How to Choose the Right Exchange? Review of the Best Cryptocurrency Exchanges

exchange

If you exchange cryptocurrency quite rarely, then registration for such resources is not necessary. Ordinary exchangers are quite enough; the main thing is to choose reliable services. But if you want to buy and sell your digital assets quite often, then you cannot do without such an indispensable assistant, as a cryptocurrency exchange. What criteria should they be selected by and which exchanges are included in the TOP of the most reliable and popular among experienced traders?

Content:
(please, click the topic to scroll down to it)

  1. Criteria for choosing exchanges
  2. TOP 5 cryptocurrency exchanges
  3. Conclusion

1. Criteria for choosing exchanges

Although the cryptocurrency industry is still too young, there are already enough services on the market. This is both good and bad. On the one hand, the creators of exchanges are in the context of tough competition, so they are interested in offering the best conditions for their clients. But, on the other hand, because of so many exchanges, a beginner trader may have a lot of questions about choosing the right solution.

It should be understood that the only correct answer to the question: “Which exchange is better to trade with cryptocurrency?” does not exist. The Coin Shark has prepared for you a list of those criteria that you need to pay attention to before choosing one or another crypto exchange.

  • Reliability of the cryptocurrency exchange

The vulnerability of cryptocurrency exchanges is the main drawback of the industry. Since the news about another large theft of digital assets spoils the big picture among the broad masses. Experienced traders and investors do not store a large percentage of their portfolio on exchanges. Choosing a trading platform for cryptocurrency assets everyone should pay special attention to its security and reliability. It is necessary to know how long the project has been functioning, the reputation of its creators, and also to get acquainted with the reliability rating that was assigned to each exchange by market experts. But even the biggest giants cannot give you 100% guarantee of safety of your coins.

  • Daily trading volume

This indicator is one of the keys, it shows loyalty and the number of users of the site. Also with the help of this indicator, it is possible to assess the presence or absence of hype for a certain trading pair, which will allow predicting the further movement of the exchange rate.

  • Input / withdrawal of funds and fees

Every single site has its own rules, methods, fees, and limits on the input and output of assets. It is very important to read them before registering. For example, high fees can “eat” the lion’s share of earnings from trading. This is especially true if your trading strategy involves trading within a day with a large number of orders. On some exchanges, there is no physical possibility of entry and exit using fiat, which may not be a very convenient solution for a certain percentage of traders.

  • Number of trading pairs

This indicator can vary significantly depending on the exchange. On some, even on fairly large sites, only USD / BTC can be found so far. Therefore, for many traders, the answer to the question: “Which cryptocurrency exchange is better?” will be extremely simple – that one where the choice of trading pairs is calculated at least by tens, or better by hundreds.

  • No need for third-party software

The overwhelming majority of large official cryptocurrency exchanges do not have additional scripts that need to be installed on the computer.

2. TOP 5 cryptocurrency exchanges

We talked about the criteria that should be paid attention to the choice of a particular site. It’s time to discuss the real-world cryptocurrency exchanges which are the undisputed leaders in the market:

1. Binance

  • reliability rating – high;
  • daily trading volume – about $1.5 billion;
  • commission fee for an indent (one transaction) – 0.1%,
  • output – no more than 100 BTC per 24 hours;
  • replenishment – cryptocurrency wallet;
  • the number of trading pairs is more than 200.

2. Bittrex

  • reliability rating – high;
  • daily trading volume – about $145 million;
  • commission fee for an indent (one transaction) – 0.25%,
  • output – no more than 100 BTC per 24 hours;
  • replenishment – cryptocurrency wallet;
  • the number of trading pairs is 906.

3. Kraken

  • reliability rating – high;
  • daily trading volume – about $237 million;
  • commission fee for an indent (one transaction) – 0.26%,
  • output – no more than $ 50 000 for 24 hours;
  • replenishment – cryptocurrency wallet, bank transfer;
  • the number of trading pairs is 59.

