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HomeCrytocurrencyWhat is a virtual currency exchange? - Find out NOW

What is a virtual currency exchange? – Find out NOW

The virtual currency exchange is no longer a strange “address” for traders. This is the place where transactions of buying, selling and exchanging virtual currencies take place. So do you know exactly what is a virtual currency exchange is? What are the biggest exchanges today? Let’s find out with NewsDailyTech right in this post!

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What is a virtual currency exchange?

Making virtual currency payments is a digital means for users to buy, sell and exchange cryptocurrencies or virtual currencies. Cryptocurrency is a digital currency. Born by applying blockchain and cryptography techniques to ensure anonymity. Regarding the legality of the agreement.

On a virtual currency exchange, users will buy virtual currency products including Bitcoin, Ethereum, Litecoin, Ripple and many other virtual currencies. Cryptocurrency exchanges also have a lot of useful information and functions for users to grasp. It is also possible to monitor the virtual currency market. Includes price list and number of transactions, investor information and related information.

Cryptocurrency exchanges also offer safety and security features. To prevent fraudulent activities and unauthorized access. Many exchanges offer two-factor authentication and OTP codes to ensure the security of user accounts.

Cryptocurrency exchanges have become an integral part of the virtual currency ecosystem. Provide users with a place to buy, sell and trade virtual currencies safely and conveniently. However, as with any type of investment, there are risks. That’s why you need a cool head and smart tactics before joining.

Criteria for evaluating reputable virtual currency exchanges

Criteria for evaluating reputable virtual currency exchanges

A virtual currency exchange is a place where investors can buy and sell virtual currencies. However, with the increasing number of virtual currency exchanges. Finding a reputable and reliable cryptocurrency exchange is extremely important.

Here are some important criteria to evaluate a reputable virtual currency exchange:

Safety and security

The most basic thing that a digital currency exchange needs to have is security and safety. This ensures that investors’ money will be used effectively. Get rid of network intrusions and some online scams. Because cryptocurrency trading is not regulated by the government. All things happen in the digital environment, so choosing a cryptocurrency exchange needs to put the security aspect first!

Number of users and volume of transactions

The number of users and the volume of transactions on a cryptocurrency exchange is also a necessary factor when ranking an exchange. If the exchange has a large number of users and transactions continuously. That can know the floor is operating effectively and reliably with investors.

Transaction fee

Transaction fees are an important factor when deciding on a cryptocurrency exchange. If the transaction fee is too high, the investor will lose a large part of the profit when trading.

Liquidity

Liquidity is a market concept. It reflects the number of investors’ assets currently trading in the market. However, it does not have a major impact on the market value of those assets. The exchange has high liquidity, and transactions will be conducted simply and quickly.

Customer Support

Cryptocurrency exchanges also need a professional customer service department to answer all questions and handle consumer requests. A strong cryptocurrency payment platform will have a fast and efficient consumer support system.

Top 3 largest cryptocurrency exchanges in the world

OKEx

OKEx

OKEx is the mentioned cryptocurrency exchange with many types of activities and transactions. OKEx exchange is also a subsidiary of OKCoin, so it is sought by many investors around the globe.

OKEx has a branch in Malta, similar to many other crypto exchanges OKEx is not licensed and regulated by any reputable organization. However, it is possible that the reputation of the parent company has contributed to building trust for many investors.

Advantage Disadvantage
Possesses high securityThe exchange has a variety of trading platforms and a large number of coinsVietnamese language supportIt is considered that there are many shortcomings from investorsAlthough the exchange owns a unique coin, it does not use any program to retain buyers.

Transaction fee

OKEX exchange applies broker fees according to maker and taker. In addition, they also charge different fees for buyers with different accounts. OKEx divides customers by regular account and VIP account. Each level of vip will have separate regulations and incentives on fees. In general, the fee will be assigned from 0.01% to 0.1% for each account at the VIP level.

The exchange supports a variety of coins and tokens including all the major coins that are popular on the market. Regarding trading products, the floor divides products according to different markets, including:

  • Spot market
  • BTC Market and ETH Market
  • USDT and USDK Market
  • OKB Market
  • OTC stocks
  • Derivatives market

Coin deposit and withdrawal fee

OKEx exchange only allows depositing cryptocurrencies into wallets provided on the exchange. And each type of coin will have different fees and limits for example:

Poloniex

Poloniex

Poloniex is a reputable cryptocurrency exchange in the world. The exchange is based in the United States, so the reputation level of the exchange is extremely high. Poloniex is currently managed by Circle, a company specializing in the financial industry.

AdvancedDisadvanced
Is a reputable exchange based in the US.Diversity of crypto productsRelatively good trading platformHas been hacked in the pastNot yet support Vietnamese usersThe authentication process takes a long time

Transaction fee

Poloniex exchange charges transaction fees according to Maker and Taker. Regular Maker fees will be as low as Taker’s price. In addition, the market also charges fees according to the trading volume of 30 sessions. Fees will be reduced from 0% or 0.25% depending on the trading volume.

Poloniex exchange supports up to 60 different cryptocurrencies and is paired into 4 markets including:

  • BTC Market
  • ETH Market
  • USDTILLION market
  • USDC Market

Deposit and withdrawal fee

There will be many methods of depositing and withdrawing and the fees will also vary. If you transfer money to buy USDC or USD, you will receive a discount on deposit and withdrawal. Inversely, the fee for depositing and withdrawing a specific amount will be as follows:

Bittrex

Bittrex

Bittrex is a very reputable virtual currency exchange globally. According to data from coinmarketcap, the total trading value of the exchange has sometimes exceeded 11 million USD. The floor has its main office located in Seattle, Washington state, USA. The market for privacy and security is an unnecessary issue to talk about. Even the floor has permission from foreign governments. Used US currency (USD) to trade on the floor.

Transaction fee

Bittrex has a unique average price of 0.25% per contract. There is no division between Maker or Taker with other exchanges. The exchange has a large amount of bitcoin with over 200 million coins/token and is divided into 4 basic markets:

  • USD market
  • BTC Market
  • ETH Market
  • USDTILLION market

Deposit and withdrawal fee

Due to have the right to trade with virtual money (USD) because if trading outside the market, the total deposit will be at least 50$ and the real withdrawal must be 10$. Buying/withdrawing this amount will not incur transaction fees. And deposit/withdrawal with fee coins with popular coins will be as follows:

Currently, there are many virtual currency exchanges that exist in the market. So when participating in any floor. You should also carefully check the privacy policy or the benefits you receive to avoid unnecessary losses!

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