How to Trade your cryptocurrency?

When you talk about trading of Cryptocurrency, the following transactions will come under that category.

  • Buying new cryptocurrency using your fiat currency
  • Selling your cryptocurrency for fiat currency
  • Exchanging one type of cryptocurrency for another digital currency

To make these transactions, there are Cryptocurrency Exchanges.

If you just want to make the occasional, straightforward trade, there are also platforms that you can use that do not require an account.

Cryptocurrency Exchange

These are the websites which allow you to buy, sell or exchange the digital currency. All you have to do is to choose an exchange, create an account and get your id verified, and you are ready for transactions.

There are three types of exchanges −

  • Trading platforms − These platforms are the websites that connect both sellers and buyers and they charge a fee for each transaction. If you want to make only one-time straightforward trade, you do not even require an account. You can just use these trading platforms for that.

  • Direct Trading − These platforms connect the individuals to exchange currency directly without any mediator. These platforms do not have a fixed price, and each seller will announce their own exchange rate. It is up to the individuals who are making the transactions to agree for the rate and other conditions.

  • Brokers − In these exchanges you can also use Brokers, who set a price for all the cryptocurrencies. They work similar to foreign exchange dealers. People who do not have any idea about cryptocurrency can also do transactions on this website safely.

It is always advisable to check the reputation, fee charged, and exchange rates before you start doing transactions on these exchanges.

Here is a list of some proven and most used exchanges for cryptocurrencies.

  • Upbit
  • Huobi
  • Bittrex
  • OKEx
  • Coinbase
  • Coinsquare
  • Bitfinex
  • Kraken
  • Shapeshift
  • Poloniex
  • Bitstamp
  • Bitthumb
  • CoinMama
  • Bitsquare
  • LinkCoin
  • LocalBitcoin
  • Binance

Updated on: 30-Jul-2019


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