Cryptocurrency Exchanges Reviewed and Rated
In the world of Cryptocurrency trading in the online marketplace, there are many options out there for buying and selling. Earlier, we wrote about how to get your your fiat money into Crypto, and this is a piece for those of you looking to trade Altcoins. Cryptocurrency Exchanges operate out of many different countries and with varying levels of transparency. Today, we’ve got you covered, as we are going to review four of our favorite major Crypto Exchanges: Binance, Bittrex, HitBTC and Cryptopia!
Binance is the top trading platform from a security, offering, and fee perspective and is based out of Hong Kong. Binance is known for high processing speed, strong coin offerings and large community engagement. The team has deep experience in crypto and finance, and is led by CEO Changpeng Zhao, who helped build and run Bloomberg’s Futures Tradebook and platform in the early 2000s. The interface is user-friendly for beginners and comes complete with tools that experts love. Binance offers one of the best arrays of altcoins and frequently adds new coins. One of our favorite things about Binance is that they Pay you monthly GAS distributions for holding NEO!
Trading Fees: All fees on Binance have a 0.1% trading commission. If you hold BNB, you can pay for fees using this at half rate, or 0.05%!
Overall Grade: A+
Bittrex is a cryptocurrency exchange that is run out of Seattle, and offers a solid user interface, as well as a top tier team. Bill Sahira is the Co-Founder and CEO of Bittrex - he was previously a Security Engineering Manager at Amazon and Manager of Security Threat Analysis and Security Engineering at BlackBerry. As far as exchanges go, Bittrex is the crème de la crème. The only shortcoming of Bittrex is that it’s altcoin offerings are often lagging the secondary trading debut ICO(Initial Coin Offering) market and the offerings of coins are limited to an extent.
Trading Fees: All fees on Bittrex have a 0.25% trading commission
Overall Grade: A-
HitBTC has been around since 2013 and has a solid track record of offering a large variety of trading pairs, and solid uptime. HitBTC is a great place for traders looking to execute more complex stop orders and their core matching engine is among the most advanced technological products in its class; it implements innovative features such as real-time clearing, advanced order matching algorithms and has been acclaimed for its fault-tolerance, uptime and high availability. The exchange also offers a real-time system health indicator, which provides real-time information about availability and performance, as well as incoming and outgoing transaction status. HitBTC is a great place to take your trading to the next level.
Trading Fees: All fees on B have a 0.25% trading commission
Overall Grade: B+
Cryptopia is a New Zealand based exchange that has been growing in popularity due to its top-level offering of Altcoins. It is a place where some alts are traded exclusively, which can yield hefty returns (but can also carry more risk). Besides the exchange, Cryptopia comes with a cloud mining venture (Mineshaft), a marketplace (where only cryptocurrencies are accepted), a knowledge base with information about most of the listed altcoins (CoinInfo) and an arbitrage tool. They also offer one of the most enticing of all share fee coins, paying out 4.5% of gross fees collected monthly to CEFS holders. The exchange will need more time before it is considering among the top guns, but is doing everything right to position itself. With one million new users in December, an expanded team, and continual upgrades to the platform- Cryptopia it is a great place to trade unique Altcoins.
Trading Fees: All fees on Cryptopia have a 0.2% trading commission
Overall Grade: B
One thing to note before diving in is that you should ALWAYS activate 2-factor authentication on any trading account you set up. This will require you to navigate to settings on your personal account in each exchange to turn on 2FA. You will also need to download the google authenticator app, but it is a tremendously powerful layer of security and there is no reason not set this up! Save your private keys given to you by the app so that you can recover the account should you lose your phone.
Good luck out there!