When it comes to buying and trading cryptocurrency online, there are many options available. In order to make it easier for you, I have made a selection of 3 cryptocurrency exchanges which I can personally recommend.
- Coinbase;
- Binance; and
- Bitmex.
These are cryptocurrency exchanges that I have been using on a daily basis, both for private and professional use, for many years (Coinbase and Bitmex: 4 years; Binance: 2 years) and which have proven to be very reliable.
The reason I chose 3 separate exchanges is because I found that each of them has a different target audience and use case.
Coinbase
Coinbase is the best funded cryptocurrency exchange in the industry. One of its main goals is accelerating the mainstream use of cryptocurrency. Its primary focus is on the more recreational user.
The Coinbase platform supports fiat currency (e.g. USD and Euro) and cryptocurrency deposits and withdrawals.
It offers a beautiful and easy-to-navigate user interface and its customer support is unmatched by any other cryptocurrency exchange.
Their mobile app, through which you can buy, sell, store, send and receive cryptocurrency is widely regarded as the best in the industry.
The downside of Coinbase is the rather limited number of cryptocurrencies available on the platform, in comparison to other exchanges (e.g. Binance). The types of cryptocurrency available on Coinbase (January 2019) are: bitcoin, bitcoin cash, ethereum, ethereum classic, litecoin, ZRX, Zcash and Basic Attention Token.
Their limited inventory of cryptocurrency represents a selection of some of the biggest and well established cryptocurrency to date.
I expect Coinbase to gradually add support for more types of cryptocurrencies in the future, once some of the newer cryptocurrency have been vetted and have become more established.
If you are new to cryptocurrency, their selection of cryptocurrency will most likely be more than enough to start off with. In this regard, the Coinbase platform is in my opinion the best place to start exploring the new world of crypto.
If you’re just starting out and are not sure what type of cryptocurrency to buy, you can take advantage of their Coinbase Bundle service. The Coinbase Bundle is a new way to quickly and easily buy five cryptocurrencies available on Coinbase in one single purchase. The bundle will consist of Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ethereum Classic in different ratios based on the market capitalization and price at the time of purchase.
You can register for a free account on Coinbase by clicking here.
If you register using the above link and initiate a buy or sell of $100 USD or more (or 100 USD equivalent of your domestic currency) within 180 days of opening an account, you will receive an extra 10 USD for free in your account.
Binance
Binance is is the biggest cryptocurrency exchange in the world (in terms of daily trading volume). Founded by crypto billionaire Changpeng Zhao in 2017, the platform has experienced explosive growth in only a short couple of years, becoming the go to platform for recreational users and advanced crypto traders worldwide.
A major difference with Coinbase is that Binance deals exclusively in cryptocurrency. Hence it does not support fiat currency deposits or withdrawals (although Binance is working towards adding support for Euro and GBP in the course of 2019).
Binance’s biggest selling points are (a) its speed and efficiency and (b) the diverse range of crypto trading pairs available.
(a) speed and efficiency
Their account registration process is incredibly smooth and quick. It took me personally less than 30 minutes to register for an account and get verified, almost at the same time.
Their currency trading desk is one of the best in the world. They have managed to build in-house a matching engine capable of processing 1,400,000 orders per second, making Binance one of the fastest exchanges in the market today, and it shows. You can execute crypto trades on Binance in a breeze.
(b) diverse range of crypto trading pairs
Binance has a unique approach when it comes to listing crypto trading pairs on their exchange. Anyone willing to list a cryptocurrency can apply through a streamlined listing application process. The Binance team will vet the application on the basis of a specific set of listing requirements. If a cryptocurrency meets all their listing requirements, the application will in principle be accepted and the cryptocurrency will be listed.
The result is that Binance has the largest offering of crypto trading pairs of any cryptocurrency exchange, with well over 100 different cryptocurrencies listed.
If you are a more advanced user or crypto trader, looking to trade more than just the well established cryptocurrencies, I highly recommend taking a closer look at Binance.
You can register for a free account on Binance by clicking here.
BitMEX
BitMEX (Bitcoin Mercantile Exchange) was co-founded in November 2014 by Arthur Hayes, a former equity derivatives trader and banker for Deutsche Bank and Citibank.
BitMEX is aimed at professional investors, whether you’re a high-volume trader or an institutional investor.
It is a cryptocurrency derivatives trading platform that offers investors access to the global financial markets, using only Bitcoin. More in particular, it facilitates the trading of P2P cryptocurrency futures contracts, which are settled exclusively in bitcoin.
The available trading pairs are XBT/USD, ADA/XBT, BCH/XBT, EOS/XBT, ETH/XBT, LTC/XBT, TRX/XBT and XRP/XBT. (January 2019)
Perhaps the most appealing aspect of BitMEX for professional investors is that the platform offers up to 100x leverage on all of its products (except ‘up’ and ‘down’ contracts), which is more than any of its competitors. To see an overview of the main differences between BitMEX and competing platforms click here.
You can register for a free account on BitMEX and receive a 10% fee discount on all trades for a period of 6 months by clicking here.
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