2017 saw a lot of capital race into the cryptocurrency world. Many of those who started to invest in digital currency did it for a variety of reasons. A November poll from LendEdu found that 41% of those who put money into Bitcoin saw it as a “world-changing technology”, while 21% characterized it as a “long-term store of value like gold or silver.”
One of the reasons why so many people are drawn to cryptocurrency is due to how easy it is to invest. The vast majority of enthusiasts invest through online digital currency exchanges, adding money from a bank account, credit card, or with another cryptocurrency, and then buying and selling a plethora of virtual currencies with the click of a button. With so many choices, the process of selecting a digital currency exchange can be confusing, while unexpected outages on Binance and Coinbase, and news that Bittrex would start accepting fiat, and other news makes this process even more confusing.
Accounts on many exchanges are usually pretty simple to set up, but some people have complained about slow response times to questions or tedious verification requirements as the popularity of exchanges keeps growing. Others are worried about the potential for digital currency exchanges to be hacked. Speculation is rife that North Korean hackers stole about $530 million dollars from a Japanese exchange called Coincheck. North Korea is also suspected to be behind the hackings of three exchanges in South Korea in order to get money to bypass strict sanctions from the international community.
With over 4,000 cryptocurrencies currently on the market, there are a lot of exchanges to choose from. But the popular and leading ones usually share some common features. Exchanges with low fees, ones with security features like two-factor authentication, and ones that can overcome language barriers are usually popular with investors. Compound that with soon-to-be-released decentralized exchanges, and "no-fee" exchanges like Robinhood, and the choices can be overwhelming.
We reviewed a number of digital currency exchanges, including Coinbase, Gemini, Bittrex, Binance, KuCoin, and the Korean exchange, CoinNest. Not sure which ones to deposit your hard earned coin and fiat into? Read through our findings on the most popular cryptocurrency exchanges and the various features they offer.
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