Many people are interested in becoming familiar with the world of cryptocurrency—and there are more than a few places you can go to learn about it. But which exchanges should you consider?
Cryptocurrencies are digital currencies that can be used online as a method of payment. Many cryptocurrency exchanges allow users to trade these currencies for one another in exchange for fiat currency like USD, Euro, or GBP.
If you want to get involved with the booming cryptocurrency market, there are plenty of ways to buy and sell digital currencies without touching fiat money.
Bitcoin and other cryptocurrencies have experienced incredible growth in the past few years.
From being unknown commodities and uninvestable assets, they’ve gone mainstream. If you’re considering investing in digital currencies, you’ll want to compare popular cryptocurrency exchanges to find the one that’s right for you.
The popular cryptocurrency exchange market has become a major force in the world of digital currency, and it’s a marketplace that’s growing daily.
There are more than 500 different cryptocurrencies available for trading, and the exchanges that host them are constantly battling for your attention.
That being said, you may want to consider the top 6 cryptocurrency exchanges ranked by their popularity:
Binance is one of the most popular cryptocurrency exchanges in the world. This exchange was founded in 2017 as a blockchain-focused company that wanted to provide an easy platform for its users to purchase cryptocurrencies. In its first year of operation, the exchange reported a 24-hour volume of $2.5 billion.
The platform currently supports both USD and Bitcoin (BTC) deposits and withdrawals and offers to trade of a wide range of digital assets. As of August 2020, Binance has a total trading volume of approximately $3.4 billion per day, and it’s one of the most liquid cryptocurrency exchanges on the planet.
Bitfinex is another popular cryptocurrency exchange that’s based out of Hong Kong. It’s one of the largest cryptocurrency exchanges in the world, and one of the oldest exchanges in existence. In addition to BTC trading, the exchange allows customers to purchase ETH with fiat currency.
The company has a long history as a cryptocurrency exchange that’s focused on providing customers with fast and reliable service. Bitfinex offers a full suite of services, including trading fiat currency for Bitcoin (BTC) and Ethereum (ETH).
In addition, the exchange supports a wide range of cryptocurrencies including Bitcoin, Ether, Litecoin, Monero, Zcash, EOS, and many others. As of July 2019, Bitfinex had a trading volume of $2.1 billion per day, and it’s considered one of the largest cryptocurrency exchanges in the world.
Coinbase is one of the biggest and oldest cryptocurrency exchanges in the world. Founded in 2013 by Brian Armstrong, this company is based in San Francisco and is one of the most well-known names in the industry.
The exchange supports fiat currency deposits and withdrawals in a variety of currencies and supports both BTC and ETH trading. Coinbase was founded as an online wallet service that allowed users to buy and sell digital currencies without leaving their computers.
Coinbase now provides its own trading platform called GDAX that allows customers to purchase Bitcoin with debit cards or wire transfers. In addition to trading BTC for fiat currencies, Coinbase offers a full suite of cryptocurrency services like account management and a user-friendly interface.
As of June 2019, Coinbase has a daily trading volume of approximately $2.3 billion and is considered one of the largest cryptocurrency exchanges in the world.
Poloniex is one of the oldest and most popular cryptocurrency exchanges in the world. Founded in 2013 as “Poloniex Exchange,” the company is headquartered in Seattle and supports both BTC and ETH trading.
Poloniex allows users to make deposits and withdrawals in US dollars, and it also supports both credit card and bank deposits. In addition to fiat currency deposits, Poloniex provides a full suite of services including account management and crypto wallet management.
As of January 2020, Poloniex had a trading volume of $2.6 billion per day, making it one of the biggest cryptocurrency exchanges in the world.
HitBTC is one of the newer cryptocurrency exchanges that’s based out of China. It was founded in 2013 and has been expanding rapidly ever since. As one of the more well-known cryptocurrency exchanges in Asia, HitBTC is the perfect platform for people looking to trade Bitcoin and other cryptocurrencies for Chinese yuan (CNY).
This exchange offers CNY deposits and withdrawals as well as BTC and ETH trading. It allows customers to buy Bitcoin with CNY, or deposit CNY and withdraw BTC.
The company also offers a wide range of cryptocurrency services like account management and an easy-to-use interface.
As of January 2020, HitBTC had a daily trading volume of $2.3 billion, making it one of the largest cryptocurrency exchanges in the world.
Bitstamp is one of the most well-known cryptocurrency exchanges in Europe. The exchange was founded in 2011 by Nejc Kodrič and Jan Kellner, and they’ve been offering cryptocurrency services for over a decade.
Bitstamp allows users to make deposits and withdrawals using traditional bank transfers. It also supports BTC and ETH trading, and a full suite of services including account management, and an easy-to-use user interface.
Bitstamp has been operating since 2011 and has maintained a daily trading volume of nearly $2.1 billion per day.
The Bottom Line
There are dozens of cryptocurrency exchanges available to anyone looking to buy, sell, trade, or invest in cryptocurrencies. Some of these exchanges are more well-known than others, and some are newer while others are old and have been around for years.
However, there are two key things you need to keep in mind when selecting your platform:
● How many currencies do they support?
● Do they have fiat currency deposits?
The best way to find out if an exchange supports a particular cryptocurrency is by checking their website. Most exchanges will list the cryptocurrencies that they support on their website.
If an exchange supports a variety of cryptocurrencies, then it’s probably a safe bet that it supports all the major coins. On the other hand, if the exchange only supports one or two cryptocurrencies, you may want to move on to another platform.