Bitcoin
$12,663.66
-50.63
Ethereum
$327.96
-3.21
Litecoin
$127.20
-7.42
DigitalCash
$170.77
-6.2
Monero
$101.24
-4.3
Nxt
$0.04
0
Ethereum Classic
$8.76
-0.63
Dogecoin
$0.00
0

Top 7 Exchanges

It all started with Bitcoin in 2009, and now there are thousands of cryptocurrencies today in the market, with new ones getting added every month. To buy or acquire these coins you need to take the help of cryptocurrency exchanges or crypto trading platforms. The plus point is there are a large number of exchanges at your disposal, but the issue is they are not made equal, each having their own sets of strengths and weaknesses. Sometimes depending on the scenario a few of those weaknesses can actually turn out to be an advantage of the crypto exchange. This can get really confusing if you are just starting out. In this article, we will explore the top 7 crypto exchanges of 2018, and we would urge you to consider your need with their offerings seriously before opting for another, well of course not if you already are a trader and successfully trading on your favourite exchange.

Now there are three types of exchanges:

  • Trading Platforms – These platforms connect buyers and sellers, and take a commision fee for each transaction.
  • Direct Trading – These platforms offer a direct person to person trading opportunity where different nationals can exchange currency. These exchanges don’t have a fixed market price, but each seller sets their own exchange rate.
  • Brokers – Anybody can visit these websites to buy cryptocurrencies but at a price decided by the broker. They are similar to foreign exchange dealers.

Before dishing out our list, we would like to say that this list is our choice based on some points we think are what help distinguish exchanges.  We have asked the following questions to make our decision –

  1. How long have they been operating?
  2. Who runs them?
  3. Are they insured?
  4. How many cryptocurrencies the exchange lists?
  5. Security –  what kind of security measure the exchange offers
  6. Who are the significant investors?
  7. If the exchange offers Liquidity (the ability to find enough sellers and buyers to execute trades quickly)?
  8. What are the Payment Methods it offers?
  9. How much are the Transaction Fees (hidden fees, reduction in fees due to payment methods)?
  10. How fast are the transactions processed?
  11. What is the Trading Margin/limit?
  12. How good is their Customer Support?
  13. What Regulatory Issues does it face?
  14. What is their reputation in the market?
  15. Whether the exchange is Reliable or not (system crashes, trading halt etc.)?

Binance

Binance or Binary Finance is an international crypto exchange launched in September 2017, focusing on crypto-to-crypto trading. Initially founded in China, the company then moved its HQ and servers to Tokyo, Japan due to the Chinese government’s stricter rules on Crypto trading in September 2017. Since then the exchange has grown tremendously and became a favorite among crypto traders. The popularity of Binance is such that it received 240,000 new registration application, even they had to suspend all registration in January due to overwhelming new applications. On March 2018, Binance officially stated that their office will be moved to crypto-friendly European island Malta due as they weren’t been able to follow Japan’s official crypto guidelines. Binance came to the news with its hugely successful ICO in July 2017, raising $15 million through their ERC-20 based BNB tokens and soon became operational in September. It became the largest crypto-exchange with a BNB market capitalization of $1.3 billion on January 2018. Binance currently is the second largest cryptocurrency exchange by daily trade volumes, experiencing $844 mln in trades on June 27 and also the largest for altcoins trading.

Team

Binance was founded by Changpeng Zhao and Yi He.

Changpeng Zhao – Zhao currently serves as the CEO of the firm and his resume is quite impressive. He founded Fusion Systems, a high-frequency trading system for brokers, in 2005 in Shanghai and then in 2013 went on to head the development team of Blockchain.info, a cryptocurrency wallet. He also served as the CTO at OKCoin, a virtual currency exchange platform (spot trading between fiat and digital assets), for less than a year and founded BijieTech, an Exchange System Provider in 2015. The Forbes Magazine has declared him the third richest person in cryptocurrency in their February edition.

Yu He – The other founder, Yu He also worked at OKCoin as head of branding and marketing for about 1.5 years as well as worked at Yixia Tech for about 2.5 years before founding Binance.

Supported Currencies

Binance supports more than 360 altcoins till date, from popular coins such as Bitcoin, Bitcoin Gold, Bitcoin Cash, Ethereum, Ethereum Classic, EOS, NEO, Dash, GAS, Ripple, LiteCoin, Zcash, OmiseGo to lesser known or rare ones like ZCoin (XZC), IOTA or CiberMiles (CMT). Recently Binance has added cryptocurrencies like SelfKey (KEY) and Nebulas (NAS). The coins can are generally paired with ETH, BTC, USDT, BNB. Binance’s popularity also is due to the fact they offer a wide range of ICO tokens and is generally add both new coins and tokens as soon as they hit the crypto market after a rigorous vetting process. This allows traders to buy the new coins and tokens relatively cheap and later sale with a greater margin. Binance actually is considered one of the leader in listing new cryptocurrencies as soon as their ICO is over, but the new coins have to prove their mettle to Binance team before getting listed.

Though Binance deals with crypto-to-crypto trading, it has plans to introduce fiat pairs like Euro and British Pound, following acquiring a license in Jersey as part of their European expansion plan.

Transaction Fees

Binance incurs the lowest trading fee in the crypto industry. For each crypto-to-crypto trade, the fee is 0.1% of the trading volume, but if the purchasing is done using BNB token, then the exchange offers a 50% discount in fees for every trade – 0.05%, lowest in the crypto trade. Note here that BNB is the default choice if you have that. Depositing coins does not incur any charges, but withdrawal fee varies from coin to coin depending on their present values. Also, there is a minimum withdrawal value for each coin. Here’s a list of withdrawal charges for some major coins.

COIN Minimum Withdrawal Withdrawal Fee Unit
Binance Coin 0.36 0.18 BNB
Bitcoin 0.002 0.0005 BTC
Ethereum 0.02 0.01 ETH
Litecoin 0.02 0.01 LTC
Neo 1 Free NEO
Bancor 2 1.2 BNT
EOS 0.8 0.4 EOS
Bitcoin Cash 0.002 0.001 BCC
Gas 0.001 Free GAS
Qtum 0.02 0.01 QTUM

Liquidity

The technology behind Binance exchange can handle upto 1.4 million transactions per second and coupled with the availability of a huge number of altcoins and new coins, there is high volume trading happening all the time. With a huge number of buyers and sellers, traders have very high chances of selling their coins whenever they want to.

Trading Margin

As for transfer limits, there is no limit on the number of coins that can be deposited. But Binance imposes transfer limit based on verification rule. Without any sort of verification, users are limited to withdraw a maximum of 2 BTC worth of cryptocurrency per day, but with verification as a level 2 user, the withdrawal limit goes to 100 BTC offering a lot more freedom. The verification process asks users to provide their full name, gender, country, passport id or government-issued ID, and even a selfie with the passport.

