Comparative characteristics of cryptocurrency exchanges

Cryptocurrency exchanges are platforms designed for trading cryptocurrencies, as well as exchanging at a fixed rate. Exchanges allow users to purchase, sell, store, and exchange cryptocurrencies. They are divided into two categories, namely centralized and decentralized, but as practice shows, it is the former that are mostly popular. Some exchanges provide a service for exchanging cryptocurrencies for fiat. Also, a prerequisite for the exchange of crypto is the availability of the appropriate pair on the exchange at the right time. The absence of a pair at the right moment means that it is impossible to make an exchange.

Many traders often wonder how to choose a cryptocurrency exchange? We bring to your attention the rating of the most relevant crypto-exchanges for the Ukrainian market, with a description of their positive and negative qualities and properties. The selection is compiled as of 2020.

Along with the active development of the cryptocurrency market, a huge number of platforms for trading appear. We recommend you to pay attention to the large and time-tested ones, they are usually the safest. And so, the advantages and disadvantages of crypto exchanges:

Cryptocurrency exchange Binance -  started its work on the market relatively recently, but in this short period of time has already managed to win users' favour. There are 463 currency pairs available for trading on the exchange. It is also possible to buy crypto using bank cards. Only two interface modes are available on the Finance exchange, they are distinguished from each other by the presence of various tools for analysing the crypto market, which is very convenient for beginners and experienced traders.

The advantages of this platform can be safely attributed to a low commission, a very wide selection of crypto coins, these include both popular and quite rare ones, a support service that gets in touch in a short time and helps to quickly solve any problem. The Binance Exchange is characterised by uninterrupted operation with the accompanying high speed of order processing and transactions, the withdrawal of currencies is very convenient, and there is also a mobile application.

Among the disadvantages of this platform, Ukrainian-speaking users include an inappropriate Ukrainian-language version of the web-site, there are difficulties in verifying an account and limitations in its absence, and account blocking is also a frequent occurrence. It is believed that the most important thing for an objective assessment of the exchange is the real user experience. What may cause discomfort to one user, the second may seem like an absolute norm.

Huobi is a cryptocurrency exchange that was founded in 2013 in Beijing, over the years of its work, it has firmly established itself in the top of similar sites, which allows it to take third place in the overall world ranking in terms of trading volume. Its total user assets on the platform now exceed $10 billion. The Huobi cryptocurrency exchange has such a result due to the flow of new customers from European countries. And after the acquisition of the BitYes exchange, focused on the Western and American markets, it came to the attention of traders and investors from these regions.

The exchange interface supports 13 languages. But be prepared, if you need to contact support, help will be provided either in English or in Chinese. It should also be understood that the knowledge of the English language at the support service of the Huobi exchange is not something that leaves much to be desired, and sometimes it is quite comparable with such an absence. In response to your request, it is often possible to receive a machine translation from Chinese into English from specialists. You can get in touch with them in three ways by calling by phone, writing an e-mail or filling out a special form on the web-site. Based on user feedback, the response from the support service comes quite quickly, no later than 2-3 hours after the request.

The constant development and improvement of the technical base, as well as the integration of new tokens, does not cease to attract a huge number of user flows.

Let's consider several advantages: Huobi cryptocurrency exchange is a convenient multifunctional platform that has a large number of tools for effective trading, high-quality service and attentiveness to customer needs, a large percentage of users' funds are stored offline on cold wallets with multi-signature, Huobi offers cashback privileges: after inviting friends, you will receive 30% of their commissions, a profitable program loyalty, which allows you to reduce the amount of commission for withdrawal, mobile applications for devices.

The disadvantages include: a very difficult procedure for confirming identity, limited ways to replenish the wallet, as well as withdraw funds, some sections for familiarisation with information are available only in Chinese.

To date, the advantages of the exchange prevail and there are many times more of them than the disadvantages. Not surprisingly, it ranks among the top cryptocurrency exchanges, with the ability to offer its users competitive transaction fees, 24/7 support, and educational materials for traders. 

Kuna is a cryptocurrency exchange that appeared on the market in 2016 and was created by programmers from Ukraine. It keeps the main reference point for users of European countries and gained fame due to the fact that it was the first to launch a network of cryptomats in the city of Kyiv. Large volumes of trades do not pass through the Kuna exchange, however, due to its convenient interface, which is available in English, Russian, Ukrainian and Chinese, it is convenient to convert crypto into fiat. The developers of the platform emphasise that it is very easy to use and open for communication with the user, and thus they create a community of like-minded people who will jointly develop the platform.

The Kuna Exchange is a good example of a regional exchange that is constantly expanding its capabilities, which gives it every chance to go global if the team is serious about expansion and effective marketing.

The advantages of using this exchange include a convenient and intuitive interface, stylish design, and to create an account you need to follow just a few simple steps. Competitive commission for the withdrawal and deposit of fiat, a large number of cryptocurrencies and tokens, including rare ones, it is possible to quickly and without registration buy cryptocurrency from a bank card, the presence of a mobile application and a telegram bot.

There are also several disadvantages, for example, a high percentage of fees for withdrawing and depositing cryptocurrencies, small trading volumes, little analytical functionality for experienced traders, and, for the time being, not a very large selection of fiat currencies.

Using the Kuna exchange is a good way to purchase one of the most popular cryptocurrencies in Ukraine today. When developing this platform, emphasis was placed on its easy use.

If you are interested in trading, but just trying to take the first steps, it is possible that mistakes will happen on your way. Therefore, pay special attention to the choice of the exchange. There are not so many exchanges of “long-livers” on the crypto market, having carefully studied this issue, it will not be difficult to make the right choice. If you are interested not only in earning on the exchange rate difference, but also in other advantages of cryptocurrencies, then for this you will be quite satisfied with a simple exchanger, where you can buy or sell cryptocurrencies at a favourable rate, as well as have passive income earning on the referral system. One of these exchangers is coin24.io, where you can buy and sell cryptocurrency by exchanging it for your own benefit and participate in the referral system by distributing a personal link to the exchanger among others who want to buy or sell cryptocurrency. It is also possible to order the necessary cryptocurrency in the amount you need if it is not in the exchange pair.

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