October 21, 2015 at 21:14Giants of the past, little Russian and Chinese dragons: an overview of the world's largest bitcoin exchanges
Cryptocurrency exchanges is a place where people exchange one cryptocurrency for another, or for the main world currencies (dollar, euro, rubles, yuan). This is the second place where they can be obtained after mining and, at the moment, the first place where they can be spent ( Bitcoin Wiki ).
In this post, the Hashflare mining service will talk about the main Western, Russian-speaking and Chinese exchanges that specialize in trading bitcoins and other cryptocurrencies in order to compare them in terms of accessibility, cost of services and highlight key features.
The first in the chronological list was not Mt. Gox, which later became the largest Bitcoin exchange in the world. The first exchange was called Bitcoin Market and it appeared a year after the creation of Bitcoin: on February 6, 2010 it was founded by the user “dwdollar.” This is how the market life of bitcoin began.
Despite the fact that Mt Gox no longer exists, it is impossible to ignore it as the largest exchange in the history of cryptocurrencies. Mt.gox was founded in 2007 and at the initial stage it was engaged in trading the Magic the Gathering game cards, which is the origin of the name - Magic The Gathering Online eXchange. Since 2011, it began to be converted to cryptocurrency, and by August 2013, about 47% of all transactions in the Bitcoin network passed through Mt Gox. In January 2014, the exchange ranked third in terms of trading volume on the market, and the exchange rate of bitcoins was significantly more profitable than on other platforms. By the end of February 2014, the exchange closed due to the fact that from its accounts funds of users and owners of the exchange in the amount of about 700 thousand bitcoins were unauthorized, which at the rate of theft was $ 350 million at the time of the theft.
The Bitstamp cryptocurrency exchange is one of the oldest exchanges registered in Europe (Slovenia), it is one of the ten largest exchanges in the world. The daily turnover for October 2015 isabout 15,300 BTC. In 2014, it was hacked and suspended trading for several days, after which its security system underwent serious reforms. Among the features of the exchange are its account verification rules: to create a profile, you need to confirm the identification data, including, as proof of your residency, you may be asked, for example, for electricity bills written in your name. The exchange’s selectivity in currency combinations can be attributed to the exchange’s characteristic features: Bitstamp supports only one trading pair - BTC / USD. The exchange is the gateway of Ripple. The initial commission for services is 0.5% and decreases with increasing trade volume to 0.15%. The registered office of the exchange is registered in Luxembourg.
Cryptsy- One of the most significant exchanges trading altcoins, including cross rates. The list of altcoin names is constantly updated. The exchange was registered in May 2013, in the USA. Today, its daily turnover is about 400 BTC. In 2014, Cryptsy issued shares guaranteeing dividends on commissions. In total, 100,000 shares were issued with a par value of 0.05 VTS for a total of 5,000 VTS, which at current rates is more than 1 million US dollars. In the form of dividends, shareholders receive up to 20% of the income. Account verification is required only for work with USD, for starters, you can go through a simple registration by specifying an e-mail. However, verified users have a higher limit for depositing and withdrawing funds, and the priority of transaction execution. A complete list of cryptocurrencies, with which the exchange works more than 100 altcoins (BTC, DRK, LTC, DOGE, XRP, NXT, PPC, ZRC, POG, XPY, RDD, UTC, POT, DGB, etc.). Commission for the purchase is 0.2%, for sale - 0.3%.
Kraken is an exchange founded in 2011 by Kraken from San Francisco. Its daily turnover currently stands at more than 6, 100 BTC. Kraken promotes alternative bitcoin exchange symbol - XBT. To carry out exchange operations, you will have to go through several stages of verification: with an increase in the level, new opportunities for trading, entering and withdrawing fiats open. Operations with the following fiat are made on the exchange: USD, EUR, JPY, GBP; and cryptocurrencies: BTC, LTC, NMC, NSP, XDG, XVN. Commission - 0.2%, with an increase in the turnover of the trader, it will decrease.
Bitfinex is the largest exchange among traders for dollars, with a large number of additional features, including margin trading, exchange and swap liquidity. The daily turnover at the time of writing is 10.305 BTC. To enter and withdraw USD, account verification is required, while the conditions are quite strict. Of fiats, the exchange recognizes only dollars, of cryptocurrencies - BTC and LTC. Commission for transactions is 0.15%.
That is, projects that have a basic Russian-language interface - but at the same time they may not be in Russian jurisdiction. Trading volumes on most of them are inferior to the main international exchanges, however, they also have their own advantageous features.
