What’s in a Cryptocurrency Exchange? | Hacked: Hacking Finance
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What’s in a Cryptocurrency Exchange?

Posted on .

What’s in a Cryptocurrency Exchange?

Introduction

This article was posted on Tuesday, 22:44, UTC.

Let’s have a look at the various cryptocurrency exchanges, starting with a new one that was brought to our attention which was funded through an ICO, Binance. For this review, we’ll stick to exchanges that are mainly focused on crypto-to-crypto trading, as opposed to exchanges like Bitfinex and Coinbase which are focused on the dollar and Euro market.

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Binance

I made a video of myself setting up an account at Binance:

As you can see, they don’t yet have a lot of pairs at Binance, and one of the primary ones they want people to trade is the BNB token, which they created to launch the exchange. That token doesn’t appear to be trading much elsewhere. The benefit of the BNB token is that exchange fees can be paid in it, but only at this exchange.

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Poloniex

Poloniex is both the golden eagle and the s*** bird of the cryptocurrency exchange world. They frequently have mass user problems, and if it weren’t for the size of the exchange, it seems that people would largely take their business elsewhere. The author cautions against ever leaving any real value there, as they are a powder keg of issues. Anyway, as you can see, they have a lot of pairs, as well as margin lending and trading.

HitBTC

HitBTC is new to this author, and wow, he is impressed. This exchange offers almost as many pairs as Poloniex, has an extremely professional interface, and in general offers all the same things that Poloniex does. Poloniex and HitBTC both have a withdrawal fee of .001 BTC, which is around $4 at current prices.

C-Cex

C-Cex lists a lot of coins that you won’t find elsewhere. Their interface is poor, their support is worse, and their fiat markets are generally wildly off kilter. Nevertheless, C-Cex is good for certain coins that have a high barrier to entry elsewhere. Wherever there is a valuable, there should be a market, and until decentralized solutions are in everyday usage, we’ll have to tolerate offerings like CryptoCurrencyExchange.

Bittrex

Bittrex has been around since the first altcoin boom, and they continue to offer many of the major altcoin pairs, as well as newer pairs and pairs with USDT. They are one of the better altcoin exchanges.

Bleutrade

Founded by former Microsoft engineers, Bleutrade really seems to be behind the times. For instance, they do not even list NEO.

Verdict

At this point, the author leans toward HitBTC as the best place to trade altcoins. If Binance offers a lot more trading pairs, then they could be an interesting alternative since they don’t force one to pay fiat or BTC for fees, but currently you’re not going to get enough action there to justify the commitment of funds.

What do you think? Are there other altcoin exchanges worth checking out? Let us know in the comments.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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P. H. Madore

P. H. Madore

http://phm.link

P. H. Madore has covered the cryptocurrency beat over the course of hundreds of articles for Hacked's sister site, CryptoCoinsNews, as well as some of her competitors. He is a major contributing developer to the Woodcoin project, and has made technical contributions on a number of other cryptocurrency projects. In spare time, he recently began a more personalized, weekly newsletter at http://ico.phm.link

Comments
  • user

    AUTHOR Nox

    Posted on 10:53 pm August 15, 2017.

    Good information, good conclusions.

    I would like to see the same article but with exchange of dollars and euros. For me the big piece of the cake is the fall of Bitcoin, so I am not interested in these exchange although I like to be informed and even use it in order to buy a hard currency to buy.

    Thank you!

  • user

    AUTHOR letusallunite

    Posted on 12:06 am August 16, 2017.

    I’m confused. Where are Kraken and Bitstamp, just to name a couple of obvious examples?
    Why does the author refer to himself as “this author”?

    • user

      AUTHOR Tarik

      Posted on 2:13 pm August 16, 2017.

      not considered those tradicional exchanges trading fiat, but crypto-to-crypto only

  • user

    AUTHOR ericlflau

    Posted on 5:24 am August 16, 2017.
  • user

    AUTHOR Equinox

    Posted on 8:24 am August 16, 2017.

    I just recommend the author to mention that there is a referral affiliate/link used at HITBTC which makes puts things more into perspective for the reader.
    For the rest a great overview. I do agree on Poloniex however once you get used to the interface, it is a great platform.
    Concerning technical charting tools and security wise Kraken is one of the best exchanges. They do not offer a lot of pairs, but if you are in the majors, that’s a good place to trade and program you trades.

    • user

      AUTHOR cryptomill

      Posted on 10:21 am August 16, 2017.

      @Equinox Kraken is my go to exchange for FIAT conversion out of crypto but it has a lot of performance issues during high volatility. I have had many trades bounce due to API errors or load issues on their side. Really frustrating to have to try a trade many times and watch it fail as the market crashes… Boo Kraken you are a great platform but lacks consistency

  • user

    AUTHOR cirrus147

    Posted on 11:07 am August 16, 2017.

    Would love to see some comment to explain how and when to trade pairs, for example I am just realising on Kraken that when you look at the Bitcoin/EURO and Bitcoin/UKPound pairs, you get a different view of volume, sell demand and buy demand, so it can affect decisions I am pretty new to this and subscribe to Hacked to learn… getting a lot of analysis and opinion here, but still struggling to learn….

  • user

    AUTHOR Tarik

    Posted on 2:17 pm August 16, 2017.

    HitBTC deals ICO IOU tokens as well, which made me very confused… nothing to be concerned if you stay away from them, but be aware and careful with the ICO tab. I did trade some there and (though working fine) consequences are many times surprising.

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