Spatium solution for crypto exchanges
A cryptocurrency exchange is an exchange for buying, selling, and trading cryptocurrencies. Consequently, users can buy crypto either using fiat, or other digital currencies. Exchanges offer different terms, policies, payment methods, fees, but also some restrictions. Spatium outlined our top 5 exchanges comparing their security, user-friendliness, and functionality.
Pros
Low fees
Enormous amount of traded coins
No lags with website
Cons
Doesn’t accept fiat
Customer support lacks phone
US customers are restricted
Fees: 0.1% trading fee. $1000 bitcoin costs $1 in fees
24-hour trading volume: $ 1.48 B
Being a relatively new player, Binance is one of the most popular exchanges. It’s a cryptocurrency-to-cryptocurrency trading platform, so it doesn’t support fiat. The user chooses between the basic and advanced trading, although neither of these options provides the customer with an easy-to-use system.
Though new users may feel a bit uncomfortable, the advanced traders have more insights and technical analyses of the currencies over time. The exchange has two levels of accounts. Level 1 is limited to a daily withdrawal of 2 Bitcoin but doesn’t need verification. Level 2 allows daily withdrawals up to 100 Bitcoin but needs a photographic identification and approval. For those who reach out directly to Binance, there are even higher levels. The support responses depending on traffic, the user receives an e-mail, once verification is complete.
Pros
No fees for Chinese traders
Super high liquidity
24/7 phone support
Cons
Minimal information in English
Possibly faking trading volume
Fees: Maker/taker fees 0%-0.2%; $1000 bitcoin costs $2 in fees
24-hour trading volume: $621.40 M
Huobi operates in more than 130 countries, including China, Hong Kong, Taiwan, Korea, Japan, Germany, the United Kingdom, and Canada. The exchange faced some difficulties with US regulations, nevertheless they have an office in the US.
For registration, you need to supply nationality, e-mail address, and telephone number. Verification takes a few minutes, thanks to the day and night support. Once verified, the user can buy cryptocurrency for either Chinese yuan, Singaporean, or US dollars. Or you can transfer some of your cryptocurrencies to the exchange. Huobi is not that user-friendly to those who are new to crypto. However, the platform offers a complete overview of the cryptocurrency market. Huobi offers over 40 USDT, 100 BTC, and 100 ETH pairings. All the fees are set around 0.2%.
Pros
Extensive range of pro trading options such as futures
Fiat to cryptocurrency support
High-level trading platform
Leverage trading
Extensive range of over 100 cryptocurrencies supported
Low Fees
Cons
CNY only fiat supported for now
Mixed reviews on customer service
Chinese market focus though should change with international expansion ambitions
Fees:Maker/taker fees 0.02%-0.2%; typical $1000 bitcoin costs $2
24-hour trading volume: $ 1.29 B
OKEx is the second-largest cryptocurrency exchange in the world in terms of volume. It has no inner restrictions, only for the countries that are on the UN’s Security Council Sanctions List.
OKEx offers multiple trading instruments. This platform leans towards the professional investors, so it might seem unfriendly for those who are just getting into cryptocurrencies.
The process of authorization is quite simple. It provides several levels of verification. Level 1 verification claims your country of origin, username, and ID number, allowing you to trade with a daily limit of $2,000. Level 2 offers a transaction limit of $200,000 in exchange for your photo and ID. Level 3 gives you a $500,000 transaction limit and requires a video verification of user’s identity.
Pros
Low fees
High USD liquidity
Full package of order types, margin trading and lending market
Hack has been solved professionally and innovative
Cons
Lack of transparency
Reputation loss due to hack
Unclear situation with USDT
Lack of phone support
Fees: No deposit or withdrawal fees, trading fees are 0.10%-0.20%
24-hour trading volume: $ 277.64 M
Bitfinex is one of the leading cryptocurrency exchanges, dealing with 7 major altcoins such as Ethereum and Monero. Regulations of the Central Bank of China made it the largest exchange in the world. Bitfinex is open to clients from all over the world except for Bangladesh, Bolivia, Ecuador, and Kyrgyzstan. Due to the restrictions in US regulations, the exchange stopped providing its services since November 2017.
Because of storing the clients’ funds in cold storages, traders are required to go through a two-level authentication. Level 1 requires two-factor authentication, Level 2 uses Universal 2nd Factor, implementing a physical security key.
Pros
Low fees
Accepts fiat
No lags with website
Cons
Asian countries restrictions
Customer support lacks phone
US customers are restricted
Fees: Taker fee maker fee, withdrawal fee 0.0005 BTC
24-hour trading volume: 1,358 tokenized securities
Currency.com is the only Belarusian crypto exchange. The platform is regulated by the High Technology Park of Belarus, which is a European blockchain regulator. You can trade BTC, Ethereum and Litecoin. It has restrictions for the US citizens and also for the residents of Botswana, Bahamas, Cambodia, Ghana, Democratic People’s Republic of Korea (DPRK), Ethiopia, Iran, Sri Lanka, Syria, Trinidad and Tobago, Tunisia, Yemen, Pakistan, and Bermuda.
The procedure of registration is quite easy and user-friendly. It claims only an e-mail verification. The security is subject to the strictest scrutiny from the High Technology Park of Belarus, and it will always maintain full reserves, meaning a bank run will never occur. Your funds are stored in a bank account entirely separate from operations account and cannot be borrowed or lent.
Today crypto asset traders have to choose between the security provided by exchanges and their own ability to organize safety storage and operation with the private keys. If the client stores some of the funds on his own wallet, an exchange could not provide him any help, except the recommendation of trusted and audited wallets.
Our aim at Spatium is to make digital asset management as safe, easy, and scalable as possible for our clients. Spatium eliminates the private key storing the parts of the secret equally at users and exchanges side. Thus the responsibility and security are also shared, and there is no single point of failure. The exchanges benefit from reducing time and resources for wallet management, therefore improving security and user-friendliness.
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