Security

The Binance site does not provide enough information regarding security measures it takes. The exchange offers multi-tier system architecture. The Binance users are asked to set up two-factor authentications (2FA) while registering their account. It is an added level of security that always sends a special code to the user’s mobile phone each time he/she log in, withdraw funds or trade coins. The website also utilizes the CryptoCurrency Security Standard (CCSS) to protect accounts – an industry standard for all major crypto exchanges.

Reliability

Binance has inspired a lot of confidence as a safe exchange to the traders due to some incidents in recent months. It came to light that anonymous hackers had been collecting user credentials through phishing websites and secretly installed API access on the affected accounts. In March, 2018 they converted all of the affected users’ altcoins to BTC and purchased Viacoin, raising its price to a huge value and then sold their own supply of Viacoin at the high point, before trying to withdraw the BTC to their own wallets. But the automated security system of Binance caught the hacking attempt. Nobody lost any funds while the hackers’ stack was donated to charity. This has boosted traders’ confidence on the exchange. The firm also has offered a $250,000 bounty to anyone who can help them catch the hackers.

On February 7, Binance shut down its service to fully resync their data with replica database. After a day-long halt, the exchange resumed service 6 hours after their said uptime. To compensate, the firm offered a 70% discount on all trading fees till February 24, which greeted with much applause from traders. Of late, on June 27 the exchange operation was halted due to a planned system upgrade for 4 hours. But the operation was ceased for a day when their risk management system issued an undisclosed vulnerability warning. The firm has been praised for maintaining communication with users throughout the downtime every time.

Ease of Use

Another thing that makes Binance trader favorite is because it offers two buying options for different users – Basic and Advanced. Though Binance is not for complete beginners, the layout is well-designed and easy to understand. The dashboard for the basic one offers numerous graphs and charts for the coin pairs including trading, order books, and trade history. For the more experienced trader, the advanced options allow the user to compare price variations between coin pairs by offering charts and graphs – basically a very in-depth technical analysis of cryptocurrency value over time. For example, the Candlestick bars enables the user to view the opening, highest, lowest and the closing price of a coin over a certain time period. Binance also offers a mobile app on both Android and IOS platform which are very easy to operate, and very likely one of the best designed, easy to use mobile apps for crypto trading.

Binance’s customer support is not that great and is generally slow to respond. They communicate via email only, no live chat available as of now. The slowness in response is expected though given it is such a huge exchange and became one in so little time.

As it plans to move to Malta, Binance plans to introduce fiat currency to crypto trading in near future –  a move definitely going to work in its favor. The lowest transaction fee, an abundance of coins, high trading volume, reliability, high liquidity capability are what working in favor of Binance, as it has since been in top 3 exchanges always. Binance also has the plan to launch its own Decentralized Exchanges (DEX) which will benefit the BNB token holders.

KuCoin

KuCoin is another crypto-to-crypto exchange that is very similar to Binance and try to stay competitive with it. The Hong-Kong-based firm was launched in September 2017. The core team was formed just 4 months earlier in May 2017. Though quite young, KuCoin has gained huge popularity among traders from the start. IT managed to acquire 50,000 users in its first 33 days and 200,000 by December 2017. As of first week of June 2018, the daily volume of the exchange is 4,622.37 BTC or $65,549,835.96 USD. The exchange aims to become top 10 exchanges by volume by 2019. The popularity of KuCoin is increasing day by day with more and more traders joining the exchange pushing its trade volume higher. Following are the reasons we believe that KuCoin is a great exchange.

Team

The KuCoin team is pretty solid with the core team members having very good amount of experience in crypto world, with some of them worked in big companies and projects. Even before KuCoin is launched, the core team had been conducting research on blockchain technology since 2011 and formed the underlying architecture of KuCoin back in 2013.

Michael Gan – Michael serves as the CEO of the firm. A former technical expert of Ant Financial of Alibaba Group, a veteran of financial solutions, and senior partner of Internet giants like MikeCRM and KF5.com.

Top Lan – He is the Chief Technical Officer of KuCoin. He has been an open source community Technical expert and manager of multiple mainstream open source projects in Github.

Eric Don – Eric is the COO of the company – a Former senior Internet Researcher and Systems Architect. He was the CTO and senior partner at IT companies such as youlin.com, KITEME and REINIOT.

John Li –  President of Business Operations Group – President of Jianbang Communication and project director of group-purchase magnates.

Kent Li –  Operation Director – Stanford University REAP project Operations & Maintenance director. Operations & Maintenance director and architects of multiple Internet titans.

Supported Coins

The KuCoin exchange currently offers a very wide range of cryptocurrencies – about 160 cryptocurrencies including all major ones currently. The exchange plans to add more than 1000 coin pairings by the end of this year. While having BTC and ETH allows full range of crypto trading, one can also do most trading with USDT, NEO, BCH, and KCS. KuCoin is one of those few exchanges who lists new cryptocurrencies very fast and constantly, even sometimes beating Binance on this front.  Last year in December these four cryptocurrencies QLink,TFL, UTRUST and LAToken were added just after a month of their launch. KuCoin even managed to enlist RaiBlocks (XRB) before Binance did. Though the exchange tries to be the leader in offering new coins faster than others, the KuCoin team run every promising cryptocurrency through an extensive vetting process for strong team, technology potential and strong community support for those coins and ICOs. Like Binance KuCoin also often hold trading contest promotion to promote volume.

Transaction Fee

KuCoin’s biggest competitor is Binance. So no wonder their trading fee has to be that competitive. There is no fee for depositing apart from withdrawal and trading fee. KuCoin charges 0.1% for every crypto trade both from maker and taker. While the withdrawal fee for some coin is free, for most the fee is dependent on their current market value.

Coin Minimum Withdrawal Withdrawal Fees
KCS 10 0.5
BTC 0.002 0.001
ETH 0.1 0.01
LTC 0.1 0.001
NEO 1 Free
GAS 0.2 Free
KNC 0.5 0.5
BTM 20 5
QTUM 0.2 0.1
EOS 2 0.5
OMG 0.2 0.1


The exchange has no limit on KuCoin transactions. As there is no option for using fiat currencies, the user has to deposit BTC, ETH, NEO etc. to start trading.

KuCoin Share (KCS) Advantage

Like Binance, KuCoin also has their own coin called KuCoin Shares (KCS).  But the great benefit of this exchange is holding KCS can reduce the fee down to 0.02%. In its ICO, KuCoin has distributed 100 million KCS or 50% of the total available tokens. it gives all KCS coin holders 50% of the trading fees the exchange makes every 24 hours for each coin. This will be brought down to 15% eventually though. Since there are a total of 100 million KCS available for users, the more KCS you hold, the more you get. For every 1000 KCS held, the fee gets reduced by 0.01%. If there is 50000 KCS is your account, then trading in this exchange is even cheaper than Binance. Another great feature of KuCoin is it returns 90% of the trading fee to the user, one way or the other – the major 50% is returned to the users having KCS in their account in the form of KCS bonus, and then they can share the rest 40% via invitation bonus. Therefore the exchange only keeps 10% of the trading fee that it charges. On reaching a certain level, the users holding KCS token will have access to exclusive services like one-on-one investment consultation and customer service Fast-Pass.

