INTRODUCTION
Crypto exchanges are platforms where traders can buy, sell, and convert different cryptocurrencies. It is necessary for cryptocurrencies to be traded at such a scale, as they are today. Some exchanges offer the most competitive prices or speeds, whereas others provide specialized financial products.
As the digital asset class pushes higher in terms of market cap, it has become more important than ever to ensure that your assets are safe and that exchanges are using top-grade security measures. Fortunately, exchanges have become far more secure as the cryptocurrency industry has matured.
- BINANCE
Binance is a leading crypto exchange that offers trading on the likes of Bitcoin. This review looks closely at the login procedure, fees, and its decentralized exchange service (DEX). It also provides a range of markets, from crypto futures and options to leveraged tokens.
Customers buy, sell and manage crypto assets for investment on the Binance exchange. The secure online platform offers multiple crypto trading products while holding licenses with several regulatory agencies.
MARKETS & DERIVATIVES
This trading platform encompasses the following markets, which amount to over 140 different coins:
BTC – Bitcoin
ETFs – All traded against Tether, USDT
Alts – Cryptocurrencies other than Bitcoin
BNB – Binance coin, the firm’s cryptocurrency
Fiat – Government-backed currencies such as the Euro etc.
BINANCE FEES
Clients’ 30-day exchange trading volume and BNB balance determine their VIP level. Fees are reduced as the VIP level increases, and begin at a maximum of 0.2%. Fees are generally lower for “maker” trades (those that are placed on the order book) than “taker” trades. The company offers a discount when clients pay using BNB, which is currently 26% off trading fees and 11% off USDT-margined futures, but the rate varies.
Other fees include:
Margin fees – The daily interest rate for margin borrowing also reduces with VIP level and varies widely between currencies.
Futures fees – USDT-margined futures fees start from 0.03% and reach 0% for clients executing maker trades at VIP level 9. Quarterly and perpetual USD coin-margined futures also start at 0.03% but VIP level 5-9 clients enjoy a negative interest rate on maker trades.
HOW TO OPEN A BINANCE ACCOUNT
Clients can register on the website, then open an account after identity verification – this is part of the Know Your Customer (KYC) process. Personal account holders can also create a business account by applying with their corporate documents. The registration process is quick and easy, taking just a few minutes.
- PAXFUL
Paxful is a peer-to-peer cryptocurrency exchange and digital wallet provider. Customers can buy and sell cryptos using 350+ payment methods.
Paxful was founded in 2015. Today the company has 6 million users and employs 400+ individuals, with global offices in Hong Kong, Estonia, and the Philippines. Its users also span the world, with active Paxful traders found everywhere from Pakistan and Malaysia to the UAE, India, Zimbabwe, and Indonesia.
PAXFUL WALLET
The Paxful Inc wallet is a free, convenient, and safe way to manage cryptocurrencies or access the P2P marketplace for crypto exchanges. The wallet is available for download to PC, mobile devices, or via API trading.
Users can buy Bitcoin (BTC), Tether (USDT), and Ethereum (ETH) at Paxful. No other digital currencies are available to purchase. This means the cryptocurrency trading platform is fairly limited vs competitors like Binance and Coinbase. However, when comparing Paxful vs LocalBitcoins, Paxful has more options. Minimum limits for BTC transactions apply.
OPENING AN ACCOUNT
Clients need to meet mandatory registration requirements to open a live account, including ID verification for specific territories. Note, customers from North Korea and Cuba cannot open a Paxful account. However, day traders from Zambia, London, Jordan, and many other countries and cities can access services.
If you reach the wallet activity or volume limit, then you are required to complete an additional KYC for identity checks which includes video verification and providing answers to verification questions.
PAXFUL REQUIREMENT LIMIT BY VERIFICATION LEVEL
- Level 0 – No verification and $0 for each trade and lifetime access.
- Level 1 – Phone. $1,000 for each trade and lifetime limit.
- Level 2 – Email + ID. $10,000 for each trade and lifetime limit
- Level 3 – Address. $50,000 per trade. Unlimited lifetime limit
- Level 4 – Enhanced due diligence. $50,000+ per trade. Unlimited lifetime limit.
BUYING CRYPTOCURRENCY ON PAXFUL
To begin buying and trading bitcoin, the following should be done:
- Click to Sign up for a Paxful account and log in.
- Select the buy logo and click Bitcoin.
- Click show all payment methods and select a deposit solution.
- Click any currency and select your currency from the list.
- Enter the amount you want to buy and trade.
- Select your country from the location list.
- Click search for offers and select as desired.
- Confirm the transaction.
- Rates & Margin.
