Victor Romain, for www.forex-awards.com
Poloniex.com
Poloniex was once the best cryptocurrency exchanges. Why was it once one of the best and not one of the best now?
Recently customers have been migrating to Bittrex following reports of withdraw problems on Poloniex.
Nevertheless, Poloniex has been through extremely fast traffic growth since the demise of its rival Cryptsy in 2016, and especially since the recent altcoin bubble of early 2017.
Traffic has grown from 7 million monthly visits in February 2017 to 30 million in May 2017. Poloniex has the nicest trading interface out there, both for mobile and desktop users this will work wonders.
Please note that because Poloniex is a pure “crypto” exchange, it is not possible to deposit government (fiat) currency.
You’ll need to first buy bitcoin elsewhere, and then deposit it to be able to trade.
Pros
- The 2nd most popular crypto exchange, after Bittrex
- Margin trading (up to 4x) available on largest altcoins
- One of the best trading interfaces for mobile and desktop browsers
- Has the large volumes for all major altcoins including Ethereum.
Cons
- Loosing significant customer-base due to reports of user withdraw issues
- Not possible to deposit fiat currency
Coinbase.com
Coinbase combine an attractive interface, a great site to get bitcoins with a debit card, and multiple online wallets for your digital currency. Over 4,800,000 users are signed up, including 45,000 merchants, and 9000 developer apps. Works well for European, American, & Canadian customers. I’ve also written a comprehensive Coinbase review for more detail.
Pros:
- Really easy to use;
- Lots of long-time customers;
- Online wallet available
Cons:
- Slightly more work needed when verifying account
Localbitcoins.com
Localbitcoins is quite a popular for p2p (person to person) transactions all over the world. Simply put, you interact directly with the guy selling to you. Out of all the bitcoin sites listed here, this is one of the first and most reputed. The site provides escrow and dispute resolution.
Pros
- A terrific way to meet people
- PayPal also available
- No verification needed
- Popular in most countries
Cons
- May take longer to conclude transaction
- Risks associated with anonymous transactions
- Some bank accounts have been suspended after receiving money
Cex.io
CEX is one of those international bitcoin exchanges accepting euros, British pounds, US dollars, Russian Rubles, Ethereum, Zcash, and Dash. Needless to say, CEX is very popular within those currency regions.
There is a no-nonsense landing page, giving you the option to buy or sell 100, 200, 500, or 1000 USD worth of Bitcoin.
I like the transparency given to users about how much they will actually pay – even before they sign up.
It has good security practices, a modern and simple user interface, and both bank transfer and credit card purchases are available. CEX is indeed a good beginner-optimized alternative to Coinbase.
Read the comprehensive Cex review for more details including fees, verification, and security.
Pros
- Bank transfer and credit card deposits
- Very easy to use & great for beginners
- Users know how much they will pay before even signing up
- Buying and selling Ethereum is available
Cons
- Recently Litecoin was unlisted
Kraken.com
Kraken is becoming a reputed bitcoin broker, with many markets served. Europeans love it just as much as Americans because they work well through SEPA, have an easy verification process, and are very knowledgeable when it comes to cryptography and security.
As of early 2017, this platform has been re-positioning themselves as a crypto exchange by adding multiple new altcoins. Update: I’ve written an in-depth Kraken review with everything you need to know.
Pros
- Cryptographic communications
- Cheapest rates for trading, depositing and withdrawing
- works well for Europeans and North America
Cons
- Site not as visually intuitive
Bisq.io
Bisq (aka “Bitsquare”) is not to be missed for the more technically advanced.
A decentralized p2p platform that keeps you super safe. Over 60 cryptocurrencies can be traded and you can even purcahse btc using a bank transfer, escrow, & trusted 3rd parties.
Pros
- Incredibly advanced (technologically)
- p2p AND decentralized
- Trusted escrow system for bank transfers
Cons
- Advanced level of IT comprehension needed
GDAX.com
GDAX is great for technical traders and offers good liquidity. Deposits are in USD and can be processed just as rapidly as withdrawals.