Processing Speed

Another feature KuCoin offers is withdrawals that are less than the current withdrawal times 100,000 are processed in a few seconds, i.e. for 100 LTC (0.001 x 100,000). For others, additional processing time is required, but generally within 10 minutes, while the deposit takes about 2 minutes.

Customer Support

KuCoin’s customer support is quite good with 24X7 availability and on-time responses. The users or traders can contact the KuCoin team either through email or website’s online chat support. They are available through WeChat, Telegram, Twitter, Facebook, and other platforms. The site also provides an FAQ section to address general queries. The team is pretty good at solving user problems, responding to communities and open to any suggestions for any user preference.

Security

On the security front, KuCoin is considered very safe both on operational and system level, thanks to the core team’s years of well-thought development effort and constant monitoring and updating. The exchange employs multifactor dynamic authentication on top of standard transfer encryption protocol for data transfer layers. KuCoin employs multi-cluster and multilayer architecture like financial systems and takes bank-like precautions including 3 centers and 2 locations to make its system disaster-proof. Also, Kucoin offers financial safety as its wallets have multiple security levels. While macro-wallets are usually stored within banks, the micro-withdrawal wallets are stored in a private network architecture built using Amazon Web Services Cloud that benefits the wallets with its multilayer firewall. The documentation for wallets itself has industry-level multilayer encryption.

Ease of Use

KuCoin exchange is considered one of the most user-friendly yet powerful systems out there among traders. It’s very easy to open a KuCoin account with just email id and password, followed by a verification email. It also offers 2-layer authentication for that added security for user account login. There is absolutely no verification required to trade, withdraw or deposit. The exchange offers powerful charts and graphs, powered by TradingView, that is considered one of KuCoin’s strongest suit by traders. They also have a mobile app for both ios and android, having all the basic features of their web counterpart including charts.

The exchange sometimes faces slowdown and network congestions when the trading traffic is very high. It has the potential to handle much more than what traffic it is dealing with. The team resolves these issues relatively quickly though. KuCoin generally takes 30 minutes to few hours when updating the system and give early notification on Twitter.

On July 2, KuCoin has decided to stop providing service to its Japanese traders due to its inability to comply with Japan’s law on Crypto trading.

Huobi

Huobi is China’s biggest crypto exchange and is definitely one of the biggest in the world as well. Founded in 2013 by Leon Li in Beijing, China, Huobi has grown into a Bitcoin trading platform. Next year, the firm’s the headquarter was shifted to Singapore following differences with Chinese regulations. Huobi’s primary focus had been on Chinese market, but due to stricter regulations of the Chinese government the firm has started looking on global market and has plans launching local exchanges by partnering with firms or groups of those countries over the period of 2018.  In October 2017, the firm adjusted their organizational structure and launched Houbi.pro – a global crypto trading platform, while the China platform transforms into a blockchain consulting and research platform. Huobi pro, a “digital asset exchange”,  is a crypto-to-crypto platform, and is yet to introduce fiat to crypto trading. By December 2017, Huobi’s total transaction volume exceeded $850 million.

Users from more than 130 countries can use Huobi.pro exchange for crypto trading. The firm also has offices in Hong Kong, Japan, Korea, and the United States.

Team

Leon Li – He is the CEO as well as the founder of Huobi.com, graduated from Tsinghua University with a master’s degree in automation engineering and served as Oracle staff in the early years. He has organized various internet projects since 2009, such as SNS community, vertical searching, cryptocurrency and other trading platforms including Renrenzhe.com, the second largest group-buying search-site around China, which was launched in 2010 and widely acknowledged in the years followed.

Zhang Jian – He was the CTO of Huobi. He is the founder and chairman of Bochen and Author of Blockchain: Defining The Future Of Finance And Economy, Co-author of Fintech: Reconstruction Of The Future Financial Ecology. He is also the member of the expert committee of China Blockchain Technology and Industry Development Forum (MIIT), Architecture leader of Distributed Ledger Technology Focus Group(DLT-FG) of International Telecommunication Union Telecommunication Standardization Sector (ITU-T).

The current CTO of Huobi is Mars Cheng.

Huobi ’s investors include ZhenFund, Dai Zhikang, and Sequoia Capital.

Available Coins and Exchange Markets

Huobi supports a wide range of cryptocurrencies and ICO tokens including all major coins like Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin Gold (BTG), Dash (DASH), EOS (EOS), Ethereum (ETH), Ethereum Classic (ETC), Lisk (LSK), ICON (ICX), Litecoin (LTC), NEO (NEO),  NEM (XEM), Qtum (QTUM), Ripple (XRP), Tether (USDT), Zcash (ZEC), Tron (TRX) etc. Huobi offers more than a 100 altcoin trading pairs and offers trading by BTC, ETH, and USDT. Apart from Huobi.pro, the firm has also launched Huobi Autonomous Digital Asset Exchange (HADAX). While the pro site list more than 100 cryptocurrencies and tokens, HADAX though being just more than a few month’s old lists a wide array of small coins and tokens. HADAX allow traders to vote for the tokens they want to see on the platform by using Huobi tokens.

Verification

Huobi’s verification process is very demanding than the average exchanges. After user registration, email verification is done followed by real name verification. The bank account name and username must be the same, especially for foreign traders for transacting between Huobi and user’s bank account. After that user nationality is verified – while foreigners have only the option of passport verifications, Chinese nationals can provide mainland driving license, Chinese ID, social insurance number etc. Next, a selfie with the government document and a picture of three deposit transactions are taken. Lastly, a mobile verification is done. While this is very time-consuming to open an account, this ensures more safety.

Security

Huobi is operating since 2013 so it has built a very robust security system. The exchange provides two-factor authentication, PGP encryption for mail as well as email and SMS notification. Huobi.pro is built on a decentralized structure and offers anti-DDOS protection system with over 98% of its users’ digital assets stored in multi-signature cold storage wallets, meaning cutting off online access. The team monitor the wallet 24/7 and very fast to respond. Though there has been hacking attempts in the past, it hasn’t cost any user. For the record since the last 4 years, Huobi has always been successfully protected its traders’ assets.

Customer Support

Huobi offers support in two languages – English and Mandarin. Huobi offers 24/7 customer support through online live chat, email ticket and telephone using its country offices. Users can also utilize multiple messaging apps and social media to reach out to Huobi’s customer support team for any inquiries. Generally, emails are responded to within 2-3 hours. Huobi’s support is regarded as very good and polite among traders. There is also an FAQ section on Huobi’s website for general questions.

