Reviews on Platforms Used for Bitcoin Exchanges
Are you in the process of looking for a decent place where you can do some Bitcoin day trading? Or perhaps you are wondering where Bitcoin Exchanges often take place? If you are new to Bitcoins, reading reviews of Bitcoin trading and exchange platforms can certainly help you make an informed decision. Remember that if you sign up for any of this platform, you are giving them your full trust that they will not steal your Bitcoins and that they will not take your money without giving the Bitcoins you have purchased from them. So refer to the list below for some details about seven companies. Learn more here at About Us.
Since 2013, BitFinex Exchange has been one of top go to exchanges for Bitcoin trading. There is two main reasons. One being that is has the most volume – which results in best liquidity and thinner spreads. Two, it offers Margin Trading and Funding which is perfect for any trader – large or small. Trades Bitcoin, Litecoin, Etherium, USD, and more. This is by far the best exchange if you are looking for USD/EUR. The only other exchange that can compete with BitFinex is Poloniex. But Poloniex is only good if you are interested in trading LSK or Etherium.
Coinbase is the best choice for Bitcoin Exchanges if your main concerns are security and ease of use. If you link your bank account with Coinbase, you will have to send them money in order to purchase Bitcoins at the current offer price. They will have to wait for a few days before sending your Bitcoins in order to ensure that your transaction clears. As you know, Bitcoin is a murky financial area and just like with most companies online, Coinbase simply do not want to risk any identity theft or other problems. But as soon as the transaction clears, they will immediately give you access to your Bitcoins.
After 30 days since your last transaction with Coinbase, you will be given an option to add a credit card into your account so you will be able to take advantage of “instant buy” option which is up to 1 BTC per day. The platform that Coinbase uses is very popular and allows you to own and manage your Bitcoins in the easiest way possible. They are also great when it comes to security features and user authentication so your account will be safe with them. Basically, Coinbase is a trading platform used for Bitcoin Exchanges.
Individuals or groups can open accounts to buy and sell Bitcoins through Bitstamp for as long as they verify their identity in accordance to the European compliance standards. First of all, Bitstamp is famed for their excellent level of customer support. Their withdrawal and deposit times are just within the normal perimeter which is from 2 to 5 business days.
The first step to using Bitstamp for your Bitcoin Exchanges is to register to their website and set up an account. They will then verify your account and the process would require entering additional identity information such as your first name and last name, address, birth date, as well as scanned copies of a government issued ID.
Once your account is verified, you can immediately send and receive money. For deposit, simply transfer the Bitcoins to the address that they provided for your account. There is no fee charged for this. As soon as your Bitcoins arrive, you can start trading immediately.
Bitstamp operates 24 hours a day and seven days a week, so you can pretty much do Bitcoin exchanges at anytime you want to. If you want to be able to buy or sell Bitcoins at the current market price, you can take advantage of what they call the instant orders. After that, they will execute your order at the best price. So if you’re looking for a reputable company with excellent customer service, Bitstamp would be a great choice.
Mt. Gox was one of the most popular Bitcoin Exchanges. Unfortunately, it has gone through a loss and in fact, right now, they are no longer in operation. Nevertheless, it would be ideal if we take a look at some of its features so we would know if other exchanges could suffer the same fate as it did.
You might find “Mt. Gox” to be an unlikely name for an exchange. But this actually stands for “Magic the Gathering Online Exchange”. And although they are no longer in operation now, all those who were involved with Bitcoins for the past year are very much familiar with this medium of Bitcoin exchange. Everyone who has traded with Bitcoins is certainly familiar with Mt. Gox, ever since it was launched in the year 2010.
Mt. Gox was well established, but the biggest problem happened when competitors came into the picture. According to some sources, Bitstamp has overtaken Mt. Gox when it comes to trading volume. An appraisal of the company cannot be made without having to mention the problems that they have faced with their users, which until now, they are actually facing. This is especially true when withdrawing funds.
There were many instances that the exchange has suspended the withdrawal of US funds, although it resumed at a later time. This expectedly led to a loss and since then, users are no longer confident to use Mt. Gox as their medium of Bitcoin Exchanges. If you check out some forums, a lot of people will complain about not receiving their funds.
Mt. Gox has actually partnered with a content delivery network to somehow improve the performance of the site. Yet, this has not changed the withdrawal issue that Mt. Gox has faced. Until eventually, the company was left with no other choice but to close down.
