Cryptocurrency trading attracts more and more people. The easiest and most obvious way to get cryptocurrency is to buy coins in exchange for fiat. Most often, novice traders and investors use it. An experienced trader will not be hindered by the opportunity, as necessary, to convert 0.2 ETH to USD into small current expenses. Growing demand for digital assets is driving supply. The number of currently operating cryptocurrency exchanges is in the hundreds and continues to grow.
Fiat currencies are supported on the most popular platforms. In addition to the coin purchase rate, the sites differ in commissions for replenishing a deposit and withdrawing funds, methods of withdrawing funds, restrictions on the number of money transactions, and other indicators. Not all national currencies are supported yet, so the choice of a site largely depends on the user’s country of residence.
Criteria for Choosing a Crypto Exchange
The support of your country’s currency is the most obvious but insufficient criterion. Other things being equal, a site that is registered in your country or at least has an official representation is preferable. At first glance, this seems insignificant, but right up to the moment when problems arise. If there is an official branch, it is easier and faster to fix the problem.
In addition, you should pay attention to other important parameters and correlate them with your goals:
- How convenient and understandable interface.
- The number of cryptocurrencies and trading pairs supported by the exchange.
- Variety of trading instruments
- Commission size.
- Ways to replenish the deposit and withdraw funds.
- Processing time for an application for the withdrawal of cryptocurrency and fiat currencies.
- The minimum deposit amount.
The crypto exchange has been operating since 2017. The Binance ecosystem is developing rapidly, and now the exchange deservedly takes first place in a variety of ratings. The maximum number of tools for making a profit is available here, the commissions are significantly lower than the average in the industry.
Binance recommends identity verification, in addition, there are several levels of confirmation. For starters, the basic one is quite enough, however, the site may request additional information during the next purchase of cryptocurrency.
More than 500 digital and about 60 fiat currencies are supported. Balance replenishment is possible through electronic payment systems from bank cards and accounts. The availability of payment options and the commission size for different currencies are not the same, and this must be considered.
The dark spot on the light appearance of Binance is a recent hack.
Bybit is a young and rapidly growing project. The platform supports more than 200 digital and more than 100 fiat currencies, although it is far behind Binance regarding the number of trading pairs. For fiat currency, you can buy USDT, ETH, and BTC. Commission for replenishment of the deposit is not charged. Identity confirmation is not required, but after verification, users get access to all the features of the site. Bybit is one of the leaders in the speed of processing applications for deposits and withdrawals.
The platform was launched in 2013. It is mainly focused on Europe, but there are no geographical restrictions. The exchange supports over 40 fiat currencies and about 900 cryptocurrencies. Verification is not required, but only if you trade exclusively in cryptocurrencies. To withdraw money after converting even a small amount of 0.006 ETH to USD, personal data will have to be disclosed.
One of the largest cryptocurrency exchanges focused on the USA, Europe, and Japan. The site supports USD, EUR, and GBP. Replenishment of the deposit is possible with bank cards, bank transfers, and via PayPal. Withdrawal of funds – to cards confirmed in the system, PayPal, or to a bank account, however, some options may not be available for customers from different countries.
Cryptocurrency instant exchange service, which is available in all countries of the world. Verification is not required to access the platform. The site supports about 2000 coins, there are no commissions, and there are no restrictions on exchange transactions. LetsEcchange is the best choice for periodic cryptocurrency purchases and profit-taking.