You’ve already read of the financial gains of selling or buying cryptocurrencies. Alternatively, you are well-versed in the cryptocurrency industry and are able to introduce one or two altcoins to the mix. If this describes you, then this in-depth analysis of altcoin exchanges is for you. Here, cryptolinks will go over everything you need to hear about altcoin exchanges and how to pick the best one for you. Then, we’ll bring you to some of the strongest altcoin exchanges in the crypto world.
What are Altcoins Exchanges?
Altcoins occurs as a result of changes to the bitcoin algorithm. As a result, they make use of blockchain technologies, albeit with somewhat different authentication processes and protection features. In other terms, they have different levels of scalability and usage cases. Ethereum, Litecoin, XRP, and Bitcoin Cash are examples of crypto currencies that fall under this group. Needless to mention, the 2017 bull run introduced people to the investing possibilities that come with holding altcoins. Even some altcoins produced returns on investment that dwarfed what bitcoin might.
Because altcoins have become viable investment investments, the amount of sites providing altcoin trading services has skyrocketed. As a result, there is a need to sort through the increasing list of altcoin exchanges to find the strongest. Altcoin exchanges are classified into three groups.
What are Altcoin Fiat Exchanges?
Altcoin-Fiat exchanges allow for the trading of altcoins and fiat currencies. This type of exchange is appropriate for people who are about to join the altcoin industry. Depending on the platform’s mode of service, you can access a set price for altcoins or access multiple price choices and choose the most appropriate one. For the former, the network acts as a dealer, offering crypto enthusiasts the opportunity to purchase altcoins already in their possession. It is worth noting that the flexibility of this style of action allows them simple to use and the preferred choice for beginners. The above are often trade sites that serve as middlemen for real sellers and buyers. Using this term as a guideline, you’ll see why places like Bittrex fall under this group.
Altcoin-To-Crypto Exchanges
Users may use this class to swap one altcoin for another or one altcoin for bitcoin. In other terms, you will find users on these websites that are willing to exchange altcoins for bitcoin or another altcoin. In certain instances, utilizing an exchange in this group may necessitate a certain level of technological knowledge in crypto trading, which may discourage new entrants. In the plus hand, they have a diverse variety of crypto pairs, which is beneficial for consumers seeking to exchange fewer common coins. It should be noted that each trade on these markets incurs fees.
What are Decentralized Altcoin Exchanges?
Decentralized exchanges, on the other hand, are platforms that allow autonomous exchanges where users can trade altcoins without the need for intermediary inputs. As a result, consumers maintain ownership of their private keys and have connections to zero-fee facilities. The disadvantage of decentralized altcoin platforms is that they do not have the same trade volumes as centralized exchanges.
Factors to consider while Choosing Best Altcoin Exchanges
The Legality of Altcoin Exchanges in Your Country
Until using the services of an altcoins exchange, you can check to see whether they are legal in your nation. While several altcoin exchanges claim to have a global presence, their legal status in your country can prevent them from providing you with exchange services. This argument remains true as countries across the world rapidly adopt legislative mechanisms that will capture the scale of trade activities within their boundaries.
Altcoin exchanges that fail to satisfy regulators’ standards are therefore barred from doing business in the country in question. As a result, just sign up for altcoin trading services that are available in your area and are fully legitimate.
Altcoin exchanges must allow Know Your Customer (KYC) and anti-money laundering procedures for their clients as part of their regulatory obligations. As a result, any altcoin exchange that defaults are engaging in illicit activity, and participating in such an exchange entails significant danger.
Customer Support
After determining the legitimacy of the altcoin exchange, the next step is to determine if the exchange has customer service in your language. You’re likely to run into one or two issues when utilizing the platform’s features and may need to contact customer support. You may accept that the pace at which the forum resolves your questions is determined by the representative’s capacity to comprehend your situation. This is where language barriers enter the image.
We often recommend that crypto practitioners prefer altcoin exchanges that have customer support in a variety of languages, or that are designed specifically for traders in your area.
You can also assess the exchange’s consumer relations culture. If the website is not a well-known customer-friendly enterprise, it is not worth entering. It’s worth noting that crypto exchanges already have 24-hour service. The fact that an exchange is unable to subscribe to this norm means that it is unreliable.
Volume and liquidity
When studying altcoin exchanges, volume and liquidity are critical factors to consider. In the one side, trading volume represents the number of sales and orders processed by the exchange on a regular basis. Liquidity, on the other hand, determines the amount of exchange pairings allowed on the network as well as the altcoins chart. Needless to mention, exchanges with a large number of orders should be considered, since it is a strong indicator that the exchange has the potential to fill the order in a matter of seconds – regardless of the time of day or the size of the transaction.
