Cryptocurrency exchanges are platforms where cryptocurrency can be traded. Exchanges allow you to swap one cryptocurrency for another as well as convert them into the US dollar or other currencies.
Cryptocurrency exchanges generate money by functioning as a liaison platform between a seller and a buyer and they do so by charging transaction fees and commissions.
Kraken, Coinbase, and Gemini are the most popular cryptocurrency exchanges; now let’s look at how these three exchanges contribute to the growth of cryptocurrency.
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Kraken
Kraken is a cryptocurrency exchange where users can trade in digital currencies.
Kraken boasts high security standards, superior customer service, a wide range of funding options and low fees, all of which help it stand out among competitors. Since 2011, Kraken has been at the forefront of the blockchain revolution.
Pros and cons of Kraken
Pros
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Cons
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Key features of Kraken
Security
Kraken employs a world-class team of security professionals who work round the clock to protect users’ identities and cryptocurrency investments from all possible vectors of attack.
Fee structure
The fee structure is investor-friendly and competitive, and it pays you as you trade more.
Liquidity
Exchanges with high liquidity ensure that trade orders are executed promptly and at the desired price.
24/7 support
Users can reach out to the company’s support team at any time via live chat for any kind of assistance. Kraken’s rich support documentation can also help you find what you need quickly.
Funding options
Kraken makes it simple to fund your account, no matter where you are. Kraken is the market leader in terms of crypto funding options and low processing speed.
Coinbase
Coinbase is a cryptocurrency exchange that aims to make the financial system more transparent, fair, efficient and accessible.
Coinbase was launched in 2012 with the revolutionary idea that anyone must securely and readily receive and send Bitcoin from anywhere. Today, Coinbase provides a user friendly and trusted platform to access the larger crypto economy.
What are the advantages and disadvantages of Coinbase?
Pros
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Cons
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Key features of Coinbase
- For beginners, Coinbase is simple to use and they have the option to sell and withdraw cryptos using PayPal.
- Coinbase supports all kinds of transactions, including exchange, sell, purchase, receive and send.
- AES-256 encryption for digital wallets, two-step verification, FDIC-insured USD balances and biometric fingerprint logins are among the many security features offered by Coinbase.
- Fees range from 0% to 0.50% per trade, 2.49% for Coinbase card transactions, and banking fees vary.
- The maximum trade amount varies according to region and payment method.
Gemini
Gemini is a cryptocurrency exchange that provides a full range of cryptocurrency services and products. The Gemini platform simplifies the crypto market research, and creation of a portfolio for the future of money, as well as purchasing cryptos.
Pros
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Cons
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What are Gemini’s features?
- Gemini is a user-friendly platform with a simple interface.
- Gemini’s exchange services offer both individual and institutional investors best-in-class trading technologies.
- As a qualified custodian, Gemini holds crypto assets on behalf of users in a proprietary offline cold storage system.
- Alongside capital reserve obligations specified by NYDFS, Gemini also maintains $290 million in digital asset insurance.
- Creates recurring purchases and dynamic price notifications.
- Provides industry-leading support for customers.
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Last thoughts
Even though crypto exchanges have pros and cons, they are continually working on developing technologically advanced features to help cryptos flourish. Because cryptos are inherently risky, investors should proceed with a caution while investing in them.
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