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Tag: cryptocurrency exchange review

  • Top Best Cryptocurrency Exchanges

    Top Best Cryptocurrency Exchanges

    UPDATE: Which are the best exchanges THIS YEAR? Top Best Cryptocurrency Exchanges (2023)

    For this article, exchanges that we at Team Boxmining use frequently are listed in Tier 1, exchanges we occasionally use are listed in Tier 2, down to those which we seldom or do not use at all are listed in Tier 3. However, this is only based on our personal preference. Potential users should also always check if the exchange is supported in their country and if there are any geographical restrictions. 

    Check out our latest video where we talk about our picks for the best cryptocurrency exchanges in 2022:

    Name:
    Binance
    Ease of use:
    4.9 Star Rating
    Fees:
    4.5 Star Rating
    Rating:
    4.5 Star Rating
    Full Review:
    HERE
    Sign Up:
    HERE
    Name:
    Coinbase
    Ease of use:
    4.6 Star Rating
    Fees:
    3 Star Rating
    Rating:
    3.5 Star Rating
    Full Review:
    HERE
    Sign Up:
    HERE
    Name:
    Bybit
    Ease of use:
    4.8 Star Rating
    Fees:
    4.4 Star Rating
    Rating:
    4.5 Star Rating
    Full Review:
    HERE
    Sign Up:
    HERE
    Name:
    Phemex
    Ease of use:
    4 Star Rating
    Fees:
    4 Star Rating
    Rating:
    4.3 Star Rating
    Full Review:
    HERE
    Sign Up:
    HERE
    Name:
    OKX
    Ease of use:
    4.2 Star Rating
    Fees:
    4.1 Star Rating
    Rating:
    4.4 Star Rating
    Full Review:

    HERE

    Sign Up:
    HERE

    Tier 1 Exchanges (Active Trading)

    Binance

    Binance
    Binance Exchange Website

    Binance was founded in 2017 and currently serves over 13.5 million active users across the globe. Unlike Coinbase and Kraken, Binance supports a wide range of altcoins (i.e. cryptocurrencies other than Bitcoin). This attracts more people to transfer their Bitcoin, Bitcoin Cash, and Litecoin from other exchanges to Binance to explore the altcoin world.

    It is suited for entry-level crypto traders due to its huge array of tradable cryptocurrencies. Binance supports trading of over 400 different types of cryptocurrencies with more being added almost every week. In fact, Binance has become so popular as a cryptocurrency exchange that the mere news of new coins being listed can cause the tokens’ prices to skyrocket. 

    The popularity of Binance has made its CEO Zhao Changpeng (CZ) a personality in the cryptocurrency community. His words/actions now have a significant influence on the cryptocurrency markets.

    Cryptocurrencies can be purchased on the Exchange through a variety of ways: PayPal, bank transfer, credit card, and debit card (although they charge a substantial 4.5% fee). It is worth noting, however, that users cannot simply exchange their US dollars for cryptocurrencies. Nevertheless, the aforementioned purchase methods should be sufficient for most cryptocurrency traders.

    As for security measures, Binance has an asset fund as insurance in case of misappropriated user funds and also provides two-factor authentication.

    Binance also has its own native token- BNB, which ranks 4th in terms of trading volume. The token can be used for various features and discounts on the exchange.

    Binance does have a US version of its exchange at Binance.US. Although Binance.US will have fewer cryptocurrencies available for trading and features in order to be compliant with US regulations.

    Binance is Team Boxmining’s second most frequently used exchange. It is easy to use, their customer service team is very responsive, and Binance is credited with pioneering many of the special features we come to expect today such as Initial Exchange Offerings (IEOs).

    Binance also caters to experienced traders with advanced trading options and plenty of analytics. Novice users will inevitably experience a learning curve, but once you find your way around, it becomes almost second nature. (softlay.com)

    Check out Binance Exchange Review: Best Crypto Exchange? For a detailed look at what Binance has to offer. 

    Sign up for Binance here!

    KuCoin

    KuCoin
    KuCoin

    KuCoin has unique assets and an extensive list of tradable coins. The Exchange is highly regarded for its large number of different cryptocurrency pairs, which means users can purchase a wide variety of cryptos. 

    KuCoin supports over 500 cryptocurrencies which means you can trade lots of small-cap tokens with low trading fees. At team Boxmining, we find that if we want to trade small-cap coins, we need to use MetaMask and then trade on different platforms and DEXs. And if it’s an ERC 20 token you would have to pay ridiculously high gas fees which is not economical. So, if these small-cap tokens are already on KuCoin, then you can save a lot of unnecessary costs.

    KuCoin also allows you to use trading bots through their mobile app which automatically buy and sell your cryptocurrencies so you don’t have to follow the market 24/7. However, it’s not always clear how they’re investing your money, so you still need to understand the cryptocurrency trading strategies they use.

    On the downside, KuCoin has in the past been plagued by poor Know-Your-Customer (KYC) procedures. At first, it allowed traders to deposit and withdraw large amounts of Bitcoin i.e. 50 Bitcoin per day without providing personal details. They have since changed their KYC policies and now you can only withdraw up to 2 Bitcoin per day without a “Verified” account i.e. an account that has completed the KYC procedures.

    In addition, Kucoin is a crypto-only exchange, which means you will need another exchange for buying cryptocurrencies with fiat currency such as HKD, USD or CAD. That means Kucoin is not the most ideal option for newcomers to cryptocurrency, but if you are an experienced trader then KuCoin is a great way to diversify your cryptocurrency portfolio.

    SwissBorg

    SwissBorg
    SwissBorg is a popular choice amongst European users and has a very intuitive and user-friendly app.

    SwissBorg was launched in December 2017, as per their name they are based in Switzerland and are fully compliant with Swiss Law, making them hugely popular amongst Europeans. The Exchange is available in over 100 countries (although currently not supported in the US), and it is noted the full range of features offered by SwissBorg may not be available in every country.

    SwissBorg supports over 35 cryptocurrencies and 16 fiat currencies. New cryptocurrencies are continuously being added and users can vote for the next one to be listed. Users can directly fund their SwissBorg accounts via bank transfer with 0 charges.

    Another popular feature is SwissBorg’s app which allows users to access their crypto wallets and trade on the go.

    To keep ahead of the yield farming and decentralized finance (DeFi) craze, SwissBorg offers their Smart Yield account for yield farming, which allows users to get exposure to farming without much prerequisite knowledge. The Smart Yield feature does this by scanning and finding a range of DeFi and CeFi (Centralized Finance).

    SwissBorg also has a native token $CHSB- a multi-utility token that entitles holders to lower fees when buying/selling Bitcoin, CHSB and stablecoins on the Exchange. Other benefits include being able to have a 2x yield on your USDC, BTC, ETH, XRP, and CHSB holdings.

    Learn more about SwissBorg with our in-depth guide- SwissBorg ($CHSB): What is it?

    Sign up for SwissBorg with our exclusive link to get FREE CHSB!

    Coinbase

    coinbase exchange
    Coinbase offers a more limited selection of cryptocurrencies but makes up for it with high security and ease of use

    Coinbase was launched in 2012 and currently has over 30 million users spanning 103 countries. While Coinbase may not offer a wide variety of cryptocurrencies, it is still a top favorite among many investors due to its highly secure and easy-to-use platforms. Also, Coinbase is the first stop for many beginner traders (especially those from the US) as they have a very easy-to-use mobile app, and you can directly fund your Coinbase account from your bank account. Coinbase is also particularly popular in the US since it is the first publicly listed US crypto exchange and it is fully compliant with US regulations.

    Coinbase’s popularity stems from the fact that its platform has one of the fastest and easiest cryptocurrency buying processes, which along with their claim to have never been hacked, makes them an ideal choice for beginners. Advanced users can also opt for Coinbase Pro, which has more trading features.

    Coinbase supports hundreds of digital currencies, but nevertheless still loses out to other major crypto exchanges in this respect. For US customers, there are no restrictions on transacting the following cryptocurrencies:

    • Bitcoin (BTC);
    • Ethereum (ETH);
    • Litecoin (LTC);
    • Bitcoin Cash (BCH);
    • Ethereum Classic (ETC); and
    • Ripple (XRP).

    Here’s a chart of the cryptocurrencies supported by Coinbase depending on your location.

    Most common forms of payment are accepted by Coinbase, for example credit and debit cards.

    Whilst it is generally secure, Coinbase has been under fire recently for suffering outages when there were huge fluctuations in the prices of Bitcoin in March, April AND May 2020. These outages left many users powerless to do any trades when they needed to the most. Potential users should bear this issue in mind when considering whether or not to use Coinbase.

    Coinbase also charges higher fees compared to most other exchanges, charging $0.99-$2.99 per purchase under a $200 transaction and an additional 0.5% fee depending on the amount traded. However many novice or infrequent traders consider this a fair price to pay for the convenience of the platform and as it is one of the few exchanges available to US users.

    Check out our Coinbase review for an in-depth look at this exchange. And as mentioned, Coinbase does charge higher fees compared to other exchanges on the market, hence we have our popular guide- Coinbase Fees: How to Avoid Them.

    Tier 2 Exchanges (Seasonal Trading / specific coins)

    PrimeXBT

    PrimeXBT
    PrimeXBT

    PrimeXBT is also one of the newer players in the cryptocurrency exchange space, having been launched in 2018. Credit is given to this Exchange for being one of the most transparent we have come across. Their website is a one-stop resource for anything you wanted to know about the Exchange and they also have in-depth tutorials on how to use its various features.

    The Exchange is lacking a bit in supported cryptocurrencies, currently, they only support 7 cryptocurrencies: BTC, ETH, USDC, USDT, LTC, XRP and EOS. In addition, only withdrawals and deposits in BTC are supported. However, what they lack in cryptocurrency support they make up in ability to trade other asset types such as commodities, stock indices and Forex.

    The ability to customise your trading screen and annotate charts is probably something long-awaited by technical analysts and serious traders and will keep them coming back to the Exchange.

    Check out our PrimeXBT review and guide.

    Kraken

    Kraken
    Kraken

    Kraken has a substantial presence in Europe, and listed cryptos have fiat pairs. It was founded in 2011 then relaunched in 2013. Kraken offers trading in over 50 cryptocurrencies- full list here. However, some cryptocurrencies are not available in specific countries.

    Kraken also offers margin trading and futures trading. With its margin accounts, you can borrow up to five times your account balance to trade crypto assets. Futures trading — contracts which allow you to buy or sell an asset at a set price on an upcoming date — is available for Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Ripple.

