There is a stream of new Bitcoin trading sites on the internet. A lot of these platforms have shady reputations and poor quality services. With the amount of money investors put into cryptocurrency, they expect only the best platforms with excellent user security, low transaction fees, a user-friendly interface, and so much more. Here is a review of some of the best Bitcoin trading sites available:
Binance
Binance was founded by Changpeng Zhao in Hong Kong, China, in 2017. They soon moved their operations to Japan due to more friendly government policies. Binance is the largest cryptocurrency exchange in the world in terms of trade volume.
It offers a wide selection of popular cryptocurrencies. With over 100 cryptocurrencies offered on the platform, it is one of the most flexible exchange platforms globally. Unfortunately, fiat currencies are not supported on the platform, and it strictly trades crypto-crypto. This means users have to purchase cryptocurrency before they can use the platform.
The platform offers some of the lowest transaction fees in the industry at 0.1% and a 50% discount when trading with the platform’s native currency BNB. Deposits are 100% free, but withdrawal fees vary depending on the value of the cryptocurrency being withdrawn. Unverified users can withdraw a maximum of 2 BTC every 24 hours, while registered users can withdraw up to 100 BTC in 24 hours.
The website uses Two Factor Authentication and Cryptocurrency Security Standard (CCSS) to protect user details and assets. This is the standard for most major exchange services. Binance is available to users worldwide, with some exceptions, such as the United States.
Pros
- Binance has a high trade volume.
- It has a wide range of significant cryptocurrencies and alt-coins.
- The site offers excellent user security.
- The site has a friendly user interface.
- It provides low transaction fees for its users.
Cons
- Slow customer support due to a large number of users.
- It has no fiat currency transactions allowed.
- It is not available in the US.
Gemini
This is a private centralized exchange service developed by the Winklevoss twins (hence the name) in 2015. Gemini is based in New York. It started as a trading platform for Ethereum, becoming the first licensed Ethereum exchange in 2016. It would soon expand its portfolio to include multiple cryptocurrencies such as Bitcoin, Bitcoin Cash, Litecoin, etc.
According to trade volume, Gemini is the 39th largest exchange in the world. The platform is a direct competitor with exchange platforms with much higher trading volumes such as Coinbase, Kraken, and Binance, but falls behind in sheer trade volume due to its more limited cryptocurrency options.
Gemini has a reputation for being one of the most secure trading sites. It has additional safety features to protect user assets from hackers and fraudulent activities. All US dollar accounts are insured by the Federal Deposit Insurance Corporation, and all funds are kept safely in a chartered bank based in New York.
It allows users to trade both cryptocurrencies and fiat currencies, such as USD or GBP. Most coins are stored offline when not actively traded to protect user funds. Gemini has built a reputation as one of the most secure cryptocurrency exchange platforms, working hand-in-hand with the government and other private stakeholders in the crypto world.
Pros
- High user security against hackers.
- US dollar accounts are insured against theft.
- Great customer service.
- The site has a user-friendly interface.
- Fully registered and compliant with fiscal banking standards.
- Attractive low transaction fees.
Cons
- Due to high user security, registration can be burdensome.
- Servers are sometimes overloaded during times of high trade volume.
- It has a limited selection of funding methods.
- It has a limited selection of coins available to buy.
Coinbase
Coinbase was founded in San Francisco, California, in 2012. The trading platform was registered with FinCEN as a Money Services Business. It is an exchange platform that allows users to trade in both cryptocurrencies and fiat currencies. It is one of the few reputable trading platforms to accept fiat payments. They can do this because they are fully registered with various regulatory commissions.
The Coinbase platform offers two products- a broker exchange and a professional trading platform named GDAX. The GDAX platform provides a broader range of cryptocurrencies and trading options than the Coinbase platform. The platform generated over $1 billion in 2017 and holds assets of over $20 billion. For further security, only 1% of these assets are stored on the platform at any time.
Coinbase is one of only four exchanges to be licensed in New York under the pilot BitLicense program. It adheres strictly to the Know Your Customer (KYC) rules and is compliant with Federal and State fiscal regulations.
The platform supports Bitcoin, Ethereum, Bitcoin Cash, and so on. One significant aspect of Coinbase is that they only allow users to purchase trusted cryptocurrencies, making them a very trusted trading platform. The friendly user interface makes the site extremely popular. This makes the site easy to navigate and allows users to adapt to the platform quickly.
Users can make deposit funds through wire transfer, bank transfer, PayPal, debit/credit card, and SEPA transfers for European citizens. However, they can only withdraw funds through PayPal and wire transfer. Deposits and withdrawals are free of charge, which is a very enticing offer to investors.
The platform has another great feature called the Shift Card, which lets you directly spend the Bitcoin in your Coinbase wallet. It works like a debit card and lets you spend money from your Coinbase wallet in select states.
Pros
- They accept fiat currencies.
- It features excellent user security and insurance.
- The platform only offers trusted cryptos.
- Easy-to-use interface.
- Great customer support.
- Coinbase Shift card makes using Bitcoin as a means of exchange so easy.
- Fully registered and compliant with banking regulations.
Cons
- They have high transaction fees.
- Some accounts have limited features, especially accounts opened with fiat currencies.
- Lack of anonymity as user information is submitted to various regulatory bodies.
- Not available in all countries.
Conclusion
Before using any trading platform, make sure you research deeply into their policies and reputation to avoid losing your investment. Be thorough and try testing out the platform with a minimum deposit first. Good luck and profitable trading.
