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Most Famous Crypto Exchanges and Their Role

A crypto exchange enables you to trade in cryptocurrencies. Crypto exchanges list a bunch of cryptocurrencies through which you can trade all around the globe. Through these exchanges, you can either sell or buy any cryptocurrency through the electronic form of spaces that have no physical existence. The trading that happens may be through electronic assets that may exist in the form of a virtual currency or property and document existing in an electronic form or any fiat currency of any country that has the legal operation. If you want to know more about bitcoin, then you can read more from here.

Today these applications have become famous because there are a lot of hidden yet advanced technologies that provide utmost security to your transaction that is taking place online. Such as encoding the data or the transaction so that they are safe. Further, blockchain technology again offers a lot more advantages for any online operation by the algorithm consensus that allows your data, hash and previous hash to be protected through these mechanisms. Further, it also provides full security as to the name of the persons transacting with each other, except for the name you know everything about the other person. The best part about these crypto exchanges is that they are in operation all the time and there are no opening and closing times. They work 24 hours a day and 7 days a week which is why people are more attracted to such convenient ways of living.

CRYPTO EXCHANGE may either be direct or through an exchange. In direct trading two parties directly deal with one another and they set their own terms and conditions as to the market price for exchange. Whereas in the other case the exchange works as an outside intermediary. This type of trading is based on the current market price and parties do not decide it before any trading.

TOP 4 CRYPTO EXCHANGE:

1) BINANCE

Binance is one of the world’s largest crypto exchanges in terms of its volume. Its daily volume also constitutes a large amount. It was founded in the year 2017. After 2017, in the crypto ecosystem, it has become one of the biggest companies as it owns many other crypto exchanges such as WazirX, CoinMarketCap, swipe wallet etc. Its trading fee is also very low, amounting to 0.2%. If you have increased trading in terms of volume your trading fee is reduced with time. It further has its own token, stable coin, mining pool and works on the smart chain.

2) COINBASE PRO

It is an advanced version of Coinbase and was launched in 2014. Its daily trading volume is also more than 400 million. It also has its own stablecoin called USDC. USDC is a reputed coin and is making more reliable customers if compared to USDT. The reason being it is more transparent. Its trading fee is around 0.5% and its fee is also reduced based on your trading volume.

3) BITMEX

In terms of derivative trading, BitMEX is the world’s largest crypto exchange. Its daily trading volume is in billions, although it has kept really few currencies in its exchange list. Its foundation year is 2014.

4) KRAKEN

Kraken was founded in the year 2011. Its trading fee is between 0.2% to 0.3% depending upon the volumes that you are trading. Its daily trading volume is more than 250 million.

CONCLUSION

The information shared above talks about the cryptocurrency exchanges that facilitate your crypto trading. Today we know cryptocurrency has become one of the most trusted platforms in terms of investing. Crypto exchange works for you so that your exchange is made easier for you without much inconvenience.


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