There are two sides to trading Bitcoin. There is the risky side, and there is the not-so-risky side. What side you find yourself on depends on the decisions you make. Good decisions equal profits, and bad decisions equal losses.
One of the numerous decisions you have to make as a Bitcoin trader is choosing an exchange platform that can guarantee the safety and security of your investment.
What Is a Bitcoin Exchange?
A Bitcoin exchange is a digital platform where traders can buy and sell their digital currencies using digital assets such as fiat currencies, electronic monetary units, and other digital assets. Traders seek to buy when the price is low and sell when it is high.
A typical Bitcoin exchange can be identified by the following features.
- Open 24/7
Exchange platforms are open 24/7 because there is a high demand for digital currencies. To meet these demands, the exchange platforms have to remain open always.
Also, many people from all over the world are beginning to understand and embrace cryptocurrencies more than ever. This means the services of digital financial organizations like Nakitcoins and other Bitcoin exchanges will be required by people from different time zones. So, these organizations have to stay open 24/7 to actually be a part of the global market.
- Some level of privacy
Some Bitcoin exchanges do not require your personal information before you are able to send or receive money through their platform. Others may require information about your identity but protect your privacy. This is important to traders who care about a high level of privacy.
- Instant transactions
Advancements in technology allow for online transactions to take place instantly. With a good internet connection, you can make a Bitcoin transaction through an exchange platform within seconds.
- Located online, offline, or both
A Bitcoin exchange platform can be located online (as is the case with virtually all of them) and offline. Accessing these platforms online is an obvious necessity, but some of them can even be accessed offline in a brick-and-mortar location.
Which Bitcoin Exchanges Have the Lowest Fees?
Having all of the features stated above endorses the credibility and reliability of an exchange platform to a reasonable extent. But you have to look beyond that to find the best ones. So, what are the cheapest Bitcoin exchanges around the world?
- NakitCoins
This is the first cryptocurrency cashpoint in Turkey. It offers a high-tech and secure trading environment for investors.
Features:
– 1% exchange fee
– Flexible payment methods
– Implements progressive technology in ensuring safety
– Services a very high trading volume
– Available in multiple countries
- Binance
Binance supports over 150 cryptocurrencies including Bitcoin. They also process very large cryptocurrency exchanges daily.
Features:
– Provides two-factor authentication
– Is not decentralized
– Accepts diverse payment methods like bank transfers, credit cards, and crypto
– Available in close to 200 countries
– Allows a trading volume of 1500 BTC or more
- Coinbase
Coinbase is one of the most popular coin exchange platforms with low fees. Its features include the following.
– High trading volume and liquidity
– Supports multiple digital currencies including Bitcoin
– Is not decentralized
– Charges an exchange fee of $0.99 to $2.99 on most transactions
- Paxful
This is a great peer-to-peer exchange platform where you can buy and sell your cryptocurrencies.
Features:
– Charges a service fee of 1% payable by the seller
– Is not decentralized
– Offers a high trade volume daily
– Requires two-factor authentication for top-notch safety
- Cash App
If you wish to buy Bitcoin at the lowest fees possible, you may want to check out the Cash App platform.
Features:
– Encourages peer-to-peer money transfer
– beginner-friendly user interface
– Ability to withdraw Bitcoin
– Withdrawal limit of $5000 worth of Bitcoins per week and $2000 worth per day
