Bitcoin is, without a doubt, the most popular cryptocurrency in the world. As a pioneer member of the blockchain, its financial value far outstrips that of other cryptos or altcoins, as they are known.
Today, bitcoin’s price on the cryptocurrency market sits comfortably in the first place, with a current value of more than 30,000 dollars, after having peaked at $50,000 in April 2021. Although it is yet to hit those dizzying heights ever since, there is strong reason to believe that Bitcoin’s value will continue to rise.
What Is a Cryptocurrency Exchange?
A cryptocurrency exchange is a platform that supports the trading of cryptocurrencies. A crypto exchange is similar to a real-life stockbroker, and it provides exchange facilities along with set rates that correspond to the fluctuations of the wider cryptocurrency market.
A cryptocurrency exchange is judged based on its cybersecurity levels, as the platforms virtually hold tokens in escrow before they are traded. Thus, there is a great deal of trust involved. There are different cryptocurrency exchanges where you can buy Bitcoin like Paybis.
In choosing from the vast range of cryptocurrency exchanges available, key factors to be considered include pricing, security, supported tokens, and withdrawal options.
Also Read: What Exactly Is a Crypto IRA Account?
Best Crypto Exchanges
Below are some of the most popular, most recommended crypto exchanges available today:
Coinbase is one of the largest cryptocurrency exchange platforms out there, with about 68 million verified users. Other than offering a platform to facilitate the trading of cryptocurrencies, Coinbase has great content for newbies into cryptocurrency investing, providing useful tips on the best altcoins to invest in, and setting up an e-wallet, and an introduction to the blockchain itself.
Today, Coinbase is publicly listed while providing trading services to users and investors from all around the globe. Coinbase has a trading volume of more than $2 billion daily. Special services are offered to institutional and retail traders with Coinbase Pro. It also offers special, insured wallets to hold funds for investors.
The only drawback that Coinbase has is that it offers a small range of crypto trading pairs compared to other platforms.
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Perhaps the most well-known cryptocurrency trading platform, Binance offers a truly diverse and plentiful range of tokens to choose from. If you don’t want to trade Bitcoin, instead preferring some of the more obscure coins, Binance is your best bet.
Binance is the world’s largest cryptocurrency exchange platform, with more than $13 billion of trading volume daily. Traders are offered access to hundreds of tokens for spot trading, derivative trading and staking.
In terms of availability, Binance is available in more than 100 nations around the world. For advanced charting, investors are advised to choose Binance over other platforms.
Kraken is another smart choice due to its reputation as a reliable exchange platform over many years.
With Kraken, you have easy access to hundreds of tokens and cryptocurrencies, while you can easily fund your account with real money or other tokens.
Must Read: How To Get Free Bitcoin
Factors to Consider When Choosing an Exchange Platform
It cannot be overemphasized how you cannot just go for any exchange platform out there. Here are some reasons for you to buy into this way of thinking:
Ease of Payment
You should ensure to use a platform that allows you easy payment methods, especially when buying crypto with fiat. For instance, you can buy bitcoin and other cryptocurrencies like ethereum, dogecoin, xrp etc. on Paybis and some other platforms.
Some platforms do not allow you to buy crypto directly with fiat, except by trading with existing crypto. This can be discouraging to newbies in the cryptocurrency market who are seeking to make their first purchase.
A liquid market is one where the rate of trading is high. When liquidity is high, transactions are completed more quickly without facing the perks of price volatility.
In addition, you should also confirm whether the exchange platform you want to use has ‘locked-in’’ pricing. This way, you have a guarantee that the rates of exchange do not change after you have initiated a transaction. Due to the fact that some transactions can take a while to complete, it is extremely important to confirm the presence of this feature before you begin trading on a platform.
You should ensure to compare transaction fees cross-platform. Withdrawal and deposit fees are important, but you should watch out for platforms offering easy payment methods via credit or debit card, but with a catch: a transaction fee that could be as high as 5%!
Cryptocurrencies have a high value, especially Bitcoin. Suppose you can take the time and energy to ensure that your online banking profile is safe and secure, with all the multiple usernames and passwords; in that case, you should ensure due diligence in properly researching before choosing a cryptocurrency exchange platform to use.
Must Read: Cryptocurrency Wallet: All You Need To Know Before Start Trading Crypto Currencies by Brian Colombana
2 thoughts on “Where Is The Best Place to Exchange Bitcoin?”
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