Everything You Should Know About Alt-Coin Exchanges

2021-02-17 19:50:23

You have likely heard of the investment benefits of trading or owning cryptocurrencies. Or you are fairly familiar with the bitcoin market and ready to add an altcoin or two to the mix. If this sounds familiar to you, then this comprehensive altcoin exchange review is for you. Here this article will guide you through everything you need to know about altcoin exchanges and how to choose the right one. Next, this will introduce you to some of the best altcoin exchanges in the cryptocurrency world.

What Are Altcoin Exchanges?

Altcoins are the result of changes in the Bitcoin protocol. Therefore, they use blockchain technology, albeit with slightly different validation mechanisms and security features. In other words, they have different use cases and scalability. Some of the digital assets that fall into this category are Ethereum, Litecoin, XRP, and Bitcoin Cash. It goes without saying that the bull run of 2017 exposed people to the investment opportunities associated with owning altcoins. Some altcoins even generated returns on investments that dwarfed what bitcoin was able to generate.

Altcoins have become legitimate investment assets, and the number of platforms offering exchange services related to other alt-coins has exploded. Therefore, it is necessary to filter the growing list of altcoin exchanges to choose the best ones. 

Altcoin-To-Crypto Exchanges

This class allows users to exchange one altcoin for another or one altcoin for bitcoin. In other words, you can get people on these platforms who are ready to exchange altcoins for another altcoin or bitcoin. In most cases, using an exchange that falls into this category may imply that you have a bit of technical knowledge about crypto trading, which could put off new entrants. On the bright side, they offer a wide range of cryptocurrency pairs, which is good for users looking to trade less popular currencies. Please note that every transaction made on these exchanges is chargeable.

Altcoin-Fiat Exchanges

Altcoin-Fiat exchanges allow exchanges between altcoins and fiat currencies. This class of exchanges is best for people who are going to enter the altcoin market. Depending on how the platform works, you can access a fixed price for altcoins or access multiple pricing options and choose a reasonable one. For the former, the platform works as a broker and offers to sell altcoins that are already under its care to cryptocurrency enthusiasts. 

The latter are mostly trading platforms, which are the intermediaries between actual sellers and buyers. Using this definition as a framework, you will agree that sites like Bittrex fall into this category.

Decentralized Altcoin Exchanges

In the case of decentralized exchanges, these are platforms that allow independent exchanges where users can trade altcoins without the need for intermediate inputs. Thus, users can keep control over their private keys and access services without transaction fees. The downside to decentralized altcoin exchanges is that they don’t have the kind of trading volumes found on centralized exchanges.

Factors You Should Know Before Choosing Best Exchange for Alt Coin

There are many Factors that you should know before choosing best exchange of alt coin in your location:

Legality of Alt Coin Exchange in Your Area

Before using the services of an altcoin exchange, you should check its legal status in your area. While many altcoin exchanges claim to have a global reach, your legal status in your country could prevent them from offering you exchange services. 

This claim holds true as nations around the world increasingly adopt regulatory frameworks that capture the scope of business operations within their borders. Therefore, altcoin exchanges that cannot meet the requirements set by regulators are not eligible to do business in the country in question. In light of this, sign up only with altcoin exchange services that are accessible in your region and are completely legal.

Customer Support

Once you have clarified the legality of the altcoin exchange, your next line of action is to determine if the exchange uses customer support in your language. Most likely, you will run into a problem or two while using the platform facilities and need to interact with customer service. 

You agree that the speed at which the platform resolves your queries will depend on the representative’s ability to understand your situation. This is where language barriers come in. They always advise crypto professionals to choose altcoin exchanges that offer customer service in a wide range of languages or are designed for traders in their area.

User Experience and Mobile friendly 

The platforms that exchange altcoins come with a variety of features and tools related to cryptocurrency trading. The number of tools adopted, as well as their complexity, tells us what class of altcoin traders will find their services attractive. For beginners, it is advisable to go for exchanges that take a straightforward approach to selling and buying altcoins. You should ensure that the procedures for registering your parts or accessing vendors are simple and short.

On the other hand, a skilled trader may find these platforms a bit bland. This set of users rejoices in the ability of a stock exchange to offer various trading tools that will help them make price projections, follow market trends, and minimize trading risks. 

For them, the more tools that are available on an exchange, the better. Therefore, they recommend that you evaluate your experience in trading altcoins and explore the functionality of an altcoin exchange before listing or registering. By doing this, you can ensure that a bad user experience never gets in the way of your activities.

Liquidity and Volume

Volume and liquidity are important pieces of information that you should evaluate when researching altcoin exchanges. On the one hand, the trading volume describes the number of trades and orders that the exchange processes on a daily basis. On the other hand, liquidity defines the number of trading pairs available on the platform and the list of altcoins. It goes without saying that you should consider platforms that offer a high volume of transactions, as this makes it clear that the exchange has the ability to process your order in seconds, regardless of the time of day or scale.

