Exchanges are large platforms where cryptocurrencies are traded. Investors participating from various places have taken their place in the crypto money ecosystem. Due to the frauds that have occurred in the crypto money industry in recent years, security has become the most important quality sought. However, since the number of cryptocurrency exchanges is high, people are engaged in various researches about which ones are safe. In the continuation of our article, we will talk about crypto money exchanges that have reached a certain popularity in terms of transaction volume. Cryptocurrency exchanges that have gained credibility in line with various criteria are as follows:
Binance
Binance is the world’s largest cryptocurrency trading platform by trading volume. The founder of the Binance platform is Changpeng Zhao of Chinese origin. Binance was founded in July 2017 and has become the world’s largest cryptocurrency exchange in 180 days. The company was established in China. However, in September 2017, the headquarters were moved to Japan due to the Chinese government’s ban on cryptocurrency trading. The company opened new offices in Taiwan as of March 2018. Binance Coin (BNB) was launched for the first time with an ICO held on June 26-July 3, 2017. A total of 100,000,000 Binance Coins were released in the first release. With Japan’s strict regulations on Bitcoin and cryptocurrencies, an office was opened in Malta.
In 2019, the company announced Binance Jersey, an independent entity from the main Binance.com exchange, with the aim of expanding its influence in Europe. The Jersey-based exchange offered fiat-to-crypto currency pairs, including the euro and the British pound. With the statement made by Binance, the Jersey exchange ended its cryptocurrency investment transactions on October 31, 2020. Until November 9, 2020, users were able to trade in the stock market. The stock market was completely closed on 30 November 2020. Binance announced in January 2019 that it has partnered with Israel-based payment processor Simplex to enable cryptocurrency purchases with debit and credit cards. Binance has acquired India’s largest Cryptocurrency Exchange WazirX and has also initiated the Matic Network’s IEO via launchpad.
The advantages and disadvantages of the Binance exchange are as follows:
Advantages
- It has a large number of cryptocurrencies.
- Trading fees on the Binance exchange are one of the lowest on the market.
- Users who trade regularly with the use of Binance have a chance to win prizes.
- Binance is known for listing new cryptocurrencies right after their ICOs are over. This causes many crypto companies to see Binance as their favorite exchange. For a cryptocurrency to be listed on Binance, it must prove itself as a good cryptocurrency.
- Binance exchange has extra security measures.
- Binance exchange has a high trading volume.
Disadvantages
- There are different opinions about customer service due to the fact that the stock market has too many customers.
- One of the biggest drawbacks is that customers cannot deposit using traditional payment methods. Since Binance does not support fiat currencies, it becomes impossible for beginners to buy cryptocurrencies for the first time on this exchange.
Gate.io
Gte.io is a cryptocurrency exchange founded in 2013 by Lin Han in China. Although Gate.io was founded in China, it later moved its headquarters to the USA due to pressure from China. At the same time, it served as Bter until 2017, then changed its name to Gate.io. And the company realized its main growth after 2017.
Gate.io was hacked in 2015 and lost 700 BTC. Gate.io, which increased its security measures after the hack, was not hacked afterward, although it was exposed to cyber attacks. Gate.io was named the most reliable cryptocurrency exchange in 2020 by Cryptocurrency Exchange Ranking (CER).
Gate.io advantages and disadvantages are as follows:
Advantages
- Gate.io is among the rare exchanges that support +1000 trading pairs and list over 800 cryptocurrencies.
- There are high security measures.
- It is an exchange with a high trading volume.
- There is a low commission rate for crypto-to-crypto transactions.
- The pool has high winning rates offered in prize and lottery systems.
- There are VIP membership levels.
Disadvantages
- The most important disadvantage of Gate.io is that it does not support fiat currencies.
- Turkish does not have live support.
- The interface is inadequate and complex.
- The withdrawal limit is low.
- It has a mixed structure for withdrawals.
OKX
OKX exchange was first established in China in 2014 by Star Xu. Later, due to the ban on cryptocurrencies in China, it started to provide services in Malta in 2017.
He has come to the fore with some events that he lived in the past. The incidents he had with the police caused some concerns among investors. Withdrawals halted for OKEx exchange after the founder was detained by the police. In the following statements, it was stated that the investigation was purely personal. It has been stated that there will be no problems with the assets of the investors.
Here are the advantages and disadvantages of OKX exchange:
Advantages
- It offers price comparisons from the fastest and best channels.
- It offers the best security service to its users.
- It accepts different currencies and different payment methods.
- It has a fully functional mobile application.
- There are transaction commissions below the market average.
- There are many ways to deposit and withdraw funds from the platform.
Disadvantages
- Fiat deposits and withdrawals are carried out with very high commissions as third-party companies are involved in the process.
