Reviewing Cryptocurrency Exchanges
          

Top Cryptocurrency Exchanges South Africa

Digital assets are on the rise

Nobody ever heard about cryptocurrencies until 2009. But the invention of bitcoin gave impetus to the creation of thousands of new electronic currencies, making the choice really huge. Logically, this new type of money immediately raised significant interest in turning crypto currency into a powerful trading instrument. And it was mainly reasoned by its high volatility.

In the very early days, you could have found very different prices for one and the same cryptocurrency, including bitcoin. And since these new coins existed only in electronic space, they did not have direct attributed value. It all led to drastic price fluctuations of all digital currencies during the first years of their existence. It is still not stable, but a clear tendency has been outlined over the last few years.

Some currencies have proved to be reliable enough to attract the attention of traders. This way, cryptocurrencies paved their way to an exchange, where they could be freely traded. The whole process is simple enough – traders were exchanging one asset for another with the purpose to hold the asset until its price goes up. The popularity of these activities led to the emergence of a lot of new exchanges around the world. And all of them function quickly reacting to all market changes.

What Is a Crypto Exchange?

Before comparing the best world’s exchanges, it is essential to understand how they operate.

A crypto exchange is a service that allows you to trade cryptocurrencies. Very many platforms accept both fiat money and electronic coins. So you can sell and buy both fiat and cryptocurrencies in any combination.

Actually, there is nothing special about exchange performance. You only have to register on the chosen platform and start trading. These services connect real people who want to exchange their digital assets. All you need to do is to enter the amount you want to sell or buy and start the transaction. Then you can keep the received funds until their value grows and further trade the.

Cryptocurrencies are traded in the same way as all other assets. There is some market value, which is largely influenced by multiple external factors, with supply and demand being the main ones. It can be explained that cryptocurrencies are quite unique and do not have real-world value.

To be able to deposit your account on a crypto exchange, you will need to have an active virtual wallet. This is a service for storage of your crypto capital. You will be using the wallet address to send funds to the exchange account. Please verify if a particular exchange accepts the coins you are going to sell. Some exchanges offer their own built-in wallets that are well protected.

Once you top up your exchange account from the wallet, you can create a buy or sell order in the system. Once the other interested client sees your offer and is happy with the rates and other details, you start the transaction. So the aim of the exchange is to help people conduct mutually favorable deals. Always check what are the exchange requirements for such operations, as they can slightly differ on various sites.

What Influences the Value of Cryptocurrencies?

Digital assets are always highly volatile with their value difficult to forecast.

Before you start active trading on the reputable cryptocurrency exchanges, make sure to learn more about cryptocurrencies, in particular, what affect their value. It would be impossible to list all factors, but here are the most important ones to take into account.

  • Limited supply. This is one of the top factors that can affect the price of a particular coin. For example, bitcoin has a preset emission. So, in many cases, it is known in advance how many coins can be issued in total. Once the coin has limited supply, it becomes extremely difficult to get more coins when current circulation gets closer to the maximum.

For example, only 21 million bitcoins can be mined. This quantity is really nothing when it comes to any currency. So this is the reason why bitcoin is so highly valued. This coin is already approaching its limit supply, so fluctuations are inevitable when no longer coins are expected in circulation. At least, this is the point of view of major bitcoin holders.

  • Demand. It is another crucial factor that significantly influences the value of this or that cryptocurrency. The more customers want to purchase a certain coin, the higher the mark is reached if the supply does not grow. In cases when supply is not limited, there is an end limit which also influences the demand.

It is not the only factor that influences the demand. It is crucial to take into account all benefits a particular coin provides, as well as regulations in force for different currencies. Once you know the level of interest in a certain coin, you can roughly predict how much the demand affects its value.

  • Regulations. There is no generally accepted cryptocurrency regulation in the world financial system. In some countries, there are restrictions at all, while in others, there are still disputes on how to monitor this relatively new type of money. Experts believe that once this question is solved, the value of digital money will substantially rise.

No one can confidently state how regulations will restrict the use of cryptocurrencies. Electronic coins can lose their current value. But the adoption of cryptocurrency is inevitable, and it will be reflected in its value.

  • Media. All forms of mass media always have influence on the value of cryptocurrencies. Public reaction can seriously change the value of any coin. So any information can lead to unexpected jumps of cryptocurrency. All people follow major events today, and any breaking news immediately becomes an effective tool for price prediction.

This list is not full, but these factors are the most crucial.

Review of Exchanges

Today, you can find a lot of crypto exchanges and an average user often struggles which one to choose. Sometimes, these services may have similar offerings but still there are differences. So it is important to know these nuances and understand how they differ if you are going to trade cryptocurrencies.

