It is the trading of a digital currency such as bitcoin or litecoin. For example, the user invests in bitcoin and if this cryptocurrency goes up, the user multiplies his holdings. The cryptocurrency exchange is a platform where they trade and exchange one digital currency for another or different world currencies, including dollars, euros, and rubles.
Examples of cryptocurrency exchanges:
Swyftx
Is a new cryptocurrency exchange that was founded in 2018 and is located in Australia, it offers its users more than 300 cryptocurrencies. Swyftx has relatively low commissions compared to other exchanges. In May of this year, its customers spent almost 3 billion local dollars to buy digital assets. The hallmark of Swyftx Review – Coin Culture is the low commissions and excellent support service its founders are Alex Harper and Angus Goldman.
Advantages:
- Standard industry fees.
- Supports over 320 cryptocurrencies.
- Accepts several payment methods, including debit and credit cards.
- Users can report profits from cryptocurrency transactions to ATO.
Disadvantages:
- Only deposits and withdrawals in fiat currency for Australian dollars are supported.
- Poorly designed interface, new investors may have trouble finding the information they need.
- This only provides a chatbot with a slow response time. The chatbot may not respond, and when you contact a real support person, the wait time can be more than 24 hours.
- Lack of advanced trading options.
Binance
The platform is one of the leading crypto exchanges, which offers low commissions, fast transactions, fast order execution, as well as great opportunities for crypto-stacking. The platform has an NFT marketplace, crypto-stacking, exchange, and much more.
Advantages :
- Advantageous terms of cooperation with the exchange;
- Reliability and a large number of supported currencies;
- One of the largest trading volumes on the market;
- A lot of training materials, including for beginners;
- A quite profitable affiliate program;
- There are additional earnings on the banding and stacking of cryptocurrencies;
- Crypto-stacking;
- Round-the-clock support service;
Disadvantages:
- No margin trading;
- No regulation;
- Complete insecurity for the trader;
- There are technical problems;
Binary
The Binary exchange offers trading in cryptocurrencies, as well as exchange for fiat currencies. The platform has good trading limits, relatively small commissions, and minimum registration requirements.
Advantages :
- The exchange is licensed and registered in Estonia;
- There are spot trades and margin trading;
- The company has stocks of cryptocurrency and fiat units in “cold” storage;
- High trading limits and fast withdrawal;
- TradingView analytics and trading education academy are provided;
- Russian-speaking customer support;
- Open team and CEO and White Label;
- The exchange is constantly evolving and there is a fiat gateway;
- Profitable affiliate program;
Disadvantages:
- A small number of cryptocurrencies and fiat currency;
- The terminal cannot yet set leverage;
POLYX
Cryptocurrency platform Polyx has been operating since 2018 and combines a corresponding exchange, a wallet, an exchanger, and a tool for making payments. That is, a multifunctional service focused strictly on cryptocurrency.
Advantages:
- Availability of an affiliate program;
- Low initial commission;
Disadvantages:
- Negative reputation;
- Complaints about fraud;
- Poor anonymity.
Conclusion
If you are seriously interested in cryptocurrency, first of all, invest in your education, understand how this market works, learn all about types of cryptocurrencies and strategies and play with a full understanding of what you are doing.
