Bitcoin (BTC)

1 BTC


Ethereum (ETH)

Litecoin (LTC)


NEM (XEM)

Ripple (XRP)


Ethereum Classic (ETC)

Dash (DASH)


Monero (XMR)

Syscoin (SYS)


Navcoin (NAV)

Click here to start trading on the Binance exchange. Any proceeds will go towards maintaining this

bitcoin forum

Intermediate Guide Choosing a Cryptocurrency Exchange

Discussion in 'Intermediate Level' started by xyzzy, Jul 30, 2017.

  1. xyzzy

    xyzzy Master of None Staff Member Super Admin

    Messages:
    229
    Likes Received:
    110
    Trophy Points:
    133
    Credits
    32%
    Hey there cryptonites.

    Attached here is our reviews on the top cryptocurrency exchanges out there for us crypto traders to use.

    Of course, this list is not exhaustive, but more will be added to it over time.

    Enjoy!
     

    Attached Files:

  2. xyzzy

    xyzzy Master of None Staff Member Super Admin

    Messages:
    229
    Likes Received:
    110
    Trophy Points:
    133
    Credits
    32%
    Top Cryptocurrency Exchanges
    While Coinbase and Poloniex are currently the largest crypto exchanges for BTC and altcoins, they don’t support all the cryptocurrencies out there. There are some altcoins that are not on Poloniex, but are only available on smaller exchanges. So, like it or not, you are probably going to end up with multiple accounts across multiple exchanges to invest in all the cryptocurrencies you want to get in on. Knowing this, we created this helpful analysis and comparison of the top cryptocurrency exchanges out there so that you know the pros and cons of each exchange you might end up using.

    -----
    Coinbase

    Description: Coinbase is quite possibly the most popular and well known exchange due to its ease of use and ability to buy BTC, ETH, or LTC directly with USD. There are some drawbacks to it though, as many times Coinbase will become unresponsive whenever trading activity is high. We’ve been burned many times trying to buy during crashes, only for our purchase orders to not go through or Coinbase cease working entirely. It’s still the easiest and quickest way to start trading crypto, which is why we recommended starting there first.

    Overview

    Exchange: Coinbase

    Exchange Type: Online + App

    Ease of Use: 3/5

    Privacy: 2/5

    Security: 5/5

    Versatility: 3/5

    Price/Fees: 2/5

    Ease of Use: Easy to sign up, easy to use, and easy to get started. Coinbase acts as the lowest barrier to entry to the crypto world, so it’s a great place for beginners to start. However, Coinbase loses some points for a few reasons. For one, the fact that the site becomes unresponsive during peak usage is quite a drawback for an exchange. An exchange should be always functioning to allow trades to occur smoothly, it has to be reliable. Also, Coinbase only displays line charts (See Section 4.1.1.1) and nothing else. This might make things simpler for the user, but it leaves out some key information that other exchanges provide, such as trading volume and open and close prices. Easy to use exchange, just doesn’t have all the necessary features for an active trader.

    Rating: 3/5

    Privacy: Not much privacy at all in Coinbase, especially if you want reasonable trading limits. Basically you are going to need to trade your personal information for higher limits on trades. The more information you give in verifying your identity, the higher the limits they’ll give you.

    Rating: 2/5

    Security: Coinbase is pretty secure, so you can feel safe leaving your money in your wallets. Just be sure to enable Second Factor Authentication (2FA) and download the Google Authenticator app on your phone. Coinbase also keeps a log of devices and IPs that were used to log into your account, so be sure to keep an eye on that to ensure no funny business.

    Rating: 5/5

    Versatility: As of now, there are only three coins you can buy and sell in on Coinbase: BTC, ETH, and LTC. This is a good enough starting point for those first getting into crypto, but for serious traders and investors, it’s simply not enough. You are going to have to use Coinbase in concert with another exchange in order to invest in coins outside of those three that Coinbase supports. That’s just the way the cookie crumbles (for now).

    Rating: 3/5

    Fees: Buy and sell fees on Coinbase can be quite high and certainly must be taken into account when making trading decisions. For example, you may buy ETH at a price of $207, but with fees included the price you really paid for it might be $210 or more, depending on the payment method used. Don’t forget, there is also a fee for selling too, so just keep in mind that you are going to get slapped twice for every trade. Using a credit card will net you a much higher fee (3.99%), versus using a bank account or your Coinbase USD wallet (1.49%). You can look at Coinbase’s fee schedule here: https://support.coinbase.com/customer/portal/articles/2109597-buy-sell-bank-transfer-fees


    Rating: 2/5
    -----



    -----
    Poloniex

    Description: Poloniex is a little more advanced than Coinbase in terms of user experience. While it’s not necessarily difficult to use and get used to, its interface is a little more complex than the simplicity of Coinbase. However, Poloniex offers a great deal more of versatility and also lacks trading limits for buying and selling. The only limits are on withdrawing funds from your Poloniex account. All in all, Poloniex offers most of what you’ll expect from an exchange.

