There was a time when “legal tender” was clear – it was currency in physical form with a clearly printed value.
Nowadays, that designation has become broader and broader, particularly when discussing cryptocurrencies (or “Crypto” as how some would shorten the term.)
Cryptocurrencies have become increasingly popular in the online digital transaction industry.
Old vs. New Currency
Image source: Unsplash
Whereas the past and still prevalent form of financial transactions involve banking, credit, and monetary exchange using fiat currency (i.e. currencies whose values are backed by the government that released them), cryptocurrencies like Bitcoin progressively are being adopted by more and more companies across the world.
With a huge variety of cryptocurrency exchanges available (more than 200, as of this date and time) to select from and even more launching constantly, how on earth do you get the best cryptocurrency exchange for your needs?
This can be tricky, as there will be varying factors to consider in determining which the best Altcoin Exchange is.
How to Work Out the Best Altcoin Exchange
The most crucial factor to make sure you get the best Altcoin exchange would be to research an array of platforms and compare the benefits and drawbacks with every option.
Most cryptocurrency exchanges assist their intended purpose in letting users freely buy cryptocurrency on the exchange.
The primary variations would be the exchanges charges, customer care, the number of supported types of coins, and supported countries.
To make sure you get the widest variety of cryptocurrencies as you possibly can while also familiarizing yourself with the differences and variances, it might be possible to enroll yourself in each exchange.
Most of these Altcoin exchanges offer free registration to allow you to review the possibilities from within their framework, so there really isn’t any tangible drawback to doing so, aside from the time and effort allocated.
Our Takes on The Best Altcoin Exchange
Below are just some of the current established and newly started exchanges that we have considered when putting together this article. These are – in no way – investment recommendations.
When you get your Bitcoin or Altcoins from among the exchanges below, you simply move your coins from the exchange and to your own hardware’s “wallet”.
This is actually the safest method to store digital currency. Remember how in older movies and shows, the key “McGuffin” is a disk or similar digital storage item that could hold information that was worth large sums of money?
That’s pretty much how this system works, although probably not as exciting as having international spies being involved.
How We Chose Our Ratings
Making sure you select a great altcoin exchange is more than important to us, and we pride ourselves on our accuracy and honesty.
Our ratings are based on a variety of factors, from testimonials and reviews from customers, product data, professional critique, and brand reputation. These all come together to give you the best possible idea of what product suits you the best.
The Top 7 Altcoin Exchanges
On that note, a bit of fair warning: this is not a definitive or exclusive list and we do not endorse it as such. Others may disagree extremely with this list and what you can achieve using these exchanges, too.
However, it may help a prospective novice in the cryptocurrency arena to make an educated decision with regard to what best Altcoin exchange platform and service would serve his or her interests.
Information found here, including any ideas, opinions, views, predictions, forecasts, reviews, suggestions, or gold coin picks, expressed or implied herein, are suitable for informational or educational purposes only and cannot be construed as personal investment recommendations.
Always do your personal research. That being said, read on for our top recommendations.
If you’ve used the internet for the past few years, you have likely seen an ad for Coinbase popping up somewhere, whether it’s through YouTube, Facebook, or elsewhere.
Coinbase is among the United States’ most widely used Bitcoin exchange site and most likely the easiest and quickest method to buy Bitcoin in America, or at least the most straightforward in structure and design.
They have an immediate “Buy” choice for debit or credit card purchases and establishing a free account is fast and simple without any long waits for verification (this is often a key problem with some Alt exchange sites). The Coinbase platform may be the most direct and largest competitor toBittrex.
Coinbase also supplies a massive selection of buying and selling tools and options. Their market share has been the biggest exchange for that altcoin cryptocurrency called Ethereum.
Adding fuel to the fire, EOS plans to give the capability to simply port projects from Ethereum to EOS. Will Solidity developers hold back until Ethereum increases throughput via sharding, or can they jump ship to EOS, which could already process a large number of transactions per second?
With these changes and how the Alt exchange environment is always in flux, Coinbase tries to position itself one step ahead of the game.
Another rising name in the Altcoin exchange arena is Kucoin. On the Kucoin exchange, you will find buying and selling pairs against BTC, ETH and USDT, as well as NEO and KuCoin among them.
Kucoin shares provide you with passive earnings in the form of dividends every single day because the platform returns 50% of their charges to individuals who own Kucoin shares.
Kucoin shares also provide you with a reduction on buying and selling charges. In addition to this is the fact that Kucoin is among the cheapest exchange charges by comparison to all of its peers.
Bitfinexs’ high volume is essential for traders because it ensures a minimal spread. Greater than 5.77 million Bitcoins traded through it from April 2017 to October 2017 alone, that is double the level of Kraken (3.6M BTC) and Coinbase (3.06M BTC).