It also happens to be the best ethereum exchange for serious players in this space.
Pros
- An integral part of the trusted Coinbase brand
- Optimized to be a serious trading site
Cons
- More ID processing steps than on Chinese trading platforms
Bitstamp.net
Bitstamp is big in Europe and, since 2011, have moved from Slovenia, and the United Kingdom in search of sound regulatory environments. Good volumes are available for larger trades.
Well received by people using SEPA and credit cards. Both euro and US dollar deposits are accepted. I like Bitstamp because they really focus on being a pure bitcoin-only exchange (update: since early 2017 Bitstamp have started adding popular cryptocoins).
Pros
- Card purchases available (Visa Mastercard and Visa) in Europe and the USA.
- HQ Located in Luxembourg
- Good for large transactions yet easy to use for beginners
Cons
- Not available outside of EU and the USA
Etherdelta.com
Etherdelta is a recent addition to my list. You absolutely have to check this decentralised exchange (DeX) out.
Created by developer Zack Coburn in 2016, Etherdelta has become the community’s favourite place to trade Ethereum ICO tokens without using custodial accounts or centralized services.
More than 325 ERC20 tokens are listed. Daily trading volumes are respectable for the most popular ICO coins.
Using this DeX requires the Metamask Chrome browser extension.
The best part is that your money is always under your control. Such infallibility comes from the storing of all personal funds in smart contracts – over which only you have control of the private keys.
Pros
- Funds are extremely safe on this fully-decentralised exchange
- No ID, real name, or registration of any sort is required.
- High-volume ERC20 exchange for trading Ethereum ICO tokens
Cons
- Beginners will have to watch a tutorial to understand how to use Etherdelta
Paxful.com
Paxful get over 2 million monthly visits, with 50% originating from the USA. It’s a peer to peer Bitcoin marketplace connecting buyers with sellers similar to the one above. Over 150 payment methods can be used. Impressive.
Pros
- Hundreds of payment methods such as Paypal, Skrill and NetTeller, cash – or even iTunes and Amazon gift cards.
- p2p (person to person) – similar to Localbitcoins
Cons
- Higher fees than elsewhere
- CoinATMradar.com
CoinATMradar.com
CoinATMradar.com provides a global map of bitcoin ATMs. This allows you to use cash to buy in person at a physical machine. This is one of the most underrated means of purchasing with no verification of ID, and allows users to stay anonymous with over 869 ATMs spread over each continent.
Pros
- Find bitcoin locations near you
- No ID needed in some cases
- Explains how a bitcoin ATM works
Cons
- Not always possible to find a machine nearby
- You’ll have to leave your house!
Coinmama.com
Coinmama.com is a popular site for buying bitcoin or ether from those far-out tricky countries that are not accepted by the larger exchanges. Note that users cannot sell back to the site – only buy.
Pros
- Credit card purchases from nearly all countries
Cons
- Fees are higher than most sites
- Not possible to sell cryptocurrency back to the exchange
Bitmex.com
Bitmex.com is the leading bitcoin margin trading site. Users can trade cryptocurrency derivatives with up to 100x leverage. Pairs include BTC/USD, Yen, Monero, Ripple, Dash, and Ethereum.
Bitmex CEO Arthur Hayes has used his experience as an equity derivatives trader for Deutsche Bank to design, build, and maintain exactly the type of platform that users are looking for. Granted that this platform is for experienced and seasoned traders.
Beginners should avoid trading coins here without knowing the implied volatility risks.
Pros
- Leading platform for bitcoin derivatives and margin trading
- Great and functional user experience throughout the site
- Up to 100x leverage
Cons
- With such high leverage it’s easy to overlook implied risk factor
We hope that this list will be of help to you and good luck with your cryptocurrency trading. Remember – never trade with more than you can comfortably afford. Trades can go down, as well as up.
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