    Learn more about futures trading with our Futures Trading Guide.

    The Exchange also offers its own futures trading platforms. But institutional clients can take advantage of expert insights, one-on-one consultations, account management support, and more.

    Kraken is hugely popular amongst European cryptocurrency enthusiasts due to its range of features. 

    Bittrex

    Bittrex
    Bittrex

    Bittrex is reliable and offers reputable services. Bittrex I used extensively in the past because they listed lots of coins. However, I eventually moved away from Bittrex because Binance overtook them in terms of coin selection.

    Bittrex will be removing the following markets after 31 May 2019: BTC-COVAL, BTC-SALT AND BTC-XCP. And the following markets after 6 July 2019: BTC-LUN, BTC-NEOS, BTC-THC and BTC-TKS

    Poloniex

    Poloniex
    Poloniex

    I also used Poloniex extensively in the past. However in my experience, their Know Your Customer (KYC) process took a long time. In my case it took 3 months to complete. This was unacceptable especially when it was during the bull market.

    Customer support on Poloniex isn’t terrible, so they still seem to be a good exchange.

    Poloniex’s geofencing announcement

    However if you are a U.S. citizen, you may need to be aware of Poloniex geofencing assets for U.S. customers. On 29 May 2019, the markets for ARDR, BCN, DCR, GAME, GAS, LSK, NXT, OMNI and REP will be disabled for US customers.

    Once the market has been geofenced, customers can still withdraw those tokens from their wallet so long as Poloniex supports it globally. However, customers will not longer be able to see their deposit address or generate a new deposit address.

    Huobi, OKEx

    Huobi
    Huobi

    Huobi and OKEx were the main titans of China. They had lots of Chinese users before the Chinese government cracked down on cryptocurrency trading in the country.

    OKEx
    OKEx

    This was known as the “Golden Vacuum” since it obliterated a lot of Huobi and OKEx’s dominance. This destabilized the two exchanges giving way to others like KuCoin and Binance to take charge.

    We still consider them as Tier 2 exchanges because they still hold onto some of their past customers and because they have the technology for the future.

    There are rumours that the Chinese government allows these exchanges to operate but keeps tabs on their transactions.

    BitMEX

    BitMEX
    BitMEX

    BitMEX is mostly a margin trading exchange allowing enormous leverage (i.e. up to 50 times). Leverage trading is when you do not own the physical bitcoin but you own trading contracts.

    Unfortunately, BitMEX does not operate in the United States and be careful not to login to your BitMEX account there, your account will get banned.

    Although we have heard of some Americans that use VPNs (Virtual Private Networks) to mask the country of origin so as to bypass this restriction.

    This is NOT recommended.

    BitMEX has poor customer support. It took us 3 months of emails to unban our account when we accidentally logged into BitMEX in the United States.

    Tier 3 Exchanges (Possible risks / issues)

    Bitfinex

    Bitfinex
    Bitfinex

    Although Bitfinex is a reputable exchange, its recent struggle with the New York Attorney General for US$850 million loss of customer funds lowers its credibility. We will have to see how Bitfinex will overcome this struggle.

    Apart from the case, it has a strong BTC/USD trading pair.

    To stay up to date with what is happening at Bitfinex, click here.

    OceanEx

    OceanEx
    OceanEx

    OceanEX is launched by BitOcean Global, a fully registered and licensed trading paltform in Japan. It’s created by a core team of members with past experience from Morgan Stanley, BNP Paribas, and Deloitte. OceanEX boasts a host of AI security features to improve user and trading safety. OceanEX is the trading hub of the VeChainThor Ecosystem, with all VeChain assets listed and VeChain trading pairs. Whilst it has many attractive features, we found liquidity lacking on many assets and difficulties both buying and selling various coins.

    To learn more about VeChain and its ecosystem, check our Vechain guide.

    AscendEX (formerly known as BitMax)

    AscendEX
    AscendEX

    I tried this exchange since I received a lot of requests from viewers.

    However I am skeptical of exchanges that use the “Transaction Mining” model. Transaction Mining is where you gain credits or exchange tokens in return for trading.

    This directly incentivises wash trading on the platform, which is where a trader simultaneously sells and buys the same assets.

    This in turn creates misleading reports on the trading volumes on the exchange.

    Tier 4 Exchanges (avoid these exchanges)

    HitBTC

    HitBTC
    HitBTC

    These three exchanges have very questionable practices.

    For example, HitBTC does not have a real KYC policy. They do not seem to have much issue with you depositing large amounts of funds. However if you trade or want to withdraw a lot they will just ban or suspend your account until you communicate with them. This has happened to me personally and when we researched this and found that many others had the same experience.

    Lately there has been a new wave of users complaining about having to provide excessive detail about the source of their funds.

    There are also some users who have done their own investigations and concluded that the Exchange is insolvent.

    YoBit

    YoBit
    YoBit

    The exchange has a troublesome withdrawal process.

    Conclusion

    Tier 1: Binance, KuCoin, SwissBorg, Coinbase

    Tier 2: PrimeXBT, Kraken, Bittrex, Poloniex, Huobi and OKEx, BitMEX

    Tier 3: Bitfinex, OceanEx, AscenDEX (formerly BitMax),

    Tier 4 (avoid): HitBTC, YoBit

    In conclusion, conducting a background check on a cryptocurrency platform before signing up is the best way to avoid losing your digital wealth. Following the above list is one huge step towards this goal.

    Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.

  • Coinbase Review: MUST READ

    Coinbase Review: MUST READ

    Coinbase is one of the world’s most popular cryptocurrency exchange and is well known because unlike other exchanges, is based in and subject to US regulations. The Exchange is split into several categories, Coinbase– for retail users, Coinbase Pro– their professional trading platform for individuals, Coinbase Prime– for institutional clients. In this review we highlight each of their various features and controversies that you need to know.

    Key Advantages of Coinbase

    • Regulated under US law.
    • One of the few exchanges available for US citizens.
    • Maintains an insurance policy against theft or hacks.

    Key Features and Functions

    Coinbase Pro
    Coinbase Pro

    One point to note is that Coinbase only offers spot trading, unlike other exchanges which offer other products such as derivatives, futures trading etc.

    The Exchange is split into several categories catering for different types of users. Coinbase is for retail users, Coinbase Pro for individual professional traders and Coinbase Prime for institutional clients. This distinction is because they each have different functions to cater for the user. By way of example the main difference between Coinbase and Coinbase Pro are that Coinbase Pro offers charting tools, real-time order books, among other tools to help the advanced trader make most out of the Exchange. Coinbase Pro and Coinbase Prime both offer cheaper transaction fees and more supported cryptocurrencies. However they are still substantially fewer than other Exchanges out there.

    Coinbase Pro interface
    Coinbase Pro interface

    Despite only offering spot trading, Coinbase does have its own suite of products to assist users in getting started. For example it has its own wallet, and allows users to earn cryptocurrencies by participating in their courses.

    Coinbase products
    Products offered by Coinbase

    History of Coinbase

    Coinbase was launched in October 2012 and is based in the United States. Their headquarters are located in San Francisco, California. It is also becoming widely used in Europe where it has an operating license. It currently has over 30 million users and over USD$150 billion being traded on the Exchange.

    The Exchange has currently expanded to over 100 countries across the globe.

    [wp-compear id=”5176″]

    Supported Countries

    Coinbase is available in over 100 countries. Most notably the US, which a lot of Exchanges cannot support due to regulatory issues. However whilst Coinbase says it is “available” in some countries, it may not offer the full set of services i.e. being able to “convert” between different cryptocurrencies, and to “buy and “sell” the same. Check here for the services available for your specific country.

    Supported Cryptocurrencies

    Coinbase supports 91 cryptocurrencies- relatively fewer compared to other major exchanges such Binance. Also, the availability to buy, sell, send and receive a particular cryptocurrency depends on (a) whether you are using Coinbase or Coinbase Pro; and (b) your location.

    Check here for the full list of Coinbase’s supported cryptocurrencies.

    We can see that Coinbase is actively trying hard to list more cryptocurrencies. Whilst its current cryptocurrency support is sufficient for most average traders, they do lag behind their competitors in this respect. So unless we see more listings in the future, we will be keeping our score of 3.8/5 for cryptocurrency support…for now.

    Payment Methods

    Coinbase provides a variety of payment methods and most importantly, allows traders to pay in their local currency. However there are regional restrictions for payment methods. Below is a helpful list of the accepted payment methods for various countries.

    • Bank deposit: Europe, US, UK
    • Debit card: Available for most countries including Australia, Canada, Chile, Europe, Mexico, UK, US.
    • Credit card: Australia, Singapore
    • Paypal: Canada, Europe (most countries), US and UK

    You can check here to see the accepted payment methods for your specific country. Although we noticed that the information on supported payment methods is slightly different from the information on their other page.

    The Exchange also has its own Coinbase Card– a Visa-based debit card allowing customers to make purchases online and in-store using cryptocurrencies. However it is currently only available to UK and European customers.

    Deposit and Withdrawal Fees

    Cryptocurrency

    There are no fees for cryptocurrency deposits onto Coinbase. As for withdrawals, Coinbase will only charge you the relevant network fees required for sending your funds.

    Fiat

    Not all fiat deposits or withdrawals are free, and the amount depends on the method used. Coinbase supports fiat deposits/withdrawals via ACH, Wire (USD), SEPA (EUR) and SWIFT (GBP).

    Coinbase fiat deposit withdrawal fees
    Coinbase fiat deposit withdrawal fees (Image credit: Coinbase)

    Trading Fees

    Coinbase charges different fees depending on whether you are on Coinbase, Coinbase Pro or Coinbase Prime. Fees are cheaper for the latter 2 due to the larger volume by these traders.

    Coinbase charges its fees based on a maker-taker fee model. Placing an order at market which is filled immediately incurs a taker fee between 0.04% and 0.50%. Conversely, if you place an order which is not immediately matched the order is placed on the order book. When another user puts in an order and matches yours on the book you are charged a maker fee between 0.00% and 0.50%. The taker and maker fees are reduced if the value traded is higher.

    For stablecoin pairs specifically (e.g. USDC/USDT to DAI/PAX, or to fiat etc), Coinbase charges 0.01% and 0.00% for taker and maker fees respectively.

