Cryptocurrency exchanges are websites where you can purchase, sell or trade digital currencies for other digital currency or real-world currency like dollars or euros. Today there are many platforms to choose from, with new ones popping up every day. Most of them don’t operate under any regulations, laws or obligations to replace your cryptocurrency in the event it loses value, gets hacked or lost. Mt. Gox was one of the first exchanges to gain mainstream acceptance but ended up in bankruptcy. To date, there are over 200 cryptocurrency exchanges that support active trading. The following are the top 5 crypto exchanges available for us consumers.
Coinbase is the largest cryptocurrency exchange platform in the United States. The exchange has more than 13 million active users. In fact, Coinbase had to close new registrations at one point in 2017 due to huge traffic that was threatening their system. The online platform is very user-friendly as it makes selling and buying cryptocurrencies extremely easy. It offers mobile apps for android and iOS. Coinbase offers four coins namely bitcoin, Ethereum, Bitcoin Cash and Litecoin. The platform has not suffered any security breaches in the past and it is one of the few exchanges that offer insurance on the cryptocurrency and fiat deposits.
Coinmama cryptocurrency exchange was founded in 2013. While the company is registered in Slovakia, it is owned by New Bit Ventures Limited that is based in Israel. It is one of the few platforms that allow users to buy bitcoin and ether using credit or debit cards. However, the platform only allows users to buy cryptocurrency. So users can neither trade nor sell coins in their platform. Coinmama is reliable and works in almost all countries.
Cex is one of the most popular cryptocurrency exchanges that allow users to purchase bitcoin, Ethereum and other altcoins with credit or debit cards. The platform is incorporated as a private limited company in the UK. It is also registered with FinCEN in the US. Its user-friendly interface is ideal for newbies and it offers a quick and easy entrance into the cryptocurrency space.
LocalBitcoins is a unique kind of cryptocurrency exchange that lets anyone anywhere to buy or sell cryptocurrencies. The platform works as an open marketplace with people in the same location as you. If you want to trade cryptocurrencies, you create an account, find interested buyers or sellers and then finalize the transaction. The website is not an exchange platform. It basically provides a secure platform where crypto traders get to meet each other.
BitQuick is a US-based cryptocurrency exchange that has carved out a strong niche in the global cryptocurrency ecosystem. Unlike most crypto exchanges, you don’t need to register an account to buy bitcoin on the platform. All you need is a phone number and email address. You can buy less than $400 worth of bitcoin without proving your identity. However, anything more than $400 will require you to provide your identification document, like a driver’s license.