The beauty of Bitcoin is that there is a wealth of exchanges where you are able to trade Bitcoins for your national currency, or other crypto currencies. Many exchanges are claiming that they do things a little different compared to the first-generation exchanges like Mt. Gox. Some of them, such as Coin base, are even being funded by venture capitalists. While there is no certainity that we won’t have a Mt. Gox repeat, here are 10 exchanges to check out if you are interested in trading with Bitcoin.
Table of Contents
Here is a cryptocurrency exchange full of great features. Combining Forex and Bitcoin into an easy-to-use service, it uses advanced types of order forms, including Trailing Stop, Take Profit, and Stop-Loss. This means that you are able to trade just the way you want. Kraken also features broad-spectrum security, which includes full reserves, an exclusive legal council, as well as strong working relationships with a wide array of banks. The exchange currently accepts EUR and USD, though trading national currencies does require 2-level verification, part of Kraken’s 4-tier verification. They do charge for transactions, and the time these take can vary. Along with Bitcoin, Kraken also works with Namecoin, Litecoin, and Ripple. For more information, check out their FAQ.
Based in Slovenia, Bitstamp was the second-biggest exchange after Mt. Gox. While the exchange does not offer many advanced options for buying and selling, it does have offer instant buy-and-sell that always gives you the best price. It also limits the maximum buy and minimum sell prices. Currently they only support USD. There is a small fee on every transaction, which changes every 30 days based on trading history. Fees on withdrawals range from €0.90, if you are a part of SEPA, up to a minimum $15.00 if you are outside of SEPA.
Falling just slightly behind Bitstamp, Bitfinex is without a doubt at the top of the list of the world’s most advanced exchanges currently trading in Bitcoin. Go long or short, make an exchange, even trade your Bitcoins with some leverage. Bitcoins are kept in what is known as the cold wallet. Bitfenix backs up its database daily. The exchange works with Arcui Security, protecting it from intrusions. Currently, it only trades with USD. Its fee structure can be a bit complex, based on your trade history over 30 days. Fees start around 0.15%, going down to 0.1%. You can withdraw in both Litecoin and Bitcoin for free, and there is a fee of $10 for wire transactions internationally.
Third in line amongst Bitcoin exchanges, right behind Bitstamp and Bitfenix, this is cloaked in anonymity. No one knows exactly who is behind it or where it is based. The exchange was built using the platform of Met Trader 4, and aims to publish audited statements soon. They currently accept EUR, USD, and RUB (Russian Rubles). There is 0.2percent charge per transaction, though this fee can vary for each user. Along with Bitcoin, the exchange also deals in Namecoin, Litecoin, Primecoin, and Peercoin.
Based in Norway, this is a simple exchange without any advanced tools for transactions. In regards to security, Justcoin uses offline wallets encrypted for maximum security, which are stored in bank vaults securely, to protect its Bitcoins. The exchange also uses two-factor process of authentication. Justcoin currently trades in EUR, USD, and NOK (Norwegian Kroner), however and there is 0.5 percent fee on all transactions. The exchange also supports Ripple and Litecoin, though you cannot buy these crypto currencies directly. You will have to purchase Bitcoin, and exchange them again for the other two crypto currencies.
Not just an exchange, Coinbase is a extensive digital wallet. Through Coinbase you can store, buy, and receive Bitcoins – almost like a Bitcoin Pay Pal. The exchange claims that its security is bank-level and they have the best practices in the industry, which includes a two-factor process of authentication. Currently, Coinbase only trades in USD and can only be accessed from United States. There is a 1% flat fee on every transaction through USD, but transactions in Bitcoin are free. There is also a mobile use wallet app both for SMS-based and for Android.
This is China’s biggest Bitcoin exchange in regards to both trading volume and liquidity. BTCChina comes with a long list of excellent security features, including an offline Bitcoin storage program called Picasso. Since the exchange is country-specific, there is SMS verification, adding even more security. Currently they only support Chinese Yuan, and there is a trading commission of 0.1%. That being said, there is a rebate of 0.1% on limit orders that are not executed right away. Also, “market-makers” are exempt from the trading commission, plus they receive 0.1percent rebate.
Based in United States, CampBX comes with several advanced features, including margin trading, trades of Spend-X, and short selling (although the last two have yet to be activated). The exchange guarantees 99.99 percent uptime, along with being audited daily, thanks to McAfee. They also feature Google TOTP authentication. At the moment, CampBX only supports USD, but is working on supporting EUR as well. There is 0.55percent fee on advanced and quick orders, but there are discounts available for bulk transactions. The exchange also comes with its own version of Testnet, allowing you to practice trading coins, a bit like “play money”.
If you are looking to trade between crypto currencies, be sure to check out Cryptsy. Here you can trade between 60 and more different cryptocurrencies, from popular (Bitcoin, Litecoin, etc.) to the less-popular (QuarkCoin, ZetaCoin, Dogecoin, etc.) For now, the focus is on coin trades, but they are working on USD trades being added soon. There are also plans in the works to add more services and to add escrow services, getting its name out there are as one of the top services for vendors interested in accepting Crypto currencies. Currently there is 0.2 percent charge while purchasing and 0.3percent charge while selling.
Similar to Cryptsy, Bter is another major altcoin exchange, instead of just a dollar to Bitcoin exchange. It was early to accept Primecoin and, unlike Cryptsy, it also allows you to trade with Chinese Yuan. The site features a wide range of security measures, including confirmation on manual withdrawal, Google TOTP, and more. Currently, this exchange only accepts Chinese Yuan. Bter has also developed altcoin trading software for desktop, BterTrader, which allows you to track the trading values of various coins, with a market depth tracker and indicators for moving average. There is presently 0.2 percent charge on all transactions.