    Controversies

    In late February 2020, Coinbase was identified as one of the entities working with Clearview AI, a controversial facial recognition technology provider who was facing legal threats from Apple and Google for lack of scrutiny into its practices. Coinbase admits to testing Clearview’s software but denies that customer’s data was used in any of such tests. (https://yellowtail.tech/)

    The Exchange has come under fire from users during the Bitcoin price dump on 10th May 2020. On 10th May 2020 at 17:26 Pacific Time, the Exchange’s website and mobile app both experienced outages. 10 minutes later Coinbase came out with a notice saying that it was still investigating this outage, by 18:14, service had been restored. However during this time the price of Bitcoin tumbled from USD $9,500 to $8,100, leaving users only able to helplessly watch the crash and unable to trade.

    Coinbase is pretty much infamous for crashing during huge fluctuations in Bitcoin prices. On 29th April 2020, the Exchange suffered an outage whilst Bitcoin prices shot up to just under USD $9,000. And AGAIN on 10th May 2020.

    Needless to say, users are not happy with the situation, with some noting that Coinbase “crashes” when there is a huge change in Bitcoin prices. And whilst some attribute this to the Exchange being overloaded with users, others are not satisfied with how Coinbase has not fixed this over the years considering the high fees charged from users.

    As to the latest crash on 1st June 2020, Coinbase says that the Bitcoin price spike led to an increase in traffic by 5 times in only 4 minutes. As a result their autoscaling system was overwhelmed and created a backlog which meant that new survey requests were dropped or timed out. Coinbase however alleges that they are working on reducing the impact of price-related traffic spikes.

    Is Coinbase safe in 2022?

    Coinbase

    The Exchange has top of the range security features. Additionally, being licensed in the United States, users have additional protection since Federal laws apply.

    In terms of the Exchange’s method for fund storage, only 2% of customer funds are held in hot wallets. The other 98% is kept in secure cold wallets in different parts of the world. So far, it has not been hacked…yet. Also, Coinbase has an insurance policy that insures against theft of cryptocurrencies resulting from security breaches, hacks, employee theft or fraudulent transfer.

    On account security, Coinbase advises its users to use two-factor authentication. The system supports either short messages sent to the registered mobile phone number, Google Authenticator, among other reliable ways to prevent malicious account login.

    HOWEVER, storing substantial assets in exchanges is not recommended as exchanges are prone to hacks. The best practice is to only leave enough assets for day-to-day trading on exchanges, the remainder should be stored offline on hardware wallets for.

    To learn more about hardware wallets, check out our reviews on the Ledger Nano X and Trezor Model T.

    Is Coinbase affected by the liquidity issues at FTX?

    Coinbase issued an announcement on 8th November 2022 concerning transparency, risk management, and consumer protection. In the announcement, Coinbase confirmed they have approximately US$15 million worth of deposits on FTX which they use to facilitate business operations and client trades. However, they do not have any exposure to Alameda Research, and no loans to FTX.

    As at 10th November 2022, there do not appear to be widespread reports of issues with withdrawing or trading funds on Coinbase. Their status page is also only showing that there are delayed withdrawals on the Polygon Network ONLY but a fix has been implemented. Therefore, it appears that Coinbase is not affected by the issues surrounding FTX exchange.

    Conclusion: Coinbase exchange pros and cons

    Pros

    • Coinbase has remained one of the most secure and reliable cryptocurrency exchanges.
    • The Exchange maintains an insurance policy against hacks and theft, which is reassuring for users.
    • Generally available in many countries, including the US with many payment options.

    Cons

    • Fee structure is highly confusing and not the cheapest out there.
    • Lack of features.
    • Not many supported cryptocurrencies compared to other exchanges.
    • Seems to be unable to handle sudden surges of users and has a history of crashing during periods of high price volatility.

    Final Score

    Services offered: 3/5
    Cryptocurrency support: 3.8/5
    Fees: 3/5
    Security: 4.5/5
    Final Score: 3.6

    To learn more, check out our review of the Top Cryptocurrency Exchanges of 2023!

    Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.

  • Yobit Exchange Review and Guide 2020

    Yobit Exchange Review and Guide 2020

    YoBit is a cryptocurrency exchange launched in 2014 and is one of the oldest in the market. YoBit’s philosophy is to keep things simple. The Exchange only offers spot trading on its relatively intuitive and uncomplicated platform. The exchange is popular around the world, with an especially large community in Russia and Europe. However, YoBit does offer some unique non-trading related features such as investment plans, a dice game, and ongoing opportunities for users to earn free cryptocurrencies.

    Registered in Panama as YoBiCrypto Corp, the Exchange was the creation of a group of European developers with a passion for cryptocurrencies. According to CoinMarketCap Yobit has a trading volume of more than USD$50 million every 24 hour

    In this review, we look at the various features of YoBit exchange and give users a guide on how to get started. We also look at whether YoBit is a reliable and safe choice for cryptocurrency traders in 2020.

    Key Features

    • No frills approach: YoBit distinguishes itself from its competitors by being simple. This notion of simplicity can also be seen in its interface. Once you log in all the necessary features and information is displayed clearly and is easily accessible in 1 click.
    • No KYC required: No KYC procedures are required for registering an account and they do not collect any data from users. The Exchange’s aim is to protect users’ anonymity and respect their privacy and confidentiality. New users can register with their email and start trading within minutes.
    • Unique features: In addition to spot trading, the Exchange has unique features such as InvestBox, a dice game, FreeCoins, “YoPony” and collaboration with CryptoTalk forums, etc.

    Let’s take a look at their major unique features in turn.

    InvestBox- a simple how-to guide

    According to YoBit, InvestBox allows users to grow their portfolio and potentially earn from 0.1% up to 7% per day. The purpose of InvestBox is to bridge the gap between cryptocurrency traders and developers by helping the latter popularise their coin, and so traders can benefit from its popularity. The Exchange claims that payments from these plans are from a special fund which is replenished from commissions earned by the Exchange. Users can withdraw their funds from the plans at any time and withdrawals are not subject to any commissions payable to the Exchange.

    Plans differ in terms of what coin you can earn, the minimum investment amount and time required, and the actions required to obtain the payments. As seen in the below image, each InvestBox plan has its own “rules” as follows:

    • Coin: The type of cryptocurrency to be invested
    • Percent: The percentage you will get
    • Period: When you will get your payments e.g. daily, weekly etc.
    • MinInvest: Miniumum investment required
    • MaxInvest: The maximum you can invest
    • Action: What actions are required to get the payments. Taking YOMI in the below image as an example “YOMI/BTC: 10 buy trades + no YOMI sells + BTC: 10 ds” means that users: (1) must buy YOMI tokens 10 times on the YOMI/BTC market; (2) cannot sell their YOMI tokens until payment is received; and (3) play the DICE game 10 times (though it doesn’t matter if you win or lose).
    • Status: Whether the plan is active or not.
    InvestBox
    Users can choose from various plans in the Exchange’s InvestBox

    Dice game and YoPony

    A popular feature on the Exchange is their dice game where users guess if an upcoming dice roll is going to be less than 48 or more than 52. As mentioned in the InvestBox section, some plans may require users to play this game for a specified number of times. YoPony is a crypto racing game, where you guess which horse will win a race.

    FreeCoins- how to earn cryptocurrencies on YoBit

    To encourage more people to trade on YoBit, the Exchange gives out free coins for users who share the Exchange on social media. All users need to do is to choose which free coin they would like to get and click “Get free coins”.

    FreeCoins
    FreeCoins allows users to earn cryptocurrencies

    Then in the pop-up window choose whether you want to make your post on Twitter, Facebook or Vkontakte. You will then automatically be directed to your social media website to put up the post. Afterwards you will need to paste the link of your post into the address bar and press “Check” so that YoBit can verify you have posted.

    Pop-up window
    Pop-up window will prompt you to post and insert the address of the post for checking

    YoBit CryptoTalk campaign- another way to earn free cryptocurrencies

    Yobit also has reward campaign with CryptoTalk.org, a cryptocurrency forum where people can earn Bitcoin by engaging in discussions. YoBit will reward users with 0.00001 BTC per post, for up to 30 posts per day. Once you have posted, you will need to enter your CryptoTalk UID into the CryptoTalk campaign page for your posts to be verified. After verification by the moderators on the CryptoTalk forum, rewards will be given to eligible posts and you will be able to send this directly to your BTC balance on the Exchange.

    CryptoTalk campaign page
    CryptoTalk campaign page

    Supported cryptocurrencies

    YoBit offers trading for over 442 cryptocurrencies, more than twice as many as competitors such as Binance exchange. These include some altcoins which are relatively unknown, potentially making it one of the only options available for serious altcoin traders.

    What also makes YoBit exchange stand out is its number of trading pairs available. It has more than 4,600 trading pairs making it the most trading pairs of any exchange in the market according to CoinGecko.

    Supported currencies and payment methods

    YoBit accepts both USD and RUB (Russian Ruble). As for payment methods, the Exchange accepts Visa/Mastercard, AdvCash, Payeer, Perfect Money, Capitalist, Yandex and cryptocurrency deposits.

    YoBit Fees

    Deposit and withdrawal fees

    Deposits onto the Exchange are free of charge for most major payment methods such as Visa/Mastercard or cryptocurrency deposits. For withdrawals however the fees can range from 0.0005 for cryptocurrencies, to 7% (USD) using Payeer or USD $6 and 5% using credit cards.

    Here’s a list of YoBit’s deposit and withdrawal fees.

    Trading fees

    YoBit charges 0.20% for every buy and sell order on the Exchange. Compared with its competitors, this is generally average. Some exchanges such as KuCoin or OKEx charge a bit less at 0.10%, whilst other exchanges such as Coinbase Pro charge a lot more at 0.50% plus other fees.

    Supported countries

    The Exchange is available to users from all around the globe, including the USA. To cater for its international clientele, the Exchange supports English, Russian and Chinese languages. One of their unique features is its live chat in the sidebar where you can chat with other traders in real time. The live chat is available in English, German, Arabic, Chinese and Russian.

    Live chat
    Live chat

    Security- Is YoBit safe?

    YoBit has a good track record of no hacks in the 6 years it was launched. The Exchange has the following features to protect its users.

    Email login confirmation: After logging into the Exchange, they will send you an email letting you know you have successfully logged in together with details of your login such as your IP address, location and login time. This means you will be notified if someone else has wrongfully logged into your account.

    2-Factor Authentication (2FA): Users can set up the Google Authenticator app on their phones to be used with the Exchange. So when a user makes a deposit or withdrawal, they would also be required to type in a one-time password to complete the request.

