Trading on cryptocurrency exchanges requires knowledge about the market, which can help you gain profit.
A crypto exchange allows you to buy and sell crypto assets.
Cryptocurrency exchanges facilitate users to trade assets by acting as an intermediary. And earn profit through transaction fees. In this article, we will look into the top 10 cryptocurrency exchanges based on multiple parameters.
Binance is a crypto exchange that provides a trading platform and various cryptocurrency-related services. In January 2018, Binance stood as the world’s largest trading exchange in terms of volume. It is 2021, and this exchange platform has still managed to maintain its position on the top.
The origins of Binance go into China, although they had to shift their company because of the Chinese government’s ban on cryptocurrency. Binance currently operates in Japan.
Once you’re a registered user of Binance and start trading, you need to make withdrawals at times. Binance allows easy withdrawals after logging into your account, and then you can click on the spot wallet button.
Binance charges 0.1% of trading fees on every transaction. However, they do not charge any fees on deposits and charge 0.0004 BTC for withdrawals. Binance offers its users a 25% discount on using Binance coins while trading.
How safe is Binance?
Binance is the largest crypto exchange; hence the security is top-notch. They offer you 24×7 support and process more than 1,400,000 transactions every second.
Coinbase is one of the most extensive cryptocurrency trading platforms in the world. It is available in more than 100 countries and has 43M+ verified users. And it is the most popular crypto exchange in the United States.
Coinbase first came into existence in San Fransisco, California, the USA, in the year 2012. Coinbase still has its headquarters in San Fransisco. However, now it has offices in multiple cities all across the US.
Coinbase has a very complex fee structure and is also very high if you’re not a Coinbase Pro user. The fee charged by coinbase depends on the value of purchase, payment method, and even location.
How safe is coinbase?
Coinbase uses premium security features, and all you need to do is maintain the security from your side. Coinbase offers biometric security, two-step verification, and insurance in case there is a breach at coinbase. However, this insurance is not valid if you perform any act of carelessness.
Bityard is one of the world’s best cryptocurrency contracts exchange. With its easy-to-use interface and instant signup process, Bityard is a beginner-friendly cryptocurrency exchange platform.
Bityard came into existence in the year 2019 in Singapore and regulates all its trades from Singapore. However, Bityard provides its services in more than 150 countries, far more significant than many massive trading platforms.
Bityard provides a shallow trading entry that is 5 USDT. Bityard charges a currency exchange fee of 0.05%. However, the following formula can determine the opening and closing fee:
(Margin * Leverage * 0.05%)
Is Bityard safe?
Many of the cryptocurrency contract exchanges fall under a single jurisdiction. However, Bityard is different; it falls under four jurisdictions and is regulated by:
- The American money services
- The MTR of Estonia for EU
- Australia’s AUSTRAC
- Singaporean ACRA
Bityard only stores a small fraction of funds in the wallets. The remaining funds remain in cold storage with optimum security. You also should maintain the security of your account by using two-step verification and keeping your data safe. Bityard helps you avoid phishing attacks as the entire communication is SSL encrypted.
Huobi is one of the earliest crypto exchange platforms in the market providing services since 2013.
A mere three months after its launch, Huobi had a turnover of $4 billion. By 2014, Huobi had quadrupled this amount and made a mark on the Asian cryptocurrency market.
By the end of the year 2013, Leon Li had the trading platform running in China. However, China banned the trade of cryptocurrency in the year 2017. Huobi shifted its headquarters to Seoul, South Korea, and is still controlling its business worldwide from Seoul.
Huobi doesn’t have a specific withdrawal fee as they update it now and then according to the market. However, Huobi provides VIP membership that reduces the cost by up to 60%. You can also use HT tokens to slash the fee by almost half by storing them in your wallet and using them while making a trade or withdrawal.
How safe is Huobi?
The most essential and scary part of centralized exchanges is that they have a chance of being hacked. However, Huobi has never lost a single Bitcoin and they claim that your asset is highly secure under their top security. Huobi has recently launched its user protection funds.
Established in 2014, Bitmex has proven to be one of the best platforms for crypto trading. Bitmex offers leveraged contracts and is a peer-to-peer trading platform.
Bitmex allows its users to buy or sell assets using Bitcoin. In addition, Bitmex only handles bitcoins, and all the profit and loss incurred is in Bitcoin. It doesn’t take any Fiat currency.
Bitmex has no trading limits once the user registration is complete. However, Bitmex is currently facing a trial in the US and isn’t providing services to US residents.
Bitmex doesn’t charge any deposit or withdrawal fee. However, they do charge a minimum Bitcoin Network fee, which is dynamically based on Bitcoin.
How safe is Bitmex?
Bitmex uses Amazon web services to ensure that the servers are well protected and a variety of security facilities are available. Bitmex takes the security of its users’ assets carefully.