Digital projects are gaining momentum every year and the concept of digital economy is increasingly often found in magazines about business and finance. The reason for this was the rapid development of the cryptocurrency market and the active investors’ interest in them.
This is happening due to the depreciation of fiat currency, to the development of Internet technologies and to the massive transition to online. The advantages of cryptocurrency are definitely obvious – they are protected from inflation better, their operating commission is really lower, their safety does not cause reasons for panic and it is not difficult to sell or buy them. Cryptocurrency exchanges are intended for that and their number is growing globally every year.
Stanislav Kondrashov, the analyst at Telf AG, a consulting services company, has explained what crypto exchanges are, how they work and what digital platforms are considered to be the best in 2020. Read more Latestinfo News.
What is a cryptocurrency exchange and how it works
A cryptocurrency exchange is a digital trading platform for exchanging one cryptocurrency for another at a set rate.
Now there are more than 160 popular cryptocurrency trading platforms. Each of them differs from the others in trading volumes, reliability, security and in the number of altcoins and tokens presented.
In general, the crypto exchange works on the same principle as all other trading platforms – you buy and sell and make money out of the difference. But the speed of transactions there is sky high. “This happens because the applications contain only the offers secured by the user’s account. This reduces time expenditure to a minimum.” – the business consultant at Telf AG Mr.Kondrashov said.
The expert has clarified that the main source of income for crypto exchanges is the commission for each transaction, as well as for the withdrawal of funds. Encashment is more expensive for the user – 2-3% more than the commission per transaction.
“It is due to the fact that crypto exchanges are interested in a huge number of transactions. The following principle is applied here: the more – the better. In this case you can make money out of turnovers.” – the expert specified. He also added that information about users, their accounts, the number and sum of transactions are stored on special servers which often become objects of hacker attacks.
Therefore, the security of cryptocurrency exchanges is one of the most urgent tasks nowadays.
Mr.Kondrashov, the business analyst at Telf AG: Top 5 cryptocurrency exchanges in 2020
Binance
It has a convenient multilingual interface, an extensive selection of trading pairs and a lot of additional tools for practical trading. The daily turnover of transactions on Binance averages $1 billion.
“The transaction commission is minimal here and you can withdraw two bitcoins without verification. And the application available for Android and iOS allows you to track trading changes effectively.” – Stanislav Kondrashov, analyst at Telf AG, said.
Bittrex
This crypto exchange stores most of its assets in cold wallets, providing its customers with a high level of security, as well as a large selection of cryptocurrency pairs, no fees for replenishment and withdrawal of funds from a deposit. The minimum transaction volume must be equivalent to at least 0.00005 BTC.
“The definite advantage of Bittrex is the ability to exchange virtual money for fiat money freely. However, you can withdraw the funds only after verification of your account.” – Stanislav Kondrashov from Telf said.
LocalBitcoins
Clients of this crypto exchange carry out transactions on their own, without the mediation of the site administration. Due to the variety of payment methods, users can freely buy or sell bitcoins at an acceptable rate and with a low fee.
Each LocalBitcoins client is provided with his/her own Bitcoin deposit address. This crypto exchange does not support other cryptocurrencies.
EXMO
A popular trading platform among residents of Eastern Europe. It is easy to exchange cryptocurrency here for the Russian ruble, Ukrainian hryvnia, Turkish lira or Polish zloty.
The exchange also supports classic trading pairs with the American dollar and euro.
Probit
This crypto exchange offers simple registration without verification, as well as an adaptive interface, round-the-clock technical support in Russian and up to 30% referral bonuses.
Mr.Kondrashov from Telf AG has added that digital platforms such as Poloniex, Crex24, Cryptolocator, BitForex and Binance Futures are among the top ten crypto exchanges in 2020.
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