    Freeze withdrawals: A unique feature, the freeze withdrawals function can prove to be very useful if you suspect your account has been hacked. In the Settings page, you can select “Freeze withdrawals from my account (I suspect hacking)”. Upon selecting this option, any withdrawals from the Exchange would be frozen and users can only enable withdrawals again by going through customer support.

    Freeze withdrawals
    Freeze withdrawals

    Insurance fund: In the Support page, there is an option to request compensation from an insurance fund.

    Insurance fund
    Insurance fund

    Not many details are known about the insurance fund. But from our research, the Exchange did suffer a 51% attack in January 2019 and according to YoBit, the losses suffered were covered by the Exchange’s insurance fund.

    User Experience

    The Exchange really takes it to the next step with its simplicity. So much so that there are virtually no tutorials or instructions available on the Exchange or elsewhere. So if users are confused about the Exchange’s features and functions, they will have to look up external websites, figure it out themselves or ask the active and helpful YoBit community. However since the interface is very simple very self-explanatory, most experienced traders should be able to master using YoBit fairly easily and maybe come to appreciate its no-frills approach.

    How to register for a YoBit account

    Registration is staightforward. On YoBit’s main page, simply click “Registration”, fill in the form and click “Register”.

    YoBit registration
    YoBit registration

    Afterwards you will receive an email asking you to click on their link to activate your account. On the webpage, select “Activate” and you are all set!

    The registration process was very simple and we were able to register for an account in less than 10 minutes.

    How to deposit and withdraw cryptocurrencies on YoBit

    Deposits

    On the top bar, click “Wallets” to view your balances. Choose which coin to deposit and click “+”. A popup window will appear showing your cryptocurrency address and a QR code. From there either enter the address or scan the QR code with the wallet you want to send from.

    Depositing cryptocurrencies
    Depositing cryptocurrencies

    Withdrawals

    Withdrawals on YoBit are just as simple. Click on the “Wallets” page on the top bar, choose which coin to withdraw and click “-“. A popup window will appear for you to fill in your withdrawal address and the quantity you wish to withdraw. YoBit will automatically calculate the withdrawal fees payable and show the amount that the recipient will actually get. Then click “withdrawal request”.

    Withdrawing cryptocurrencies
    Withdrawing cryptocurrencies

    Customer support

    YoBit has encountered some controversy with users complaining that the Exchange is slow to respond to requests on their support page. From using the Exchange we can see that they have taken this comment on board and tried to make improvements. YoBit customers can get support through the following means:

    • Send a customer support ticket on their Support page;
    • Ask the community on the live chat on the Exchange’s sidebar;
    • On their telegram chat, PM an admin or ask in the main page; and
    • Contact their official support account @YbtSP on Telegram (currently in test mode).

    To test out their customer service, we tried asking for help using all the methods mentioned above. We got a response from the Support page in under 10 minutes, which is quite impressive. We also got replies from other YoBit users on the Telegram community and the live chat who were all very helpful.

    YoBit customer support
    YoBit customer support

    Conclusion: Is YoBit a safe and legit exchange?

    YoBit certainly does live up to its repuation of keeping things simple. Here’s some pros and cons of the Exchange based on our research and user experience.

    Pros

    • Compared with other exchanges, they have a long history and a track record of no hacks.
    • Signup is simple and can be done in 10 minutes.
    • Clean and relatively intuitive interface.
    • Huge number of trading pairs making it a good option for serious altcoin enthusiasts.
    • Very responsive customer support.

    Cons

    • Only offers spot trading and other non-trading related functions such as InvestBox or FreeCoins.
    • Virtually no information about themselves or tutorials on their website. We had to find information about the Exchange from external sources, or figure it ourselves.

    All in all, YoBit is suited for users who have at least some experience with cryptocurrency trading or serious altcoin enthusiasts. YoBit does have a good security record with the usual security features expected of any legitimate exchange. YoBit is certainly an exchange worth looking into.

    Frequently Asked Questions (FAQs)

    Where can I find YoBit on social media?

    YoBit can be found on Twitter and Telegram, where they have one of the largest communities with over 77,000 members on their English channel. The Exchange also has a Russian Telegram channel.

    Can I find any other reviews on YoBit exchange?

    Websites such as Trustpilot, Blocknomi and Cryptocompare have also written detailed reviews on YoBit’s features and functions.

    Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.

  • SwissBorg vs eToro Comparison Review: Which Crypto Exchange is Better?

    SwissBorg vs eToro Comparison Review: Which Crypto Exchange is Better?

    Recently, the news has been flooded with talks about crypto regulation and exchange investigations by the SEC. This has raised a lot of problems among investors as particular crypto exchanges they use might one day become restricted by international regulators. Therefore, one of the safest long-term solutions is to find yourself a fully regulated crypto exchange.

    In this article, we will be comparing two of the top regulated crypto exchanges in the world: SwissBorg and eToro.

    See also: Top Best Cryptocurrency Exchanges of 2023

    What is Swissborg?

    SwissBorg

    Company Overview

    After having raised USD $53 million, SwissBorg was launched in 2017 by Anthony Lesoismier (CSO) and Cyrus Fazel (CEO). SwissBorg is based in Switzerland and is fully compliant with Swiss Law, making it a popular European crypto exchange. It is the first blockchain-based secure wealth management platform, aimed at simplifying the process of crypto investments. It integrates with major crypto exchanges, DeFi protocols, and features a community-based ownership model.

    SwissBorg is available in over 115 countries, and they have plans to include many more in the future. However, as of now, SwissBorg is not supported in the U.S. If you want to see if your country is included, you can visit their Supported Countries page.

    SwissBorg Team

    Prior to founding the exchange, Lesoismier was Head of Financial Market Digital-Advisory at JFD Brokers, and Fazel was a multicultural FinTech professional with decades of experience in asset management and algorithmic trading.

    The SwissBorg team spans 20 different countries, consisting of 300 highly experienced professionals in portfolio management, financial advisory services, and blockchain development. The combined power of their diversified expertise has led them to achieve numerous impressive milestones, including receiving the Mass Adoption Project of the Year award and the Top Swiss Fintech Startups award.

    Key Features of SwissBorg

    Wealth App Smart Engine

    The Wealth App is the smart command-and-control centre of SwissBorg. It lets users build, manage, and monitor their crypto portfolios, enabling easy and secure wealth management. Users can fund their accounts with 16 different fiat currencies, including USD, EUR, GBP, and CHZ. Additionally, similar to Coinbase, a limited number of high-cap digital assets are supported to ensure quality.

    The biggest advantage that SwissBorg has is their Smart Engine. It ensures zero spreads and no inflated exchange rates or hidden fees, allowing users to trade at the best rates and lowest slippage. Moreover, the Smart Engine analyzes hundreds of live trading pairs in seconds by connecting to major crypto exchanges such as Binance or Kraken. As a result, SwissBorg finds the best route to execute customer orders in milliseconds, saving investors time to find the best exchange rates.

    Smart Yield Account

    SwissBorg’s Smart Yield is a feature on its app which allows users to potentially earn passive income through Decentralized Finance (DeFi) protocols and Centralized Finance (CeFi) platforms. Smart Yield’s user-friendly interface allows easy access to the benefits of DeFi and CeFi, even average crypto users without much pre-requisite knowledge can stand to gain from it.

    The Smart Yield feature works with top platforms such as Compound, Curve Finance, Binance, Aave, and Uniswap, with its rates ranging from 0.1% to the highest 25% APY for over 20 assets. Since APY rewards change invariably due to supply and demand, you can check the current rates on the SwissBorg Smart Yield Rates page.

    Thematics (Crypto Portfolio Bundles)

    There are a lot crypto themes, and within each theme there are hundreds of different tokens to choose from. Decision fatigue really sets in when you are opting to diversify your crypto portfolio. SwissBorg’s answer to this is their “Thematics”, expert-designed bundles of different crypto themes.

    They provide exposure and diversification that is important for every crypto investor. SwissBorg’s Thematics lets you choose a category you have long-term belief in. For example, if you believe in layer-one protocols, you can choose a layer-one protocol bundle containing Ethereum, Cardano, Solana, Avalanche and so on.

    If you are interested in upcoming layer one protocols, you can check out our comprehensive article on Aptos or Sui.

    What is eToro?

    eToro

    Company Overview

    Based in Tel-Aviv, eToro was established in 2007 by co-founders Ronen Assia (Executive Director), Yoni Assia (CEO), and David Ring (Former CTO). The company was originally a social trading exchange offering commodities, indices, and stocks before diving headfirst into the crypto industry in 2018 with the launch of eToroX and a crypto wallet. It has since grown to one of the largest crypto exchanges, with a user base of 25 million active users worldwide.

    eToro offers a secure, regulated platform for crypto trading with a track record of storing investor funds for well over a decade. The company is regulated by the Cyprus Securities and Exchance Commission (CySEC), Financial Conduct Authority (FCA), and the Australian Securities & Investments Commission (ASIC). As such, eToro has a cross border license to operate in member states of the European Economic Area and other permitted countries.

    eToro Team

    Before eToro was established, Yoni Assia had held managerial roles in the FinTech industry and is an expert in computer science and finance. On the other hand, his brother Ronen Assia is a specialist in product design and engineering, having created products across various platforms such as medical devices, household applications, and web applications.

    eToro has one of the largest teams in the crypto exchange scene, with roughly 1,700 employees across 16 different countries in the EMEA, APAC and North America. They have seasoned veterans coming from various disciplines, such as IT and business solutions, data analytics, and blockchain innovations.

    Key Features of eToro

    CopyTrader

    The biggest innovative feature of eToro is their CopyTrader, which allows you to automatically copy top-performing traders, what they invest in and when. This is great for average crypto users and beginners as they can easily leverage other crypto traders’ expertise, instead of going through the hassle of constantly monitoring the market, unsure of whether to enter or exit. As a result, you can simply replicate their trading in your own portfolio. In a way, it is similar to KuCoin’s trading bot, where trading activities are already figured out for you.

    Moreover, CopyTrader is also a social trading platform, where traders are part of a collaborative community. They can with chat with other traders, discuss strategies and benefit from each other. This is a great place to start for beginners and learn from the best on how the market moves, but keep in mind that their quality is not assured. Crypto investments are always volatile.

