The cryptocurrency market is unlike traditional markets. They follow different rules and methods and also need to be purchased, sold and stored differently. This is why every investor requires an exchange platform to buy coins and exchange. These exchange platforms act as a mediator, much like a stockbroker who facilitates these activities. Some of them even come along with great features where you can check live prices like BTC, ETH, LCX price, check the current exchange rates, and keep a tab of your favourite coins to check on them often.
But while choosing an exchange platform, you also need to be very mindful of the one you choose. Since the sudden popularity of cryptocurrency, there have been many scam exchange platforms that have cropped up. So, you need to make sure that you choose one which is safe, reliable and trustworthy. Also, investors often keep their coins on the exchanges, especially if they make a trade that makes it all the more needed. Exchanges are also used to transfer coins, so if it is not a reliable site, it may lead to a loss of your coins without any chance of recovery. Sometimes, due to lack of security, they can also be hacked, a disaster. To avoid such incidents, below are the listed 3 best exchange platforms with the best rates.
Binance
This is one of the oldest exchange platforms, which was launched in 2017 in China. It was launched in San Francisco for US citizens in 2019. The platform charges very few charges at around 0.1% for the trades. An investor can also stake their coins on this platform and get an interest rate at 0.5% – 10%. The platform allows buying coins by paying with bank transfers, debit or credit cards, or bank deposits. But the platform charges an outrageous 4.5% charge for purchasing coins with a debit card. The biggest disadvantage of the platform is that it only costs around 50 cryptocurrencies. It does give access to Bitcoin, Ethereum but not many altcoins.
Coinbase
If you are a novice crypto investor, then this is one of the best platforms. It has a very simple interface, and one does not need to b overwhelmed with graphs and detailed data. So, it is much easier to use the platform. This exchange platform was launched in 2017 in San Francisco, California. But has since then gained much popularity as it boasts around 30 million users worldwide. The platform also allows purchase with debit or credit cards, bank transfers and bank deposits. But the platform has very high rates for exchange at around $0.99 – $2.99 for any amount below $200. Sometimes, for some transactions, it may also cost an extra 0.5% charge. The platform is also fairly secure and stores user money in cold storage, which is insured. So, there is fairly less chance of losing money.
Bisq
Bisq is an exchange platform that acts very similar to Bitcoin. It is used as a decentralized peer-to-peer method of transaction. The platform also does not require any KYC for creating an account or using the platform. Due to its decentralized nature, the user funds are not controlled by anyone other than the user. This is different from Coinbase who control user funds and store them in an external wallet. So, Coinbase can freeze one’s account if they notice any suspicious activity. But for Bisq, it is not so, and this assures that the user can maintain their own privacy. Also, the transaction fees are very low at around $0.05 – $0.70. In addition, the platform is accessible on both Android and iOS. Though sometimes, the platform can be slow, and trading volumes can also decline.
Bonus!
Suppose you are looking for a platform to check the best exchange rates of different platforms. In that case, Alligat0r is one of the best exchange platform aggregators. You can instantly check the best rates for exchanging and avail the best prices. You can also use it as an exchange platform for coins like DAI to FTM, BTC to XCR, and much more. Now you can go ahead and start exchanging in peace.
Disclaimer: The views and opinions expressed in this article are those of the authors and do not necessarily reflect those of Geek Vibes Nation. This article is for educational purposes only.
Susan Wallace is a pro gamer and has been a strong influence over the gaming community. She also writes about the positive effects of gaming and how to avoid the negative effects of gaming. Her amazing writing has reached and helped many gamers. She actually helps people decide the best games to play based on their current situation.
