New people keep crossing the threshold of the cryptocurrency world almost every day, and with wide opened arms, they are welcomed into the system. One of the easy accesses that opens the door for the new ones to come in is cryptocurrency ‘onramps.’
Big word there, right? Yeah. Let’s make it more straightforward then.
The common phrase is known as cryptocurrency exchanges or investment sites. As the go-to leader of the cryptocurrency space, Bitcoin is the most popular and common cryptocurrency. Therefore, this article would focus on five trusted Bitcoin investment sites.
If you are new to this space and not yet conversant with some crypto terms, then you would appreciate this next part more. We will look at the definition of Bitcoin investment sites, why there is a search for trusted sites, and consider some examples.
What is a Bitcoin investment site?
A Bitcoin investment site is a platform where users can either buy or hold Bitcoin for a long time
to amass wealth. An investment site also performs the function of lending Bitcoin to users to make profits.
Bitcoin investment sites accept fiat currencies as deposits from users or other cryptocurrencies. This fiat or altcoin is then exchanged for Bitcoin.
The search for trusted Bitcoin investment sites. Why?
It is not uncommon to see scam stories as a frequent occurrence when it comes to blockchain news. A substantial number of investors and traders have been harshly separated from their hard-earned funds owing to the recurring cases of hackers gaining access to some investment site’s funds.
Some investors also count huge losses when their investment sites shut down and make off with their funds, thus the need for one to search for a trusted investment site.
In the next section, we’ll do some cryptocurrency exchange reviews and find out some of their features.
Binance is a Hong Kong-based company launched by Changpeng Zao [popularly known as C.Z.]. The cryptocurrency exchange started operation in July 2017 after a successful ICO that raised about $15 million.
Since then, the company has made so much progress that it is known as one of the best cryptocurrency.
Binance is a security-conscious platform as clients must activate the two-factor authentication during registration; this helps protect their funds. The exchange also uses the CryptoCurrency Security Standard (CCSS) to protect its users’ accounts.
The exchange offers over 600 cryptocurrencies. Binance also claims to offer one of the lowest fees in the crypto industry of about 0.1% on every trade.
Founded in 2012 by Brain Armstrong and Fred Ehrsam, and with headquarters in San Francisco, Coinbase is one of the oldest cryptocurrency exchanges. The exchange is fully regulated in 40 states in the U.S. and is accessible to people in more than 100 countries worldwide.
Coinbase uses offline storage, a vault to secure 98% of their users’ funds’. The exchange also has the recurring buys feature, which allows users to schedule the purchase of BTC over time.
Coinbase lists most crypto immediately after their ICO; however, the platform always supports only trusted cryptos.
Gemini is a New York-based cryptocurrency exchange. Founded in 2014 by the Winklevoss twins (Cameron Winklevoss and Tyler Winklevoss), the exchange became the world’s first licensed Ether exchange in 2016.
As a New York-based platform, Gemini is amongst the few cryptocurrency exchanges regulated by the New York State Department of Financial Services (NYSDFS).
Talking about security, Gemini is a platform that holds a record of never been stolen from, hacked, or even compromised in any way. This record is majorly made possibly by their type of storage system-a cold storage. It offers over 20 cryptocurrencies, including its currency Gemini dollars (GUSD).
Kraken is one of the oldest and largest cryptocurrency exchanges. Founded in 2011 and launched in 2013, Jesse Powell created the exchange after the Mt Gox hack incident. Based in the U.S., the exchange claims to have the highest euro volume and liquidity for Bitcoin.
Following the Mt Gox incident, the founders of Kraken learned a lot about security and have never been hacked. The exchange also supports two-factor authentication. Kraken offers spots and margin trading, best suited for advanced users.
Bitfinex is a Hong Kong-based exchange. It was founded in 2012 by iFinex inc in the British Virgin Island. Although the exchange has been hacked on two occasions, 2015 and 2016, Bitfixex now has advanced security measures to prevent hackers.
Bitfinex offers several services to its customers. These services include margin trading and funding, advanced trading platform, derivatives trading, counter services, and loans to its clients.
The abovementioned exchanges can indeed be trusted with regards to bitcoin investing; however, this is not a promotional article for these exchanges but hardcore facts. Information written here are facts to help investors and traders when making the sole decision of choosing which exchange to use.