In this digital era, cryptocurrencies have become so vast that people have started using it even as a daily payment method. This makes the conversion to cryptocurrencies from traditional ones a small step in the way.
Cryptocurrency exchanges play this role. With many rising platforms for exchanges, we have listed a few popular exchanges that will be beneficial to new and old traders in the coming years. In this article, we shall discuss various cryptocurrency exchanges, how it works, peer to peer exchanges, and more.
What is Cryptocurrency Exchange?
Cryptocurrency exchanges, as the name suggests, is an exchange through a digital platform that enables cryptocurrency holders to trade their digital assets. The digital platforms connect buyers and sellers to trade according to the current market trend or otherwise.
How Crypto Exchanges Work?
To start trading, users have to have an account on a cryptocurrency exchange platform. Exchanges are available for even popular currencies like Bitcoin, Ethereum, and more. The most popular crypto exchanges are Binance, Coinbase,Kucoin, FTX, Kraken, etc.
The working of crypto currency exchanges are simple. When a person requests fora transaction, the requested transaction is broadcast to a P2P (Peer to Peer) network of computers which is known as nodes. This network of nodes validates the transaction and the user’s status using the known algorithm.
These transactions can involve contracts, cryptocurrencies, records, or other information. After the transaction is verified, it is combined with other transactions to create a block of data for the ledger. This new block is added permanently to the existing blockchain. Hence, the transaction will be complete.
What is P2P?
P2P or peer to peer is the same as cryptocurrency transaction mechanism, it does not involve an intermediary to have complete the transaction. This platform allows users to connect directly to negotiate terms, set prices, and choose the method of payment from buyer to seller or vice versa. In the future, the best P2P crypto exchanges will offer secure and user-friendly interfaces with more payment options.
With P2P exchanges, buyers will be able to transact using local payment methods and sellers will have flexibility to set their own prices. P2P plays a crucial role in the cryptocurrency ecosystem, providing decentralised and direct trading options. This improves flexibility and accessibility especially for users with limited access to traditional banking.
There are also different types of P2P exchanges. Fiat to Crypto exchanges, crypto-to-crypto, are some of the types. Here, you could convert traditional currencies to cryptocurrency and vice versa and also trade one cryptocurrency for another without involving any other currency.
Top 10 Cryptocurrency Exchanges
1. Binance P2P
The global reach and minimal transaction fee for transactions were the key factors Binance got so popular for. With the support for more than 70 local currencies and more thn 300 payment methods, Binance helped users worldwide to buy and sell their cryptocurrencies using local payment options. The security this platform offers is also commendable along with the accessibility to even new users. Ensuring all the users are verified helped gain trust by the users which in turn, enhanced the credibility of Binance.
2. OKX P2P
OKX P2P was initially known as OKEx. This platform was known for its high liquidity and fast transactions. It supports multiple crypto currencies and has only minimal transaction fees which makes it convenient for trades who trade frequently. The user interface and customer support initially brought the traction to this platform and is still flexible till date. This efficient system makes it perfect for beginners who are learning to trade and those who are frequent traders.
3. Kucoin P2P
Kucoin P2P is ideal for those traders who want variety in their currency transfer options as it has a large selection of addicts. Even though the platform is flexible, it is also designed to accommodate both frequent and new traders regardless.
4. Remitano
One of the most popular crypto exchange platforms in Asia and Africa is remitano. The customer support and user interface is the primary reason for this. Providing multiple payments, use of the escrow system and various other features are offered by this platform. Remitano is designed in such a way that it allows even beginners to buy and sell crypto with ease.
5. eToro US
6. Onada US
7. WazirX P2P
WairX P2P is one of the prominent cryptocurrency exchanges in south-east Asia. It is a no-fee platform that is secure enough to trade other crypto currencies. Its auto-matching engine helps connect buyer and seller quickly without them having to do it manually. This platform is mainly targeted for those who prioritize low-cost trading and efficiency. Therefore, for those looking to convert fiat into crypto without additional fee, this platform is perfect.
8. Bitvalve
The versatility and accessibility of this crypto exchange system is what gained more clicks in Bitvalvee. This platform also supports multiple cryptocurrencies making it easier to maintain a diverse portfolio. Bitvalve only offers a low transaction fee and is high on security preventing direct custody of funds. The user interface and customer support is another reason why new raiders also dug into this for their transaction control.
9. ByBit P2P
ByBit is a new platform that gained its fame for its user-friendly interface and strong security features. This platform supports a number of payment options and enables transactions in several local currencies. This platform also includes features like Multi-factor authentication and a 24/7 availability from customer support.
10. Hodl Hodl
This platform has a non-custodial approach to P2P trading. This reduces risks associated with centralized exchanges. Hodl is also available globally and does not have strict KYC requirements which is a boon to users who want to keep their privacy. This platform uses an escrow system in the form of multi-signature contracts. This allows users to control their funds. This P2P exchange application is ideal for users who are big on privacy along with a decentralized network.