There are a huge number of cryptocurrency exchanges. Each has its advantages and disadvantages. Others offer a user-friendly interface. Others have advanced functionality and technical and graphical analysis tools. Some exchanges are the fastest in adding new tokens immediately after the ICO.
In most cases, market participants are not limited to one trading floor. For example, one exchange is used for the day-to-day trading of highly liquid assets. The second is for high-risk trading altcoins. A third is for buying new “long-term” cryptocurrencies. The fourth is for buying or selling tokens not represented on the other three platforms. There can be many options here.
When choosing an exchange, the trader must trust funds to a third party. Decentralized exchanges are still at an early stage of development. Here you can easily LTC to BTC exchange.
What criteria should be used when choosing an exchange?
There are many exchanges, and the choice is an individual matter. Nevertheless, the basic criteria on which you should pay attention when choosing a trading platform are as follows:
- Reputation — before you transfer funds to an unfamiliar exchange, it is better to read feedbacks about it on forums;
- Commission — every time you buy or sell digital currency, the user pays the exchange commission;
- number of trading pairs;
- liquidity — this indicator largely depends on the daily trading volume;
- payment options — some exchanges support multiple payment methods, including bank transfers. While others only allow deposit and withdrawal of funds in cryptocurrency;
- requirements for user verification.
Among the other criteria for choosing the exchange are:
- the country where the trading site is located;
- the convenience of a user interface;
- availability of various technical and graphic analysis instruments;
- availability of convenient statistics on operations;
- There is the possibility of margin trading and the opportunity for passive income.
Poloniex — a worthy option?
This crypto exchange is popular and suitable for both beginners and experienced traders. Thanks to its user-friendly interface, selection of altcoins, and new tokens, Poloniex took the leading position in terms of trading turnover. The platform operates in three modes:
- Exchange — spot trading (without leverage);
- Margin Trading — trade with power (up to 2.5x);
- In lending — mode, you can credit other exchange members trading with leverage.
There is a convenient opportunity for each mode to analyze the profit and loss. These analysis tools are located in the My trade history & analysis section. But when choosing an exchanger, consider Letsexchange fees.
Where else is the large selection of altcoins?
Bittrex is a real “abode of altcoins” (more than 280 of them). Largely due to the avalanche-like demand for bitcoin alternatives, Bittrex was at one time consistently among the top 10 cryptocurrency platforms in terms of daily trading volume and even took the leading position.
Go to Bitfinex if you are interested in the most liquid cryptocurrencies. Undeniable pluses of the exchange: professional charts, vast opportunities for activity analysis, and security settings.