A Cryptocurrency exchange is a platform on which anyone can exchange their cryptocurrency to physical currency or can buy a cryptocurrency. The exchange gives assurance to buyers to buy back their cryptocurrency and settle it traditional currency like dollars or pound in real-time.
We can understand it from this example, suppose you heard news that bitcoin is going to take a surge. After hearing this news you decided to invest in bitcoin to gain profit. Now you need a platform where you can buy bitcoin. This platform is called cryptocurrency exchange. Coinbase, bitmex and binance are some popular exchanges. Binance exchange is leading crypto exchange with its outstanding Binance support number.
Binance exchange is one of the best global exchange for cryptocurrency in the global market. Binance exchange support various services related to blockchain and cryptocurrency and their transaction and foreign currency. Binance provides excellent support to its buyers, if you have any query, Binance support phone number is always there to get support.
Types of Exchanges-
There are mainly three types of crypto exchanges
1- Centralized crypto Exchange- Also known as traditional cryptocurrency. This crypto exchange model is operated by a company of central organization which organizes trades fiat to crypto or crypto to crypto tender.
2- Decentralize exchange- Unlike centralize crypto exchange, decentralized exchanges work on peer to peer trades. This trading process is controlled by an automated process without a central presence. This transaction-based on blockchain technology.
3-Hybrids- As the name suggests hybrid crypto exchange combines good qualities of Centralized and decentralized exchanges.
Top 5 Cryptocurrency exchanges-
1- Binance- Binance is the major crypto exchange in the current time, with a trading volume of $500 million per day. On the other hand, Binance has earned a $ 1 Billion market capitol. Binance customer service is quite supportive.
2- Coinbase- Coinbase is founded in 2012 in San Francisco. Coinbase is the first crypto exchange that touched a $1 Billion mark and achieved unicorn status.
3- BitMEX- BitMEX is Hong Kong-based crypto exchange. BitMEX supports only Bitcoin trading. But there are some disadvantages to this exchange also. like BitMEX is not operational in U.S.
4- OKEx- OKEx is another Hong Kong-based crypto exchange. OKEx deals in multiple coins. OKEx is not available in the US. due to the regulatory issues.
5- Kraken- Kraken is founded in 2011. Kraken is one of the largest bitcoin exchanges in euros and liquidity. Kraken is popular for its wide selection of government legal tender USD, Euro, Pound, Yen and Canadian dollar.
What factors to see while choosing crypto exchange?
Choosing a cryptocurrency exchange depends particularly on your location and specific need. Apart from this, there are some common points that one should consider while choosing a crypto exchange.
1- Transaction Fee- Transaction fee is one of the most important factors. Almost every exchange provides information about their charges on their website. By visiting websites of different exchange you can compare which one is cheaper for you. Make sure to research deeply deposit, transaction and withdraw fees, before joining any exchange. For inquiry of transaction fee in Binance, you can call Binance customer support.
2- Payment options- An exchange must accept multiple payment methods. The top exchanges accept the various mediums of payment like a credit card, debit card, wire transfer like PayPal & venom. If an exchange has fewer options for fund transfer it may be inconvenient for you in the future.
3- Users review- Surveying user reviews can reveal many facts about an exchange. As we know good products have a good reputation. You can also get an idea from any social media forum. For example search in Google How To Contact Binance Exchange reviews.
4- Verification process- The verification process must be smooth and quick. Although verification process takes few days. It may seems like a headache but it is important to process to prevent the exchange from scams and money laundering. In the case of Binance exchange, it takes 5-7 business days to complete verification process. If it takes any longer, contact Binance support.