exchange account that offers a variety
of other coin. Usually these exchanges do not accept fiat
deposits and only allows coin deposits
Step 4: After verifying your account, transfer the Bitcoin that
you’ve bought from your local exchange to your new crypto
exchange and you can start buying other coins with your
Bitcoin
Important Note: Trading Fees gets smaller with volume. The
ones listed on the table are the max range(Maker fees are paid
when you add liquidity to our order book by placing a limit
order under the ticker price for buy and above the ticker price
for sell. Taker fees are paid when you remove liquidity from
our order book by placing any order that is executed against
an order of the order book.)
Once you’ve opened an exchange account that allows fiat
deposit, you can link your personal bank account with your crypto
exchange account and start depositing funds to buy Bitcoins.
EXCHANGES THAT ALLOW FIAT DEPOSIT(USD):
Kraken, Coinbase, Gemini, Bitstamp and Bittrex
At Bittrex you can deposit coins as well!
EXCHANGES THAT ONLY ALLOW COIN DEPOSIT:
Poloniex, Bitfinex, Liqui and Bittrex
IMPORTANT:The previouse exchanges are the best in my
opinion.There are many exchanges in cryptoworld.DO NOT
put money in an exchange you didn't check!
Important Factors to Consider:
1.Coin Pairs Available
Many exchanges offer only a handful of coins; the most popular
being Bitcoin and Ethereum. There are only a handful of exchanges
that offer a wider variety of coins. A more diverse option of coins
available is better as it gives you more choices of coins to
purchase.
2.Liquidity
Liquidity refers to the ease of buying/selling in the market. A
high liquidity means that there is a huge number of
buyers/sellers. High liquidity is good as it leads to better price
discovery and it allows you to transact faster.
3.Security
The level and type of security mechanisms employed by an
exchange is vital in ensuring that your coins are safe.
Examples of good security practices undertaken by
exchanges include:
a) Keeping deposits in cold storage; this means that your
coins are safely tucked away offline, beyond the reach of
hackers
b) Availability of 2-factor authentication (2FA) option; 2FA increases
the security of your account
c) Email encryption and verification; for every transaction
there will be an email sent to your account to confirm the
transaction
4.Customer Support Quality
Having a responsive customer support would save you lots of
time and anxiousness, especially in a fast-paced environment.
Issues on your verification process, deposit/withdrawals, funds
reflection and trading orders should be solved quickly by the
exchanges, or it could cost compromise you time, money and
well-being.
5.Trading Fees
Low transaction fees on buying and selling would relatively
prevent your margins to be eaten away, especially if you’re a
constant trader. It is important to look at the fees of your
exchange, to see if it’s relatively comparable to other
exchanges.
6. Ease of Use
The user interface of the exchange should be easy to use and
clean to avoid confusion. Having the necessary indicators at
the tip of your fingers and the ease of navigating through the
platform should make it easy for anyone to use the interface.
Conclusion
Choosing an exchange is the gateway to the crypto
world. There are many factors to consider when
choosing a suitable exchange, and the aforementioned
factors should serve as a guide