- COINBASE
This is a platform for buying, selling, and paying for services in cryptocurrency. They offer a reliable crypto exchange platform in the form of a wallet and exchange. They also provide additional trading tools and plenty of resources.
Coinbase is a universal digital asset exchange company (GDAX). They are well secured and provide an online platform for crypto exchange and for transferring digital currency. They have a well-established wallet that permits you to save your crypto coins in their secure wallet.
They also allow for the housing of Ethereum and Litecoin currency and other digital assets to traders which span 30 countries. To start trading cryptocurrency on this platform, it is required that you perform a good check and also establish an intermediary with the blockchain network. Coinbase offers you a very quick and easy platform that facilitates the trading of cryptocurrencies.
BENEFITS
- POWERFUL TRADING PLATFORM
The Coinbase trading platform has everything the intraday trader needs. It offers a sophisticated and easy-to-navigate platform. The platform comes with log books, advanced charting capabilities, and a straightforward ordering process.
- CUTS THROUGH NOISE
Coinbase allows you to skip through the complex underlying technology associated with digital currencies. You don’t need an in-depth understanding of blockchain technology, or to hold a long-term view as to the success of currencies like Bitcoin.
- MARGIN TRADING
You can also benefit from Coinbase margin trading (Though not if you are in the UK). The margin trade allows you to bolster your profits beyond your horizon. This enables you to borrow money from your broker to make more trades. It’s best to think of it as a short-term loan.
- PROMISING CHANGE FOR TRADERS
Previously, customers had to wait several days to receive their digital currency after a transaction. Now you can purchase bitcoin and other currencies directly from your bank account. What does this mean? It enables you to trade in real-time with GDAX.
GETTING STARTED
Setting up on Coinbase is a walk in the park. You need to follow three simple steps before you can start trading.
- Click on here==Register – This entails creating a digital currency wallet where you can store all online currency.
- Connect – You need to connect your debit or credit to your Coinbase account. This enables you to exchange digital currency into and out of your local currency.
- Purchase – The fun part. You buy the digital currency of your choice. Coinbase is the biggest Bitcoin exchange in the world, but you can also purchase Ethereum and Litecoin too.
Once you’re signed up and funded, using Coinbase for trading Bitcoin and other currencies works much like other trading platforms. Within trading hours the platform provides real-time cryptocurrency prices, and won’t look too dissimilar from your usual online stock tracker.
- OCTAFX
OctaFX is a forex, CFD, and copy trading broker offering the MT4, MT5, and cTrader platforms. It is made up of login, personal area, and key features, including leverage, demo accounts, regulation, and more.
TRADING PLATFORMS
- METATRADER 4
The MT4 platform is a trusted software used by both individual traders and institutions, due to its ease of use and flexibility.
- METATRADER 5
MT5 is the next-generation platform that offers all the benefits of its predecessor but with additional speed, accuracy, and more advanced features.
- METATRADER WEBTRADER
For those using Mac PCs, OctaFX also offers the web terminal version of MT4 and MT5, meaning traders can access the markets straight from an internet browser. The web platforms are highly functional and customizable.
- CTRADER
The cTrader system is a robust system designed for forex and CFD trading. It comprises over 225 in-built charts view and is incorporated with more than 45 chart templates that are fully customized.
OCTAFX MOBILE APPS
OctaFX delivers mobile app versions of the MT4, MT5, and cTrader platforms, available for iPhone and Android devices. The apps offer many essential features in desktop applications, including a complete set of orders in MetaTrader and the full balance, margin, and P&L information in cTrader.
OctaFX (non-EU) also offers a downloadable proprietary copy trading mobile app, currently available on Android (APK) and Apple (iOS) devices. The app allows you to manage and keep track of trading accounts whilst on the go. You can also click here to Register
- KRAKEN
The Kraken Terminal is a professional charting, trading interface, and crypto exchanging platform which is free and available to all clients. Its software is based on Kraken’s premium trading terminal, Cryptowatch.
The platform offers:
- History scrollbar which scans through the current asset’s price history
- A watchlist that displays selected financial markets
- Real-time customizable charts
- Indicator panels i.e, volume and MACD
- Order book and depth chart which visualizes market sentiment i.e. volume of orders with bids and asks
KRAKEN APP-GET STARTED
To get started download the beginner-friendly app that allows users to buy, sell and convert crypto. You can set up and log in with two-factor authentication (2FA) to monitor prices, track portfolios, save favorite cryptos, make credit and debit card purchases, plus initiate fiat withdrawals.
CONCLUSION
With cryptocurrency being a digital asset, it warrants the need for a crypto exchange platform for their trading. They all offer a promising trading service for novices and experienced traders. The choice is with the trader to decide and go with any of the above crypto exchanges that he is comfortable with.