    Smart Portfolios

    Similar to SwissBorg’s Thematics, eToro’s Smart Portfolios are essential a grouping of several assets bundled together based on the theme. In addition to crypto, eToro also has portfolios of stocks, ETFs, commodities and even people, as per their business model in the early 2010s before crypto became mainstream.

    Smart Portfolios leverages machine learning algorithms and data science to group the best performing bundles, taking into account factors such as balance, exposure, potential yield, risk, and more. Moreover, there are no management fees or commission, other than those applied with assets comprising each portfolio.

    eToroX

    eToroX is the company’s product specifically designed for professional crypto traders and institutional investors. It is not available to retail investors. It offers a suite of advanced trading tools, 30+ crypto assets including 17 unique stablecoins and 80+ tokenized asset pairs. eToroX has a highly competitive fee structure and is renowned for having deep liquidity for stabilizing large-volume trades.

    SwissBorg vs eToro Overview

    Cryptocurrencies and Products

    Both SwissBorg and eToro only offer a limited number of cryptocurrencies, around 30-40. Most of these assets have large market cap like Bitcoin, Ethereum, XRP (Ripple), BNB, and Polkadot. This is done to ensure quality, reducing exposure to high risk/high reward assets or degen projects that could incur a lot of loss. Both exchanges strictly adhere to standards set by financial regulatory agencies to protect the securities of investors.

    In terms of trading, both exchanges offer a wide array of trading tools for all crypto users as well as deep liquidity to support large volume trades with zero spreads. However, trading on eToro only benefits whales and institutional investors as eToroX unlocks them the full benefit and is inaccessible to retail investors. In contrast, SwissBorg’s Wealth App, optimized with Smart Engine, performs just as well as eToroX and is accessible to everyone.

    Furthermore, SwissBorg offers much more than crypto trading. Their Smart Yield feature works with numerous DeFi protocols and CeFi platforms, simplifying the process of earning and allowing users to stake and receive passive income. On the other hand, eToro also has their own staking reward programs, but is only limited to Cardano, Tron, and Ethereum. Although their monthly staking yield is high, only UK and US users have access to it.

    Fees

    Thanks to their Smart Engine, SwissBorg users do not have to worry about inflated exchange rates, floating spreads, and hidden fees. In other words, you will never end up with less crypto than what you paid for. There are no deposit fees, but crypto withdrawals are subject to an execution fee of at least 0.10%, which is relatively low compared to other exchanges. In terms of exchange fees, SwissBorg fees are among the lowest in the crypto industry, but vary greatly depending on loyalty tier and which fiat or crypto asset is being used. Moreover, 20% of their profits generated from the fees are reinvested back into the SwissBorg ecosystem.

    On the other hand, eToro charges a 1% fee on crypto transactions plus a spread. Although this is still considered lower compared to other exchanges, it is not as competitive as SwissBorg. If you are planning to trade a lot of cryptocurrencies, paying more than 1% can eat into your profits. Unlike SwissBorg, eToro charges foreign transaction (FX) fees for non-USD deposits, and USD $5 for withdrawals. Furthermore, if you are planning to HODL assets long-term, it is important to note that eToro charges an inactivity fee for accounts that have not been online for a year. You can simply log in each day to negate that.

    Overall, SwissBorg is the clear winner in terms of lower and transparent fees.

    Security

    As leading trading platforms, both SwissBorg and eToro have successfully ensured compliance with top regulatory authorities, placing the security of their platform and the safety of their clients’ funds as a top priority.

    Both exchanges adhere to Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, protecting traders from fraudulent and criminal activities. Much like all other major crypto exchanges, SwissBorg and eToro uses two-factor authentication (2FA), data encryption, network monitoring and other standard security protocols.

    Both companies also store account funds in cold storage so that they cannot be hacked online. However, their methodology of cold storage security is different but impenetrable nevertheless.

    eToro deploys a cold storage Custody as a Service (CaaS) solution in partnership with leading cybersecurity firm GK8. It is essentially the application of secure institutional model of custody and cryptographic security in crypto. The funds are also insured by Aon PLC against theft, loss, damage or destruction of assets.

    On the other hand, instead of custody mechanism, SwissBorg addresses and enhances cold wallet security by implementing multi-party computation (MPC) keyless technology. It does not require a private key to be created, eliminating a single point of failure. MPC works by multiple parties jointly performing mathematical computations, without one party revealing its information to the others. SwissBorg achieves this in collaboration with Fireblocks as their security partner. Fireblocks is renowned for being the most secure and adaptable platform that leverages MPC technology to secure digital assets.

    Crediting to their advanced security protocols and regulation compliances, there have been no known successful hacks on both SwissBorg and eToro to date.

    Key Takeaways

    Both SwissBorg and eToro are great crypto exchanges for investors to manage and expand their portfolio. While eToro’s CopyTrader feature is great for beginners to learn how expert traders maneuver the market, it is important to note that their quality is not assured. Crypto investments are always volatile, and no one can predict the market.

    Overall, SwissBorg is relatively better than eToro in terms of trading efficiency, fees, and product variety. SwissBorg’s Smart Engine allows users of all levels to trade without inflated exchange rates, spread and hidden fees. Their exchange fees are also much lower than eToro’s, and have no deposit fees. Moreover, the company also brings DeFi benefits to its users, letting them earn high APY rewards in a simple process.

    Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.

  • Top Cryptocurrency Exchanges 2023

    Top Cryptocurrency Exchanges 2023

    Cryptocurrency exchanges allow people to buy/sell/trade cryptocurrencies such as Bitcoin or Ethereum. Here are our picks for the top cryptocurrency exchanges of 2023:

    • Tier 1: Binance, KuCoin, SwissBorg, Coinbase, ByBit
    • Tier 2: Kraken, Huobi and OKX, Gate.io

    For this article, we also split our picks for top cryptocurrency exchanges of 2023 into 2 tiers. Exchanges that we at Team Boxmining use frequently are in Tier 1, and those we occasionally use are in Tier 2. However, this is only based on our personal preference. You should also always check if the exchange is available in your country and if there are any restrictions.

    To see how our list compares to 2022, check out: Top Best Cryptocurrency Exchanges 2022

    What makes a good or bad cryptocurrency exchange?

    In our view, a good cryptocurrency exchange would have the following features:

    • A good security track record: A good cryptocurrency exchange should not have suffered any significant hacks. And even if there have been hacks, a good exchange reacts quickly and ensures customers’ funds are fully recovered.
    • Transparency: A good crypto exchange will be open about where users’ deposits are held. They should also promptly update customers when any issues arise, such as when there are hacks or negative press.
    • Responsive customer service: Good cryptocurrency exchanges should have 24-hour customer support and multiple points of contact e.g. email, live chat, etc.

    On the other hand, here are some features we’ve noticed with bad cryptocurrency exchanges:

    • No KYC (know-your-customer) policy: KYC is admittedly troublesome. But, it is a necessary safeguard for all crypto traders: This is because if the exchange collapses or there is a hack, KYC proves you are their client and that any funds deposited belong to you.
    • Issues with withdrawals: Some exchanges have been known to ban or suspend your account for large withdrawals or trades without notifying you first. The exchange will then make you communicate with them to “resolve” the issue.
    • No proof of reserves: The collapse of FTX exchange brought to the forefront the question of how crypto exchanges really handle customers’ funds. Since the incident, many major crypto exchanges have taken the initiative to provide evidence showing that they have funds to cover all users’ assets 1:1.

    Top Cryptocurrency Exchanges 2023: Tier 1 (Active Trading)

    Binance

    Binance was founded in 2017 and has over 120 million registered users. Since the collapse of FTX, Binance has (by far) the highest 24-hour trading volume and monthly site visits. Binance also supports over 1,300 cryptocurrencies, making it a good choice for any level of crypto trader. In fact, Binance is so popular that the mere news of new coins being listed on the exchange can cause its prices to skyrocket. 

    The popularity of Binance has made its CEO Zhao Changpeng (CZ) a celebrity in the cryptocurrency community. His Tweets now have a significant influence on the cryptocurrency markets.

    As for security measures, Binance has an asset fund as insurance in case of misappropriated user funds. Binance has also provided proof-of-reserves showing they have sufficient funds to cover users’ assets 1:1 plus additional reserves.

    Binance offers services to US customers via Binance.US. But Binance.us has fewer supported cryptocurrencies and features.

    Binance is Team Boxmining’s most frequently used exchange. It is easy to use and has a responsive customer service team. Credit is also due to Binance being able to overcome every wave of FUD (fear, uncertainty and doubt) that has come their way so far. In fact, in December 2022, there were rumours that Binance did not have sufficient reserves to meet clients’ deposits. During that time, many crypto traders withdrew funds from exchanges, which Binance nevertheless handled very efficiently.

    Binance also caters to experienced traders with advanced trading options and plenty of analytics. Novice users will inevitably experience a learning curve, but once you find your way around, it becomes almost second nature.

    For a detailed look at what Binance offers, check out Binance Exchange Review: Best Crypto Exchange? 

    KuCoin

    KuCoin refers to itself as “The People’s Exchange”, serving over 20 million customers in over 200 countries. They have over 700 supported cryptocurrencies meaning you can trade lots of small-cap tokens with low trading fees. $KCS token holders are also entitled to 20% off trading fees.

    At Team Boxmining, we find that when trading small-cap coins, we need to use MetaMask and then trade on platforms such as Uniswap or PancakeSwap. And if it’s an ERC 20 token you would have to pay ridiculously high gas fees. Not to mention you cannot do this on the go via mobile phone. Therefore, if these small-cap tokens are listed on KuCoin, you can save a lot of unnecessary costs and missed opportunities.

    We at Team Boxmining love using the KuCoin app as it allows us to trade everywhere. The app is also very responsive and not buggy. We are also very happy to see that KuCoin’s updated app allows you to filter your trading history to only see your current trading pair. So now you can quickly see the price at which you previously traded the same coins. The KuCoin app is not buggy, unlike Gate.io as will be seen later.

    It is also worth mentioning that KuCoin have suffered hacks in 2020 and 2021. Although they were unable to completely recover the stolen cryptocurrencies, they were still able to make users whole through their insurance fund.

    SwissBorg

    SwissBorg is an extremely popular exchange amongst European crypto traders. Based in Switzerland, they are fully compliant with Swiss Law. However, compared to other exchanges, SwissBorg has very few supported cryptocurrencies (around 30 cryptocurrencies and 16 fiat currencies). But, they will consistently add new ones.

