Cryptocurrencies are new investments with new technology. Though existing independently, they are the passengers of the crypto exchanges‘ rides that take them from one account to another. Digital currency exchange is a platform for trading cryptocurrencies. Some can send the coins to your crypto wallets while some can convert them into anonymous cards that can be used to withdraw funds from the ATMs. However, what follows the investments is the safety of the trade.
Internet crimes are as high as the use of the internet itself, and crypto exchanges are no new victims. Several hacks have invaded the platforms and drove people on a fast slide of losses.
The thieves broke the crypto gate
The most iconic virtual currency exchange hack: Mt. Gox disrupted the belief of thousands of users. The swindle concerned a theft of $30,000 in Bitcoin when took place in 2014. Where people sighed with the event being over, the second Mt. Gox hack infamously became the major crypto crime. This time the fraud took over a massive $460 million worth of bitcoins where 750,000 bitcoins belonged to the customers. Although the sufferers filed lawsuits, yet they were left barehanded.
We Skype to swipe your crypto.
In 2015, Bitstamp became prey to a $5 million worth of bitcoin hack. The attackers used Skype and email to communicate and distributed the infected files to the systems. Ultimately they gained access to the hot wallet file of Bitstamp and caused significant loss to the users’ assets and the platform’s reputations.
Hack of the crypto pack
The Bitfinex theft wave left the crypto industry in shock. More than $60 million worth of bitcoin was stolen from the world’s largest digital currency exchange in 2016. The hoax represented the second major loss after Mt. Gox. Multi-signature accounts were impacted, and customers lost significant wealth. Other than this, Bitcoin prices plunged sharply as soon as the news broke out. Despite the high-level security measures like two-factor authentication, the trading network fell victim to such a huge loss.
Besides these, last year, Coincheck, the Japanese crypto exchange platform, was hacked for a record amount of $530 million in digital tokens. It emerged as one of the biggest crypto heists in history.
Therefore, the pinpoint details you acquire of the cryptocurrencies you invest in, make sure you don’t miss the same for trade networks. You can select wisely, be happy, and stay wealthy.
Do the crypto homework before you enter the exchange class.
The best way to know about an exchange is to search for its reputation. You can go through the reviews and clarify any doubts on various crypto forums. Also, before joining any platform, ensure that you understand the fee charges and payment methods. What payment methods they use, are they secure, are they suitable for you? All these queries must be taken into account. Another primary consideration is the Exchange rate. Different rates are followed on various exchanges. You will be surprised at how much you can save if you browse through these networks. Security must be the focus. Make sure to check for the 2FA (two-factor authentication). Further, does the exchange assist in compensating the lost funds, and if not, does it offer insurance to cover them?
Besides this, research on the fact of whether the exchange is involved in altering the trading volumes. Shocking it is but is it the truth. Trading volumes are of vital importance when you decide to buy or sell your cryptocurrency.
Be a bit wise, pal
According to the reports by Bitwise, a cryptocurrency index fund provider, 95 percent of the recorded BTC trading volume is fake.
The crypto exchange platforms happen to program market manipulation where sell and buy orders are placed on the same asset to create crooked and misleading trading activities in the market. Defined as Wash trading, this manipulation is illegal. Its widespread use is directly linked to attaining a rise in the CMC rankings and acquiring more users and more earnings through higher fees. But simultaneously, such fake trading information can take you to a road of losses.
We hereby bring you an array of crypto exchanges that are secure and reliable.
Enhance the finance on Binance.
Binance, the crypto trade platform is currently the most popular and trusted exchange. The Hong-Kong based network accepts users from across the globe and proffers the crypto to crypto trade. You can choose between the basic and advanced interfaces. The basic interface presents a quick view of the market and trading pairs, whereas the advanced view gives you access to more enhanced charting tools. Binance serves you to withdraw and deposit around 100 digital coins, including Bitcoin, Ripple, Binance Coin, Ethereum, Litecoin, Bitcoin Cash, and more.
The exchange charges an average fee of 0.1% on each trade. However, the withdrawal fee varies for each cryptocurrency. Binance is considered a safe platform. It allows its users to protect their account via the use of 2FA.
Never forsaken on Kraken
Kraken is a profoundly appreciated digital currency exchange. It is a US-based platform that provides an advanced interface with margin trading and Over The Counter services. In terms of cryptocurrencies, Kraken supports 20 different virtual coins: BTC, LTC, EOS, ETH, BCH, XRP, XMR, and more. In addition to crypto coins, it also assists you with five of the fiat currencies: Euros, USD, JPY, GBP, and CAD.
Kraken fee charges are among the lowest in the market. The trading fees vary between 0% to 0.26%. It depends on whether you are purchasing or selling the currency. Buyers usually pay 0.16% whereas the sellers commonly pay 0.26% on every trade. The exchange is accessible worldwide except for a handful of countries: Afganistan, Cuba, Iran, Iraq, Japan, North Korea, and Tajikistan.
On the question of security, let me acquaint you with the fact that Kraken has never been hacked. It supports the 2FA and mostly stores the currency offline. The exchange maintains full reserves to avoid any possibility of a bank run.
Enlighten your trading lamp with Bitstamp
Bitstamp holds the reputation of being one of the oldest and most respected crypto exchanges. Founded in 2011, today, the platform has achieved the spot among the leaders. It supports not only the virtual currencies but also traditional money. Bitstamp features BTC, BCH, ETH, LTC, and XRP among the crypto coins and Euros, and the US Dollar among the fiat currencies. The fee accompanying the deposits and withdrawals is less as compared to other exchanges. The trading fees cost 0.25% for monthly volumes under $20,000 and can drop all way down to 0.10% if you are lucky enough to be working with more than $20 million. Other than this, deposits and withdrawals on Bitcoin, Litecoin, and Ethereum are free of charges.
Bitstamp operates a high level of professionalism and stays within the law’s boundaries. The exchange places all the assets into cold storage, and the online assets are hosted on Amazon Web Services. It also proffers the two-factor authentication for the safety of your holdings. Currently, the platform is available across the EU and the US and 60 more countries, including Australia, Brazil, China, Japan, New Zealand, and more.
Coinbase, the way through the trading maze
Coinbase is among the most prominent cryptocurrency exchanges, with more than 12 million users worldwide. The platform, founded in 2012, started as a Bitcoin brokerage service but grew into one of the most popular exchanges. Coinbase allows you to trade crypto to crypto, fiat to crypto and crypto to fiat. It supports the USD, EUR, GBP, AUD, and more. In terms of cryptocurrencies, the exchange allows the trade of BTC, ETH, XLM, ZEC, ETC, EOS, and many more. The exchange charges fees ranging from 1.49% to 3.99% depending on your payment method. However, Coinbase does not charge you any fees for the transactions between coinbase accounts.
Besides this, the exchange is considered as one of the most secure platforms. Coinbase provides transparency to its methods, and 98% of the funds are stored offline. The more massive amount of cryptocurrencies can be protected under the Coinbase Vault. Along with this, it also aids you with insurance policies to compensate for the lost funds. Coinbase proffers the fiat and cryptocurrency trade in 32 countries and bitcoin transactions and storage in 190 countries globally. Furthermore, the network also operates Coinbase Pro to assist the more advanced traders.
Choose wise to trade nice.
We have presented you with the most trusted and genuine cryptocurrency exchanges. You can narrow down your choices from our review, but we advise you to visit and thoroughly learn about the different exchanges. Also, you must never depend on a single exchange platform and divide your investments.
We will keep on updating this article. Stay put for more reliable and profitable crypto exchanges that can make your trade easy.