Fees

While the fee is not that low compared to what Binance or KuCoin offers, for the robust security the exchange is known for the fee is worth it. Huobi charge a flat 0.2% fee as takers and makers fee. But the VIP members of the exchange are offered lower fee if they choose to purchase through Huobi token (HT).

Membership level           Fee discount     Cost of membership level

VIP1                                     10% off             120 HT / month

VIP2                                      20% off             600 HT / month

VIP3                                      30% off             1,200 HT / month

VIP4                                      40% off              6,000 HT / month

VIP5                                      50% off              12,000 HT / month

 

For trading, the fee in Chinese Yuan is flat 0.2% of the traded amount, but for trading in the US dollars, the marker charge is 0.1%, while the taker’s fee is calculated in a 30 day period like follows –

50 BTC or less                0.2%

Greater than 50 BTC     0.18%

Greater than 200 BTC   0.16%

Greater than 600 BTC   0.14%

Greater than 1500 BTC 0.12%

Greater than 5000 BTC 0.10%

Greater than 10000 BTC   0.08%

For withdrawal fee, Huobi charges different amount depending on various coins.

Currency             Withdrawal fee

BTC                                     0.001

Bitcoin Cash                       0.0001

ETH                                       0.01

LTC                                       0.001

Ripple                                     0.1

While depositing in Chinese Yuan is free, for US dollar the transaction has to be a minimum of $33 and 1% of the wire transfer is charged. For OKPay it is 0.5%.

Ease of Use

Huobi offers its platform on windows, mac as well as on mobile platforms – ios and android. The platform is very well laid out with numerous highly informative graphs (provided by TradingView) and settings readily available – a top-notch offering in the crypto realm. It is one of those few exchanges that has managed to perfect the balance of offering experienced traders a high level of functionality yet and intuitively manageable for new users or beginners in crypto world. A very useful value-added functionality of Huobi is the ‘Smartchain’ analysis and research service, which provides insights and research on different Blockchain assets with over 50 different indicators. A stand-alone desktop client is also expected to be launched soon.

Bittrex

Bittrex is one of the top 10 largest cryptocurrency exchanges in the world. The Seattle, US-based exchange was launched in 2014 and often makes it to the top 3 crypto exchanges by trading volume. It currently experiences just under $300 million of trade in 24 hour period. The formation of Bittrex exchange is done with keeping security in mind. The exchange is a crypto only exchange. The exchange may not be suitable for beginners. Bittrex is known for handling one of the largest Bitcoin volume in the world.

Team

Bittrex has a superb team working on it. The team has a combined experience of over 50 years in security and development from companies including Microsoft, Amazon, Qualys, and BlackBerry.

Bill Shihara – Bill is the Co-Founder and CEO of Bittrex. He was previously a Security Engineering Manager at Amazon, and he also served as the Manager of Security Threat Analysis and Security Engineering at BlackBerry. At BlackBerry, Bill drove the anti-malware and security automation strategy for the BlackBerry ecosystem to help protect customers from emerging and known threats. Prior to his position at BlackBerry, he spent 11 years at Microsoft working on the Windows Operating System and the Trustworthy Security team.

Richie Lai –  Richie is the Co-Founder and Chief Information Officer (CTO) of the firm. He previously served as a leader in the Amazon Information Security Team. In this role he managed a global 24/7 Security Operations Center responsible for Security Operations, Incident Response, External Threat Intelligence, Advanced Monitoring and Analysis, Vulnerability Management, Application Security as well as a development organization that supported all these efforts. Prior to joining Amazon, Richie spent 12 years at Microsoft building up their security engineering and Internet crimes division.

Rami Kawach –  Rami is Co-Founder and Chief Technology Officer of Bittrex. Prior to Bittrex, he served as a Principal Security Engineer at Amazon, managing a wide variety of security issues. Rami also previously served as the Director of Engineering at Qualys, where he was the architect of their next-generation vulnerability management solution and malware detection system. Prior to Qualys, he spent 10 years at Microsoft where he led multiple projects, including Microsoft’s botnet monitoring and mitigation efforts.

Available Countries

The exchange is globally available including in countries like India. But the documentation required for verification is different for each country. Though its a US-based exchange, some of the states of US either have limited or no access to it, with 29 states having restricted access one or the other fronts.

Available Coins

One of Bittrex’s strongest suit is definitely the number of coins and trading pairs it offers. The exchange offers more than 290 cryptocurrencies and hundreds of trading pairs including more than 450 BTC pairs and 11 USDT pairs. Bittrex offers a very good number of trading via BTC and ETH, but the option for fiat to crypto trading is not available yet. Though earlier in March 2017, Bittrex paused wire transfer, but since June 2018 resumed USD wire transfer. The exchange allows users to buy cryptocurrencies (BTC, ETH, USDT) through bank wire transfer, though under the condition of a minimum $10,000 worth of purchase with an enhanced verified account.

Transaction Speed

The exchange is designed to be highly scalable. By employing elastic computing, Bittrex is able to process orders almost immediately. It does away with crossed order books or any delays in the processing of trades. Also, the automated monitoring platform allows the exchange to process transactions quickly. It also allows for quick updates on balances, trades, and wallet information. On Bittrex, key information is always kept up to date. While wallet withdrawal is done pretty quickly it depends on clicking on the authorization link Bittrex send via email.

Fee

Here the buyers and sellers decide the rates of trades and Bittrex charges a flat 0.25% on all kind of trading which allows customers to easily calculate it, making this very transparent. There are no fees for deposits or withdrawals, but each coin network has a transfer fee built into the trade. On request, Bittrex also provides paper copies of electronic correspondence for a fee of US$10, plus US$1 per page for shipping and handling within the US.

Withdrawal Limit

Bittrex imposes a hard cap on how much can be withdrawn from the user’s trading account. While users of unverified accounts can withdraw a maximum of 1 BTC worth of coins per day, the basic account raises the withdraw cap to 3 BTC per day or equivalent only if 2FA is enabled. The Enhanced account users can withdraw up to 100 BTC worth of coins per day.

Account Verification

Bittrex, being a US-based firm takes this very seriously. So this exchange though has a very long time-consuming verification process, it is worth it for extra security and assurance. The firm follows US regulations very strictly focusing on Anti-Money Laundering (AML) and Know Your Customer (KYC) program.  There are 3 type of account Bittrex offers – Unverified, Basic, and Enhanced Account. The Basic account needs 2-factor authentication. For this, the user needs to submit his/her name, address, and date of birth, which are verified through public records. But if it fails, the user needs to proceed to an enhanced verification. The enhanced account need a scan copy of their identification as well as selfies. The Jumio service provider verifies these details by utilizing a number of heuristics to determine the legitimacy of the ids and face match.