The most important feature is the level of security this or that exchange provides to their clients. It is crucial when you make transactions in an online environment. So once you are looking for a reliable exchange, make sure this is the number one criterion. A crypto exchange is your guide in the crypto world.

Coinbase

This is one of the largest exchanges. It started its operations in 2012, shortly after the Bitcoin invention. It is based in the US and functions according to all regulations required here. Once joining the platform, you can use one of the two accounts – standard and pro. This exchange has high commissions for a standard account, while a pro account comes with many benefits. Holders of a pro account can enjoy advanced charting possibilities and effective indicators to spot even the tiniest changes in the market. Besides, the service offers an extensive list of coins for trading. But it would be fair to mention that some of Coinbase competitives have even better cryptocurrency variety. The exchange system is very user-friendly, and even a beginner will quickly learn to navigate the site. If you are going to use the exchange crypto wallet you can be sure, it is well protected from hacks. Overall, this crypto exchange offers a really favorable trading environment with all the features an average user may need in the process of work. It is especially recommended for newcomers to the cryptocurrency sphere. Get acquainted with the main features:

Available currencies 23 coins.
Fees and commissions You pay $0.00 for all operation under $10; you pay $1.49 for operation of $10-$25; you pay $1.99 for operations of $25-$50; you pay $2.99 for operations of $50-$200. And for higher amounts a fixed interest rate is charged depending on the payment method.
Wallet A free online wallet compatible with mobile devices.
Payments All main payment methods – a bank card, wire transfer, electronic services.
Security Two-factor authentication; traffic encryption with SLL protocols; wallet is encrypted with AES-256 protocol; only 2% of clients’ funds are kept online and these are insured.
Mobile apps For iOS and Android.

Binance

This crypto platform was founded in 2017. Despite being young, it managed to attract many traders. It can be easily explained by one thing – the exchange offers their clients more than 150 different cryptocurrencies. It is rather difficult to find a service with such an impressive choice of crypto assets. Binance works not only with digital money – it accepts fiat money as well, even if crypto coins still dominate. It also offers to trade its own token – BNB. Very soon the exchange achieved a very high trading volume which enabled it to rightfully take the place among the most influential crypto platforms in the global arena. And a flexible and affordable fee system left its competitors far behind. In record time, the platform managed to build a huge client base, and new users come to the service every day.

Registering on the site, you can make a deposit in crypto or in fiat money. This feature makes the exchange accessible literally to everyone. The only downside you may find here is the somewhat complicated setup. It may be a bit difficult for a beginner to navigate the service. Other than that, it works excellent.

Available currencies 740 fiat and crypto pairs.
Fees and commissions A flexible and competitive commission system. You pay 0.01% for a transaction and only 0.075% for transactions involving BNB token.
Wallet Mobile app – Trust Wallet.
Payments All major methods are supported – bank transfer, banking cards, electronic payments.
Security The exchange has launched an exclusive system of monitoring – CryptoSafeAlliance (CSA). It combines many services aimed at improving platform security.
Mobile apps A free app for iOS and Android.

Kraken

This exchange entered the market in 2011. The service developed at impressive speed, and only in a few years, it became one of the leading exchanges on the market. It remains very popular among traders as it offers a good selection of both altcoins and fiat currencies. Even if some other exchanges have a bigger choice, Kraken has other strong features that encourage customers to stay with it.

Users highly appreciate this exchange for multiple technical possibilities that are vital for successful trading activities – comprehensive charting tools and margin trading. Advanced traders benefit a lot from these features. Beginners may find it difficult at first, but with some effort, they can master the interface too. Once you successfully perform your first transactions, things will start moving faster.

Summing up, this exchange has everything a trader may need for his everyday day. The only shortcoming to mention is insufficient choice of payment methods. So before you decide to create an account on the site, check you will be able to freely deposit and withdraw your funds. If you do not find the desired option, it may not be convenient for you to work with this particular exchange.

Available currencies 8 cryptocurrencies.
Fees and commissions For all transactions up to 50,000 of a particular token, a seller is charged 0.16% and the buyer is charged 0.26%. For the amounts above 50,000 of a particular coin, the commission changes to 0.14% and 0.24% accordingly.
Wallet No crypto wallet.
Payments Only direct transactions from crypto wallets or a bank transfer. Bank cards are not accepted on this platform.
Security 2 factor authentication; PGP encryption; the exchange also uses a global setting lock to prevent too many changes of the account.
Mobile apps Kraken Pro and Kraken Futures.

Bittrex

This exchange was launched in 2014. It was the time when cryptocurrencies made their way to the global financial market and became an interesting instrument for trading. Its founders approached the task correctly, by offering a really impressive choice of coins. It enabled traders to easily diversify their trading portfolio for a better result. Moreover, the creators of the exchange also added a virtual wallet to their service enabling users to safely store their funds on the platform. The site is quite reliable as many protective technologies have been implemented here for customers’ safety.

