Kryptowährungs Exchange / Börse - Overview of some exchanges for cryptocurrencies
Crypto exchanges, or simply stock exchanges , are becoming increasingly important.
In order to trade cryptocurrencies, you need a so-called cryptocurrency exchange or crypto exchange. There are now several crypto exchanges on the market. There are already over 200 crypto exchanges worldwide.
But not every crypto exchange offers all cryptocurrencies . In order to be able to trade the various cryptocurrencies, you usually need several accounts with the different cryptocurrency exchanges.
We have compiled some crypto exchanges where a huge selection of cryptocurrencies are offered.
All the basics about the Bitcoin reserve currency
In our article about Bitcoin you will learn how Bitcoin works and its advantages and disadvantages.
What are crypto exchanges? Cryptocurrency exchanges have been on the market for a long time. They have been around since the emergence of bitcoin. On the so-called cryptocurrency exchanges or crypto exchanges, cryptocurrencies can either be exchanged with each other or against fiat money (euros, dollars, etc.).
In practice, this means I can exchange my Bitcoins at the respective crypto exchange. I can exchange my Bitcoins for Ethereum, Ripple or many other cryptocurrencies. This function is the same for all cryptocurrency exchanges.
It is not the stock exchange that decides the price of the cryptocurrency, but the market itself. The supply and demand rule applies.
Cryptocurrency exchanges differ significantly in 3 things:
- Fiat - Crypto Marketplace (Buy cryptocurrencies with fiat money)
- Krypto - Crypto Marketplace ( Trade/Exchange Coin/Coin)
- Crypto Trading Marketplace (Trading Coins)
When trading cryptocurrencies, you have to be prepared for a very volatile market. Price fluctuations of 20% or more are almost the order of the day. If you want to invest in cryptocurrencies in the long term, you should not store your crypto coins on an exchange.
With the so-called HODLN, it is advisable to use a hard wallet. With a crypto exchange, you entrust your cryptocurrencies to the respective exchange.
This then manages the so-called private key. If you want to actively trade or trade with your cryptocurrencies, we recommend leaving the coins on the exchange so that you can buy and sell at any time.
Once you have your crypto coins safely stored in a hard wallet, it can take some time to send them to the crypto exchange so that you can sell them there.
What are cryptocurrencies
In our article about Cryptocurrencies you will learn how they work and their advantages and disadvantages.
Crypto Exchanges - The topic of hacks and security
When it comes to cryptocurrencies, security plays a big role. Since cryptocurrencies are traded with real money, they should be safely stored.
There are many reports about hacks of cryptocurrency exchanges. Therefore, you should only ever leave coins on exchanges that you want to trade. If you are investing in a cryptocurrency for the long term, a hard wallet is recommended.
Unlike a crypto exchange, here you have the private key yourself. Are crypto exchanges to be recommended at all? No one can give you a 100% guarantee of security.
Therefore, you should only leave the cryptocurrencies that you actively trade with a crypto exchange. All other cryptocurrencies belong in a HARD WALLET.
Crypto Exchanges - Fees and Costs
As a rule, registrations are free of charge at the crypto exchanges. Fees are charged for executed trades and for withdrawals. Some crypto exchanges also charge fees on deposits if they are very small. Bitfinex is one exchange that charges a fee for deposits under 1000 USD.
However, the fees are usually not particularly high. For trades, they are usually 0.1 to 0.2%. For withdrawals, a fixed amount is usually charged, e.g. 0.001 BTC.
Crypto Exchanges - Verification at the Exchanges
A very important point with the Crypto Exchanges is verification. In order to be able to deposit or withdraw fiat money at the cryptocurrency exchanges, verification must be carried out. This is mandatory for legal reasons if you want to directly deposit or withdraw fiat money.
If you only deposit or withdraw cryptocurrencies at the respective exchange, no verification is required. However, certain limits then apply for deposits or withdrawals. This is staggered differently for the various crypto exchanges. Some bitcoin exchanges also allow margin trading.
German Crypto Exchange
There are a number of German crypto exchanges. The best known is Bitcoin.de, which is not a normal exchange but a marketplace.
The Bison app from the Stuttgart Stock Exchangeis becoming increasingly popular. With Bison, you can buy cryptocurrencies very easily and uncomplicatedly.
This crypto app makes entering the crypto world as easy as possible. BISON is "Made in Germany" directly from the Stuttgart Stock Exchange and meets all the requirements for a German licence. In addition, BISON has implemented a comprehensive and multi-level security concept that is used for the safekeeping of your cryptocurrencies.
This is the first crypto app that is backed by the Stuttgart stock exchange, a traditional securities exchange. Bison Krypto offers a range of tradable cryptocurrencies. However, Bison can only be operated via an app. For the permanent purchase of cryptocurrencies, we recommend the crypto exchange Binance and Bitcoin.de.
Binance Crypto Exchange
Binance is now the largest and most successful exchange on the market. A large number of cryptocurrencies can be traded on this crypto exchange. But it is not only possible to buy and sell cryptocurrencies there. Binance offers a large number of services to earn a passive income with your digital currency.
Coin Staking is possible there, with which you can earn monthly interest on your coins. For Ripple XRP or Ethereum as well as Bitcoin and a whole range of other cryptocurrencies. Margin trading and lending are also possible there. The Crypto Exchanges is not the market leader for nothing.
Exchanges for Cryptocurrencies Summary
In order to be able to trade all cryptocurrencies, it is essential to register with a crypto exchange. However, you should pay attention to the trading volume of the respective exchange. Larger exchanges are usually safer and have more users.
This makes it easier to sell cryptocurrencies when the trading volume of the respective coin is higher on the crypto exchange I am on.
There are now many crypto exchanges on the market. It is often not easy to choose the right exchange. The best-known exchanges are Bitfinex, Binance, Kraken or, in Germany, the marketplace for cryptocurrencies such as Bitcoin or Ethereum Bitcoin.de.
We have compiled a list of crypto exchanges for you that have both a wide range of digital currencies listed and also keep the fees within reasonable limits.
Our favourite crypto exchange is Binance. The fees are low, the Binance crypto app is also very extensive. The tradable cryptocurrencies are also very extensive there. no other crypto exchange offers such a large selection of cryptocurrencies.
Above all, Binance is also one of the safest crypto exchanges. You should always store your digital currencies on your own wallet, but you can safely store some of them on Binance.
Be wary of new crypto exchanges that lure you with enormous offers. If a crypto exchange wants you to make a deposit for verification, it is always a scam. No reputable crypto exchange requires you to make a deposit for verification.
If you get a huge bonus on top, it is usually a scam. Such websites are not an exchange but a pure scam site. So stay away from such offers.
If you always stick to the known and secure crypto exchanges, you always have a certain degree of security. And you don't run the risk of getting caught in a crypto exchange scam.