PT. 2 The Guide to "Bitcoin" and Cryptocurrency Exchanges

zen-analyst (37)in #bitcoin • 7 years ago (edited)

PT. 2 The Guide to "Bitcoin" and “Cryptocurrency” Exchanges

So now you hold some cryptocurrencies and you want to start trading?

Where to start?........

So, which exchange to pick? Every exchange has their own list of different cryptocurrencies; Coinspot and BTCmarkets have limited access to all the digital currencies out there. There is no single exchange that lists all currencies.

For the complete list of all exchanges and their volumes go to:

https://cryptocoincharts.info/markets/info

And to search up cryptocurrencies and their current market price go to:

https://coinmarketcap.com/
On Coinmarketcap, you can find your favourite coins, which exchanges trade them and what volumes they are at.
markets volume.png

_{Click on Markets tab to show which market exchanges list the coin of your preferences.}

Recommended lists of exchanges:

Bittrex:

My personal favourite and one of the oldest out there. Offers low fees on each transaction, uses a very basic and straightforward interface. Fourth biggest on the market with a daily trading volume of $2,434,357,756 USD with 274 different currencies. Great tools to analyse and help with your trades; it even shows statements of profit/loss!!.
To register go to:
https://bittrex.com

Binance

My second preference, easy interface and a great range of 191 coins, plus it has a sense of a community! It currently holds $1,696,403,561 USD in daily volume.

I would recommend starting off at Binance to get a general feel with the lower volume and number of coins. Interface is a lot easier to use. It looks like the more adavnced version of BITTREX in my opinion with tons of cool competitions and events! Referral ID: 12623575 To register (Use referral ID and link for bonuses!):
https://www.binance.com/?ref=12623575

Bitfinex

Currently the biggest exchange in the world, most teched up exchange with it’s own app (have not tried yet).. Personally I’m not too into Mobile access to the crypto world yet as mobile usage holds minimal security. None the less, it does currently hold a daily trading volume of $3,366,518,909 USD with 64 different currencies.
To register go to:
https://www.bitfinex.com/

Coinexchange

Last but one of the most important; what I would like to call the crypto-penny world. It uses a very standard interface similar to Bittrex and holds a whopping range of 372 coins! While tonnes of these coins are useless, with the right amount of knowledge and research into them; it could become a GOLDMINE! A few good ones that would be worthy looking into would be TIPS, XP and SPRTS. Coinexchange holds a daily volume of $13,559,528 USD.

Ill expand into this topic in another post with a few tips on trading in this exchange. But be prepared to lose anything to put into this exchange market.
To register go to:
https://www.coinexchange.io/

Why not use Coinspot to do your trades?

Unless you are spot-on when making your predictions, being able to make HUGE % GAINS and we are talking about 10%+ each call, you’ll find you won’t be earning a lot at all with their huge fees and secret charges in the exchange value itself when you compare it to the market price itself.

All the exchanges I’ve listed above all have low trading fees (less than 1%) and all have a wider range of currency choices. Unfortunately for us Aussies, we cannot directly purchase digital currency with our fiat currency just yet.

BTCmarkets?

It’s a good way to start for newcomers who are just getting a feel of it, but soon you’ll feel the need to access the bigger markets as you hear more about other coins doing these amazing gains on the news or from your mates and realise the 6 your playing with just isn’t enough.

NOTE: It is ALWAYS RECOMMENDED to have 2FA security for your wallets as a extra layer of security!!! (google authentication)