Security

While Bittrex’s long and complicated verification process may make some traders, especially the beginners think twice about using it, the very fact is why Bittrex prides in when coming to the question of security, by incorporating most of the security measures available. The stringent measures for an enhanced account are the proof. The exchange holds 80-90% of client funds offline on a cold stage by employing an elastic multi-stage wallet. For every withdrawal and API usage, 2-factor authentication is mandatory.

Customer Support

Bittrex operates a Zendesk where users can check FAQs and read news articles Users can also review their customer support tickets by logging into Bittrex Support. They also use email as a means of primary support. Additionally, the broker also answers inquiries through Facebook, Slack, and Twitter, making it highly accessible to customers through social media. But being a large exchange and increased demand a lot of users face slow response times.

Bittrex’s trading platform is not exactly made keeping beginners in mind. It provides access to advanced trading tools like candlestick charts and crosshairs, but the user interface is clean and intuitive, so beginners should not have any problems according to the company.

Changelly

Changelly is a Prague-based cryptocurrency exchange that offers easy purchase of several cryptocurrencies, sometimes called an ‘instant’ exchange. It is an unique exchange where there’s no need to deposit coins. The platform is known for its speed and trustworthiness. The exchange has about 2 million registered users. The exchange’s service is available worldwide. Changelly’s robot is integrated into the world’s biggest cryptocurrency trading platforms, such as Poloniex and Bittrex. It operates by making bids and checking with respective exchanges to suggest the best available rates on trading pairs. Changelly’s robot takes just a matter of millisecond to suggest those rates then.

Changelly was created in 2013 by the team behind MinerGate, a bitcoin mining pool. They have several partnerships with well-established wallets like Coinomi and Jaxx. Its other partners are Coinmarketcap, Breadwallet, Mycelium, Coinpayments, Uquid debit card, Coinomi, and other prominent companies.

Fast and Free Registration

Registering on Changelly is completely free for every user. Unlike other exchanges Changelly doesn’t require a lot of user information for this purpose, even Facebook accounts can be used to register for free. The whole registration process takes less than a minute to complete. So this is great for beginners who just want to start with crypto trading.

Available Coins

Changelly lists more than 100 cryptocurrencies including popular cryptocurrencies like Bitcoin, Litecoin, Ethereum, Dash, Dogecoin, and Monero, as well as somewhat less common like XDN,, FCN, BCN, NBT, FCT, NXT, and RADS. The exchange offers a form so that users can suggest adding their token to its platform. The best feature of Changelly is any coin can be instantly converted into any other.

Payment Method / Crypto Buying Option

Changelly is one of those few exchanges that let traders buy all type of cryptocurrencies by directly depositing US dollar through Debit/Credit card –  very easy and quick process indeed. This allows a user to save money which he or she has to pay on double transaction where you get real-time currency rate thus saving additional charges. It accepts USD or EUR for more than 35 different cryptocurrencies. The bank card can be from any country but it must have 3-D security enabled.

Bank Card Limit

The card has some limits for the first few transactions. Cards from the U.S., Canada, or Australia will have a $50 USD limit for their first transaction. The following purchase can be made in four days with a $100 limit. After seven days from the first buy, the limit is up to $500. You cannot make more than three payments in the first week but have no monthly payment limits.

Users in the EU or non-CIS-region countries have a similar limit scheme, but the first transaction can be up to $100. The second transaction (also in four days) has a $200 limit. These countries have the same $500 limit following seven days. Though there is no monthly limit,  more than six payments in the first week are not allowed.

Those in Russia, Georgia, Belarus, Armenia, Ukraine, and Kazakhstan have a $200 limit for their first transaction. The following limit increase will take place in 24 hours. The first week’s limit is $2,000, and the first month’s limit is $10,000.

Fees

Unlike other crypto exchanges, Changelly doesn’t ask for any commision fee when withdrawing money. For crypto to crypto trade Changelly incurs a 0.5% fee, however for debit or credit card purchases, Changelly takes  5% commission and 5% for Simplex Processing Fee. Changelly does not fix rates, in doing so it can charge that 0.5% fee on cryptocurrency transactions, however, users have to pay networking fees, set and collected by the blockchain network.

Transaction Time

Crypto-to-crypto transactions are usually done within 5-30 minutes. But the transaction processing time is dependent on the capacity of the blockchain network at the time of the trade. If there’s a blockchain overload then it will take time. Also, the larger the transactions are it is likely to take more time. t is also possible that a transaction will take longer due to coin updates. Sometimes, Changelly turns off certain coins in order to update a client. The user gets the money back as soon as it is up. In case of a DDoS attack, something which every exchange have a risk from, processing may take longer.

Real-time Exchange Rate

Changelly allows the user to purchase digital coins with their original rates which are being in the trade. Due to the real-time currency rate, one can save money by purchasing altcoin at the time when the price of your desired currency is stable or decreased.

Trustability

There are multiple reasons to put trust in Changelly. It exchanges money instantly, and send to the user wallet, so there is no need for Changelly to store the deposit. In addition, every account has 2-factor authentication. If that’s not enough to put trust, then the fact that Changelly experiences more than 3 million visits to its website in a month as well as well-known crypto community members like Charlie Shrem use Changelly should bring that confidence.

Ease of Use

The platform is very intuitive and easy to use with ample instructions for a complete beginner and attracts a lot of experienced as well new traders alike. The design of the platform also receives praises from users.

Shifting from CEX to DEX

Up till now, we have been talking about centralized crypto exchanges. Now we believe decentralized exchanges will have a major role to play in the future crypto realm. There are a couple of great DEXs out there.  In the last 5 over 20 major cases of cryptocurrency Exchanges getting hacked have surfaced. In January 2018, Hackers have stolen roughly 58 billion yen ($532.6 million) from Tokyo-based cryptocurrency exchange Coincheck Inc.  When centralized exchanges security gets breached, hackers can more easily gain access to all of any particular coin being traded on the exchange. A DEX exchange is an obvious direction the cryptocurrency community needs to move in. Decentralized exchanges, in general, have security measures that centralized exchanges cannot support.

IDEX

IDEX is the first Ethereum based decentralized contract exchange which maintains real-time trading. IDEX is the most advanced decentralized exchange. Its focal point is on Ethereum and ERC20 tokens and as such you won’t find Bitcoin on this exchange. Actually, most of the popular cryptocurrencies such as Ripple and Litecoin are unavailable on IDEX. It carries limit and market orders, allows gas-free cancels, and provides the ability to fill many trades at once.