4. Poloniex

  • reliability rating – medium;
  • daily trading volume – about $65 million;
  • commission fee for an indent (one transaction) – 0.25%,
  • output – no more than $25 000 for 24 hours;
  • replenishment – cryptocurrency wallet;
  • the number of trading pairs is 365.

5. Bitfinex

  • reliability rating – medium;
  • daily trading volume – about $ 890 million;
  • commission fee for an indent (one transaction) – 0.2%,
  • output – there is no limit;
  • replenishment – cryptocurrency wallet, bank transfer;
  • the number of trading pairs is 35.

3. Conclusion

As always, there is no single correct solution for all. All the sites have their own peculiarities and nuances. We gave a rating of the best cryptocurrency exchanges and disassembled each of them according to especially important criteria. Of course, the Binance exchange is a few steps higher by all criteria against the background of other competitors. But, of course, only you should choose a site according to your own criteria.

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Germany’s Stuttgart Exchange Group Will Open Up a Crypto Exchange with No Commission Fees

The second largest stock exchange in Germany Stuttgart Exchange Group is partnering up with SolarisBank to create a zero-fee cryptocurrency exchange. The first plans of this project emerged back in May of 2018, however, right now the two parties have actually started to work on implementing it into life.

SolarisBank’s blockchain factory helps us to take the trade in cryptocurrencies and tokens to a new level and set standards in transparency and reliability,” Alexander Höptner, the CEO of Stuttgart Exchange Group, commented on the cooperation.

The new exchange claims to have zero commission fees. It will offer trading opportunities for Bitcoin and Ethereum, as well as the protection for up to 100 thousand Euro.

We remind you:

The Authorities of South Korea Licensed the First Crypto Exchange in the Country

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Kraken Is Gathering Investors for Its 4 Billion Private Offering

As it has been reported by Finance Magnates, a major US cryptocurrency exchange Kraken has send out a bunch of emails to the most influential figures in the financial world, inviting them to take part in Kraken’s upcoming private listing.

Kraken is going to put up 4 billion worth of listing shares with a minimum investment amount of 100 thousand dollars. The representatives of the exchange emphasize the fact that Kraken is in no desperate need of money, though the current downward trend at the market makes them take precaution measures.

All the potential investors will have to fill out a survey, afterwards they will be evaluated by Kraken. Only then, they will be able to participate in the offering.

We remind you:

A Cryptocurrency Exchange Kraken Will No Longer Provide Its Services to Residents of Japan

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Gemini Is Going to Add Bitcoin Cash ABC to Its Listing

The cryptocurrency exchange Gemini, run by the Winklevoss twins, will become another crypto trading platform that will support the winner of the BCH hash wars. The coin will be listed under the consent of New York authorities. Starting from December 9, Gemini users have access to BCH trading pairs with BTC, LTC, ETH and ZCash as well as with USD.

As for the opponent of BCH, Bitcoin Cash SV, the coin is currently not supported at Gemini, however the plans might change. According to the representative of the exchange:

We are continuing to evaluate Bitcoin SV over the coming weeks or months, and we may or may not choose to support withdrawals and/or trading of Bitcoin SV in the future.”

We remind you:

Poloniex Will Become the First Crypto Exchange to Offer Trading with the Upcoming Hard Fork of Bitcoin Cash

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What is Common Between Ripple Technology and XRP Token?

In this article, we will focus on the project, which has recently taken the second place in the cryptocurrency rating. Today we will talk about how XRP token is connected with the famous Ripple technology, which should make a revolution in banking sector in the future.

