Many people are trying to trade cryptocurrencies, primarily thanks to their head-spinning growth in 2017, but also their incredible reputation. Those who are interested in the cryptocurrency market surely remember the Norwegian guy who invested 26 $ in bitcoin back in 2009, only to be 886,000 $ richer just a few years later. Or a programmer from Florida who paid 10,000 bitcoins for a single pizza back in 2010. Today, that pizza would be worth a staggering 60 million! After stories like this, it is quite understandable that a large number of people want to participate, but cryptocurrencies are still a relatively new phenomenon with many pitfalls and scams lurking.
The simplest way to understand cryptocurrencies is to imagine the digital form of cash. It’s rather easy to imagine real paper cash- after all, you carry it in your wallet knowing it is there. The fact that you’re carrying it in your pocket, says enough. Cryptocurrencies exist in online space, so a special system of recording who owns them and in what measure, had to be developed. This system is called blockchain, a special database that keeps records of all transactions. To find out more about where to trade cryptocurrencies you can visit CrunchyTricks, or keep reading this article which suggests the most popular trading platforms in 2020.
Coinbase has had a fantastic reputation for many years. They are very proud to provide a complete service to their customers. According to them, users can now trade bitcoin, ethereum, and litecoin via an e-wallet that can be used on both Android and Apple mobile phones. Not surprisingly, CoinBase is one of the most popular online trading platforms around the world because it allows you to buy, sell, and store cryptocurrencies – all in one place. The platform is very easy to use, and most importantly, suitable for beginners. This is crucial given that cryptocurrencies are quite a novelty and users need some time to gain experience. With this premise in mind, CoinBase has also taken care to offer insurance to customers who store their cryptocurrencies on the platform itself.
Cex.io is one of those platforms that truly offers a whole range of services to anyone interested in cryptocurrency trading. You can, obviously, trade cryptocurrencies with any classic currency you want and vice versa. This platform primarily targets users who are not experienced in cryptocurrency trading, as it also offers additional services. It is available worldwide.
The special feature of this exchange is that it offers the biggest number of digital currencies – bitcoin, ethereum, litecoin, monero, dash, bitcoin and digital note, and many others. So, if you want to trade lesser-known digital currencies, Changelly is for you. It was created in 2013 in Prague and is connected to MinerGate, which enables cryptocurrency mining. It accepts the US dollar and the euro, and the transaction fee is 0.5 percent.
This is another popular platform that trades Bitcoins and other digital assets. This platform is fairly new to the market, launched only in 2017, but they have managed to comply with the standards of security, trading, and customer support that only platforms that have existed for almost ten years have achieved. In terms of trading, Binance has consistently remained among the top five highest-ranked stock exchanges in the world.
Regulated exchange offices offer a complete service to their clients and are subject to strict regulatory frameworks so that they can continue to operate. CoinHouse is an exchange office founded in 2014 and has a regulated status. According to the experience of many users, it is one of the most secure trading platforms on the market. It is a direct product of the team that created the famous Ledger Nano S wallet. If we take all this into account, it is clear that the levels of security in this case are at an enviable level.
Changenow is a platform that offers cryptocurrency to a cryptocurrency exchange. When using it, you can change more than 170 cryptocurrencies, via web and app. The transactions are fast, anonymous, and user friendly. You can perform the purchase with Visa and MasterCard, but before you decide this, you should know there’s a 7% interest. There are also no buying limits.
Shapeshift technically functions as a stock exchange, although it belongs more somewhere between Coinbase and more direct trading platforms. This makes it probably the best of both worlds because it’s fast and comfortable, but you don’t get involved in the trade as much as when you trade directly. It is also much more private because it does not require accounts and authentication, and supports many more currencies than Coinbase. An important point to mention about ShapeShift is that it does not support trading traditional currencies like the US dollar. This means you will have to go somewhere else to buy or sell cryptocurrencies, but that makes it perfect for exchanging one cryptocurrency for another.
Kraken is a global stock exchange that has been around for five years. When it comes to security issues, the Kraken can brag about its high-tech security controls such as two-factor authentication and PGP / GPG encryption. It’s important to mention also, that Kraken is the first big cryptocurrency trading platform that has entered the Forex market. Since March 12th Kraken offers to trade on the Forex market with none new currencies. Users from around the world, excluding those from the USA will be able to trade for currencies such as the euro, USD, CAD, JPY, GBP, and CHF via the Kraken platform.
Bittrex is a platform where you can trade between cryptocurrencies. You cannot buy any cryptocurrency here, and that also applies to bitcoin, you can only trade cryptocurrencies. Nothing complicated, although at first, it seems so. Send bitcoins to Bittrex from your wallet and trade. When you no longer want to trade, withdraw your coins to your wallet.
Giving the fact that most countries of the world have no regulated tax policies when it comes to bitcoins, for your safety, before trading cryptocurrencies, double-check if this is also the case with your country.