Guide to Cryptocurrency Exchanges (Part 2 of 3)
Exchanges

Guide to Cryptocurrency Exchanges (Part 2 of 3)

Coinbase Exchange

Coinbase is one of the most popular Cryptocurrency trading platforms that’s not only easy to navigate but also secure. The San Francisco-based exchange was launched in 2012 and has a customer base of over 12 million people spread in 32 countries. The website is the largest Bitcoin exchange in the world.

How To Set Up Coinbase Account

To create your Coinbase account, you need to provide your name, email, and password. After confirming your email, indicate whether you want a business or individual account. Given that the exchange supports 2-FA, you’ll be required to verify your phone number.

coinbase

Coinbase supports bank transfer and credit card payment methods. You’ll have to verify your bank account when you select bank transfers or send the screenshot of your credit card when you prefer the alternative payment method. Credit and debit card transactions are instant while bank transfers take up to 5 to 6 days in the US and 1-3 days by SEPA transfers. You can withdraw funds through PayPal if you are based in the US.

You can buy different Cryptocurrencies once you have loaded your account. Before executing any transaction, Coinbase will require you to confirm the transaction by providing you with the details of the transaction.

Security On The Exchange

As a U.S. based company, the Coinbase exchange complies with the various laws and regulations in both levels of government. This means the website operates at higher levels of accountability than most of the exchanges. The exchange is also backed by trusted companies that include Bank of Tokyo, Reddit co-founder Alexis Ohanian, and Digital Currency group among others.

It is advisable to use a strong, unique password on your account. Coinbase also provides multiple 2-factor authentication (2FA) methods to its customers. You can set up a third party 2FA app such as Authy and Google Authenticator.

Binance Exchange

binance

Binance exchange was launched in 2017 and has grown to become one of the world’s most popular coin-to-coin exchange. Its low trading fees and variety of Cryptocurrency offerings have played a major role in enhancing its popularity. Although the exchange is not beginner friendly, it has a mobile app that enhances its accessibility.

Binance has two trading platforms namely Basic and Advanced. Whereas the Basic platform will allow you to perform all the simple trades, the Advanced one comes with detailed features for seasoned traders. The website’s main dashboard has a candlestick chart, order books and other charts and graphs making it attractive to veteran investors.

How To Sign Up

Opening a level 1 account does not require verification. However, while upgrading to level 2, you will upload a photo ID and wait for approval. Although you can fund your account in various Cryptocurrencies, it is advisable to use either ETH or BTC. Deposits take different times to reflect depending on the currencies used with ETH taking a shorter time than BTC.

Binance supports a wide variety of Cryptocurrencies receiving praise from many traders. Apart from the main virtual currencies such as Bitcoin, Litecoin, and Ethereum among others, the exchange also supports various several tokens.

In terms of security, the exchange has attained a high level of trust from many Crypto traders. The exchange supports 2-FA making their users’ accounts even more secure. The exchange’s list of FAQs covers almost everything. You can contact the company through an online form and expect a response through email.

December 17, 2018

About Author

Samantha Mitchell

Samantha Mitchell Sam Mitchell is a ICO Reign contributor from South Africa. She lived in the UK and is now living in Australia. She comes to the team with extensive VA, Writing, and Social Media experience covering a wide variety of genres from book reviews, Whitepapers, blogs, guides to news pieces...and more. Sam has been a full time Freelance Writer for the past 14 years, working with many different clients.


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