1. Briefly about Ripple cryptocurrency

The Ripple project is in no way just another copy or an improved Bitcoin`s version. The only thing that unites these two coins is the blockchain technology. Let’s clearly define what the Ripple is:

  • There is a system of gateways at the heart of the Ripple network, the performance of which is provided by hundreds of servers. Ripple works through distributed registry technology, but its architecture is completely different from the standard blockchain. The project does not have decentralization, since only those servers that have been approved by the company, are involved in transaction validation.
  • The main task of the project is to ensure a free and fast exchange of assets with minimum fees (0.00001 XRP).
  • The target audience of the project is banking institutions, which can save about $3 for each transaction with the help of Ripple technology. If we consider, that large banks spend millions of transfers per year, this leads to significant savings.

2. What positions does Ripple take now?

In mid-November 2018, the entire cryptocurrency market collapsed sharply. Many coins lost 40-50% of their value in a week. In this situation, XRP token showed relative stability and fell by about 20%. At the same time, Ethereum fell substantially in price. Because of this disbalance, Ripple took the second place in the cryptocurrency rating. For the moment of writing this article, the project`s capitalization is equal to 12.5 billion dollars. The gap from ETH is almost 3 billion dollars.

3. Future forecasts

Let’s talk briefly about prospects for this project, and what XRP hodlers can expect. For a start, it is worth noting that Ripple is a legal entity officially registered in the United States. This is an undeniable advantage for investors. But it should be understood that the Ripple technology used by banks has nothing to do with XRP token. The fact is, that Ripple has three different products (xCurrent, xRapid and xVia). Banking institutions are interested in the first one, and XRP token is directly related to the second one. Therefore, there is no direct correlation between XRP token rate growth and the introduction of Ripple technology into the banking sector.

Some experts say that banks can start using xRapid technology. If this happens, then XRP token will be really useful and needed. But if you go a little deeper into this question, it becomes clear that such a scenario is highly unlikely. In this case, banks will have to buy an intermediate XRP token additionally, which will increase the cost of transactions. Therefore, the vast majority of analysts believe that banks will not take such a step.

But there are still some reasons for token`s price increase:

  • The possibility that banks will shift to xRapid technology. It is unlikely, but still possible.
  • Increasing of customer base.
  • Regular burning of tokens (deflation).
  • Expanded applications (using Ripple technology, you can exchange absolutely any assets).
  • A general trend change on the market, may lead to another sharp rise in the token price.

4. Conclusion

The Ripple Company is a legal entity registered in the United States. It actively cooperates with the leading banks in America, but this does not concern the XRP token.

The coin definitely has a future, so it is better to keep it in cryptocurrency portfolio in a small amount (no more than 5% – 10%). Recently, XRP cryptocurrency firmly entrenched on second place in the global ranking CoinMarketCap.

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Bitcoin’s Price in 2019: Forecasts and Opinion of Experts

Attention of many people around the world is focused on the Bitcoin price. No one can say for sure, where it will go next year, or moreover in a few years. Some people believe, that the cryptocurrency industry has already reached its maximum, and all that we are waiting is a continuous decline of value. But there are experts who are sure that the maximum marks of BTC is only beginning and we are expecting for the new heights in the future. Well, let’s try to look into the matter and analyze the words of leading financial experts of the world.

1. Analysis of the current situation

As we all remember, the capitalization of the cryptocurrency market reached its historic maximum 831 billion dollars in January 2018. After this, a deep and prolonged correction has started, which partially continues until now. At the time of writing, the market capitalization is 107 billion dollars, the Bitcoin price has fallen in 6 times, and many coins have become cheaper in 10-20 times.

Source: CoinMarketCap

At first glance, everything seems to be bad and prospects are rather vague. But what if we tell you that everything is absolutely opposite and now it is the best time to invest in cryptocurrency? We are ready to back up our words with concrete facts about which very few people talk. 

  • Continuous growth of network`s hashrate. Despite the fact that the price of first cryptocurrency shows negative profitability throughout 2018, the total computing power of Bitcoin network is constantly growing. It means that miners are increasing their production capacity. And it is not about small or medium farms, since their share is negligible on the general background.

Source: https://bitinfocharts.com/

After analyzing this graph, it appears that big miners continue to invest hundreds of millions dollars in equipment. This means that major players continue to believe in further development of the industry, and therefore in future growth of the BTC rate.