For newcomers, the complicated interface makes pricey mistakes more probable while the possible lack of fiat funding options causes it to be impossible to make use of regular money to purchase cryptocurrencies. However, experienced crypto traders will discover everything they require at Bitfinex.
Poloniex is the only exchange that enables margin buying and selling for multiple altcoin markets. They have the very best altcoin liquidity available.
Although digital tokens are questionable, (banks do not like it) the idea is made to fit the architecture from the internet and also the growing trend of internet shopping. Blockchain technology also eliminates hacking.
Poloniex as an Altcoin exchange service provides prices of BTC towards the Bloomberg Terminal, software for PC, the financial data firm, offers to allow the financial services sector along with other industries to gain access to the Bloomberg Professional enterprise.
Through this particular service, finish-users can keep an eye on and evaluate real-time economic market statistics around the electronic buying and selling system.
The Poloniex established platform supplies news on products, cost estimates, and messaging across its maintained and monitored network. Besides its apparent benefits, altcoins buying and selling features its own challenges too.
The ultimate volatile altcoin prices can result in significant losses when the traders do not apply a suitable risk management system, which Poloniex is clearly aware of and building on.
Now we’ll look at the Coinigy Altcoin Exchange service. Coinigy's tools are high quality, their information is first-rate, and they are dedicated to delivering the greatest quality consumer experience possible.
In a nutshell, they're enthusiastic about the things they're doing – and it shows. This application is comparable to Coinbase in certain respects, offering simple smartphone crypto management.
Abra lately launched its all-in-one wallet and exchange application that covers 20 cryptocurrencies and 50 fiat currencies, with giants like Bitcoin and Ethereum becoming a member of by smaller sized altcoins like Dogecoin and Vertcoin.
It doesn't charge transaction charges, and it makes its money-back around the exchange spread.
Abra’s system of smart contracts means it might expand to pay for all sorts of asset classes later on, like stocks. Just like any other websites, your exchange of preference ought to be user-friendly with regards to the way the platform looks or functions.
An easy and simple-to-navigate interface can help avoid confusion for anybody who is attempting to transact around the platform.
BitMEX is one of the more recent players in the cryptocurrency exchange market. It is formally known as the Bitcoin Mercantile Exchange, a platform meant for dedicated traders instead of retail investors. It consistently processes over $2 billion in transactions inside a 24-hour period. The platform offers high leverage on trades, as much as 100x.
Regrettably, the government provides hardly any guidance regarding bitcoin taxation. One factor, however, is obvious. Although both public and also the crypto community make reference to bitcoin and altcoins as virtual currencies, the government treats them as property for tax purposes.
Therefore, selling, spending, as well as exchanging crypto for other tokens have probability capital gain implications.
Likewise, receiving it as being compensation or by other means is going to result in it being classified as ordinary earnings. As such, BitMex’s high leverage on trades can be both a bane and a boon, depending on how one looks at the mechanics.
May the exchange be well-known locally? How good is its support in case you explore the procedure? Are there a lot of complaints from the exchange?
Bear in mind that no exchange is freed from negative reviews, nevertheless, it’s vital that you think about the volume and also the content of individual reviews.
Some buying and selling platforms do not allow fiat currency withdrawals.
As a result, the profits from altcoin buying and selling should be first transformed into bitcoin with an exchange after which it may be used in another exchange to withdraw the quantity in USD.
These transfers have charges that are billed in relation to the profit earned. Other users want to use their account transaction history. The reporting of gains/losses and price basis continues to be in beta and never certain to be accurate.
In light of this, we highly recommend keeping detailed records of crypto transactions in whatever exchanges made to be able to have the crypto information required for your U. S. taxes.
Individuals’ records include dates of getting, buying or exchanging coins, market price at this date to calculate cost basis and also the date and purchasers proceeds whenever a gold coin is offered, exchanged or spent.
A Word of Caution
Image from Bitcoinist
Approach any exchange with research and proper attention with caution. Doing so may mitigate generating losses prior to making gains.
In our opinion, the best cryptocurrency exchanges to purchase and sell in 2018 would be the
companies discussed up above.
Whether it’s Coinbase to Coinigy, Kucoin to BitMex, and all the other Altcoin exchanges competing in the market, not one company or service truly stands head and shoulders above the others.
At least for now, that is the case. With that said, the continuing development in both technology and the market’s trends may change all this in the near future, and one “top dog” may emerge on that date.
Regardless, today, your best bet is careful consideration made in reviewing each one and which Altcoin exchange “feels right” for you.
What Is the Best Altcoin Exchange?
It is quite simple to make some good amount of money once the marketplace is on an upswing, less if the cryptocurrency climate enters a bear market.
Gifted traders and informed individuals could end up making a life-changing amount, or enough to put them in a good position financially for the rest of their lives with the best Altcoin exchange platform as their foundation.