Security

Judging from the relentless attacks on crypto exchanges, it’s safe to say that security is a recurring loophole on exchange platforms. Therefore, you need to take your security seriously by making sure that the platform you choose has security measures that make it a bit difficult to fall victim to hackers. They recommend that you verify that the platform has two-factor authentication systems in conjunction with biometric validation processes. 

With this, you can ensure that your first point of defense is not susceptible to vulnerabilities associated with authentication systems that only use the username and password framework. Similarly, you need to check if trading on an exchange is eroding your privacy. As soon as attackers can associate your possessions with your identity, it will be easier to rob you. As such, they recommend that you calculate the ability of your exchange to protect your identity and any private information that you submitted during registration.

At the end of full analysis, some best altcoin exchanges made this list. You can use the information gathered from each altcoin exchange review to speed up your search.

  • Binance
  • Poloniex
  • Ku Coin
  • Bit MEX
  • Coinbase Pro

Binance

Binance is the best and one of the largest cryptocurrency exchanges in the universe. It is fast, safe and reliable in your transactions. Binance uses a Trust wallet as its official wallet due to its security and mechanisms to protect cryptocurrencies of users and trade against the real market value of BTC or any other cryptocurrency.

Registering with Binance is quick and easy and other options you can find on their site are; Customer service, preferred exchange rates, how to make instant deposits and withdrawals. Binance also has a mobile cryptocurrency exchange app that can be downloaded on devices instead of using the normal browser. Altogether, Binance has contributed to most cryptocurrency programs; without a doubt it is considered the best of all. Additionally, Binance has been helpful in various crypto programs outside of the exchange.

Poloniex

Poloneix on the outside seems too simple and straightforward, but it is one of the most active cryptocurrency exchange wallets known in 2018. The activity that occurs on the site is beyond incredible. Poloneix has proven to be effective and has helped solve many cryptocurrency problems, providing solutions to future blockchain problems as well. The Poloneix motto is to exchange, innovate and discover.

Logging in is as easy as signing a check; all you need to do is fill in two details and you are up and running. These data are your username and password. Better yet, to register you can create a business account and fill in the basic information.

The Poloneix exchange wallet has 3 features that make it completely exceptional and different from all other cryptocurrency exchange wallets.

  • Developed tools: Poloneix trading tools are so advanced and developed that they make trading easy and fun. These trading tools have been provided by technical developers to aid in the flawless execution of trades.
  • Cold Storage and Daily Services – All funds are protected in a cold room from hackers, so you no longer have to worry about your deposits. In addition, your account is monitored 24 hours a day, 7 days a week.
  • Projects: Poloneix supports some improvement projects in the blockchain industry.

Ku Coin

Ku coin is considered one of the most active exchange sites. When you log into the site, the first activities you see are trades, leading to the conclusion that it is primarily currency and its rate rather than trades. Ku coin has a mobile application that can be downloaded separately using the web browser. It is also PC compatible; you can download the PC version of Ku coin easily. Basically, the site supports 12 languages, including English, French, Spanish and 9 others.

The 5 favorite cryptocurrencies in Ku coin are; BTC, ETH, NEO, USDT, and KCS. However, underneath each of these cryptocurrencies are crypto and 24-hour pairs. volume, previous market price and variation.

On the site dashboard you will find various options including News, Overview, Orders, Security Check, Transaction History, etc. Thus, Ku coin explicitly tells you in detail that you can check your security to ensure the safety of your funds and deposits.

Also, to record and monitor your trades, there is a trading history that shows your progress since you joined the platform. The News section provides information on rate updates and changes in relation to market conditions.

Bit MEX

Bitmex is a cryptocurrency exchange that specializes in trading cryptocurrency products like Bitcoins with no expiration date. In a matter of seconds, you can register on the site and start trading. This registration process is secure as no personal information is required from the merchant. Bitmex provides 100+ times leverage on Bitcoins and high leverage on Altcoin. 

Also, you can watch Bitmex trades live without having to register, and even after registering, you can trade in minutes. However, your deposit only requires a confirmation before you can redeem it.

Bitmex features

Contracts: Bitmex allows several types of contracts that are bought or paid in Bitcoins. It is under this type of contract that Bitmex has a type of contract that has no expiration date. This is called perpetual contracts.

Top-notch security: Bitmex has one of the best security systems than most exchange sites; It works according to a multifactorial protocol and guarantees the security of funds and deposits.

API: The trading system is an advanced API technology used by institutions such as investment banks and hedge funds. The API is a single system for searching each exchange site.

 

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