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Top 5 Cryptocurrency Exchanges in 2021 – Best Crypto Exchange

Trading on cryptocurrency exchanges requires knowledge about the market, which can help you gain profit.

Cryptocurrency exchange

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.

1.Binance

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.

Origin

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.

Withdraw

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.

Fees

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.

2.Coinbase

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.

Origin

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.

Fees

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.

3.Bityard

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.

Origin

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.

Fees

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.

4.Huobi

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.

Origin

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.

Fee

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.

5.Bitmex

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.

Fees

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.

Bitcoin Basics For Beginners

What are bitcoins?

Bitcoins are decentralized, purely digital virtual coins exchanged directly between two parties online with no middle man. Unlike modern fiat money, Bitcoin, is not controlled or backed by any bank or central government authority.

Are bitcoins anonymous and untraceable?

No, contrary to popular belief, they aren’t. A traceable trail of each Bitcoin transaction is left behind in a public log known as the blockchain. The public record prevents people from spending the same bitcoins more than once.

How does Bitcoin work?

Each bitcoin is a computer file stored in a digital wallet on a computer or smartphone. To understand how the cryptocurrency works, it helps to understand these terms and a little context:

  • Blockchain: Bitcoin is powered by open-source code known as the blockchain, which creates a shared public ledger. Each transaction is a “block” that is “chained” to the code, creating a permanent record of each transaction. Blockchain technology is at the heart of more than 10,000 cryptocurrencies that have followed in Bitcoin’s wake.
  • Private and public keys: A bitcoin wallet contains a public key and a private key, which work together to allow the owner to initiate and digitally sign transactions, providing proof of authorization.
  • Bitcoin miners: Miners — or members of the peer-to-peer platform — then independently confirm the transaction using high-speed computers, typically within 10 to 20 minutes. Miners are paid in bitcoin for their efforts.

Bitcoin value follows the law of supply and demand — and because demand waxes and wanes, there’s a lot of volatility in the cryptocurrency’s price.

Besides mining bitcoin, which requires technical expertise and investment in high-performance computers, most people purchase bitcoins as a form of currency speculation — betting that the U.S. dollar value of one bitcoin will be higher in the future than it is today. But that’s difficult to predict.

How to store the Bitcoin?

Bitcoins can be stored in two kinds of digital wallets:

  • Hot wallet: Digital currency is stored in the cloud on a trusted exchange or provider, and accessed through a computer browser, desktop, or smartphone app.
  • Cold wallet: An encrypted portable device much like a thumb drive that allows you to download and carry your bitcoins.

Basically, a hot wallet is connected to the internet; a cold wallet is not. But you need a hot wallet to download bitcoins into a portable cold wallet.

How bitcoins are purchased?

There are four ways to get bitcoins:

  • Cryptocurrency exchanges – There are a number of exchanges in the U.S. and abroad. Coinbase is the largest cryptocurrency exchange trading more than 30 cryptocurrencies.
  • Investment brokerages – Robinhood was the first mainstream investment broker to offer Bitcoin and other cryptocurrencies (Robinhood Crypto is available in most, but not all, U.S. states). Tradestation, eToro, and Sofi Active Investing also offering cryptocurrency trading in most U.S. states.
  • Bitcoin ATMs – There are more than 7,000 bitcoin ATMs in the U.S. 
  • Peer-to-peer purchases – True to its original spirit, you can buy bitcoins directly from other bitcoin owners through peer-to-peer tools like Bisq, Bitquick, and LocalBitcoins.com.
  • Bitcoin mining – You can earn bitcoins through mining, but the technical expertise required and computer cost put this option out of reach for most.

Which companies accept Bitcoin payments?

Thousands of businesses throughout the world currently accept Bitcoin as a form of payment, including reputable e-commerce businesses like:


Burger King
Overstock
Microsoft
Subway
AT&T
KFC

Bitcoin is an incredibly speculative and volatile buy. It’s worth remembering that stock trading can give you a similar thrill — and picking stocks of established companies is generally less risky than investing in Bitcoin.