    Overview

    Exchange: Poloniex

    Exchange Type: Online

    Ease of Use: 4/5

    Privacy: 2/5

    Security: 5/5

    Versatility: 5/5

    Price/Fees: 5/5

    Ease of Use: While Poloniex is not as straightforward and limited as Coinbase, it’s still not too hard to get familiar with the platform. Poloniex use candlestick charts rather than the simple line charts of Coinbase, so be sure not to gloss over Section 4.1.1.2 of this text where we teach you how to read them. Depositing, withdrawing, buying, and selling are pretty straightforward, but we touched a bit on how to do these actions in Section 3.2.

    Rating: 4/5

    Privacy: No privacy if you want to increase your withdrawal limits. You’ll have to provide email, street address, date of birth, and even your social security number if you want to access Level 3 verification.

    Rating: 2/5

    Security: Can’t really complain about Poloniex’s security. 2FA is provided, and you can even enable verification emails to approve any withdrawal of funds from your account. So even if a hacker gets in, they won’t be able to withdraw funds. Unless they also hacked your email. In which case, you may be SOL (Shit Outta Luck).

    Rating: 5/5

    Versatility: Poloniex is one of the largest crypto exchanges in terms of users and volume, so there is naturally a greater selection of cryptocurrencies to trade in. While you won’t find every single cryptocurrency on Poloniex, it’s got enough to get any trader, newbie or experience, overwhelmed with choice.

    Rating: 5/5

    Fees: The trading fees on Poloniex are much more reasonable when compared to Coinbase. Fees start at 0.15% for makers and 0.25% for takers. You may be wondering what a maker and a taker is… basically the maker is the one placing the order (buy or sell) and the taker is the one that fills that order. Poloniex also allows you to reach trading tiers that decrease the fees. The more you trade, the lower the fees. See the full fee schedule here: https://poloniex.com/fees/


    Rating: 5/5
    -----



    -----
    Bittrex

    Description: Bittrex is a great alternative exchange that's not as big as exchanges like Poloniex (in terms of trading volume), but has plenty of altcoins to invest and trade in. It's quite easy to get used to, and supports much of the same security features as other exchanges. You may end up having to get a Bittrex account anyways just to invest in certain coins, as Bittrex supports some altcoins that Poloniex does not.

    Exchange: Bittrex

    Exchange Type: Online

    Ease of Use: 4/5

    Privacy: 2/5

    Security: 5/5

    Versatility: 5/5

    Price/Fees: 4/5

    Ease of Use: Bittrex is not too hard to get used to. It has about the same ease of use as Poloniex, so it may take some figuring out to get comfortable with it, but once you reach that point it is straightforward.

    Rating: 4/5

    Privacy: Much like Poloniex, Bittrex places withdrawal limits on your account, with the option to increase those limits by verifying your identity and providing very personal information. Of course, while it is up to you to give as much information as you feel comfortable giving, you start off with a measly 1 BTC withdrawal limit when you first sign up. In our opinion, this is way too small for a serious trader.

    Rating: 2/5

    Security: Same security offered as the other exchanges. Your account will be secured with 2FA, phone and email verification, IP log in history, etc. As long as you use all the security features offered to you, you should be safe.

    Rating: 5/5

    Versatility: Bittrex has plenty of altcoins to choose from. We’re not sure if the selection is as wide as Poloniex, but it’s definitely more than most of us need, so no complaints here. That being said, keep in mind that there may be a coin here and there that will only be on Poloniex and not Bittrex (and vice versa).

    Rating: 5/5

    Fees: Bittrex’s fees are reasonable, but a little higher than Poloniex. Bittrex charges 0.25% on all trades. Not too shabby, but since Poloniex has cheaper fees and about the same coins support, Bittrex loses a knock.

    Rating: 4/5
    -----
     
    Cordillerabit likes this.
  3. Sean Louk

    Sean Louk Scholar Premium Member

    Messages:
    118
    Likes Received:
    48
    Trophy Points:
    118
    Credits
    5%
    You are probably already working on it, but can you also add GDAX and Kraken? I hear about those quite often. Maybe even some of the Asian ones like Yunbi?
     
    Cordillerabit likes this.
  4. Bloomby

    Bloomby Beginner

    Messages:
    6
    Likes Received:
    1
    Trophy Points:
    3
    Credits
    60%
    I always check this site https://rates.guru/ before exchange and choose one from more than ten exchangers with the best rate. It's good way to find relible exchange with fine rate and without deception
     
    xyzzy likes this.
  5. RamaKrishna

    RamaKrishna Contributor

    Messages:
    14
    Likes Received:
    9
    Trophy Points:
    8
    Credits
    4%
    Team,
    Cryptopia is one of the best exchange... Some people around in the Blockchain Community people told me that the Security is very high for the Cryptopia.... But the User Interface is little bit confusing but it's ok.....
    Before jumping in to exchanges... you are requested to do your own Research and dive into it..
    Great Day...

    RK
     
  6. billtnoones33145

    billtnoones33145 Beginner

    Messages:
    1
    Likes Received:
    0
    Trophy Points:
    1
    Credits
    10%
    thax....................
     

Share This Page