Cryptocurrencies can be traded through cryptocurrency exchanges. These cryptocurrency exchanges are platforms through which you can purchase or sell digital currencies for dollars, euros, and pounds, as well as other digital assets. For example, you can sell bitcoins and purchase dollars with the sold bitcoins, or you could exchange bitcoins for ether. These exchanges are a vital part of the virtual currency expansion rate.
You should know that the your funds or coins on an exchange or not really yours, unless you own the private keys to the wallet of your coins you are relying on someone else to be custodian of your funds.
Luckily there are some basic measures you can take when using an exchange. The most important is to never store more there than you are willing to lose, if you have a significant balance, you should withdraw it back to your own wallet and for extra security, use a Hardware wallet to secure these funds.
Exchanges are an integral part of the virtual currency world and its ecosystem in particular. Prior to the fall, Mt. Gox enjoyed the status of being a monopolist as it dominated an estimated 80-90% of the Bitcoin-Dollar trading volume. We have selected only 4 Cryptocurrency exchanges here which are top trustworthy and easy to use for beginners to get started building their investment portfolios.
Coinbase is the world’s largest Bitcoin exchange (wallet). Coinbase is a Bitcoin company based in San Francisco, and backed by trusted investors. Coinbase is the world’s largest Bitcoin broker, and also offers an exchange, wallet, and developer API.
The most popular payment methods for Coinbase customers are buying with a credit card or debit card, and also using a bank transfer. There’s a full guide at the bottom of this post that shows you how to buy on Coinbase using a credit card.
Coinbase offers its brokerage services in the United States, United Kingdom, Canada, Singapore.
Coinbase also supports the European countries and some others Asian countries
Buy and sell bitcoins with US dollars, euros, pounds and Russian rubles on CEX IO.
CEX IO is a London-based cryptocurrency exchange on which you can buy, sell and trade bitcoin, ethereum and litecoin. CEX.IO supports fiat currencies — government-issued and -regulated money — like the US dollar, euro and Russian ruble, which you can use to buy and sell cryptocurrencies.
Here’s how you send a money transfer with bitcoin:
- You use fiat currency to buy bitcoins. Use US dollars, euros, Pounds or Russian rubles on CEX IO’s Buy/Sell page.
- You transfer the bitcoins to your recipient. Simultaneously withdraw your bitcoin while sending it via CEX.IO’s voucher system.
- Your recipient sells the bitcoins for fiat currency. Again, US dollars, euros or Russian rubles.
- Your recipient withdraws the fiat currency from their bitcoin platform. CEX.IO allows withdrawals to bank accounts or even credit cards.
You can withdraw an unlimited amount in bitcoins. This means you can send as many bitcoins to your recipient as you’d like.
However, for fiat currencies, deposit and withdrawal limits vary depending on the type of account you have:
- Basic account. Maximum of $500 daily and $2,000 monthly
- Verified account. Maximum of $10,000 daily and $100,000 monthly
- Verified Plus and Corporate accounts. No limit
Because of these rules, the amount you can send to your recipient will be limited by the type of account you hold.
Bitcoin Trading Platform BitMEX Hits 1 Million BTC in Daily Volume .
BitMEX is a platform which only supports BTC deposits, the market was only used by people for whom Bitcoin deposits were possible. But from December 2017, Bitcoin futures will be tradable on CME (among others which are about to follow) – a leading global derivatives trading platform.
Trade Bitcoin and other cryptocurrencies with up to 100x leverage. Fast execution, low fees, Bitcoin futures and swaps: available only on BitMEX