Cryptocurrency exchange platforms are networks where users can exchange traditional currencies for cryptocurrencies as well as altcoins (another name for cryptocurrency) for cryptocurrencies.
These exchange platforms are bringing forth a new money exchange model the conventional financial order as we know it has not experienced for quite a long time.
So here you can become familiar with some of the top cryptocurrency trading platforms in the market with a thorough comparison of three of the leading ones: Coinbase, Changelly, and Poloniex.
Before exploring the key characteristics of each exchange platform, though, it may be prudent to lay out what you can expect from a reliable and successful exchange platform to make an educated decision.
Confidentiality: With how much personal information do you need to provide the platform? For example, does the platform require ID authentication?
Limitations: Is there a restriction on how big a purchase you can make? Does the platform allow the trading of large amounts? Some trading platforms set withdrawal limitations, for instance.
Charges: How much does the exchange platform charge users per transaction? Are these fees fair compared to other platforms? Processing fees differ depending on the method of payment as well, so it is a sound idea to compare the fees associated with different types of transactions among different exchange platforms before making a decision.
Processing speed: How quickly does the platform process coin transfers? Be aware that most processing delays are caused by archaic banking operations and usually have nothing to do with cryptocurrency.
Platform status: Does the trading platform have a good reputation? Has it been in service long enough in adherence to clear regulatory guidelines? Over the years, dozens of cryptocurrency trading platforms have been revealed to be scams, so it is of utmost importance to do your research to avoid getting conned.
Coinbase
Coinbase is a great entry into the cryptocurrency world, especially if you don’t have any experience with cryptocurrencies. Offered in the U.S., U.K., Canada, Australia, Europe, and Singapore, Coinbase has a very user-friendly interface, enabling straightforward transactions using Bitcoin, Litecoin, and Ethereum.
Given that a large number of cryptocurrencies can only be traded with Bitcoin, Coinbase is an optimal starting point for first-time users regardless of what type of cryptocurrency they are interested in. Coinbase supports credit card and bank account payments and charges a fee of 3.99% for credit card transactions and 1.49% for wire transfers.
Changelly
Changelly is a singular trading platform in that it operates without the necessity of any deposits. Users of the platform simply choose a type and sum of coins to purchase, and the platform walks them through the process without having to make a deposit. In the fast-growing cryptocurrency market, Changelly has quickly become the most accessible and convenient network for cryptocurrency trading. You set the rate and just let the platform handle the rest.
Poloniex
Where volume is concerned, Poloniex has become the most notable exchange platform in the crypto market with a remarkable liquidity rate for a large number of cryptocurrencies.
The most obvious setback is that the platform has also become an easy target for hackers because it works with deposits as opposed to platforms like Changelly, meaning if you choose to go with Poloniex, it is best to keep your funds stored on the platform for only a limited amount of time.
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Posted on May 22, 2023