Knowing the advantages and disadvantages of XRP for ETH online exchanges solves the major problem faced by every trader: where to trade. Such characteristics should especially be taken into account by beginners.
To simplify this task, in this article, we’ll assess the best sites for your crypto exchange, taking such factors as profitability and reliability into consideration.
Shortlisting the Best Exchanges to Trade Cryptocurrencies
Godex.io
Godex.io is a relatively new crypto exchange that offers one of the fastest transaction speeds. For example, an XRP to ETH exchange online on Godex typically takes five to 30 minutes, and there are no trading limits.
Pros
- Godex offers a large number of exchange pairs.
- The absence of limits to transactions means that site users can complete their transactions at once.
- Transactions are conducted within five to 30 minutes.
- Godex is a P2P exchange, so the control of keys is up to the users themselves.
Cons
- Godex does not support fiat currencies.
Kraken
Kraken is an American exchange founded in 2011 that provides coin exchange services and facilitates cross-border payments (crypto to fiat).
Pros
- It’s a very secure service that uses two-factor authentication.
- There are plenty of coins to exchange for.
- Kraken supports extra services like margin trading and futures — profitable tools for keen crypto traders. They offer customizable services, and so there are plenty of order types and position options.
Cons
- The cost of a deposit at Kraken can sometimes be high.
- Support responds rather slowly.
Bisq
Bisq is an open-source, P2P exchange network that facilitates cross-border transactions. It is community-driven.
Pros
- Bisq works on a decentralized network that doesn’t require the reveal of identity.
- There are 26 different payment methods, Zelle inclusive.
- There’s a smartphone app for easier access for both Android and iOS users.
Cons
- The Bisq user interface can be too complex to understand.
- Compared to other exchanges here, Bisq’s charges are quite high.
- The platform cannot be directly integrated with any banks or payment systems.
Coinbase
Coinbase is a company that brought all their headquarters online. It was established in 2012 and was the largest crypto platform in America according to trading volume in March 2021.
Pros
- Plenty of altcoin pairs to select from.
- The user interface is extremely simple.
- Coins are highly liquid, too, due to legitimacy for US citizens.
Cons
- Trading fees are high if you’re not using Coinbase Pro.
- The users do not control their wallet keys.
- There are fewer coin trading options compared to some exchanges on this list.
Binance
Binance was created by developer Changpeng Zhao. In 2018, it was the largest crypto exchange globally according to trading volume.
Pros
- Fees at Binance are cheaper than at other exchanges of the same caliber.
- There is a vast collection of coins and trading pairs.
- The site offers sophisticated charting to users.
Cons
- Although Binance supports over 100 trading pairs, it falls short of its international counterparts.
- Binance.US does not support seven states, including New York.
- The company has been hacked before and has recently been investigated too. Sources say it’s a money-laundering scandal.
Summary
The exchange platform is arguably the most critical aspect of crypto investment and trading. The site to convert on must offer absolute safety, while profits have to be gained. The shortlist above was drawn up in recognition of personal preferences, although we doubt they are as important as essential features. The choice is yours to make anyway.
