Before crypto swaps, it was a daunting task to get a hold of a cryptocurrency. A few years ago you couldn’t just go online on a website like StealthEX.io and complete whatever exchange you want in a matter of minutes. You had to either mine on your own or trade in person for cash. But as time went by and the crypto industry grew, we needed to come up with a simpler, safer and faster solution. That’s how the exchanges emerged. Now in 2020, there is a vast variety of them and, as the matter of fact, we’re facing another question: which one to choose? This article is designed to help you to get through.
What is a cryptocurrency exchange?
A cryptocurrency exchange is just an online marketplace where traders and investors can buy and sell different crypto assets, coins and tokens. Also, some of them can be used in trading fiat currencies. So depending on the exchange, they are either like a stock or a currency exchange; the exchange fulfills the function of a mediator between buyers and sellers.
What types of crypto exchanges are there?
Generally, there are 5 types of cryptocurrency exchanges:
- Retail exchanges. They are used by investors who aim to profit from exchange rates between different currencies.
- Peer-to-Peer (P2P) exchange. Platforms that make possible straight and direct peer-to-peer trading.
- Decentralized exchanges (DEX). Unlike P2P, DEX does wallet-to-wallet trading. It uses networks and protocols for transfers.
- Instant exchanges. The easiest ones to use. They complete transactions very fast and offer a vast variety of cryptocurrencies to choose among. Speed is what makes instant exchange different from DEX. You can see for yourself on StealthEX.
- Derivatives exchanges. A pro-platform, gives more extensive investment options for advanced users.
At the first glance it seems that instant exchanges are perfect for the modern pace of life, doesn't it? Easy to use, fast and generous in choice. But each of these exchanges has their own features, and the answer to the question of ‘what is the best crypto exchange?’ depends right on what your needs and wishes are. If you’re eager to know more, keep up reading, we’ll tell you everything you’d want to know about crypto exchanges. We hope we will make it easier for you to choose, but unfolding some of the cards right away - it seems like we’re totally smitten with StealthEX.io.
What to look for in a cryptocurrency exchange?
To be considered as legitimate, a crypto exchange should obey the laws of the country. Of course, laws are different around the globe but almost all of them adhere to the regulations related to the protection of the customer. Generally, the most important two are:
- AML. Anti-money laundering law works against any illegal activity related to assets.
- KYC. Know your customer law aims to protect users. Together these two ensure the credibility of an exchange.
Some other features you should take into account are:
Security
As hacks are common in the crypto world, security is the top-feature of a crypto exchange. Due to the large volumes, the centralized exchanges are treated as more vulnerable ones, yet in practice, the difference between centralized and decentralized exchanges is not crucial. What matters more is being free of custody. Non-custodial exchanges do mean that you do not have to create any account or disclose any personal information to use our platform. So, as it is, custody-free exchanges are more likely to be your choice, StealthEX being the one.
Fees
For every transaction, a user pays the transaction fee. This payment is necessary because otherwise the transaction couldn’t be pushed into the blockchain. There are network fees, conversion fees, maker/taker fees. Most of the exchanges, including StealthEX, charge the network fees which cost the least. The exact number of fees vary depending on the currencies a user has chosen and the amount to swap. StealthEX makes sure to calculate and include all the possible fees into the transaction estimate our users see.
By the way, talking about fees and prices, let's mention that prices are not set by exchanges. Never. Exchanges don’t set prices. They act like mediators between buyers and sellers, where the force that sets the prices is supply and demand. This is why different prices are on different exchanges. Besides, in countries with limited access, cryptocurrencies may cost more than anywhere else due to prohibitions and law.
Usability
The thing which is more important than it first seems is the usability and convenience of a crypto exchange website. It should be user friendly and easy to navigate. If not so, there may a lot of mistakes occur. StealthEX boasts a simple yet comprehensive interface. Each process is explained step by step, which makes a process of exchange easy and unbothered. By the way, the white-yellow color solution is designed to reduce the stress level and uplift the user’s mood.
Customer support
While using the exchange you may need to be consulted on some issues. And the only way to get needed information is through reliable customer support. So go for an exchange that offers 24/7 support service access. They must be available through various means like phone, mail and even social media. StealthEX provides most of those.
Volume and liquidity
Liquidity determines how fast you can conduct the transactions on an exchange. Thus, choose the exchange with richer trade volumes. Success formula: the more the volume - the higher liquidity - the better.
Assets range
The overwhelming majority does trade the most prominent cryptocurrencies like Bitcoin, Litecoin, Ethereum, etc. But there are thousands of other crypto assets in existence with more being announced every day, so when you settle for that crypto exchange, you go for one that gives you freedom to choose and has a lot of assets available for exchange. StealthEX has more than 300 assets with the number continuously growing.
What about StealthEX cryptocurrency exchange?
If you’ve read the article up to this point and are still wondering about the exchange to settle for, we recommend you to check out the StealthEX project.
Among its main features and strong points: instant, simple, private, non-custodial, registration-free and friendly crypto exchange that is here for you 24/7 without any limits.
In the next article we are going to give you a more lucid review of StealthEX and tell you much more interesting things about it, because believe it or not, there's a lot more to tell!
As for now, you can already try to exchange your crypto assets. Fortunately now you know - StealthEX provides you with the most convenient services to do so.
Visit now, thank us later.
