As the world warms up to the reality of the cryptocurrency market as BTC nears $7k again , it is important that people get to know how top trading platforms are doing so far. There are presently more than 100 cryptocurrency exchanges globally, but we will be examining the latest news from Top 4 you cannot ignore.
Binance
Binance opened for business as a crypto-to-crypto only exchange. It soon gathered momentum having completed its ICO in July 2017. One of the strong selling points for Binance was its focus on the global market. It opened its doors to anyone who resides in a jurisdiction where cryptocurrency was not outlawed.
The buzz about Binance soon spread across the world, and by mid-2018, it dethroned Coinbase as the largest cryptocurrency exchange in the world but with great power comes great responsibility As of 05.07.19, it’s now also the scene of a major cryptocurrency theft. In what the company calls a “large-scale security breach,” hackers stole not only 7,000 bitcoin—equivalent to over $40 million—but also some user two-factor authentication codes and API tokens.
When it comes to withdrawing your cryptocurrency, at present, you can do so with any of the tokens or coins supported. A direct fiat withdrawal is not yet supported on the global exchange unlike users of its subsidiaries like Binance Uganda and Binance Jersey.
Binance limits charges to 0.1 percent for transactions on the platform, and this is further reduced when you opt for BNB as the transaction coin for payment of trading fees.
BeaXchange
BeaXchange offers two stablecoins as a trading incentive. It also is in the ranking as a fast and reliable exchange to work with. Here you can easily trade on Litecoin, Bitcoin, Stellar, and Ethereum. These top 10 coins and tokens are widely traded across the globe, and they also attract volatility, and hence high returns.
This exchange might be newer to the cryptocurrency market than the other exchanges mentioned here, but it offers something different from them. Also, you are given a risk removal ‘freeze option’. When you freeze your crypto instead of selling, the platform gives you stablecoins, and this is a 100 percent buyback provision with EURO or Japanese Yen. You can refund the stablecoins at a later date, and you will get access to your crypto in equivalent value for your trading
BeaXchange is in partnership with Tiedcoin, and this is the reason T2JPY and T2EUR are offered on the platform. As a crypto-to-crypto only exchange, you can deposit crypto speedily and convert same to any other trading pair available on the platform. Transactions on BeaXchange attract low fees as there are no takers and makers.
Therefore, it gives users the safety of a stablecoin in-house. Anytime you prefer to trade, you can convert your stablecoin to the crypto of your choice. If you decide to take a break from trading, you can also convert back to T2JPY or T2EUR.
Coinbase
Coinbase dominates the cryptocurrency market for residents of North America and Europe. This is as the exchange operates out of America. Coinbase has established itself as one of the most trusted places to trade ether, bitcoin, litecoin, and bitcoin cash. It’s also run up its share of critics: namely, its customers.
In 134 pages of complaints filed to the SEC and the California Department of Business Oversight obtained by Mashable following a five-month FOIA process, a picture emerges not of a responsible actor in the cryptocurrency space opening the market to new investors, but rather a company overwhelmed by and underprepared for its own success.
Fiat to crypto is enabled for users who can buy any token or coin with bank transfer, debit and credit cards, as well as PayPal. This flexibility suits the preference of European, American as well as Australian crypto traders.
In terms of fees, the range is 1.5 percent to 3 percent, depending on the mode of funding you use for your transactions. The trading pairs are limited here, but with the dominant market leaders like BTC, BCH, LTC, ETH and XRP available, users are just fine with what they can get.
Users who want to withdraw their earnings can do so directly to their bank accounts. This removes the inconvenience of conversion outside the platform.
Bitmex
Bitmex exchange is the world’s most popular platform for leveraged trading. Account holders here are able to trade up to 10 times their account balance using the tools provided on the platform. Users of the exchange are given the privilege to trade using borrowed funds as they take market positions. While some other exchanges offer the same service, Bitmex by far, has made it popular.
Most users of Bitmex are advised to do crypto deposit using Bitcoin. After depositing into your BTC wallet, you can then proceed to trade. There are eight trading pairs on Bitmex with bitcoin leading the way. Ripple, Ethereum, Bitcoin, Cardano, EOS, Bitcoin Cash, Litecoin as well as Tron are available for trading.
These coins and tokens have different leverage limits with Bitcoin at 100x and Ripple at 20x. In terms of fees, trading positions cost 0.75 percent and 100x leveraged trade of $1,000 will cost $150. The high fees notwithstanding, users of the exchange love leveraged trades and its returns.
Conclusion
The crypto trading exchanges here possess features that appeal to different segments of the market. The exchanges boast of fast transaction processing times, and this is important to the crypto trader.
The investor who seeks the fiat buffer will find the risk-removal freeze function of BeaXchange most attractive, and there is no doubt about this. For others who are looking for a wide range of trading pairs, Binance will be their point of call.
Most of all, it’s the latest reminder that, for all the promise of cryptocurrency, it remains a Wild West for investors. If the price fluctuations don’t get you, there are plenty of threats that are always waiting for you just around the corner.
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