Furthermore, an exchange with sufficient liquidity has allowed a broad variety of trading pairs, allowing users to easily exchange one altcoin for another. As a result, trading pairs are critical considerations to remember while doing the analyses. It is best to use altcoin exchanges that have a sufficient number of trading pairs for your chosen altcoin.
This notion is often dependent on the kind of altcoin you want to sell. If it is a common altcoin, there is every reason to believe that top altcoin exchanges would have a sufficient number of pairings. However, if your favorite altcoin is not well recognized or may not fulfil the criteria for listing on large exchanges, you might have to settle for a smaller exchange or a decentralized one.
Security
Based on the constant assaults on cryptocurrency exchanges, it is fair to assume that protection is a recurring shortcoming of exchange platforms. As a result, you can take your protection seriously by ensuring that the site you use has security features that render it more difficult to be hacked. We recommend that you confirm that the app has two-factor authentication mechanisms in place, as well as biometrics confirmation procedures.
This ensures that the first line of security is not vulnerable to flaws connected with authentication schemes that only use the username and password structure. Similarly, make sure that selling on a platform would not jeopardize your privacy. When attackers may connect your assets to your identification, it becomes simpler for them to steal from you. As a result, we recommend that you assess your exchange’s ability to secure your identification and any private details you might have provided when signing up.
Transaction Fee
Keep in mind that centralized exchanges charge fees for each transaction that is completed on their websites. These fees differ from one network to the next. It is also important to choose one with fair trading fees. If an altcoin exchange rate can seem insignificant at first, compounding it over time may put a burden on your profit (that is if you are looking to trade altcoins regularly). As a result, when calculating transaction costs, you can weigh the long-term impact on your crypto earnings as well as the short-term effects.
We investigated the legality of each forum that made it into our altcoin exchange list and chose those that provide broad coverage to crypto professionals from various locations. However, we recommend that you conduct additional research to affirm their legal status in your area.
We have examined the consumer relationship culture of each exchange, as well as the protection features available on each. The platform’s transaction fees were also significant in our research. The same may be said about the company’s track record. Finally, we compared volume and liquidity to ensure that the exchange could easily fill orders.
Our thorough review resulted in a list of few best altcoin exchanges of crypto world. You will expedite the analysis by using the details gathered on each altcoin exchange summary.
- Binance
- Poloniex
- Ku Coin
- Bit MEX
- Coinbase Pro
Binance
Binance is the world’s best and one of the most popular cryptocurrency exchanges. Its transactions are fast, stable, and dependable. Binance employs a Trust wallet as its official wallet due to its stability and mechanics in securing users’ crypto and trading to the current market value of BTC or every other cryptocurrency.
Binance registration is quick and simple, and other options available on their website include: customer care assistance, favorite exchange rates, how to make deposits, and instant withdrawals. Binance now has a free cryptocurrency trading program, which can be accessed on smartphones rather than utilizing the standard browser. Overall, Binance has applied to the bulk of cryptocurrency programs; without a doubt, it is regarded as the greatest of them all.
Poloniex
On the ground, Poloneix seems to be a basic and clear cryptocurrency exchange wallet, but it is one of the most active cryptocurrency exchange wallets in 2018. Poloneix has proved to be successful and has assisted in the resolution of several cryptocurrency problems, as well as offering options for future blockchain-based issues. Poloneix’s slogan is “Trade, Innovate, and Discover.”
Signing in is as simple as signing a check; all you need to do is enter two information and you’re ready to go. Your username and password are this info. Much better, for registration, you can create a trading account and fill out simple information.
Ku Coin
Ku coin is widely considered as one of the most popular trading platforms. When you log on to the web, the first thing you see are trades, which leads you to believe that it mostly deals with trade and its rates rather than selling.
Aside from utilizing a web server, Ku coin has a smartphone version that can be downloaded. It is also compatible with PC; you can conveniently obtain the PC edition of Ku coin. The site mostly supports 12 languages, including English, French, Spanish, and nine others.
Bit MEX
Have you ever considered selling without regard for expiration? Bit Mex is a cryptocurrency exchange platform that specializes in exchanging items of cryptocurrency such as Bitcoins that do not have expiry dates.
You can sign up for the forum and begin trading in a matter of seconds. Since no specific information about the trader is needed, this sign-up procedure is safe and secure. Bit Mex offers over 100x collateral on Bitcoin and strong leverage on altcoins. It has one of the most incredible encryption schemes, much superior to those of most cryptocurrency trading sites.
