If you are looking to invest in cryptocurrencies, trade or lend your coins, you will have to go through a cryptocurrency exchange at some point. The upsurge in blockchain technology and cryptocurrencies has caused a corresponding increase in crypto exchanges. There are hundreds of crypto exchanges available and it is important to choose the one that is most suitable for you. Some factors to consider while choosing a cryptocurrency exchange include: security, liquidity, trading fees, payment methods, verification requirements, reputation, trading interface and customer service. Below is a list of top 5 cryptocurrency exchanges based on these factors.
Binance
Binance is one of the major crypto exchanges that has gained a good reputation since its launch in 2017. It is basically a crypto-only exchange with an active Chinese team.
For trading, Binance offers two options — Basic and Advanced. The major difference between these two options is that unlike the basic trading view, traders are able to do a more detailed technical analysis in the advanced view. For a novice, the Basic trading view may even seem complex. However, newbies get to do basic buy and sell using the basic interface.
Deposit and Withdrawal methods: To start trading, you have to deposit funds on the exchange and there is no minimum deposit. Binance only accepts deposits in cryptocurrencies and there are no deposit fees either. For withdrawals, the amount users can withdraw per day depends on the level of verification they have done on the website. Level 1 users do not require KYC and their maximum withdrawal per day is 2 BTC. Level 2 verification allows users to withdraw up to 100 BTC per day. Level 2 verification requires two-factor authentication, first name, last name, address and a government issued photo ID to back it up.
Security of funds: Binance does not reveal how they keep funds secure. However, they have gained the trust of users by proving to them that their funds are safe. Binance came under a phishing and API attack once and they were able to freeze funds and revert it to the affected users. They use their social media accounts to keep users alert and up-to-date.
Trading fees: For traders who have a trading volume less than 100 BTC per month, Binance charges 0.1% on each trade which is relatively lower than the average trading fees on dfferent exchanges. If you pay with their native token (BNB), you get a 25% discount which brings it down to 0.075%. High volume traders (30 BTC and above) receive even more discounts. Their trading fee follows a schedule that ranges from 0.01% to 0.1%. Binance also charges withdrawal fees.
Available options: Binance has a large variety of cryptocurrencies available to trade in addition to major cryptocurrencies. They also offer coins that are not listed on other exchanges such as IOTA and Waltonchain.
Trade.io is a revolutionary cryptocurrency exchange that sets a new, global standard for technological features and trading experience. They also offer other financial services including OTC trading, ICO consulting services, angel investments and affiliate marketing programs. The Trade.io platform executes trading orders with lightning speed. They also offer a customizable user interface which allows users to save layouts according to their preferences.
Deposits and Withdrawals: Presently, Trade.io only accepts deposits in cryptocurrencies. For Trade.io OTC service, deposits in top cryptocurrencies such as BTC, ETH, XRP, LTC, EOS, XLM and many others are accepted but they are happy to negotiate in EUR or USD
Trading fees: There are no deposit fees on Trade.io but they charge very low withdrawal fees. Instead of charging fees per trade, Trade.io only charges a taker fee of 0.1%. There are no maker fees on Trade.io
Security of Funds: Trade.io has taken lots of steps to improve security of users' funds. They meet the regulatory requirements of financial institutions and they pride themselves as being the gold standard for blockchain fintech services. They work closely with financial regulators worldwide for extra financial protection. They will also provide an E-wallet which will be used to store crypto, fiat and other digital assets.
Available cryptocurrencies: Trade.io allows users to diversify their portfolio and trade different cryptocurrencies. Some of the available cryptocurrencies on Trade.io are BTC, ETH, LTC, and TIOx (Trade.io native token). They intend to add forex, CFDs, and global equities in the future.
Customer support: Rather than waiting for days or even weeks to get assistance from customer support like in some exchanges, Trade.io offers 24/7 customer support through emails, livechat and telegram.
Kucoin
Kucoin is one of the largest crypto exchanges judging by their 24 hour trading volume. They have an attractive profit sharing system that distributes half of their daily trading fee revenue to users who hold their native token (KCS) on the exchange. They also offer relatively low trading fees as well as incentives for trading their token.
Deposits/Withdrawal: Deposits and withdrawals are done using cryptocurrencies only. There are no deposit fees but withdrawal fees depend on the currency. For example, NEO and GAS withdrawals are free but withdrawal fee for ETH is 0.01 and 0.0005 for BTC which is pretty low. Kucoin charges 0.1% per trade.
Basically, Kucoin is easy to use, they have good security measures and a mobile app for trading. Traders will find their profit sharing incentives very attractive.
Kraken
Kraken is a European based cryptocurrency exchange that offers four fiat to bitcoin pairs — JPY, EUR, GBP and USD. Kraken also offers margin trading. They have high security measures including 2FA and encryption methods. Their trading fees vary based on volume and range from 0.1% – 0.35% for major crypto pairs. For other Crypto pairs, fees range from 0.05% to 0.75%. Withdrawal and deposit fees depend on the method used but does not exceed 0.19%. As one of the oldest and popular exchanges, Kraken has built a good reputation and also offer various trading options as well as 24/7 customer support.
Bithumb
Bithumb is one of the largest cryptocurrency exchanges based in South Korea. They also make it easy for beginners to buy cryptocurrency with fiat and start trading. They support only major cryptocurrencies. Although they suffered a hack attack in June 2017, they have improved their security measures. They charge a 0.15% trading fee per trade. Fiat deposits are done using only the Korean Won (KRW). Deposits are free but fiat withdrawals cost 1000KRW. Cryptocurrency withdrawal fees vary depending on the cryptocurrency. BTC withdrawal fee is 0.0005 on Bithumb.
Conclusion
Of all the listed exchanges above, Trade.io poses the greatest competition with their customizable user interface, lower fees, various crypto options to trade, super fast trade execution and 24/7 customer support. Their native token TIOx will be used for most of the transactions done on the exchange. It is always beneficial to be part of the early users of an exchange. If you do not have an account yet, you can quickly sign up
For more information about Trade.io financial services, visit the website or social channels:
Website: https://trade.io/en
· Products & Services: https://trade.io/en/liquidity-pool
https://trade.io/en/otc-trading
https://trade.io/en/ico-services
https://trade.io/en/investments
· Trade.io Team: https://trade.io/en/about
· Trade.io Story:
· Facebook: https://www.facebook.com/trade.io/
· Medium: https://medium.com/@trade.io
· Twitter: https://twitter.com/TradeToken
· Instagram: https://www.instagram.com/trade.io_official/?hl=en
