There are many cryptocurrency trading sites active today. However, it is important you find the best ones suited to your particular needs.
Before we discuss some of the most reliable, trustworthy trading sites, it is important to understand what a cryptocurrency trading site is.
What is a crypto trading site?
A cryptocurrency trading site is an online platform where users can trade crypto. This is a method of swapping one asset for another. For example, if you had £50 in your bank, you can trade that for Bitcoin at an exchange. You can also trade digital assets for another digital asset. For example, if you want to trade 1 Bitcoin for Ethereum, you would get 31 Ether.
Choosing the right platform for you is very important. There are a few differences between different exchanges, so it is useful to do some research to decide which is best for your needs. Check out our guide for some helpful tips.
Three great cryptocurrency trading sites
Gemini is one of the most reputable exchanges in the cryptocurrency space. The trading site focuses on regulatory compliance and customer security.
Gemini was created and launched by the Winklevoss twins in October 2015, and since then it has become a market leader in terms of adhering to regulation. The exchange has an easy-to-use trading interface that enables users to buy and sell Bitcoin, Ethereum, and ZCash.
The exchange also offers a competitive fee structure. It allows users to deposit and withdraw USD free of charge, whilst charging a dynamic rate for trading. Traders with a 30-day trading volume of over $15 million will earn large discounts, being charged 0% for auction fees.
This peer-to-peer cryptocurrency exchange is famous for its margin trading. BitMEX is one of the largest trading sites in terms of trading volume and is able to facilitate more than $900 billion in trades every year.
The site offers a large and varied range of trading tools. In 2018, BitMEX created new features that allowed for the adoption of options trading in the form of Up/Down contracts. These features allow users to capitalise on price action to the upside and downside over a weekly period.
BitMEX is run by professional traders and developers and is one of the busiest exchanges in the space. It also allows users to convert multiple cryptocurrencies into fiat currencies such as the US dollar, the Japanese yen, and the Chinese yuan, making it extremely popular for those wanting to convert fiat to crypto and vice versa.
One of the most well-known exchanges and trading platforms in the space is Binance. The Hong Kong-based exchange is an industry leader in terms of trading volume. Binance offers spot trading on over 300 cryptocurrency pairs, making it one of the most diverse platforms in the cryptocurrency space.
Binance is perfect for both beginners and experienced users as it has an inbuilt option to switch between two difficulty modes. One of these modes has an easy-to-use interface for beginners and the other is slightly more complex for advanced users.
If traders use Binance’s native token – BNB – whilst trading, they can get a discount of up to 50% in trading fees. This is a huge amount if you’re interested in becoming a full-time crypto trader.
It is important to find the best cryptocurrency trading site that suits your individual needs. If you are a beginner who wants to get into trading, then Binance might be the best option. But if you are an experienced trader wanting to experiment with new exchanges, then Gemini might be for you.