    SwissBorg’s Smart Yield is a popular feature that allows users to earn passive income. Users deposit cryptocurrencies into their Smart Yield Wallet and they can redeem yield every 24 hours without any minimum investment period. The amount of yield varies according to market conditions and on which cryptocurrency. So for example, currently USDT yields 5.30% p.a., whilst Swissborg’s native token $CHSB yields 15.82%!

    One major downside however is that SwissBorg is not available in the US. Also, not all its features are available in every country. See here for which Swissborg features are available in your country.

    Learn more about SwissBorg’s native token- SwissBorg ($CHSB): What is it?

    EXCLUSIVE: sign up for SwissBorg for FREE CHSB!

    Coinbase

    Coinbase
    Coinbase

    Coinbase is arguably the most popular exchange in the US. They are the first publicly listed US crypto exchange and they are fully compliant with US laws. Their mobile app is also very beginner friendly and allows users to directly fund their account from their US bank account.

    Learn more with our Coinbase Review.

    ByBit

    ByBit is mostly known for derivatives trading. This is because ByBit allows trading at up to 100x leverage. This means traders can trade a position worth $10,000 using only $100. However, this means whilst your gains can be amplified, so can your losses.

    ByBit has not been hacked. They, along with most major exchanges, have also provided proof-of-reserves showing that they have sufficient cryptocurrencies in their wallets to meet users’ assets.

    However, ByBit is not available in the US. Also, there are no KYC procedures, which means that if there are issues with the exchange, there may be difficulty in proving to the exchange that you have deposits with them.

    ByBit has its own coin, known as BitDAO ($BIT) which entitles holders to trading fee discounts. But compared to other exchange tokens (e.g. Binance’s BNB), BitDAO is not widely traded.

    Whilst ByBit also offers a wide range of products, we only use ByBit for its derivatives trading features. This is because ByBit has comparatively fewer supported cryptocurrencies. However, for derivatives trading, we appreciate its industry-leading transaction speeds (135,000 transactions per second!). It also has a high trading volume meaning that there will consistently be others you can be trading against at any given time.

    Start trading on ByBit

    Top Cryptocurrency Exchanges 2023: Tier 2 (Occasional Trading)

    Kraken

    Kraken was relaunched in 2013 and are popular amongst the European cryptocurrency community. The exchange supports over 185 cryptocurrencies (see here for a full list) and offers limited services to US customers.

    Kraken offers spot, margin and futures trading. But one standout One welcome feature is its OTC (over-the-counter) desk services. This allows traders to execute peer-to-peer orders off the Kraken exchange. It is a personalised and private service popular amongst institutional or high-net-worth traders. This is because OTC desks allow for better deals on larger orders.

    Learn more- Top Bitcoin OTC Brokers: Efficiently trade large volumes of Bitcoin

    Huobi, OKX

    Huobi and OKX were the most popular cryptocurrency exchanges in China. Despite a crackdown on cryptocurrency trading in China, they have still managed to hold on to some of their customers. They are also both still within the top 10 exchanges with the highest 24-hour trading volume according to CoinGecko.

    Both exchanges still keep updated on what customers expect from a reputable cryptocurrency exchange. For example, both exchanges have data showing their proof of reserves. They have both also taken an extra step to hire third parties to audit their assets so as to reassure users the exchange has sufficient funds to back customers’ assets on the exchange.

    Gate.io

    Gate.io is based in Hong Kong. They have over 1,500 coins and 2,700 trading pairs. One major benefit of Gate.io is that it offers trading of low-cap and lesser-known coins.

    They have previously been revealed to have covered up the fact that it was hacked for US$230 million in 2018. Gate.io has not directly addressed this allegation and whether affected users were made whole. Nevertheless, the exchange has provided proof-of-reserves.

    Whilst we do use Gate.io almost daily, we struggle to recommend it as a tier 1 exchange. The main reason is its buggy mobile application. Favorited trading pairs or displayed holdings would sometimes disappear. Also, the displayed withdrawal fees would show different amounts depending on the page.

    We have had bad experiences with the exchange. For example, we were not told that a particular coin stopped trading. Worse, we could not withdraw our coins. However, given that they offer trading in some unpopular coins, many customers will have no choice but to use this exchange.

    Conclusion

    Tier 1: Binance, KuCoin, SwissBorg, Coinbase, ByBit

    Tier 2: Kraken, Huobi and OKX, Gate.io

    In conclusion, users research an exchange’s track record, security measures, and whether they offer proof-of-reserves. In our opinion, these are good indicators of whether an exchange is reputable. Users, however, should always avoid keeping more cryptocurrencies than necessary for trading. Because you may lose your cryptocurrencies if an exchange collapses. Therefore we recommend any crypto trader get a hardware wallet for storing their coins (such as the Ledger Nano X).

    You can buy the Ledger Nano X here.

    Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.

  • KuCoin vs Kraken Comparison Review: Which Exchange is Better?

    KuCoin vs Kraken Comparison Review: Which Exchange is Better?

    Choosing the right cryptocurrency exchange is crucial to optimizing your crypto investments and trading. In this article, we will be comparing two of the top crypto exchanges in the world: KuCoin and Kraken.

    What is KuCoin?

    Company Overview

    Since its launch in 2017, KuCoin has grown to be one of the largest exchanges by trade volume worldwide, with over $1 trillion accumulated trading volume. 11 million people from more than 200 countries are registered on the platform. Known as the “People’s Exchange”, KuCoin puts user experience first, providing users with multi-language and 24/7 customer service. As such, KuCoin has established local communities all around the world including Japan, Italy, Russia, and India, just to name a few.

    Trading Bot Feature

    While KuCoin provides advanced trading tools for experienced users, its platform also benefits beginners in the trading scene. In fact, KuCoin offers trading bots in which users can enter specific trading parameters and let the bot take over trading activities. As a result, traders of all levels do not have to go through the hassle of timing entries and exits. It is a passive approach to trading cryptocurrency and maximizing potential profit. The best part is that traders do not have to monitor the market constantly, knowing that their crypto trading portfolio is working for them.

    Top Altcoin Exchange

    KuCoin has one of the largest selection of altcoins available compared to other major exchanges. There are currently over 700 tokens with new ones being added regularly. Even crypto users from Binance or FTX will often keep KuCoin as a secondary exchange to acquire new altcoins that cannot be found anywhere else.

    The platform also offers fiat support for over 50 different currencies. As a result, users from remote locations have access to swapping tokens while avoiding high conversion rates.

    What is Kraken?

    Company Overview

    Founded in 2011, Kraken is one of the oldest and most reputable U.S. crypto exchanges. It is the global leader in Bitcoin trading in terms of the volume of transactions in euro and its liquidity. Trades also support Candian dollars, U.S. dollars, British pounds, Australian dollar, Swiss franc, and Japanese Yen. As a result, there are 9 million registered users across 190 countries, with $207 billion quarterly trading volume at the time of writing.

    In 2015, Kraken opened the first dark pool for Bitcoin, resulting in the trading platform becoming a primary place for institutional investors and high-volume whales to trade Bitcoin in discretion.

    Who Founded Kraken?

    Kraken was founded by Jesse Powell (CEO) who was a security consultant for Mt. Gox. Powell anticipated the fall of Mt. Gox and began developing Kraken as a potential replacement. According to Powell, he realized that “the exchange is the most critical part of the Bitcoin ecosystem” after learning the situation with Mt. Gox. When it indeed collapsed and failed security audits in 2014, it paved the way for newer and more robust exchanges like Kraken to gain market share.

    Key Features of Kraken

    Though Kraken only offers 185 coins which is fewer compared to other major exchanges, Kraken allows users to stake popular cryptos and earn attractive APY rewards as high as 23% in yearly rewards. To this day, over $10 billion worth of digital assets are staked on Kraken’s on-chain staking platform, rewarding more than $100 million to clients.

    Kraken was also one of the first exchanges to offer spot trading with margin, regulated derivatives and index services. Similar to Coinbase, Kraken also has two apps: Kraken and Kraken Pro. The latter is designed for traders on the go and provides an interface for advanced trading, charting, and order types that are not available on the standard app. Advanced traders can easily trade large volumes at stable prices with low spreads and high rate limits.

    Kraken is also active in providing in-dept crypto education. Similar to Binance Academy, Kraken has Kraken Learn that are full of articles, videos, and guides that users need to navigate the crypto world. Crypto is still a relatively niche market. As such, this is an important step to mass adoption as education is the key to onboard newcomers.

    KuCoin vs Kraken Overview

    In this section, we will take a closer look at what KuCoin and Kraken have to offer and compare them based on these features:

    Cryptocurrencies and Products

    KuCoin offers more cryptocurrencies than Kraken by a large margin. It prides itself in being the top major crypto exchange that is constantly up to date with the latest digital assets. KuCoin offers more than 700 supported coins, whereas Kraken only has over 185. However, Kraken focuses on providing large volume to its smaller number of cryptos, which is better for trading in general as users can easily trade large volumes at stable prices. If you opt for high risk, high reward investments, KuCoin is the pick. But if you prefer trading large-cap cryptos at a regular basis, Kraken is the better option.

    Kraken also offers higher returns on crypto staking and savings. Take Bitcoin for example, Kraken offers a 1% APR, whereas KuCoin only gives 0.12%. However, Kraken’s Bitcoin staking is done off-chain via their internal programs, which is available in eligible countries only. Nevertheless, though both numbers are small, the difference becomes more significant over time.

    Both KuCoin and Kraken offer a wide array of trading tools for advanced users. But KuCoin also provides a trading bot for users to earn passive profits without constantly monitoring the market. In terms of convenience, KuCoin is the winner here as traders of all levels can simply let the bot do the trading around the clock. After all, humans cannot compete with bots in terms of speed and calculation. According to their website, KuCoin has over 9 million bots created worldwide.

    Fees

    Kraken has a more complex fee structure than KuCoin. Fees are incurred across multiple purchase categories such as (1) Kraken Instant Buy, (2) Kraken Pro, (3) Stablecoins/Pegged Token/FX Pairs, (4) Margin, (5) Futures, and (6) NFTs. On the other hand, KuCoin only has differing fees for spot and futures.

    Both exchanges charge no fees for crypto deposits, though Kraken charges an address setup fee for certain assets. In terms of trading fees, KuCoin’s maker and taker fee is between 0.01-0.1%, whereas Kraken’s maker and taker fee is between 0.00% and 0.26%. KuCoin lowers trading fees based on the amount of KCS (KuCoin Shares) the user is holding, whereas Kraken gives discounts based on monthly trading volume.