Unlike centralized Exchanges (for example Bittrex and Poloniex )  which hold the private keys of all wallets, where the customers have no access and have to Trust the Exchange for the custody, a decentralized Exchange does not hold any private keys or assets, it’s all done peer to peer, each person holds its own assets and keys. Idex currently supports trading of Ethereum and ERC20 token trading pairs.  It even has an aspect Ledger Nano S and Meta Mask Wallet integrations, which are safer options for fund management than manually entering your private key. You will still have to approve on a transaction with your private key though, but the exchange will broadcast the transaction to the Ethereum blockchain on your part. This lets the exchange to bring up to date account balances and order books at once, while also managing the flow of network transactions to decrease friction.  The IDEX team aims to make the IDEX platform one of the most advanced Ethereum DEXs and to attract traders looking to exchange the wide variety of tokens based on the Ethereum network. The aim of the Aurora team is to make available an advanced, stable, and open financial network and make it handy for all. The major components of Aurora are IDEX, the Boreal stable currency, the Snowglobe decentralized exchange protocol, and Decentralized Capital.

Idex is founded by a group of cryptocurrency enthusiasts and Aurora Labs S.A. The company is located in the Republic of Panama. He leads a very dedicated team assigned to establishing both Aurora and IDEX. The team at Aurora successfully conducted a token sale which ended on January of this year and collected a total of 5411.38 ETH. IDEX became operative almost immediately and has quickly begun to establish itself and currently generates over $10m worth of daily trading.

Team

Alex Wearn – CEO Alex is an expert at leading teams in the design and delivery of software products. He has managed a wide range of operations, marketing, and sales analytics products for Amazon, Adobe, and IBM, and most recently led a product management team in re-platforming their application to operate on a private Ethereum blockchain (project still in stealth mode). Alex is a graduate of the Kellogg MMM program, has a dual MBA in Finance and Operations and MS in Design and Innovation.

Phil Wearn – He is the COO  of the firm. Phil is a Co-founder of EtherEx and has been building blockchain based companies since the time when Ethereum was little more than a white paper. While developing EtherEx he identified the pressing need for a high-performance decentralized exchange protocol, an insight which served as the basis for IDEX. Phil has a background in aerospace engineering.

Raymond Pulver – Ray, CTO of IDEX, is an avid mathematician, cryptographer, and software developer with over a decade’s worth of development experience. An expert in multiple languages, Ray has been designing secure systems on Ethereum since its inception. His preliminary designs led to the IDEX transaction arbiter and trading engine enabling high transaction throughput and true market orders, features which were previously unavailable on Ethereum exchanges.

Although it is a new platform, IDEX has started to attract a significant amount of users. Since it allows ERC-20 token holders to speedily list and trade their favorite currencies, with the trading volume on the site currently being dominated by coins fresh from their ICOs such as BABB, Pundi X, Tomochain, and Dock. Following the demise of EtherDelta, the team of IDEX has benefited and has also applied a number of key features that permit IDEX to stand out.

Security

Idex being a decentralized exchange supports all those security measures such that the encrypted keys cannot access from outside of the IDEX app. When users sign out of the App their private keys are destroyed from its memory. As IDEX runs on the Ethereum network, it contains all blockchain related security measures. It also keeps the funds secured using the users private key, something which only the user has access to. Thus unlike centralized exchanges, you don’t have to worry about your funds getting stolen by hackers as everything is on the Ethereum network.

The blockchain architecture prevents it. IDEX uses the smart contracts to keep the users’ funds safely locked until the user decides to transfer them by using their private key it. Without users signing permission, IDEX cannot process any transactions for IDEX to complete them. There is also an “escape hatch” feature that allows users to withdraw directly from the smart contract after a set period of inactivity. Thus even if IDEX servers go down or are compromised users can still withdraw their funds.  

Wallets- Extra Security

Ledger Nano S and Meta Mask Wallet integrations add extra security as they both allow the users to trade without revealing their private keys on IDEX. Metamask and Ledger wallets which provide full private key encryption along with smart contracts, a trading engine, and a transaction processing arbiter allow the users to store all their assets on the IDEX platform and execute trade settlements using their private key. Only you’d have to be bothered about if IDEX’s domain name service provider is compromised and a hacker hijacks its URL in terms of safety.

The platform also incorporates Metamask and the Ledger Nano hardware wallet, and this puts in a key additional layer of security as both the methods allow users to operate on IDEX without having to disclose their private keys. With any cryptocurrency website, there are always the chances of a domain name service provider being compromised, or of the URL being captured. However, as there is no requirement to manually put your private keys the threat of being compromised is greatly reduced.

Transactions Fees

The market makers (those who make liquidity by creating a new order for the order book) are charged by a 0.1% fee by IDEX, while takers (those who take liquidity by filling an order already on the book) are charged 0.2%. Takers are also accountable for paying the gas fee for a transaction. It is a process IDEX goes into more detail on its FAQs page. Market takers are accountable for the gas fees related to each trade. According to the design given, when dispatching the trade to the network, the exchange must pay this gas fee, and then subtract it from the balance of the market taker.

When exchanging tokens for ether, the amount of ETH balance equivalents that of the gas fee. Based on the price of the asset in ETH, when exchanging ether for tokens, IDEX takes away the equal amount of tokens. This price is calculated using the average of the last 10 trades. Ethereum gas prices have been rising and often this fee is much higher than the IDEX exchange fee of 0.2%. These high gas prices have led the firm to introduce order minimums in an attempt to reduce costs for users. Depending on the network’s traffic, the taker fee could be more than 0.2%.

Also, this means that all orders must be at least 0.15 ETH for makers and also 0.05 for takers. In addition, there’s a 0.04 ETH minimum withdrawal amount for Ethereum and tokens alike. IDEX does not have limits for trading or withdrawal. Market makers or users, who create a new order for the order book and develop liquidity, are charged a maker fees of 0.1%. Takers or anyone is charged a fee of 0.2% who fills an order on the book and takes away liquidity. Takers are also accountable for paying transaction gas fees. IDEX clarifies the process on its FAQs page. Each trade costs around 140k gas and gas costs are almost 1.5x higher than on Ether Delta but IDEX users don’t compete for the same orders and risk wasting gas.  IDEX allows users to withdraw trades without paying gas.

As you can cancel trades on IDEX without paying the additional cost because all trades are completed by the exchange. IDEX also applies of minimum order and withdrawal limits. For makers, there are minimum order limits of $20, and for takers $10. The minimum withdrawal limit is $1.

Supported Coins

IDEX is an Ethereum-based exchange and it deals exclusively with Ethereum and ERC20 tokens. Supported coins include both popular and lesser-known coins like Basic Attention Token (BAT), OmiseGO (OMG), ICX, CPC, HAV, Tomochain (TOMO), Maker Token (MKR), Augur (REP) etc. It also offers its own AURA token. By staking AURA, node operators will be rewarded proportionately to their percentage stake, and 50% of fees have been allocated to be paid to AURA stakers.

