People use a cryptocurrency exchange to trade any of their cryptocurrencies for other assets, such as fiat money or other digital currencies. A cryptocurrency exchange is done through different payment methods, such as credit card payments, wire transfers, or other acceptable forms like peer-to-peer, depending on the platform you want to use.
These exchanges come in handy whenever you want to change money. It will help if you understand how it works as you can also use it to make payments on different platforms such as online casino sites.
People trade cryptocurrency to get fiat money, a legal tender whose value is related to a government-issued currency, like the U.S. dollar. In contrast, cryptocurrency is a digital asset that derives value from a native blockchain. Examples of fiat money are the British pound, the Indian rupee, and the euro.
The exchange is done in a way whereby cryptocurrency can be sent from the user to the user through a cryptocurrency wallet. Cryptocurrency exchanges facilitate the trading of cryptocurrencies for other assets, including digital and fiat currencies.
This platform acts as an intermediary between two users, the buyer, and the seller, and they make money through commissions and transaction fees.
Binance
Binance is one of the largest cryptocurrency exchange platforms that gives numerous opportunities to traders ready to trade their crypto. It was established in 2017 by Changpeng Zhao, a developer who has developed high trading software.
Unfortunately for traders, Binance is unavailable in the United States, but you can use Binance’s partner site, Binance.US, which uses the Binance license to operate.
Binance supports all cryptocurrencies, especially the most common ones traders use daily. This platform provides crypto wallets for traders to store their electronic funds. Users also have the chance to trade and earn interest using cryptocurrencies, which is a good service from the platform.
However, Binance is one of the cryptocurrency exchange platforms you should check out because it is more accessible, reliable, and legit.
Coinbase
Another reliable and legit platform to trade any cryptocurrencies is Coinbase. This platform is one of the world’s most solid used crypto spot exchanges. On the other hand, it is easy for newbies who want to trade cryptocurrency between two users easily.
There are numerous reasons you should check out the Coinbase platform, one of which is that they have secured storage for the majority of digital assets in an offline mode. They support a variety of the most popular digital currencies, so there is no currency you want to trade that you won’t find on this platform.
Gate.io
Gate.io is another platform you should check out, like every cryptocurrency exchange platform. They provide trade, investment, and digital wallet services that enable users to buy, sell and trade over 1000 cryptocurrencies. You can trade with any type of coin like Bitcoin, Ethereum, Litecoin, Dogecoin, etc.
However, this platform is one of the oldest cryptocurrency exchanges in China and has been used since 2013. It rebranded to Gate.io in 2017, one of the fastest-growing crypto platforms with a leading Initial Exchange Offering (IEO) platform, with advanced financial services like margin lending or borrowing.
Coinmamafrom
This platform is found in 2013 as a way of modifying the way people buy Bitcoin. So since then, Coinmamafrom has served over 3,300,000 users in 190 countries. It is now easy for traders to purchase Bitcoin and Ethereum using their credit card, debit card, or wire transfer from their various bank accounts.
However, this site is easy to use, mostly on your mobile phone. You need to register from your web browser by typing Coinmamafrom.com, or you can easily download the app if you are an android user. One important thing you need to know about this platform is that it does not keep or store any coins, so if you make any mistake when inputting your wallet address, it won’t be retrievable.
Kraken
If you are into cryptocurrency trading, you need to check out Kraken. It is a United States-based cryptocurrency exchange and bank. It was first shown on the Bloomberg terminal.
This platform is one of the most trusted cryptocurrency exchanges alongside Coinbaseas it is one of the first exchanges. It was established in 2011 and is based in San Francisco, California. It features beginner-friendly and also active trading platforms. Margin trading is available for those who are capable of taking risks.
KuCoin
Lastly, another Cryptocurrrnecy platform you need to check out is KuCoin. They are prominent cryptocurrencies that can buy, sell, and trade. It has many offers to users, including peer-to-peer trading.
This platform was launched in 2017, a global crypto exchange providing several trading options for over five million users. It has a native coin called KuCoin, and since August 2022, the native token has increased by about 700 in its price, which has drawn the attention of crypto and blockchain investors.