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Without a doubt, the most prominent features for cryptocurrency marketplaces are safety and security. As security standards improve, a number of other features may become desirable depending on your trading style. But regardless of what you are looking for, this list of exchanges will give you a good overview of the best options available.
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Although newer, Cryptoexchange (https://cryptoexchange.com) now offers a fully regulated and licensed cryptocurrency escrow service and exchange. As a cryptocurrency marketplace for first-time traders, the platform excels in providing a simple interface. Additionally, they offer customer support around the clock and phone support during business hours.
Compared to other exchanges, wait times are significantly shorter than the few days (to a few weeks) that the larger exchanges typically require. Users can make their first cryptocurrency purchase with a bank deposit, credit or debit card, peer-to-peer trading, or a third-party trading platform such as Simplex.
As the first-ever escrow service for cryptocurrency, the platform aims to reduce fraud by being the third party that holds and disburses funds when both ends of an agreement are met.
Coinbase (https://www.coinbase.com/) is one of the oldest and most widely known cryptocurrency marketplaces. It now operates in more than 40 American states. The exchange is known for its simple user interface that targets beginning users.
Users can also access Coinbase on iOS and Android devices. Therefore, it continues to attract a large user base. As a result, the Coinbase marketplace has high liquidity and a wide range of coins for users to exchange. Some lesser-known altcoins available include EOS, Tezos (XTA), Stellar Lumens (XLM), and more than 20 others.
Unfortunately, due to high fees for users who are not on Coinbase Pro, the variety of coins available for exchange might not be a compelling enough cause for many to use this platform. Additionally, traders must keep in mind that the platform makes no downloadable trading software available, either. In other words, the platform supports only online options for cryptocurrency storage.
Binance (https://www.binance.com/en) is one of the best exchanges for cryptocurrency variety, as it has one of the largest selections of altcoins and trading pairs. The Binance cryptocurrency marketplace also has access to more advanced charting for active traders who are looking for quick market updates.
Binance abides by strict security protocols. These include the “Know your Customer” verification, which allows you to confirm users’ identities before accessing their account. Although this reduces anonymity, it also can act as a deterrent for fraudsters who try to sign up for a Binance account. Another benefit is that the platform is available internationally and is not limited by region.
Kraken (https://www.kraken.com/) has gained a reputation as a trusted marketplace since its beginnings in 2011 when cryptocurrency enthusiast Jesse Powell created it. As a trading platform for advanced traders, the exchange formed connections with banks in Germany and Japan to ensure greater security for its users. The exchange has never been hacked and continues to abide by robust security features, including two-factor authentication. Kraken also uses proof-of-reserves audits to guarantee its assets are where the company says they are.
While the platform is believed to be among the most secure, the technical features are more complex. Therefore, the site can be difficult for new cryptocurrency traders to navigate. For those who have been trading for a while, though, features like spot trading and margin trading are helpful. Nonetheless, these features could provide unnecessary confusion for amateurs.
Bitpanda (https://www.bitpanda.com/en) is an extremely safe option for newbies and experienced bitcoin traders alike. The platform now makes four fiat currencies and 25 cryptocurrencies available for trading across Europe. While the platform has many appealing features, including various payment options, the main drawback of this cryptocurrency marketplace is that it is not available outside of Europe.
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Choose a Cryptocurrency Marketplace That’s Right for You
All of the exchanges listed here are excellent options for one reason or another. For example, each has earned a reputation for being secure. Each one offers innovative features and great customer service. Plus, they all continue to manage thousands of transactions each day.
Before deciding on an exchange, however, many find it helpful to do some additional background research. This may include reading customer reviews, forums, and background on the founders. Conducting your own due diligence will allow you to gain a more holistic view of the available offerings.
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