Customer Support

IDEX has a good customer support system with both Live and bot chat system.  The exchange’s FAQs page is quite thorough and comprehensive, as well. IDEX’s founders, Alex and Phil Wearn, are also active and usually respond promptly to customer questions and complaints.  The IDEX team is very transparent and is active on Twitter and Telegram.

So to summarize, the following are the advantages IDEX enjoys  –

As IDEX is decentralized, it does not use third-party services. The involvement of the third party always attracts some fees and slows down the transaction. The elimination of the third party makes the transaction speedy and costs less in IDEX.

IDEX is not vulnerable at all. There’s no central server or a database of personal information that can be exploited. Users’ wallets are encrypted with their private keys and they are available only to them. IDEX don’t have the right to use them and cannot perform any operation with them unless approved by the user’s encrypted key. For the first time users, it is very helpful as IDEX has a very thorough guide on how to use the platform and how to unlock the wallet and how to deposit and withdraw. The trading fees of IDEX are at the low end for the industry. Also, IDEX offers their own e-wallet to its clients, which is rather appropriate

Speaking about challenges or cons,

  • IDEX only supports coins on the Ethereum smart contract network.
  • Much like most cryptocurrency exchanges, it does not support leveraged trading.
  • IDEX does not recommend trading in crypto for fiat and vice versa.
  • IDEX does not allow payments with credit and debit cards.

Despite being only launched in January, IDEX has quickly recognized itself in the competitive field of decentralized exchanges and has involved a significant number of former Ether Delta users. The exchange continues to grow up in both user numbers and trading volume and makes use of an exclusive transaction settlement model that lets IDEX provide its users with one of the smoother trading practices in comparison to other decentralized exchanges. IDEX is capable to maintain real-time trading and a high transaction throughput and the off-chain trading engine and smart contract combine to provide users with a protected and quick trade execution platform. IDEX functions at a level of speed and user experience that is found on more centralized exchanges while also given that the security benefits of a decentralized operation.

WAVE DEX

Waves is an open-source blockchain based platform that is made and advanced by the Waves Platform AG.  Waves is one of the most innovative and promising next-gen cryptographic platforms ever to be propelled. Waves is an extremely solid platform experiencing huge advancement with an extensive variety of usefulness. The Waves Platform offers not just simplified smart contracts but also a decentralized exchange which prevents the security issues faced by centralized exchanges.

How it Differs?

It enables individuals to dispatch their own custom cryptographic cash tokens. Mainstream cryptocurrencies like Bitcoin and Ethereum can be traded on external exchanges, and Ethereum enables clients to make new tokens utilizing a smart contract, Waves incorporates both these feature in its core software and wallet. This sets it apart from other next-gen decentralized exchanges like IDEX where you can trade only Ethereum and ERC20 token trading pairs. The Waves Platform allows for creation, exchange, and transfer of blockchain tokens and users can pay the transaction fees in Waves token. Waves Dex can be viewed as a key feature of the Waves Platform.  The decentralized exchange is based on the WAVES cryptocurrency that will provide for the control of digital funds on the blockchain. It allows for the speeding up of the exchange process through the matching service. In fact, WAVE DEX combines both the decentralized and centralized exchanges for the users so that they can trade WAVES-based digital.

Headquartered in Moscow, Russia the firm was founded in 2017. The Waves Platform boasts of an international community with a wide range of initiatives and based in different locations around the world. In April 2017 the WAVES Platform launched its own exchange, called the Waves Exchange. The Waves Exchange soon became the flagship product of the Waves project. Waves is currently run by Switzerland-based Waves Platform (Waves Platform AG) and is a blockchain and distributed database technology company.

Its activity involves two primary areas –

  1. A public distributed permissionless blockchain platform (Waves Platform)
  2. Private permissioned blockchain services for large enterprise and government bodies (Vostok).

Team

Sasha Ivanov – He’s the CEO and Founder of the company. Sasha is a physicist by education and has been involved in payment systems software development. With blockchain technology, he launched the first instant cryptocurrency exchange coinomat.com.

Martin Spodymek – He is serving as Head Community Manager for Wave. Martin is an engineer and is fascinated by blockchain technology and cryptography as a whole. Martin supports Waves for tech support and marketing.

Alexey Kiselev – Alexey, serving as the Back End Developer in the firm, is a passionate programmer who started programming 8-bit processors. He graduated from Moscow State Technical University.

Sergey Ishchenko – He is the Front End Developer. Sergey is a software engineer who specializes in Java with over ten years of experience. His primary responsibility on the Waves project is the Lite Client development and Distributed Team Coordination.

Partnerships and Initiatives

Indicated by recent moves, The Waves Platform is with a viewpoint of pro-regulation on blockchain technology and applications. Waves’ partnership with Deloitte in July 2017 is intended to clarify and shape global blockchain crowdfunding regulation and to make a clear framework for businesses to operate. The National Settlement Depository (NSD), Russia’s central securities depository and Waves Platform, joined to build up a Blockchain based platform for digital tokens and crypto assets. In the year 2017, Microsoft enabled millions of developers via the company’s cloud computing service of blockchain solutions to quickly launch crowdfunding projects. Waves has also attracted several major startups and businesses – including Tokenomica, ZrCoin, and Upcoin.

Coins Supported

The Waves exchange will likely be able to support all the cryptocurrencies in the future, once the required gateways are implemented. Currently, it supports about 70 cryptocurrencies including the major ones like BTC, LTC, and ETH as well as quite a few less popular altcoins. Wave DEX supports fiat currencies as well, e.g. EUR, USD and TRY tokens. Waves DEX allows crypto trading in BTC, ETH, WAVES, MGO as well as USD and Euro for now.

Fixed Low Fees

Wave offers a rather unique feature in the way the trading fees are structured. The exchange incurs a fixed fee of 0.003 WAVES on all trades. The current price of a single WAVE token being around 7.45, just a bit more than 2 cents per trade – something that will be very beneficial for bigger traders later as Waves grow.

Fiat Payments Accepted

Waves DEX offer deposits by Bank Transfers and Credit card. But for now, the markups, especially on credit card, is very high. With the developers partnering with third-party providers to facilitate these payments, it is resulting in a very high fee for credit card deposits.

Security

Security has been a major issue of centralized cryptocurrency exchanges. Many major cases of cryptocurrency exchange hacking have taken place over the past few years. The last major one being that of Tokyo-based cryptocurrency exchange Coincheck Inc in January of this year where hackers stole more than $732 million in NEM and XRP tokens. Decentralized exchanges solve a lot of the issues faced by Centralized Exchanges. Decentralized exchanges have security buffs that centralized exchanges don’t. A decentralized exchange allows its users to make transactions without any intermediaries as they are built on blockchain itself and thus each transaction is recorded in a publicly distributed ledger, a copy of which is kept by all network members. It does not hold any private keys or assets, everything is done peer to peer, and each person holds its own assets and keys. The users directly trade pairs on the blockchain. Transactions are thus secure and the users are not restricted on the withdrawal of funds. The tokens traded are not held by the exchange and are sent directly to the Waves’ wallet which stores the funds in the user’s blockchain address which is under their control, thus only the users can access their crypto assets.

