Cryptocurrencies have really come in to the public eye over the past two years and with this new found fame, many of us are starting to dabble in owning and trading cryptocurrencies.
As the name would suggest, digital currency cannot be obtained from your local cash point or from the bank. You need a real digital platform to trade in Ether, Ripple, Bitcoin or any other cryptocurrencies. These exchanges allow you the chance to exchange any digital currency for another, or even, depending on the type of exchange, a fiat currency too.
There are so many cryptocurrency trading platforms available and for any novices or anyone looking for a fresh approach your options can be a little overwhelming. A simple Google search for cryptocurrency trading platforms will prove to you how much choice there is and with all platforms on first sight looking to offer you very similar experiences.
But which one should you choose? Which will work best for you? There is no wrong or right answer to this; a lot of this comes down to personal choice. However. you will be pleased to know we have taken a look at the majority of these platforms and reviewed five of our favourite to save you the trouble!
We have rated each platform based on; fees, reliability, which cryptocurrencies they support and most importantly, security.
Worldwide, Binance has an incredible and popular reputation. Binance offers extremely low trading fees and is now listed in the top 10 of cryptocurrency exchange platforms; primarily for it’s large selection of alt coins with Ethereum, Bitcoin and Tether Pairing.
You also have the chance of earning decent discounts when conducting trade in their own coin, BNB. Both Binance’s web and mobile interfaces are simple and fun to use.
One of the most reliable and easy to use platforms comes in the form of CEX.IO. Their interface comes with an instant buy/sell option which makes the whole trading process very handy and easy to use. One downside though is they charge a 7% fee for Visa and MasterCard transactions.
As with Binance, CEX.IO has it’s own web and mobile apps with high liquidity and fast order fulfilment. All of their fees depend on the total 30-day volume for all pairs and vary.
Bittrex is a US based platform allowing you the chance to trade in large numbers of trading pairs. In terms of security, Bittrex is one of the best platforms as it offers 2FA and is regulated and fully compliant with all US rules.
Bittrex’s service fees normally sit around the 0.25% mark. Using Bittrex is very simple, user friendly, and easy. Please note however, Bittrex doesn’t allow you to deal in fiat currencies – this is a crypto only exchange.
Bitfinex is a great one stop shop platform which allows you to trade conveniently and effectively. We would suggest that the platform on Bitfinex is more accustomed for people with more trading experience as it is fully customisable. With access to all of the popular alt coins and cryptocurrencies, Bitfinex offer an incredible support service with tickets normally being resolved within 24 hours.
Another favourite platform of ours due to it’s secure two-factor authentication and cold storage and hot wallet services for storing funds. Gate.io is very hassle free and is a great starting point for newcomers. Gate.io currently allows you to register and create accounts for FREE and allows minimum exchange fees of only 0.2%.