Available currencies More than 250 trading pairs.
Fees and commissions The exchange uses a flexible system of commissions, but there is a different fee for every coin.
Wallet Online crypto wallet.
Crypto wallets, bank cards and banks transfers.
Security Around 80% of all funds are kept in cold storage; 2 factor authentication; IP verification via the email address once a user signs in via a new IP address; IP whitelists.
Mobile apps Bittrex Global and Bittrex app.

BitMex

This exchange accepted its first client back in 2014. And it took only several years to attract thousands of traders. It was mainly thanks to its enticing margin trading offers. There was no other platform with such attractive requirements for binary trading. For example, for futures, a trader could use leverage that was a powerful method to multiply the earnings considerably. At the same time, leverage is a tricky mechanism that is always associated with a high financial risk. So, margin trading is advisably only to traders with enough experience on the market.

Bitmex is a reliable platform. The registration process is more than simple. It is an excellent trade-off between ease of use and a lot of additional opportunities. Traders keep joining the exchange with the intention to get the benefit of margin trading.

Available currencies 55+ trading pairs.
Fees and commissions No fees are applied for deposits and withdrawals. For all transactions, users pay 0.075% of the total trade amount.
Wallet Online BitMex wallet.
Payments The service accepts only crypto wallets.
Security Funds are stored on cold wallets; 2 factor authentication; Registration via SMS; Multi-signature wallets.
Mobile apps Bitmex mobile app.

Bitfinex

This exchange has been working since 2012, it is considered to be one of the first services of this type. It managed to grow and remain popular during all these years. The winning feature of Bitfinex is margin trading. Many traders could get a stable profit using this opportunity. As it has been already mentioned, you need to have some experience to use margin for your transaction. Otherwise, there is a high risk of losing your investments.

Bitfinex does not have the widest choice of trading instruments on the market. But the platform has accepted both crypto and fiat assets since 2015 which made it extremely popular among traders. Thanks to this feature, users from around the world can use the exchange without problem.

Available currencies 140 cryptocurrencies and 300+ trading pairs.
Fees and commissions No fees are applied for deposits and withdrawals. For all USD transactions, 0.1% is charged but no less than $20. Fiat money transaction fee is $60. For other operations, the service charges 0.1% for the maker and 0.2% for the taker.
Wallet Three different wallets available – Margin, Exchange, Financing.
Payments The service accepts crypto wallets, banking cards, and bank transfers.
Security 99.5 % of all funds are stored on cold wallets; several step authentication is required to reach this money, so it is safely protected.
Mobile apps Available.

Localbitcoins

It is another pioneer among crypto exchanges. Localbitcoins entered the market in 2012. Its main characteristic is that originally it started as a P2P (peer-to-peer) service, and it did not focus much on trading volume.  Even if the service is global, its customers have a local trading experience.

The platform allows every trader to find a favorable offer and discuss the rates with other participants until you reach agreement. You can open an escrow account to make the transaction process easier. The exchange managed to create a really reliable environment for trades. So it is popular enough especially among beginners in the industry. However, it is important to mention that Localbitcoins operate with somewhat higher rates than other similar services.

Available currencies Only Bitcoin is traded here.
Fees and commissions Buyers do not pay any commissions, while sellers are charged 1% of the traded amount.
Wallet Crypto wallet for btc.
Payments Banks transfers, banking cards, electronic systems.
Security 2 factor authentication; escrow account system.
Mobile apps No.

Poloniex

The first operations on this exchange were recorded in 2014. Since that time, the platform has proceeded quite well. It offers more than 100 crypto pairs to trade in a highly-reliable environment. The service charges very low commissions and offers a lot of advantages to its customers. For example, the higher volume you trade, the less fee you are going to be charged.

Poloniex applies separate fees for takers and makers. It is done on the purpose to encourage traders to open more positions, as makers pay really small fees for it. There is a whole list of other benefits for traders registered on Poloniex – these include chat boxes, analytical tools, news feed and much more. The site has a very easy-to-navigate interface.

Available currencies 100+ currency pairs.
Fees and commissions All deposits are free of charge. Withdrawal commission is fixed for every particular coin. Split fees for takers and makers.
Wallet Online crypto wallet.
Payments Payment methods differ depending on a country of trader residence.
Security 2 factor authentication of the account.
Mobile apps Available.

KuCoin

It is one of the youngest exchanges registered in Singapore in 2017. Despite its age, the platform was created by very experienced market players. So the service has everything necessary for successful crypto trading. Thanks to modern features, it immediately gained popularity and attracted users from nearly all countries around the world.