The BTC China is among the most popular players when it comes to exchanging Bitcoins although obviously, it caters more to the Chinese market. Yet, it has one of the world’s highest volumes of Bitcoin Exchanges. The company is based in Beijing, and they are said to be the oldest crypto currency exchange in China, having been established in June of 2011. The exchange has benefited from the $5 million worth of investments that some investors provided in order to fund the development for such trading platform.
BTC China is a place where Bitcoins can be sold or be bought using China’s currency, the Chinese Yuan Renminbi. There is a fee of 1% or less that will be charged for withdrawing funds coming from the exchange and there are lots of payment services as well.
Bitcoin Exchanges through BTC China has become even more popular when Baidu, a Chinese Internet search engine giant, has started accepting payments using Bitcoins. Chinese investors have then begun creating a huge demand for Bitcoins which led to the pushing of the price to more than $1,000 BTC on the last couple of months in the year 2013. An impressive volume of more than 100,000 Bitcoins are said to be traded through BTC China currency each day.
VirtEX is the first ever Bitcoin exchange in Canada. They started with a beta version in June of 2011. The company is run by an Alberta registered corporation and the customer funds are being held through Canadian banks and trust accounts. According to the company, they have every intention of complying with the applicable laws and taxation imposed by the Canadian government. When trading with VirtEX, you can be assured that you are dealing with a reputable company who will not scam you in any way.
The best thing about VirtEX is that their website is equipped with various security features, such as the SSL Encryption. When you do your Bitcoin Exchanges with them, you will notice a picture of a key on your browser and the address often starts with “https”. This indicates that each and every communication that you have made on their site is fully protected the same way that your bank accounts are protected by your bank.
Furthermore, VirtEX has a browser identification feature. This is some sort of an identification token on your browser that is registered with VirtEX in order to prevent any unauthorized browsers from using your account. Such method is commonly used by banks in order to secure the accounts of their clients.
VirtEX also has server backups if needed, and this feature allows them to cancel any suspicious trading activity on their site. The great thing about VirtEX is that they have stated on their website that if in the event of an outage, which often happens to some other exchanges, they assure everyone that they will remain in contact through the email address you have provided them when you first signed up for an account. So if you are in need of a reliable and trustworthy platform for your Bitcoin Exchanges, then the VirtEX is definitely a great choice.
CampBX is one of the most favorite sites of Bitcoin traders to exchange their coins. They have user friendly interface so it is easy for everyone to navigate whether you are a beginner or a pro when it comes to Bitcoin Exchanges. The website also comes with various advanced features which you can find on other Bitcoin trading sites. One of the great features that they have is the ability to buy and sell orders. This can be done quickly and easily and you can even check out other consumer reviews that will agree on that.
Another advantage with trading with CampBX is that they offer two factor authentications for your account online. If you have not used this method before, then this would be a great extra precaution for you as it assures that your personal information and account information will be safeguarded. As soon as you log on with your username and password, you will immediately be asked to verify a 6 digit code and you will get that 6 digit code from the app that you can install in your smartphone which is called the Google Authenticator. The app is so easy to use as well and also comes with added security features for safe and secure Bitcoin Exchanges.
Another great quality that you can find with CampBX is that the site is based in the United States and not offshore, unlike most trading platforms today. They also accept Dwolla as payments. Just recently, the US Department of Homeland Security has cut off Dwolla from sending money through Mt. Gox that used to be the main trading platform for Bitcoins.
Signing up for an account with CampBX is so easy and quick, unlike other trading platforms for Bitcoin Exchanges. You will not have to go through various verification methods and you no longer need to wait for several days in order to start trading. The longest part was probably about 6 hours but that is because of the delay in sending money in Dwolla. As soon as your money gets transferred to them, you can immediately buy Bitcoins at reasonable prices, based on current market value.
Bitcurex.com is one of the newest platforms for Bitcoin Exchanges these days. With this platform you will be able to trade through two markets, one is for Polish Zloty and another is the Euro market. Each of the two markets has their own dedicated server and if you want to trade in both markets, then you will need to register on both market pages. Signing up for an account is quick and easy and will only require choosing a username and password and then providing your email address. You will then receive an activation link on your email which you need to click in order to verify.
Although they are still new, Bitcurex has the highest level of security on their site. Thus, you are assured that none of your information will be disclosed or be sold to a third party company. The services that they offer on their site are kept protected through limited access and with the use of a pass code that contains 40 characters. All of the incoming wire transfers are being checked for any fraudulent activity and because of this; the deposit could clear up to ten days although the normal time is not more than three days.
So if you are looking for a platform for Bitcoin Exchanges that will keep your account safe and secure, then Bitcurex is the way to go. The best thing about them is that signing up for an account is extremely very easy and will not take up a lot of your time.