Top Info about Some of the most Notable Cryptocurrency Exchanges in the World CINDX Follow Jun 6, 2018 · 5 min read

Although many people are still quite skeptical about Cryptocurrency and do not approve of their utility and advantages, the Crypto industry has already carved out a niche in the digital landscape. When we talk about Cryptocurrencies, one of the most talked about term nowadays is the Cryptocurrency Exchanges.

Exchanges are not just important; they are in fact indispensable for the Crypto industry. The Crypto Exchanges are the fuels that propel the Crypto industry.

What really is a Cryptocurrency Exchange?

A Crypto Exchange is an online platform that allows buying and selling of various Cryptocurrencies online in real time. As cryptocurrencies are all digital in nature, the exchanges do an indispensable task of managing the ups and downs of the value of the cryptocurrencies they deal in.

There are two basic types of Crypto exchanges in principle. The centralized exchanges have a governing authority responsible for handling the assets of the exchanges and keep an eye on the overall trade. The decentralized exchanges (DEX), on the other hand, are often operated by no middlemen and the trade that takes place in these exchanges is 100% peer-to-peer.

These exchanges may be brick-and-mortar companies, exchanging both traditional and digital currencies, and 100% online businesses that exchange digitally transferred money and digital currencies. They can also be market-makers that usually take the bid/ask spreads as trading commissions or simply charge fees for being a matching platform.

Blockchain technology plays a major role in the operation of crypto exchanges and it has been already accepted as the safest technology to manage financial transactions globally.

Being completely digital, Crypto exchanges are numerous and almost all of them are quite busy in day to day operations. If you are a little interested in the Crypto domain, you might have already heard about Coinbase, Gemini or Kraken that offer fiat currency versus Cryptocurrency pairing.

Now, learn about some very rapidly growing exchanges that are taking the digital market by storm. Here are the most noted ones:

Binance

Binance is a Chinese market focused exchange. It supports European and Chinese users and has its own Binance token (BNB) that was created during the ICO event in order to fund the exchange’s operations.

Binance can process 1.4 million orders per second and supports Chinese, English, Korean, Japanese languages. It has all the major coins available — Bitcoin (BTC), Etherium (ETH), Litecoin (LTC), and Binance Token (BNB) etc.

The Trading fee at Binance is 0.1%. Deposit is free while the withdrawal fee is 1 BNB, 0.0005 BTC, 0.005 ETH and 0.001 LTC and equivalent in other numerous currencies it deals in.

Binance is a rapidly growing exchange that has about 60,000 likes on Facebook (FB), about 85,000Twitter followers and precisely 20,000 Reddit followers. Needless to say, even after a rough stand of Chinese government against Cryptocurrencies, Binance is growing steadily.

Bitfinex

BitFinex, based in the British Virgin Islands, is a true bitcoin to fiat exchange, it also allows margin trading and acts as a liquidity provider. The platform offers opportunities to expand the financial positions, including the ability to use margin trading to short Bitcoin.

The exchange also deals in Litecoin (LTC) and Ethereum (ETH).

Bifinex deposits and withdrawals are done via standard bank transfer. The fee for trading is 0.1% and a minimum fund required for trade is $20. Bitcoin and Litecoin, however, are free to trade in Bitfinex.

Bitfinex resorts to segregating customer funds so that a user can access their own wallet and review it on the blockchain. It had a hot wallet cold wallet set up earlier but after it was hacked on 03 August 2016 when 120,000 BTC were stolen, it started taking security seriously.

With about 570 FB Likes and about 422,000 Twitter Followers, Bitfinex is a high-standard Crypto exchange that has about 6,100 Reddit followers.

Poloniex

Poloniex is located in the United States. It is a pure crypto to crypto exchange with a grand redesign in early 2015.

The exchange’s online arm, the website offers a fully immersive trading experience with all forms of analysis and research possibilities, including Technical analysis charts and live chat features to analyze price trends before resorting to a position.

Poloniex has a palpable volume and order-book depth for most of its trading pairs. The Poloniex trading fees are 0.25% flat and deposits and/or withdrawals are subject to the blockchain’s pre-set and minimum transaction fee norms.

Poloniex has about 171,000 Twitter and about 1,500 Reddit followers, while its FB page is liked by 28,500 people. Notably, the FB, Twitter and Reddit profiles of the exchange are only about four years old, showing how the exchange is rising rapidly in the popularity graphs.

CEX.IO

The first cloud-based mining provider, CEX.IO is now a Bitcoin exchange. CEX.IO offers easy to buy/sell of Bitcoins via an easy to use interface and Bitcoin trading.

CEX.IO can be accessed via the website, mobile application, WebSocket and REST API, while institutional traders can use the FIX API. The advanced order-matching algorithms attached to the exchange’s operations guarantee faster order execution while top currency pairs on Bitcoin market can access the order books.

It has a flat 0.2% fee on all trade operations. Special conditions to place limit and market orders are also available for bulk operations. CEX.IO offers 1:2 and 1:3 leverage margin-trading for numerous crypto pairs.

With about 27,000 Twitter followers and active status on FB and Reddit, CEX.IO is fairly easy to access exchange with a robust security arrangement on the cloud.

Cryptopia

New Zealand based Cryptopia offers mining-pools, a marketplace, and exchange services for all coins listed in the exchange.

Cryptopia Mineshaft is a full-blown mining platform, supporting all miners offering opportunities to single CPU miners to expert ASIC masters. The marketplace is for selling anything, to anyone, around the world for cryptocurrencies.

The actual Exchange that offers conversion and trade in Cryptocurrencies is one of the easiest to deal with. Cryptopia also has BlockExplorers that allows users to view transactions and blocks details.

The Cryptopia trading fee is 0.20% of all traded BTC or any other cryptocurrency.

With about 23,000 Twitter followers and 2,900 Reddit subscribers, Cryptopia is a multi-functional exchange that is thriving in popularity.

Endnote:

While the current trend in Crypto Exchanges is moving downwards, the new form of trading platforms known as decentralized cryptocurrency exchanges, are taking the pain away from investors’ minds.

Decentralized exchanges do not hold client assets and they just put buyers and sellers together, leaving the actual transaction and thereby all other management and calculative tasks to the investors. The decentralized system is essentially a peer-to-peer platform which is considered more transparent in terms of financial operations and the fees than the current exchange model.

However, there is no solid proof that centralized exchanges are siphoning the money out of investors’ pockets. The exchanges that are mentioned above contain centralized exchanges too, and they have been operational and popular throughout even when the money they generate is high in terms of income from the commissions levied on the trades done by cryptocurrency owners.

Although change is apparent in the Crypto business model, the exchanges are adapting to newer working models to let the cryptocurrency enthusiasts have an upper hand. Only the future can reveal whether Cryptocurrency is a king or a futile investment.

Sincerely yours,

CINDX Team