    For most retail investors, KuCoin is the clear winner as the benefit of holding KCS is twofold: lowering trading fees and appreciation of KCS value over time. However, for whales who trade large volumes regularly, Kraken is the better option.

    Security

    Like Coinbase, Kraken is one of the few registered and licensed crypto exchange in the U.S. where it has one of the strictest crypto regulations in the world. The exchange ranks first with a perfect score on crypto exchange security review site CER, and it has never been hacked before.

    On the other hand, though KuCoin shares most of the security features as Kraken including KYC verification and multi-factor authentication, KuCoin has suffered a major breach in 2020. The hackers managed to obtain the keys to some of the biggest wallets on the exchange, stealing over $281 million worth of coins. Although $204 million were recovered within weeks of the attack, a lot of users in the crypto space had lost faith in KuCoin. However, since the incident, the exchange has been actively upgrading their security mechanisms and performing periodic reviews to protect users’ privacy and assets.

    Key Takeaways

    If you prefer spot trading and investing in high risk, high reward altcoins, KuCoin is the better choice.

    If you want to trade without going through the hassle of monitoring the market constantly, KuCoin is also better as they have a trading bot who can help you trade within specific parameters you set up.

    If you are an advanced trader or a whale, Kraken is far superior than KuCoin as they have an app (Kraken Pro) specifically designed for high-level trading and deep liquidity to support large volume trades with low fees.

    If you value security first, Kraken is the clear winner as they have never been hacked before, and is one of the few exchanges that operates under U.S. regulations.

  • PrimeXBT Exchange Review and Guide 2020

    PrimeXBT Exchange Review and Guide 2020

    PrimeXBT is based in the Seychelles and was launched in 2018 as a Bitcoin-based exchange platform offering various products such as leveraged trading in cryptocurrencies, Forex, indices and commodities. Today they are ranked no.24 of all derivatives exchanges with over USD$250 million in daily trade volume according to CoinGecko. They serve clients from over 150 countries and the platform is available in 16 languages: English, Malay, Chinese, German, Spanish, French, Hindi, Indonesian, Italian, Japanese, Korean, Portuguese, Russian, Thai, Turkish and Vietnamese. The Exchange was also recently recognised as the Best Bitcoin Platform for Margin Trading at the 2020 ADVFN International Financial Awards. In this review and guide we look at several features of PrimeXBT, our user experiences and give you a step-by-step guide on how to get started.

    Key Features

    • No KYC required: You only need to provide your email and country of residence to register for an account. No address proof is required.
    • Customisable trading interface: Users can enable, disable or move various information panels on their trading page. They can also add various widgets such as orders, watchlists or positions etc.
    • Annotate trading charts: On their Analysis page, you can overlay different trading pairs, insert up to 50 technical indicators, mark and save trading charts for further study.
    • Up to 1000x leverage: PrimeXBT offers up to 100x leverage for trading cryptocurrencies, stock indices and commodities. For Forex trades, up to 1000x leverage is available. (https://www.air-inc.com/
    • Wide range of products: PrimeXBT offers cryptocurrency trading, as well as trading indices, Forex and commodities. For fast results, traders can also try out Turbo, one of PrimeXBT’s unique trading features.

    Let’s look at some of PrimeXBT’s features in detail.

    PrimeXBT offers more than cryptocurrency trading

    PrimeXBT offers cryptocurrency trading, as well as trading indices, Forex, and commodities. PrimeXBT supports trading in 5 cryptocurrencies: BTC, ETH, LTC, XRP and EOS; with trading pairs between these cryptocurrencies and USD and BTC only. Unfortunately, the Exchange does not seem to be jumping onto the DeFi train, unlike their competitors. So unless they start listing some DeFi coins and fast, we are concerned they may be overshadowed by more aggressive exchanges.

    For Forex, the following 7 foreign currencies can be traded on PrimeXBT: USD, EUR, GBP, AUD, NZD, CAD, CHF and JPY. However the Exchange does also offer trading pairs with other currencies such as SGD, RUB and TRY. Traders can also trade the following 10 stock indices: S&P 500, NASDAQ 100, FTSE 100, EURO STOXX 50, CAC 40, NIKKEI 225, DJI, ASX 200, GER30 (DAX30), IBEX 35 and HK-HSI.

    Lastly, the Exchange provides commodities trading, this is done entirely digitally through the Exchange and its CFDs without having to physically handle gold bars and oil barrels etc. The following 5 commodities are available for trading on PrimeXBT: Gold, Silver, BRENT, CRUDE and NAT. GAS.

    Margin trading is offered by PrimeXBT. The Exchange offers up to 100x leverage for trading cryptocurrencies, stock indices and commodities. For Forex trades, up to 1000x leverage is available. Obviously there are serious risks involved in doing this because if the position goes against what you traded your losses will be correspondingly magnified. Hence margin trading should be for very experienced traders only and even so, extreme caution must always be exercised.

    Turbo trading: How to guide

    PrimeXBT offers a unique product called Turbo trading, and as the name suggests it is basically trading on turbo mode. All you need to do is predict if a chosen asset’s price will be higher or lower than the current price after a specified period. Both the specified period (which will be between 30 seconds to 15 minutes) and the potential profit ratio will depend on the asset chosen and this will be calculated and displayed to you before you confirm your trade.

    Taking the below image as an illustration, I predicted that BTC/USD prices would go up in 10 minutes (i.e. when the chart reaches the circular green arrow). I invested 0.0002 BTC and the potential profit was calculated for me at 0.000013 BTC, or 65% of what I put in if my prediction was correct. However if my prediction was wrong, I would lose the 0.0002 BTC I had put in.

    Turbo trading
    Turbo trading

    We think this feature would be very attractive to novice traders, and even advanced traders who something quick and simple for a change. We tried out this feature and enjoyed knowing what the potential outcomes would be before we put in the trade and found ourselves excitedly fixated on the trading screen during the whole period.

    Note that PrimeXBT Turbo trading is not available to citizens and residents of the following countries: USA, Canada, United States Minor Outlying Islands, American Samoa, Israel, Japan, Algeria, Ecuador, Iran, North Korea, Sudan, Syria and Crimea.

    Supported currencies and payment methods

    PrimeXBT only supports BTC deposits. For some locations, you can buy Bitcoin with your credit (Visa or Mastercard) or debit card and deposit this directly to your Exchange wallet. PrimeXBT only accepts payments in USD, EUR and GDP and a minimum purchase of 0.002BTC is required. You will be required to select your location beforehand and the Exchange will let you know if your location supports this feature.

    For security reasons, to buy BTC on PrimeXBT you will need to provide the following personal details: email, country of residence and identification document (ID card, driver license or passport). The Exchange will also email you a code to enter at checkout to confirm your email.

    PrimeXBT Fees

    Deposit and withdrawal fees

    PrimeXBT does not charge fees or deposits into your Exchange wallet or for transferring from one wallet to another on your own PrimeXBT account. The Exchange charges 0.0005 BTC for withdrawals.

    Trading fees

    PrimeXBT charges 2 types of trading fees: a trade fee and overnight financing fee. Trade fees are 0.05% for cryptocurrencies, 0.01% for stock indices and commodities, and 0.001% for Forex.

    Overnight financing fees are charged if traders do not open or close their leveraged position within the same trading day (i.e. 0:00 UTC) and it is a percentage of the daily funding rate depending on the liquidity of the underlying asset. Taking BTC/USD for example, the overnight financing fee is 0.04166% of the daily funding rate for both long and short positions.

    PrimeXBT has competitive fees compared to other exchanges if you are a casual or small volume trader. However most other exchanges have discounts for high volume traders by way of VIP tiers, or discounts for holders of an exchange’s native token. PrimeXBT does not have such discounts so there is little incentive for users who trade more, especially if other exchanges have comparatively cheaper trading fees for larger trade volumes.

    Here’s a breakdown of all PrimeXBT’s fees and trading conditions.

    Supported countries

    PrimeXBT offers its services to over 150 countries except for citizens and residents from the following locations: USA, Canada, Seychelles and countries currently under economic sanctions by either the United Nations or the European Union.

    Security: Is PrimeXBT safe?

    PrimeXBT uses numerous security tools and measures. From our user experience, we can see on the front end that the Exchange uses 2-factor authentication (via. Google Authenticator) and sends a confirmation email letting us know we’ve logged in. We do see some additional security features not typically found elsewhere. One such feature is mandatory whitelisting of destination addresses for Bitcoin withdrawals i.e. users can only withdraw their Bitcoin to addresses they have previously whitelisted.

    On the back end, PrimeXBT utilises cold storage of digital assets using multi-signature technology, DDOS protection and cryptographic hashing for all passwords and encryption of all other sensitive data, among others. They also conduct full risk checks after every order placement and execution, and regular testing and assessments by their technical team.

    We also note that the Exchange currently has a good track record of no hacks or discovered vulnerabilities so far. Nevertheless users should still remain careful and vigilant with their security measures e.g. not leaving all their funds on the Exchange.

    Learn more about PrimeXBT’s security features here.

    User Experience and guide

    We found PrimeXBT to be very open and transparent about themselves and what they do. For example answers to any questions we had about them can be found on their website. Their website and tutorials are a detailed one-stop resource for how to use their platform and their explanations are very clear and well organised. This is very positive and it certainly points to the Exchange being reliable.

    How to register for a PrimeXBT account

    PrimeXBT claims their registration process only takes 40 seconds and indeed we found it to be very fast and convenient. No KYC procedures were required. To register, simply fill in your email and choose a password.

    PrimeXBT registration
    PrimeXBT registration

    The Exchange would then send you an email asking you to confirm your email address. Confirm this and you will be brought back to the main page where you would be asked to select your country of residence. No address proof is required for this step.

    Confirm your email and country of residence
    Confirm your email and country of residence

    Once you have confirmed these details you are all set!

    Registration complete!
    Registration complete!

    How to deposit and withdraw cryptocurrencies on PrimeXBT

    Deposits

    As a Bitcoin-based exchange, PrimeXBT only allows you to deposit Bitcoin. Users can either deposit Bitcoin directly from another cryptocurrency wallet or if their location is supported, purchase Bitcoin with their credit/debit cards.

