Whether you love the crypto industry or not, it's expanding. And the more attention it gains, the more focus of policymakers it attracts. What are the most popular crypto to buy, and what is a cryptocurrency exchange? Let’s dive deep.
What is a cryptocurrency exchange?
A cryptocurrency exchange is a platform for trading, holding, and exchanging digital assets. Such platforms offer trading services, altcoin, and bitcoin price analysis through trading activities and storage. Hundreds of exchanges on the cryptocurrency market offer a range of digital assets and varying levels of crypto prices, security, and associated fees.
Cryptocurrency exchanges types
There are two major types of cryptocurrency exchanges: centralized and decentralized. We are going to describe the main peculiarities of each below.
CEX (Centralized exchange)
The information in Centralized exchanges is routed internally through the efficient network and protected by consolidated security mechanisms. CEXs have a comprehensive built-in customer policy and operate under regulatory oversight. Centralized exchanges pursue scammers relentlessly and by existing legislation.
A for-profit company acts as the backbone of CEX allowing users to trade cryptocurrencies against fiat currencies, and has many trading pairs. There are fixed costs associated with trading on centralized exchanges.
DEX (Decentralized exchange)
Decentralized exchanges based on a blockchain platform allow anyone to transfer various digital assets in a secure and open market without intermediaries. DEXs excel at facilitating the exchange of any currency available online. As a result, traders don't have to worry about limiting coin listings to DEXs.
To use services of a decentralized exchange, all users need is a public address. No government or regulators are monitoring or enforcing the exchange rules.
The CEXs offer compliance with the requirements set by the competent authorities, while the DEXs are currently in a gray area. The transaction volume is larger, the trading speed is faster, and the liquidity is higher. Regarding user experience, the CEX offers intuitive and easy-to-use dashboards compared to the complexity of using DEX DeFi. CEXs offer various options as they support all blockchains and tokens. The CEXs technical evolution is faster due to their entrepreneurial and mandated nature, while the DEXs are more opaque, and it is unclear to whom they can be traced. Fees are efficient and lower in a CEX than in DEX since the network also has to be paid for. CEXs are optimizing and stabilizing fees without it being a surprise for users there.
WhiteBIT crypto exchange
WhiteBIT is designed to meet the traders' and investors' needs efficiently. Traders can access multiple markets with the option to trade in full Pro mode, while investors can buy crypto assets quickly. The Quick Swap option on the platform makes it easy for traders and investors to exchange fiat for cryptocurrencies and vice versa.
WhiteBIT offers premium security, compliance with laws and regulations, six types of trading orders, and the ability to trade with up to 20x leverage. Users benefit from the variety of fiat currencies and payment methods that WhiteBIT accepts.
Buy cryptocurrencies instantly
WhiteBIT allows users to buy crypto assets in just a few seconds. You can buy the most popular digital currencies using credit or debit cards. Other payment methods may take a few extra minutes, but the process is still quick and relatively efficient. You can instantly access your balances and find the option to buy crypto assets.
Hundreds of crypto assets
There are more than 400 trading pairs to choose from on WhiteBIT. Of course, you can find such assets as BTC, ETH, XRP, SOL, SAND, etc.
WhiteBIT is constantly adding new promising assets to keep up with trending projects in the blockchain industry. Recently, the exchanged launched its own asset, WhiteBIT Token (WBT), which has already become a real star in the crypto community.
Mobile apps for iOS and Android
WhiteBIT mobile apps for iOS and Android are perfect for those traders who are always on the go. The app gives you access to full-fledged charts where you can switch timestamps and use indicators. Download the app in your mobile store to evaluate it yourself.
Professional and beginner-friendly trading options
WhiteBIT is the best cryptocurrency exchange site as it recognizes that some traders are newbies and still learning to trade. The exchange allows choosing between two options:
• Pro Trade;
• Basic Trade.
Pro Trade helps users gain insights by including special features and options. For less experienced traders, Basic Trade provides a beginner's guide to trading cryptocurrencies, eliminates complications, and offers a simple, beginner-friendly interface. Although Basic Trade has fewer options, you can place orders quite efficiently.
Stay informed in a crypto world
We will look at some of the best and most important ways to stay current in the crypto industry. You have a competitive advantage when you know where to look and find information first.
Reddit excels when it comes to gathering quality information. It has subreddits dedicated to almost all things cryptocurrency.
Be it trading advice, latest industry updates, ICOs, etc.
The best thing about Reddit is that it has active community participation and numerous blog posts. So it makes sense that you're active on Reddit.
Discord and Telegram groups
It might be worth considering if you find that the project's team actively resolves user doubts and the community is active.
By remaining active in groups, you can interact with the community and clear any doubts you may have about this crypto platform.
On-chain metrics and analytics tools
Before you put any money into a project, use sites like WhiteBIT to get information on what is happening in the crypto world.
Additionally, sites like WhiteBIT and CoinGecko provide an overview of the latest crypto news. You can find all cryptocurrencies' price charts, market caps, and other details.
Get the proper insight into the cryptocurrency industry and get the opportunity to shape the future of your finances right. So go ahead and read, listen, and engage on this critical topic with cryptocurrency.