Cryptocurrency trading is the exchange of one crypto currency for another, or the exchange of cryptocurrencies for fiat currencies, also known as paper money.
The crypto market has seen the emergence of numerous crypto trading platforms in recent times with the increase in crypto trading popularity, especially in African countries.
African traders, however, should take note that not all the trading platforms work on the same basis or with the same quality.
As there are various online trading brokers, there are different crypto trading platforms some allow for traders to connect directly with one another, while others facilitate the exchange in cryptocurrencies.
However, even though there is a great variety to choose from, depending on the trader’s needs, there are some crypto trading platforms which are popular and reputable, and that are worthy of consideration.
CEX.IO is one of the oldest Bitcoin exchange platforms around. Traders can trade one cryptocurrency for another, or cryptocurrencies for fiat currencies.
When using CEX.IO to exchange, traders can expect transaction costs of between 0.16% to 0.25% with a fee of 0.5% when traders trade using margin.
Binance is one of the largest crypto-to-crypto exchange trading platforms in the industry. Traders are offered with more than 100 supported coins along with some of the most competitive rates in the industry.
Binance only offers crypto-to-crypto trading at low fees starting from between 0.2% and 0.4% for makers and takers, respectively.
Coinbase has been in operation since 2013 and is another large cryptocurrency exchange with more than 30 million customers from around the world.
Coinbase allows for the buying or selling of cryptocurrency either through a bank account and credit/debit card.
When making use of Coinbase, traders can expect transaction fees of 1.49% for a standard buy while credit/card buys push the fees up to 3.99%.
Coinmama is another leading cryptocurrency exchange platform which allows for the purchase of several cryptocurrencies through credit card, SWIFT, or SEPA transactions.
Coinmama charges traders around 5.9% as a standard service fee and when using credit cards for purchases, it adds another 5% as a processing fee.
Luno is a cryptocurrency exchange trading platform which is aimed at emerging markets. It offers competitive fees to over 3 million users from more than 40 countries worldwide.
When trading through Luno, traders can expect fees from 0.25% to 1% depending on the currencies being traded.
As one of the oldest and most respected cryptocurrency trading platforms, Bitstamp offers limited trading options, but offers the best overall positive user experience when trading cryptocurrencies.
Bitstamp’s fees are between 0.10% to 0.25% depending on the trading volume and there is a mere 0.05% deposit fee when using bank wire transfer.
There may be a wide variety of crypto trading platforms available, but the platforms on this list are some of the oldest, most trusted platforms that offer competitive trading conditions and various ways in which cryptocurrencies can be traded.