    To deposit Bitcoin from another wallet, click on “Account” on the top bar and “Deposit” on the sidebar. There you will find your Bitcoin wallet address.

    deposit bitcoin
    Deposit Bitcoin

    For some locations, you can buy Bitcoin using your credit (Visa or Mastercard) or debit card. To do this click “Buy Bitcoin”on the Deposits page. You will then be required to input how much Bitcoin you wish to purchase. Confirm this by clicking “Buy”. Please note that PrimeXBT only accepts payment in USD, EUR and GDP and a minimum purchase of 0.002BTC is required.

    Buy Bitcoin
    Buy Bitcoin

    You would then be asked to provide your email and country of residence. The email address is so that the Exchange can send you a code to enter at checkout as a security measure. You are required to choose your country of residence because some locations do not support Bitcoin purchases, and the page will instantly let you know if this is the case. If Bitcoin purchases are supported you would be required to provide photographs of your identification document (ID card, driver license or passport) and your payment details.

    Provide details for payment
    Provide details for payment

    Afterwards you would be required to confirm your purchase and at checkout, enter the code previously sent to your email address. The Bitcoin you purchase would automatically be sent to your Exchange wallet.

    We found depositing Bitcoin from another wallet to be very simple. As for buying Bitcoin, the steps were easy to follow but we found it excessive in terms of all the information you need to provide. After all, we are depositing Bitcoin into an account, not withdrawing. We don’t expect to require an ID copy AND a picture of us holding said ID when buying items from other online retailers. So in all honesty, unless you do not use any other exchanges and you are buying Bitcoin for the very first time, we foresee most people would just buy Bitcoin elsewhere and transfer it to the Exchange.

    Withdrawals

    Withdrawals from PrimeXBT require a few additional steps compared to other exchanges because they have a mandatory whitelist of destination addresses. Note also that the Exchange only supports Bitcoin withdrawals, so any other asset must be converted to Bitcoin first before withdrawing.

    To withdraw, go to “Account” on the top bar and “Withdraw” on the sidebar. Select “Add new address” and type in the address you wish to send your Bitcoin to together with a name for this address in the “Comment” field, then click “Add new address”.

    Add new address
    Add new address

    The Exchange will send you an email asking you to confirm the new Bitcoin withdrawal address. To confirm, click “Confirm new address”.

    Confirm new address
    Confirm new address

    Back on the Exchange’s Withdraw page, the new address will show up on the list of destination addresses. Select the address you want to send your Bitcoin to and the amount you wish to send. On the right, you would be able to see details of the send i.e. the destination address, the transfer amount, transfer fee and the actual amount which would be sent. To confirm, click “Submit to withdraw”.

    The Exchange’s limitation of only allowing Bitcoin withdrawals can be troublesome since you would need to first convert everything to Bitcoin, which may result in losses if prices fall. We also found the whitelist process to be a bit annoying at first, but as it is for security we consider it a fair tradeoff. It however won’t cause that much inconvenience in the long run if you usually only send Bitcoin to a few specific addresses e.g. your hardware wallet.

    Trading on PrimeXBT

    One thing we really liked about PrimeXBT is that when you log in to your account for the first time, each page will have a pop up tutorial covering topics such as how to fund your trading account, how to place your first order etc. For a subsequent refresher, you can always click the question mark “?” on the top right hand corner for more tutorial videos. So getting started with trading was relatively easy.

    A feature that some traders might like is their one-click or double-click trading feature. This allows you to open and close positions, and cancel orders with literally one click i.e. bypassing the confirmation process. It is a really convenient feature for those who are impatient or need to lock in their positions quickly. On the flip-side you could suffer huge losses if you misclick since it is irreversible.

    The main feature of PrimeXBT is its ability to customise. As mentioned above the Exchange lets users customise their trading interface and charts. For the trading interface, you can move, add and remove various widgets e.g. charts, watchlists and orders etc. You can also add new “workspaces” i.e. tabs by clicking “+”. Workspaces can be renamed, and you can add widgets onto them and customise their location.

    This feature is very helpful for experienced traders who wants all their necessary information displayed in one place, or even more casual traders who want to customise their trading page so it is similar to other exchanges they may be more familiar with.

    Customisable trading interface
    Customisable trading interface

    PrimeXBT also allows users to customise and annotate trading charts. Users can overlay different trading pairs on top of each other for comparison, e.g. in the below image we put together the charts for BTC/USD and ETH/USD. Users can also write notes, draw lines and choose from up to 50 indicators to put onto the charts etc. There are lots of features which will certainly keep technical analysts very occupied and finally, you can save a picture of your chart for a later date. This is certainly a feature designed by pro traders with other professionals in mind.

    Customisable charts
    Customisable charts

    Welcome bonus

    PrimeXBT currently has an enticing welcome bonus to encourage more users. New users who deposit more than 0.009 BTC into their trading account within the first 6 hours of registration are entitled to a US$50 trading bonus. The Exchange will automatically deposit the Bitcoin equivalent of this into your trading account.

    Welcome bonus
    USD$50 trading bonus for new users

    Conclusion: Is PrimeXBT a good exchange?

    Here’s some pros and cons of PrimeXBT based on our user experiences.

    Pros

    • Good track record without any hacks so far. The Exchange has additional security features not usually found elsewhere such as mandatory withdrawal address whitelisting.
    • The Exchange is one of the most open and transparent we have come across. Almost any question we had on the Exchange is answered on their own website.
    • Customisable trading interface and charts. This feature is likely to be very attractive to seasoned traders.

    Cons

    • Even with the Exchange’s helpful tutorials, there is still a steep learning curve if you want to make use of the many features the Exchange has to offer.
    • Very limited cryptocurrency support and only Bitcoin deposits and withdrawals are supported.
    • Requiring photo ID and KYC process just to buy Bitcoin is a bit excessive.

    In conclusion, we find PrimeXBT definitely geared towards traders with a bit more experience, particularly those who trade the major cryptocurrencies and other markets such as stocks and commodities on the side. We also find Turbo to be a very novel and interesting feature which we may revisit in the future. The Exchange’s interface is very clear and intuitive, and in any event you can customise it to your needs and preferences. Users will need a bit of time exploring all of the customisation features that PrimeXBT has to offer which may seem overwhelming at first, but is certainly worth it in the long run. With this high level of customisation, we think once users overcome the initial learning curve, they are likely to come back to this exchange time and time again.

    SIGN UP TODAY!

    Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.

    Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.

  • The PIT Exchange Review: Blockchain.com’s secret weapon

    The PIT Exchange Review: Blockchain.com’s secret weapon

    The PIT is a high performance cryptocurrency exchange which supports extremely high performance, security and access to a network of banks for fiat trades. The PIT is made by Blockchain.com, a cryptocurrency industry veteran who’s blockchain explorer and wallet is used by millions. To build the exchange, Blockchain.com hired trading veterans from NYSE, Google, Goldman Sachs, UBS and TD Ameritrade. The key selling point for The PIT is the efficiency and fairness of the custom “Mercury” trading engine coupled with the large 40M audience Blockchain.com already has.

    In this review we’ll take a deep dive a the trading features on the PIT, trading and withdraw fees, security and an assessment on liquidity.

     “We decided to take matters into our own hands, and built an exchange that puts users first, including the 40M wallets on our platform.”

    Peter Smith, CEO of Blockchain.com

    Buy Crypto directly with USD or EUR

    One of the biggest selling points of The PIT is the ability to buy cryptocurrencies with USD or EUR. As a regulated exchange, The PIT has bank accounts in good standing in both the US and European Union. This customers can buy Bitcoin without paying expensive credit card fees (Binance’s Credit card issuer charges 5% to buy cryptocurrencies). Being regulated also means The PIT has already obtained the necessary audits and permits necessary for operating an exchange.

    Daily Clearing to Fiat

    A big selling feature for the PIT is the daily clearing of fiat to a network of top banks in Europe and US. This drastically prevents liquidity issues when it comes to fiat, such as failures to withdraw Fiat. This feature will be most attractive to institutional investors (Supported by the PIT Pro) who need direct access to large quantities of fiat.

    About Blockchain.com

    Blockchain.com allows users to access the PIT exchange directly in their wallet.

    The PIT is created by Blockchain.com, the first company to establish a blockchain explorer for Bitcoin. Blockchain.com was launched in 2011, with the website blockchain.info and blockchain.com. In 2013, they launched a Bitcoin wallet for iOS and Android. In 2014 Blockchain.com closed the second biggest digital currency financing around of $30.5 Million fundraising from Lightspeed Venture Partners and Moasiac Ventures.

    Simple trading interface

    The PIT trading interface

    The PIT offers a simple, ease to read trading interface. Trading history, order book and price history is very cleanly presented on the trading interface. The front-end also supports a large degree of customization, allow users to use TradingView to draw patterns and trends.

    The PIT exchange fees

    The PIT charges trading fees using a tiered system based on the amount of USD traded. In the starter tier, fees start at 0.14% for makers and 0.24% for takers. Maker fees decrease substantially as trade volume increases, with the lowest maker fee at 0.02% for trade volumes above $1 Billion USD.

    TierVolume in 30 DaysMakerTaker
    1$0.00 – $99,999.99 0.14% 0.24%
    5 $2,500,000.00 – $4,999,999.99
    0.04%     		0.18%
    10$20,000,000.00 – $24,999,999.99 0.03%0.14%
    15 $1,000,000,000.00+ 0.02%0.05%

    Is The PIT secure

    Whilst the PIT is a new cryptocurrency exchange, Blockchain.com has been in the cryptocurrency industry since the beginner. Blockchain.com has been providing wallets to millions of cryptocurrency users with an excellent security record. This gives Blockchain.com a strong reputation and presence in the industry. This puts Blockchain at the top of the list for security (however, we always recommend users to take funds off exchanges for long term storage and into their own wallet, such as the Ledger Nano X).

    As an added security measure, there is an optional feature to bind The PIT account with the Blockchain mobile wallet. This will provide additional account security.

    What coins can you trade on The PIT

    Currently the PIT supports the trading of Bitcoin (BTC), Ethereum (ETH), USD, Bitcoin Cash (BCH), Stellar (XLM), Paxos Standard (PAX), Litecoin (LTC) and USDT.

    The PIT Exchange Review

    Review Score: 4.5/5

    The PIT has three major advantages – abundance of users, access to a network of bank accounts in US & EU, and long term reputation in the crypto space. Whilst 2019 saw a sudden influx of exchanges, most don’t have licenses to work with banks or passed audits. With a simple to use, yet highly customization interface, the PIT is easy to use for new traders and also feature rich for experts.

    [wp-compear id=”5176″]

    Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.