- 01 Jul 2017, 23:53
#1402
The purpose of this sub forum is to discuss Digital and Crypto Currencies Marketplaces.
Marketplaces or Exchanges are websites where you can buy, sell, or exchange cryptocurrencies for other digital currency or traditional currency like US dollars or Euro. For those that want to trade professionally and have access to fancy trading tools, you will likely need to use an exchange that requires you to verify your ID and open an account. If you just want to make the occasional, straightforward trade, there are also platforms that you can use that do not require an account.
It’s important to do a little homework before you start trading and open an account at a marketplace. Here are a few things you should check before making your first trade.
- Reputation – The best way to find out about a marketplace is to search through reviews from individual users and well-known industry websites.
- Fees – Most exchanges should have fee-related information on their websites. Before joining, make sure you understand deposit, transaction and withdrawal fees. Fees can differ substantially depending on the exchange you use.
- Payment Methods – What payment methods are available on the exchange? Credit & debit card? wire transfer? PayPal? If an exchange has limited payment options then it may not be convenient for you to use it. Remember that purchasing cryptocurrencies with a credit card will always require identity verification and come with a premium price as there is a higher risk of fraud and higher transaction and processing fees. Purchasing cryptocurrency via wire transfer will take significantly longer as it takes time for banks to process.
- Verification Requirements – The vast majority of the Bitcoin trading platforms both in the US and the UK require some sort of ID verification in order to make deposits & withdrawals. Some exchanges will allow you to remain anonymous. Although verification, which can take up to a few days, might seem like a pain, it protects the exchange against all kinds of scams and money laundering.
- Geographical Restrictions – Some specific user functions offered by exchanges are only accessible from certain countries. Make sure the exchange you want to join allows full access to all platform tools and functions in the country you currently live in.
You will find plenty of marketplaces out there. With most of them (the most famous ones) you will have access to the most common crypto instruments, but in order to trade “less” famous instruments or ICO you will probably have to open accounts on other marketplaces.
Some exchanges (the main ones to trade Cryptos) do not accept deposit in fiat currencies, so you will have to use a first exchange to get some Bitcoin (for example), and then you will have to send those Bitcoin to the other exchange.
For example, here what I do:
01 – I make a deposit in USD at Lykke (or Kraken)
02 – I use Lykke to purchase some Bitcoin
03 – I transfer the Bitcoins from Lykke to another exchange (Poloniex, Bittrex, Bitfinex)
The main exchanges that I use to trade Cryptos are Poloniex and Bittrex, I am using Bitfinex only to trade IOTA at the moment.
In this sub forum we will discuss and exchange about the various marketplaces.
Marketplaces or Exchanges are websites where you can buy, sell, or exchange cryptocurrencies for other digital currency or traditional currency like US dollars or Euro. For those that want to trade professionally and have access to fancy trading tools, you will likely need to use an exchange that requires you to verify your ID and open an account. If you just want to make the occasional, straightforward trade, there are also platforms that you can use that do not require an account.
It’s important to do a little homework before you start trading and open an account at a marketplace. Here are a few things you should check before making your first trade.
- Reputation – The best way to find out about a marketplace is to search through reviews from individual users and well-known industry websites.
- Fees – Most exchanges should have fee-related information on their websites. Before joining, make sure you understand deposit, transaction and withdrawal fees. Fees can differ substantially depending on the exchange you use.
- Payment Methods – What payment methods are available on the exchange? Credit & debit card? wire transfer? PayPal? If an exchange has limited payment options then it may not be convenient for you to use it. Remember that purchasing cryptocurrencies with a credit card will always require identity verification and come with a premium price as there is a higher risk of fraud and higher transaction and processing fees. Purchasing cryptocurrency via wire transfer will take significantly longer as it takes time for banks to process.
- Verification Requirements – The vast majority of the Bitcoin trading platforms both in the US and the UK require some sort of ID verification in order to make deposits & withdrawals. Some exchanges will allow you to remain anonymous. Although verification, which can take up to a few days, might seem like a pain, it protects the exchange against all kinds of scams and money laundering.
- Geographical Restrictions – Some specific user functions offered by exchanges are only accessible from certain countries. Make sure the exchange you want to join allows full access to all platform tools and functions in the country you currently live in.
You will find plenty of marketplaces out there. With most of them (the most famous ones) you will have access to the most common crypto instruments, but in order to trade “less” famous instruments or ICO you will probably have to open accounts on other marketplaces.
Some exchanges (the main ones to trade Cryptos) do not accept deposit in fiat currencies, so you will have to use a first exchange to get some Bitcoin (for example), and then you will have to send those Bitcoin to the other exchange.
For example, here what I do:
01 – I make a deposit in USD at Lykke (or Kraken)
02 – I use Lykke to purchase some Bitcoin
03 – I transfer the Bitcoins from Lykke to another exchange (Poloniex, Bittrex, Bitfinex)
The main exchanges that I use to trade Cryptos are Poloniex and Bittrex, I am using Bitfinex only to trade IOTA at the moment.
In this sub forum we will discuss and exchange about the various marketplaces.
Cheers,
G
G