Unique Feature

A distinctive characteristic of the Waves network is that any users can create and distribute their own version of crypto assets within the platform. So, the token creation on the Waves platform will permit for the coin to trade on the Wave DEX platform. However, the WAVES platform permits for DEX to have an exchange value of 1:1 with only the genuine bitcoin assets. In addition, the tools to release your own token will have a tradable feature to leave room for token loyalty among users. Ultimately, this characteristic permits for social trading for users interested in crypto trading pairs such as BTC, ETH, Waves, LTC, etc. Waves DEX gives users with the capability to trade different cryptocurrencies in exchange for Waves or other tokens generated on the Waves platform.

Market Reputation

It will be an impressive attempt if Waves is successful and it will be then a crucial part of the entire cryptocurrency world. Though it is in an early stage, the current capability of the Waves DEX is rather impressive. Being that the trading fees are fixed and low should make forward the popularity of the platform, as more assets are added and the credit card payments are also simply unacceptable. The tokenized fiat currency environment is the major risk involved with this project which may in due course break down. If you are an active trader, who is looking to speculate with crypto in the safest possible way, a well-regulated forex broker may be better than all exchanges. A well-regulated forex broker may be better than all exchanges if you are an active trader and think with crypto in the safest possible way.

The Waves Decentralized Exchange allows its users to not only trade waves-based assets like Waves, Waves Assets but also fiat tokens and mainstream cryptocurrency tokens like BTC and ETH. On the Waves DEX, users can trade with no counterparty risk. The Waves Dex reduces counterparty risks as all operations take place on the Waves blockchain itself. In order to access the exchange, users must download the Waves Wallet though. Waves Dex provides its clients not just control of their funds on the blockchain but also accelerates the exchange process by using a centralized matching service. This enables Waves Dex to provide the best of both the centralized and decentralized worlds. Users can trade their Wave-offered Cryptocurrencies in exchange for Waves (or any other asset token issued on the Waves platform).

Challenges for Waves to tackle – Liquidity, Scalability:

Currently, the trading volumes of Waves is very low and increasing liquidity is their primary concern. Its last 24-hour trade volume is reported to be $6,306,898 USD. The decentralized exchange space is very hot in cryptocurrency right now and there is a lot of competition. However, all other decentralized exchanges are struggling to increase liquidity as well. Waves has a couple of major advantages, after all, it was the first project to conceive of the decentralized exchange in the first place. They have by far spent the most man-hours in development. They actively seek out partnerships to increase liquidity through their fiat gateways and other decentralized exchanges have little community support relative to waves – which is essential to building and maintaining satisfactory trading volumes. The Waves platform has a great deal of room to scale. The use cases are actually fairly low at this very moment. However, the serious use cases come as more fiat gateways are deployed thereby increasing liquidity on the decentralized exchange.

Unclear Conceptual Basis

One of the ineffectiveness of the Waves DEX platform is due to the fact that it’s new due to which there is a lot of misunderstanding and fear going around about the issue of fake coins and issuance of unregistered tokens on the platform. Perhaps this is one of the reasons for which people worry and are hesitant to try out the platform.

Wave Dex is a comparatively new cryptocurrency exchange trying to launch itself and just like all its competitors will often face challenges. On the whole, the Waves Decentralized Exchange has a solid concept and the backing of Waves platform only adds to its authenticity. The only problem is whether Waves DEX could live up to its potential and become the future of matches with the cryptocurrency market. If achievable then we could see an advanced entry to cryptocurrency acceptance and trading and the emergence of a new Market Leader.

So these are the 7 exchanges we believe have something more to offer than the rest. Selecting 7 out of all was really a difficult task. There is one more we more exchange that we think should make it to this list but chose Wave DEX over it since that brings something different on the table. So here is the bonus one.

Bonus – BitFinex

Founded by Raphael Nicolle in 2012, the Hong Kong-based exchange makes a constant name in terms of daily trading volumes. This platform is for intermediate to seasoned traders. The trading platform is quite popular around the world, recognized as the world’s largest Bitcoin exchange. The firm has decided not to offer their service in the US.

Liquidity

Bitfinex has very high liquidity. It continues to trade $600 million worth of 24-hour trading volume for BTC/USD pair only, representing 6.27% of the world market. Bitfinex handles about $2 billion USD worth of trades daily.

Supported Currencies

The exchange offers both fiat and crypto pair – USD, EUR and BTC, ETH. There are 72 trading pairs available including for coins like Litecoin (LTC), Dash (DASH), Ripple (XRP), Monero (XMR), EOS (EOS), OmiseGO (OMG), NEO (NEO), Zcash (ZEC), 0x (ZRX), USDT and even rare cryptocurrencies like IOTA. Bitfinex is associated with USDT or tethers and have the value of $1 always. Sometimes deposits are credited in the user account in the form of tethers.

Fees

Bitfinex has a tiered fee structure. Trading fees range from 0% to 0.2% depending on the user’s trade volume over course of last 30 days, as well as if he/she is paying maker or taker fees. While the maker fee is 0-0.1%, the taker fee is 0.1-0.2%. All the deposits are a fee, apart from bank wires which are charged at the greater of either 0.1% of the deposit amount or US$20. Withdrawal fee depends on the cryptocurrency being withdrawn or the transfer type.

Security

Bitfinex has been hacked a few times before, where, on one occasion, a hacker managed to 1500 BTC, on the next it was 119756 BTC. The firm reimbursed their respective account holders, and since then has upped their security level. Now 99.5% of the client funds are stored in cold (offline) storage employing a multisignature function that is geographically distributed across multiple secure locations. The client accounts are now brought under 2FA and U2F along with PGP email encryption. Those accounts are monitored 24/7 and have been strengthened using multiple advanced verification tools.

Trading Options

The trading platform offers different trading options. Bitfinex offers the following types of orders:

  • Leverage Margin
  • Market
  • Limit
  • Stop
  • Trailing stop
  • Fill or kill
  • One cancels other (OCO)
  • Post-only limit order
  • Hidden order

The high trade volume and high level of liquidity allow the exchange to resolve bid/ask and order count in real time, giving its users more flexibility regarding choosing the best time to place an order.

Functionality

Bitfinex offers a rugged yet modern, well designed and highly customizable trading platform interface, but it is more suited to experienced users. The platform incorporates TradingView charts and provides a mobile app for both Android and iOS platforms.

Conclusion

So here we have 7 (plus one) of the best exchanges in 2018. We hope you gained some valuable information from it.

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