Trading for Beginners: First Steps and Popular Cryptocurrency Exchanges Overview
Everyone who decided to become a trader worries about the security of their cryptocurrency transactions and about the commission fees for the exchange. Cryptocurrency exchanges are virtual platforms where it is possible to make the exchange. Cryptocurrency exchanges work pretty simple, however you should still complete several steps to get started: Step 1. Registration. Usually the registration is pretty much the same as on other websites. Step 2. Deposit of capital for trading or exchange Usually it is not necessary to pay commission in order to deposit cryptocurrency but it probably can be necessary in order to deposit fiat money. Sometimes commission fees can reach up to 8%, however, usually they do not exceed 1-5%. Step 3. Creation of an application on currency operations Traders can fix the price they want for buying or selling cryptocurrency by themselves. Then they should put their application in the common list. If this price is Okay for another user the deal is made. If the price does not correspond to market prices then nobody will probably buy the cryptocurrency. If the deal is made successfully then a user can withdraw the capital from the exchange house or leave it in the exchange wallet for carrying out future operations. It happens that the servers of a particular exchange or the accounts of users are hacked that's why it is not recommended storing big amount of money and the money that you do not need for trading. Now let's look at TOP-5 popular virtual currency exchanges that ensure high security and have a large number of daily operations. Bittrex According to Coinhills, Bittrex became the best cryptocurrency exchange considering the daily turnover as of December, 2017. Around 14% of all cryptocurrency deals are made there each day. The platform is under the US jurisdiction and works both with popular cryptocurrency trading pairs (Bitcoin, Ethereum) and many promising digital coins (more that 190). Official website: bittrex.com. Binance Binance became one of the most promising startups of 2017. This exchange was registered in April, 2017 and less than in six month its capitalisation reached 1 billion. In December, 2017 its daily turnover for a year provided the platform with the second place as transactions for more than 6 billion dollars were conducted through its service. In December 2017 the headquarters of the company decided to suspend registration of new users. The service couldn’t manage the processing of the increased number of new applications. Official website: binance.com Bitfinex Bitfinex is a cryptocurrency exchange from Hong Kong that hosts around 50 world`s top digital assets. In December 2017, Bitfinex came third in terms of trading volume, becoming one of the biggest players on the cryptocurrency market. Increased attention from traders led to the closure of registration of new accounts for a certain period. When all work is completed, the site will return to normal operation mode. Official website: bitfinex.com EXMO EXMO deals with 46 cryptocurrencies that can be exchanged or converted in fiat money. An average trade turnover is 8100 BTC in a month and 2000 new users are registered on EXMO daily. EXMO plans to develop and launch a system for margin lending, increase the quantity of trade assets, add new tools for using fiat money and get a place among the leading crypto exchanges of the world. Official website: exmo.com. YObit.net YObit.net appeared in the year 2014. In December, 2017 this exchange proved its reliability and safety having fought out an information fuss that appeared after a South Korean exchange YObit announced its bankruptcy. The two digital exchanges apparently have similar names and some users funneled their assets out of YObit.net and started using other platforms falsely assuming that the exchange has problems. Anyway, the question was off the table in January, 2018 and YObit.net platform is running smoothly. The exchange provides services for approximately 5 million users per month. Official website: yobit.net.