  • Infrastructure development. In 2018, investor`s interest in cryptocurrency faded a little, but this did not affect infrastructure development. Every day, the number of places where you can pay with cryptocurrency is growing (paying taxes in the USA, real estate, online shopping, transport tickets, physical points of sale and more). It is a very good trend, because the more places you can pay with BTC, the more people will be involved in the digital economy.
  • The acceptance of cryptocurrency at the government level. In 2018, for the first time in 10 years of Bitcoin’s existence, they started talking about it at the international level. If earlier none of the world leaders paid enough attention to this topic, then this year at the G20 summit this issue was put on the agenda. World leaders agreed that it would be pointless to forbid cryptocurrencies and no one would do that. On the contrary, there was decided to develop an international legislative framework.
  • It’s still possible to become a “pioneer”. If you go to the website bitinfocharts.com and take a look how many Bitcoin wallets are registered currently, it is possible to see the number that does not exceed 23 million. Taking into account that more than 15 million of them are wallets, which balance does not exceed $100. The population of our planet now is about 7.6 billion people. Let’s take 40% of insolvent people (children, pensioners, people who live in a third world, etc.) – it comes out near 4.5 billion people. After comparing these numbers, it appears that there are still very few people who are really involved in the cryptocurrency industry. That means, a global large-scale acceptance of technology does not exist yet. This gives us a chance to become pioneers. After cryptocurrency becomes a commonplace for any person (like, for example, a credit card in our days), we will reap the benefits. Most likely you will hear such expression in future: “Why didn’t I buy Bitcoin in 2018?”.

2. Expert forecasts for 2019-2020

Now let’s see what famous experts say about the near future of Bitcoin, namely about its price.

Mike Novogratz, CEO of Galaxy Digital, believes that the start of Bakkt and Fidelity Digital Assets platforms will affect on entry of new investors into the cryptocurrency market. According to Mike`s opinion, now the most important point of resistance is the mark of $ 3,880. If we overcome it, then the rate may reach $ 9,000 till the new year. The next important mark is $10,000. After overcoming it, the price of BTC 2019 will go up sharply. Novogratz has no doubt that the next year rate of Bitcoin will overcome its historical maximum of 20,000 dollars.

Tom Lee, is one of the leading analysts of Wall Street. Previously, he stated that until the end of 2018, the rate of Bitcoin will overcome the mark of 25 thousand dollars. But after a few months, namely in July 2018, he slightly revised his views and named the new price of Bitcoin 2019 – 22 thousand dollars.

The forecast of John Mcafee is the most bravest of all existing on the market. He believed that by December 2020, the price of one bitcoin will be $1,000,000. Moreover, John is confident in his forecast like no one other. In his view, in the upcoming future, Bitcoin will replace dollar, which will cause huge demand.

3. Conclusion

After analyzing the current situation and the words of industry experts, we can conclude that Bitcoin and cryptocurrency in particular have a great future. Now we are only at the beginning and in the next decade, cryptocurrency will change our life. It should be noted that this article is not a call for investing in cryptocurrency. These are just our subjective thoughts about the future development of the industry. Remember, any investment entails a certain risks.

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The Demo Version of Binance’s Decentralized Exchange Will Soon Be Out

Following the example of Bithumb, the major cryptocurrency trading platform Binance is planning to launch a decentralized branch. Binance DEX will officially start operating at the beginning of 2019, whereas the demo version will be available for testing quite soon.

As it can be seen from the introductory video, the interface of Binance DEX is quite similar to that of Binance. However, some upgrades will certainly take place. For example, the decentralized version of Binance will have a blockchain explorer which will help to look for a specific block and the transactions stores there.

Also, Binance DEX will include a decentralized crypto wallet app.

A decentralized exchange is not the only endeavour undertaken by Binance. We remind you:

Binance Is Launching a Marketplace for Stablecoins

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