One of the winning features is a high-class protection system implemented on the exchange. It can be compared to that used by the most reputable banks. High-level encryption and several-stage authentication are applied here. Up to now, there were no cases of hack breakages on this platform. But it is too early to evaluate the security of this exchange due to insufficient existence on the market.

Available currencies 200 tokens and 450 currency pairs.
Fees and commissions All deposits are free of charge. Withdrawal commission is fixed for every particular coin. A flat fee of 0.10% is charged for all transactions.
Wallet Available.
Payments All major payment channels are supported, including electronic systems.
Security 2 factor authentication by Google.
Mobile apps Available.

Bitpanda

Originally the exchange was known as Coinimal. This Austrian service was launched in 2014. But some time later, it was renamed to Bitpanda. The aim of the platform was to make crypto trading accessible and easy for every individual. For this, the founders created an easy-to-use site where even a complete beginner will navigate with no effort. This approach worked well, as the exchange attracted over a million of users within just a few years.

Besides cryptocurrencies, you can also trade other instruments here – silver and gold. The platform offers automatic tools that facilitate crypto trading a lot. Once you have enough experience in the industry, you can trade between digital assets and metals. The company has many branches around the world that offer additional opportunities to make money. You can invest in the exchange’s own token and use it to minimize your operational fees.

Available currencies 30+ cryptocurrencies.
Fees and commissions All deposits and withdrawal commissions are fixed for every particular coin. The same approach works for crypto trades.
Wallet Bitpanda crypto wallet.
Payments Bank transfers, banking cards, electronic systems.
Security 2 factor authentication for every login. Cold storage of funds. Validation via email address.
Mobile apps Available.

Coinmama

Coinmama is another decent resource for crypto trading. It started its operations in 2013 when cryptocurrencies have firmly entered the world financial system. You should not treat the platform as an exchange service. Technically, you are buying and selling assets to the exchange itself.

The choice of crypto coins is not so wide on this platform. Once you buy bitcoins through your credit card, be ready there is a limit on the amount you can purchase. And do not forget to check what commission is going to be charged for the amount you want to exchange. There are enough payment channels accepted on the site. Also, you can find decent multilingual support as the exchange is focused on the global market. The only drawback is that there is no crypto wallet on this platform. Other than that, it is a good option for a beginner.

Available currencies 10+ cryptocurrencies.
Fees and commissions A service charge is applied for using a bank card. Fixed fees for cryptocurrency sale and purchase.
Wallet No wallet available.
Payments Bank transfers, banking cards, electronic systems, SEPA and SWIFT payments.
Security Trust Guard and Comodo protective technologies.
Mobile apps Available.

Paxful

This exchange started to serve traders in 2015, it was registered in the US. From its emergence, the service aimed at the global audience, accepting customers from Europe and the US. The platform itself is rather basic, with reliable protection and affordable fees. In other words, Paxful can be called a P2P exchange. If you start working here, you need to create your portfolio. You can look through portfolios of other traders and evaluate their reliability before confirming a trade.

One of the biggest shortcomings of this service is that it allows you to trade bitcoin only. Actually, you can use a whole list of currencies to pay for bitcoin. But when it comes to a selling transaction, you can sell bitcoins only. A fee of 1% is applied to all sales, while purchases are free of charge. The exchange supports a lot of payment methods.

Available currencies Bitcoin.
Fees and commissions A fee of 1% is applied to all sales, while purchases are free of charge. Additional commission may be charged depending on the chosen method of payment.
Wallet The Paxful wallet app.
Payments All known payment methods are supported.
Security Mandatory verification procedure; 2 factor authentication.
Mobile apps App for Paxful wallet.

HitBTC

This exchange is based in Denmark. It was launched in 2013. The service was created with the aim to offer as wide crypto choice to the individuals as possible. Currently, the exchange offers over 800 trading pairs. You will be able to find even the rarest coins on this platform. This approach is an excellent way for users to diversify their investment portfolio. HitBTC offers a demo account that allows every new customer to test the service for free. All customer funds are protected by the most reliable technologies. The exchange allows you to trade high volumes.

The downside of the platform is that it does not accept fiat money. Only cryptocurrencies can be traded here. But to overcome this inconvenience, the exchange added a special built-in system where you can buy digital coins and pay using a bank card. But in this case, you will have to pay higher commissions.

Available currencies 800 trading pairs.
Fees and commissions All deposits are free of charge. Withdrawal commission is fixed for every particular coin. Multi-level trading system.
Wallet No crypto wallet.
Payments Only cryptocurrencies are accepted.
Security 2 factor authentication; high-level encryption technology.
Mobile apps No.

As you see, the market is full of excellent exchanges. Now you need to analyze your needs and select the one that suits your expectations best.

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