Introduction
In simple terms, exchange refers to a marketplace that allows buying & selling of goods and services. In the past, we have heard about stock exchanges that enable the trading of stocks. Another type of exchange that is popular is the currency exchange. These types of exchange allow investors to purchase and sell their holdings in the market.
Like stock or currency, another popular exchange gaining popularity these days is the crypto exchange. This type of exchange allows investors to purchase and sell off their crypto tokens and coins. This exchange is possible using existing currencies and alternate coins available with investors. One prominent exchange platform is https://yuanpaygroup.site/.
Let us understand the key takeaways here –
Crypto exchange is like a brokerage. An investor can add money to his/her wallet by transferring funds from your bank account. The primary role of these exchanges is to function as a medium between two investors. One investor is the buyer and the other is the seller.
As an investor, you have two options while dealing with crypto exchanges. An investor can purchase cryptos either through market or limit order. As the name suggests, an order placed under the market is executed when crypto hits the best price. However, the case is different in the limit order. In the case of crypto opted under limit order, then the sale is executed at a price lesser or higher than the bid rate.
How to undertake transactions using an exchange?
By now, you have already understood the need for a crypto exchange. Let us now understand how to open a crypto exchange account.
- Download a credible exchange
- Complete the user registration processes including identity verification
- Depending on the type of exchange, your account may get activated in a couple of hours or days
Once the verification is completed and the account is active, you can start trading using these exchanges. Most accounts allow investors to load your digital wallet by wire or bank transfer from your linked account.
Now that we have understood the concept of crypto exchange, let us understand the top 05 crypto exchanges in the UK.
eToro:
This platform allows investors to undertake both stocks and crypto investments. There are more than 115 cryptocurrencies available in this exchange for investors to choose from. There is a demo kit available for all investors for free. Every withdrawal undertaken through this exchange involved $5 as transaction fees. Currencies or investments other than USD attracts conversion charges.
Coinbase:
One of the popular exchanges in the UK. This exchange allows users to buy, hold and earn rewards from one place. Investors get access to more than 500 cryptocurrencies. This includes Bitcoin, Ethereum, Dogecoin, and Litecoin to name a few. Another added advantage is the benefit of monitoring market fluctuations. There are multiple factors involved while selecting transaction fees in coinbase. Ensure that you are completely aware of these costs and transaction charges before investing.
Gemini:
If you are a beginner in crypto investing, then Gemini will be a suitable choice to meet your needs. The app is user-friendly and provides a better understanding of investment options. This exchange also makes all your transactions hassle-free including trading, price alerts. UK users can choose multiple currency options including GBP, AUD, CAD, etc. There are maker-taker charges and withdrawal fees associated with every transaction.
Blockchain:
Allows investors to buy and sell cryptos including bitcoins using your cards. This could be your credit or debit cards or a link to your bank account. If you are an advanced trader then you can also play around with the customizable charts. Many studies are technical in this application enabling safe and sound transactions. Another added feature of this exchange is the ability to build your logic. Yes, you heard it. investors can build their logic to track and monitor market fluctuations.
Bitpanda
An easy-to-use platform. Like eToro, this is another exchange allowing for multi-asset investment options. This exchange allows users to set their investment model, recurring payments scheme for shortlisted assets. Currently, there are more than 3 million users globally.
Unlike fiat currencies, cryptocurrencies are not backed by any regulatory agencies. This means there is no central monitoring agency including banks or financial institutions involved in your transaction. Also, the UK government is yet to legalize crypto transactions. Considering the volatility of the crypto market it is important to understand the pros and cons before investing.
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