What are Bitcoin Exchanges -3 Best Bitcoin Trading Exchanges
Bitcoin exchanges are websites where you can buy, sell or exchange your bitcoins for other digital currencies or traditional currencies like the United States Dollars or Euro.
What you should look out for before using any bitcoin exchanges.You should always do a little homework before you use any bitcoin exchanges. Here are some things you should look out for.
Payment Methods;
What are the payment methods available on the exchange? Do they allow payments via credit cards, debit cards or wire transfer from your bank?
You should always remember that buying bitcoin with credit cards will require your identity verification and it comes with a premium price as there is a higher risk of fraud and high transactional fees. Meanwhile, buying bitcoin through the wire transfer payment option will take significantly longer as it takes time for banks to process.
Verification Requirements; Most of the bitcoin exchanges require some sort of ID verification in order to make withdrawals and deposits. Verification can take up to a few days, it protects the exchange against all kinds of scams and money laundering.
Although some exchanges will allow you to remain anonymous. Reputation; One of the best ways to find out about an exchange is to search through reviews from well-known websites or forums like Reddit or BitcoinTalk
Trading Fees; Trading fees can differ, it all depends on the exchange you use. Most bitcoin exchanges should have fee-related information on their websites. Make sure you understand deposit, transaction, and withdrawal fees.
Geographical Restrictions; Make sure the exchange you want to join allows full access to all platform’s functions and tools in the country you live in because most exchanges are only accessible from certain countries.
So, which crypto exchanges are best to buy bitcoin?
You have enough platforms to choose from, but always remember that all exchanges are not created equal. Here are the 3 best bitcoin exchanges in no particular order, this list is based on user reviews, user-friendliness, accessibility, security and fees.
Kraken;
This bitcoin exchange is based in San Francisco, USA, it is the largest bitcoin exchanges in Euro and it is a partner in the first cryptocurrency bank. You can trade other digital currencies like Monero, Ethereum, Dogecoin, Stellar, Ripple,
Litecoin and more. Kraken allows you to transact or trade your bitcoins with Euros, US dollars, British pounds, Canadian dollars and Japanese Yen. Kraken has a good reputation, it’s easy to use with decent exchange rates. That’s not all, it comes with low transaction fees, it’s secured and supported worldwide. Kraken does not currently accept deposits via credit cards, debit cards, PayPal, or similar services.
Poloniex;
Poloniex is a bitcoin exchange that offers you a secure trading environment with so many bitcoin pairings, data analysis for advanced traders. It employs a maker-taker fee schedule for all trades, so fee changes depending on if you are the maker or taker and the amount traded.
Poloniex was founded in 2014 and has since then proven to be one of the world’s leading bitcoin exchanges with more than 100 different bitcoin pairings. It also offers a secure trading environment for beginners and experienced traders. There are no fees for withdrawals asides from fees required by the network.
LocalBitcoin
This bitcoin exchange is a peer-to-peer platform with buyers and sellers in so many cities around the world. You can buy, sell and meet up with people in your area through this exchange. You can deposit through PayPal, skrill or even arrange to deposit cash at your local bank branch. It uses a 2-factor authentication to add extra security, preventing hackers from accessing your account, and it has to be done by you, the user.
Local Bitcoins also keep a record of the browser that is constantly used for logging into your account. If you use a new IP address, then you have to pass through a verification process through email to confirm your identity. It’s beginner-friendly and available worldwide.
Conclusion
Choosing the best bitcoin exchange platform according to your needs can be a difficult and time-consuming process sometimes. You should never forget that you are not limited to using only one bitcoin exchange.
