Pros & Cons of My Top 7 Cryptocurrency Exchanges
Some of you may realize I have a hard time choosing a "favorite"... So, I prefer doing a "Top 7" list instead! This list is in no particular order, and contains a variety of exchanges, both centralized and decentralized:
Binance
Pros:
-Very cheap fees for trading if you use the default option and use Binance Coins to pay for trading fees.
-Very rare coins, typically unavailable elsewhere
-Coins typically skyrocket when they hit this exchange, because it's very international
-They let the community vote on the next coins to be added
Cons
-Very high minimum trade amount ( no "dust trades")
-Very high likelihood that you will end up with "dust" in your accounts
Bittrex
Pros
-Fantastic trade update animations, showing when your orders post and when they are filled
-Gigantic list of coins to choose from
-One of the lowest minimum trade amounts (50,000 satoshis)
Cons
-From time to time, they disable withdraws for some coins, but this is rare
-Allegedly some peoples' accounts got closed out, but mine is fine.
-Huge incentive to pump-n-dump coins, because they show you the top volume coins in a huge banner right when you log in. This most likely leads to many people buying at the all-time-high and ending up disappointed minutes later
CoinExchange
Pros
-Good trade animations
-Some rare coin markets (like BTC-BCC)
-ETH & DOGE markets
Cons
-Typically low volume of trading on this platform
Poloniex
Pros
-Very trusted exchange
-One of the highest trade volumes
-You can lend your crypto and earn interest
Cons
-It is very common that they disable coin deposits/withdraws like Steem & SteemDollars
-They disabled the troll-box, which I thought was hilarious and highly entertaining
Bitshares DEX
Pros
-Decentralized
-Massive ability to scale in size
-Unique assets only available on Bitshares DEX, like BitUSD
-Ability to short the US Dollar
-You can vote for witnesses, much like you can on Steemit
-Ability to become a Lifetime Member, letting you save $ on fees and actually earn money off of referrals
-Built off the same technology that Steemit is built off of (Graphene)
Cons
-Can be hard to understand for new people, which I believe will change soon when they upgrade the UI
-No ability to enable 2-factor authentication
Waves DEX
Pros
-Decentralized
-Unique tokens only available on the WAVES platform
-Auto updating recent transactions list
-Very easy to use Wallets page
-Ability to "lease" your waves and earn interest
Cons
-Low trade volume
-Offers Burger King Russia's "Whopper Coin" (LMAO)
-No 2FA
Coinbase
Pros
-One of the easiest User Interfaces
-One of the only fiat-to-crypto exchanges
-Coins typically skyrocket in value when they get added (like LTC & ETH did)
-Allow you to earn referral bonuses and give people free crypto for signing up under your referral code
-Very easy to send/receive with the mobile app QR-Code functions
-Price alerts you can customize
Cons
-Only fiat-to-crypto, no crypto-to-crypto trading
-High fees typically
-Can sometimes crash due to high volume of buying/selling
With all that being said, I recommend you store your coins on a HARDWARE WALLET, specifically the Ledger Nano S! This is the most modestly-priced receptacle, and it also has the BEST user interface! Very easy to use, and very secure (:
ALSO, I am running a weekly charity post, to raise funds for my friends' baby who needs heart surgery. If you want to help, PLEASE UPVOTE THIS POST & Resteem & SHARE with as many people as possible!
On top of that, if you want to support me directly, feel free to donate to any of my wallets:
Ark: ANUi5nkLEa8VCz81pZMENqjj3FUGTMTYPD
Bitcoin: 1KAzhZsAVEBozbTTFDUtDAH2MECDFNXV8R
Bitcoin Cash: 1BZCEJSDQ8PLTVpKjwRwaXqai1XYtpqW5d
Dash: XhbiUrLGTLcyLGXQxDSvCxqw6wCwYm4rHo
EOS: 0x6717c104e152812d28180783321719906592de4d
IOTA: CNBCCULXWNVZCDTIHVHSPSEIFIWRRHNJLZBBHPQFKHMKD9SUIWSLRAALIV9AZKZWTEOMETIYBQLPQWTV9YXMVAQNYD
Litecoin: LgjrqMmtJmKkH9xuBqLMMjCMBApSAiFnny
LISK: 9547696002805422173L
Monero: 4JUdGzvrMFDWrUUwY3toJATSeNwjn54LkCnKBPRzDuhzi5vSepHfUckJNxRL2gjkNrSqtCoRUrEDAgRwsQvVCjZbS2sv7uAUddBDpKauqG
NEO: AJDsLmcDhLLKda65BAVks2s8Q643jyVTKs
Waves: 3PMTyeAHjdMcJaWogSiJz1WRC3qR3n2Qgx1
ZenCash: znjUBP6iqqmDpQ6gMeuNXjgv98H9zCXJVKw
ZCash: t1gg4GgExA5pQ6DZijsb8ScsVfVBQWZ38Fr
And if you are new here to Steemit, and want to expand your following, please feel free to Comment a little bit about yourself on THIS POST I MADE ... This has introduced me to some really awesome people, and I think that it could get you some extra followers who appreciate your content as well!
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Great article! Resteemd!
Also waves dex has an ios app now.
Wow that is so awesome (: I'll have to check it out, I love Waves! Thanks for the resteem!
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Good writeup! I currently use poloniex and bittrex... Pretty satisfied with those 😀
Yeah I like them both but I moved as much as I could off of Bittrex
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