How to choose a cryptocurrency exchange for trading

For those who intend to make money from cryptocurrency trading, one of the first steps is to choose a trading floor.

However, it is not an easy task, especially when you consider that there are hundreds of cryptocurrency exchanges. In this article, we will look at four popular cryptocurrency exchanges with their benefits and features to make your choice easier.

BINANCE
The cryptocurrency exchange Binance launched in 2017. It features one of the highest trading volumes.

HERE ARE THE MAIN BENEFITS OF WORKING ON BINANCE:

• A large selection of trading instruments: over 500 cryptocurrency pairs;
• the site cooperates with law enforcement and government agencies;
• It is necessary to pass the verification, which indicates a high level of security;
• users can withdraw up to 100 bitcoins.

HOWEVER, THERE ARE SOME DISADVANTAGES:

• some cryptocurrency instruments are either illiquid or delisted;
• the exchange is still without a license;
• KYC verification procedure is time-consuming.

As for deposits and withdrawals, they can be made in any cryptocurrency that is represented on the exchange. And to deposit from a bank card, you need to use the Simplex service. The amount of commission is 3.5%. And it is possible to withdraw funds only in the form of cryptocurrency.

The amount of commissions for transactions varies depending on how much was traded during the month. The higher the traded volume, the lower the commission. Also, the types of orders affect the amount of commissions.

Spreads on this crypto exchange are floating and depend on what the current volatility is in the market. The use of leverage is possible when trading settlement futures (varies from 1:2 to 1:125).

Also Binance offers the use of referral programs and a number of related projects (from analytical and educational, to the services of token issue).

BITMEX
The BitMEX crypto exchange was created even earlier, in 2014. It differs from Binance with a smaller list of trading instruments, and its turnover exceeds $3 billion.

1. trading instruments: 9 pairs with cryptocurrencies and fiat currencies.
2. lack of regulation.
3. the exchange does not publish any reports.
4. BitMEX has been under investigation by the CFTC commission since 2019.
5. There is no KYC verification procedure (registration and deposit procedure is fast).
6. Only bitcoins can be deposited to the account.
7. No deposit and withdrawal fees.

When trading on BitMEX there are rebates from 0,025% to 0,05%. The commission for the takers is 0.075-0.25%. The spread is also floating and varies depending on what the current volatility of the market is. Leverage is present, but differs for different currency pairs. There is also a referral program, but there are no additional services.

CURRENCY.COM
The Сurrencies.com exchange is not only a regulated trading platform, but also a place where cryptocurrency funds can be invested in a number of traditional assets, ranging from futures to bonds.

1. trading instruments: BTC, BCH, ETH, LTC in pairs with dollar, euro.
2. Access to exchange, margin and leveraged trading.
3. Over 1,300 assets including both cryptocurrencies and traditional instruments.
4. Obligatory verification.
5. KYC procedure with fast verification of documents.
6. Depositing cryptocurrency and fiat currency accounts via bank card or transfer.

Trading commissions and spreads on this exchange vary depending on the type of asset and type of operation. Commissions range from 0% to 0.05%. The size of the leverage depends on the traded asset and can be chosen by the trader.

Сurrencu.com has both a referral program and additional services such as mobile applications, Russian-language support and personal data protection.

PRIMEXBT
The fourth in our list will be the PrimeXBT platform, which also gives access to trade not only cryptocurrency, but also fiat currencies, commodities and stock indices.

ITS MAIN FEATURES ARE:

• 39 trading instruments;
• no license;
• no verification procedure;
• anonymous trading using PrimeXBT service to track suspicious transactions;
• depositing in bitcoins with the possibility of exchanging money within the platform itself;
• commissions differ for different trading instruments: from 0.001% to 0.05%;
• floating spread;
• The possibility of independent choice of leverage.

The PrimeXBT platform has a referral program consisting of four levels. Among the additional services there are mobile applications.

After comparing these four platforms, you can choose the one that is right for you for full-fledged cryptocurrency trading based on your own priorities and preferences.