KuCoin
KuCoin is a globally used cryptocurrency exchange. It was founded in September 2017 by Michael Gan and Eric Don. KuCoin Token (KCS) is the cryptocurrency of the KuCoin exchange. There is no clear information about the whereabouts of the company’s main office. According to many sources of information, the place of establishment of KuCoin is Singapore. Its head office is still located here. Some sites say that KuCoin is headquartered in Seychelles.
In a study conducted in 2018, it was stated that the headquarters of KuCoin is in Singapore. They said that apart from the headquarters in Singapore, they also have offices in China, the Philippines and Thailand. In addition, the ‘Company Profile’ section of KuCoin’s official site contains information that contradicts this statement made in 2018. According to the article here, KuCoin’s operations are managed from Seychelles, an island country in the Indian Ocean off East Africa.
Here are some advantages and disadvantages of the KuCoin exchange:
Advantages
- As one of the best crypto exchanges, KuCoin supports many crypto assets.
- There is a very good customer support service available 24/7 via the website, email, ticketing system and other channels.
- It has a wide variety of security measures.
- It has an interface that is easy to understand and implement.
- There are low commission rates for transactions.
Disadvantages
- The trading volume is low and little-known coins may experience liquidity problems.
- Problems can be experienced during high traffic periods.
Bybit
Bybit exchange was founded in 2018 by Ben Zhou, headquartered in the British Virgin Islands. Ben Zhou left XM, a trading company, and founded Bybit cryptocurrency exchange in 2018. Bybit cryptocurrency exchange is among the top 5 in the list of crypto money exchanges with the highest trading volume in the world.
Bybit exchange, its advantages and disadvantages are:
Advantages
- There is an exchange and a cold wallet where cryptocurrencies can be kept securely.
- Thanks to the double price mechanism, no wrong order is closed.
- The platform is always accessible.
- Mobile commerce application is available.
- It has low trading commissions.
- It has a functional interface.
Disadvantages
- A limited number of cryptocurrencies are listed.
- It has some negative reviews online.
Huobi
Huobi is a digital asset-focused financial services platform that offers cryptocurrency trading opportunities to its users. It was founded in 2013 by Leon Li in China. The Huobi platform is among the world’s highest-volume cryptocurrency exchanges.
With the bans in China in 2017, Huobi China ended its cryptocurrency exchange operations. It started to use its Chinese foot only as a consulting and research unit. Apart from its headquarters in Singapore, it also has offices in South Korea, Japan, USA, Hong Kong and Turkey. It expresses at every opportunity that it aims to provide the best quality service to its customers all over the world. Huobi Token (HT) is the native token of the platform.
The advantages and disadvantages of the Huobi exchange are as follows:
Advantages
- Users can mine cryptocurrencies through Huobi Pool. They can also contribute to liquidity pools and earn returns.
- Huobi Chain is the company’s blockchain network designed as a digital asset finance infrastructure. It offers solutions such as asset custody, governance and financial data services.
- The platform has been using the Security Reservation Mechanism as an asset protection strategy since 2018.
- Huobi Wallet; It is the platform-integrated digital wallet that Huobi Global launched in 2018. It supports the storage, transfer and exchange of tokens.
- Turkish language support is available.
- It has a high transaction volume.
- There is a useful interface.
Disadvantages
- It has high commission rates.
- Deposits and withdrawals from Turkey can take time.
- From time to time, access interruptions may occur due to processing intensity.
Kraken
Kraken was founded in 2011 by Jesse Powell in San Francisco, California, United States. The company is headquartered in San Francisco. It has a high trading volume compared to many exchanges. It is a trusted stock market in the crypto money market that it has been serving for many years.
If we examine the advantages and disadvantages of the Kraken exchange:
Advantages
- Account security is good.
- Commission rates are average.
- It is possible to earn a profit with the reference system.
- It has a comprehensive and understandable interface.
- In addition to Bitcoin (BTC), altcoins are also available in the market.
- The trading volume of the stock market is at a good level, above the average.
Disadvantages
- Turkish language support is not at a good level.
- Deposits and withdrawals from Turkey cannot be made directly.
- From time to time, there are access interruptions due to processing intensity.
BitFinex
BitFinex is a cryptocurrency exchange owned and operated by iFinex Inc., headquartered in Hong Kong and registered in the British Virgin Islands. Bitfinex was founded in December 2012 as a peer-to-peer Bitcoin exchange and is among the oldest cryptocurrency exchanges in the world. Bitfinex provides services in more than 50 countries, but does not have Turkish language support.
Here are some of the advantages and disadvantages BitFinex offers:
Advantages
- It has low commission rates.
- Customer support is provided by e-mail 24/7.
- It has detailed and advanced API access.
- It is possible to trade with more than 200 cryptocurrencies.
- There is a reference and reward system.
Disadvantages
- It does not have Turkish language support.
- There is no possibility of transaction with TL.
- It has mobile app which can be confusing for beginners.
- USA, Kyrgyzstan, Bolivia etc. countries are not used.