BTC-e exchangein terms of capital turnover, it is among the five largest cryptocurrency exchanges in the world and is the largest of the Russian-speaking ones. It was founded in the summer of 2011. The daily turnover of the exchange for October 2015 is about 12,600 BTC. The exchange is in no way connected with Russian legislation, since the main bank with which the exchange cooperates is located in the Czech Republic, the company is registered in Bulgaria, the management company is based in Cyprus, and the founders are two Russian programmers who previously worked in Skolkovo. The exchange has its own trading bot “MetaTrader 4”, as well as a chat (Russian, English and Chinese), but in order to access the chat on the user’s account there must be more than $ 100. BTC-e does not require proof of identity. There is also a daily limit on the amount of cryptocurrencies withdrawn, each currency has its own limit. Deposit and withdrawal of fiat money is possible in many ways, depending on the specific currency. To enter and withdraw all currencies, it is possible to use the BTC-e code, which allows transfers with 0% commission and almost instant crediting. Commission for transactions is 0.2%, except for the pair USD / RUR: 0.5%.
Commissions for the withdrawal of rubles and dollars are presented below:
The exchange recognizes such fiat as: RUR, USD, EUR, GBP, CNH and cryptocurrencies BTC, LTC, NMC, NVC, PPC. Compared to other Russian-speaking exchanges, the BTC-e exchange rate may seem more profitable:
Exmo - a multifunctional platform (exchange, storage, trading) was launched on February 24, 2014. Its daily turnover is 670 bitcoins, but the exchange has already formed a circle of regular and committed users (today it is about 18,000 active users per day). Different types of orders are available to users. The exchange has a 24-hour support service. The exchange supports the following fiats: RUB, EUR, USD, and cryptocurrencies: BTC, LTC, DOGE. The transaction fee is 0.2%.
Russian-language interfaces and certain advantages also have:Livecoin , CEX.IO , BitChanger , eCoin
Exchange Cryptonit - multilingual trading platform for buying and selling cryptocurrency for dollars and euros, which provides its users with high security and a wide variety of ways to enter and withdraw funds. Trading was launched in November 2012 and until the summer of 2013 the exchange worked exclusively with cryptocurrencies. Fiat support was later added: dollars and rubles. Currently the exchange supports: BTC, LTC, NMC, PPC, QRK, DOGE, FTC. On the exchange website there are video tutorials on the basic capabilities of the exchange.
In recent years, trading volumes on Chinese exchanges significantly exceed the turnover of funds on the exchanges of the rest of the world. Due to traditional Chinese restraint and language barriers, we still had little that is known about the Chinese exchanges, and in particular, about the three cryptocurrency trading whales that will be discussed today.
BTCchina - meet the world leader in cryptocurrency sales volumes. The daily turnover for October 2015 is more than 100,000 BTC. BTCchina asks users for a phone number, real name, identity card and other information required for registration, in accordance with Chinese law. The commission on the transaction will be 0.3%, moreover, for transactions within the BTCсhina system, commissions will be less.
Trades are conducted only in the national currency btc / cny. BTCсhina was the largest cryptocurrency exchange and had a tremendous impact on the global bitcoin exchange rate until January 2014. Further, the Central Bank of China began to impose restrictions on operations with bitcoins, and then completely banned trading, but the exchange soon resumed operation. There are Chinese and English interfaces. The exchange only works with bitcoins, lightcoins and RMB.
Huobi is one of the Big Three exchanges. Huobi ranks third in the world in terms of trading volume. The only major Chinese exchange working with USD (via Hong Kong offshore). Users will have to provide reliable information about their identity: name, email address, identification number. Another feature of the exchange is that for some trading operations no commission is charged at all. Over the past few months, Huobi has noticeably expanded its range of products.
OKcoin - the exchange was registered in Beijing in July 2013, with the support of Tim Draper, estimated in amounts of about $ 1 million. The OKCoin.cn exchange has about 100,000 registered users. Trading commissions start from 0.2%, and may be even lower, depending on the user's exchange activity. Okcoin consists of 2 independent platforms: one in the USA, the other in China. In July 2014, OKSoin added the ability to accept and withdraw deposits in US dollars, but is not going to make an American license. Okcoin offers users a whole arsenal of various tools, such as margin trading, futures trading, peer-to-peer lending, a payment service, and multi-signature wallets.
The number of sites for operations with bitcons is growing every day. In one review, it would be very difficult to talk about all bitcoin exchanges. If you need more detailed information about any segment of exchange bitcoin trading, let us know in the comments.
Start mining bitcoins with us right now
In this post, the Hashflare mining service will talk about the main Western, Russian-speaking and Chinese exchanges that specialize in trading bitcoins and other cryptocurrencies in order to compare them in terms of accessibility, cost of services and highlight key features.
International exchanges
The first in the chronological list was not Mt. Gox, which later became the largest Bitcoin exchange in the world. The first exchange was called Bitcoin Market and it appeared a year after the creation of Bitcoin: on February 6, 2010 it was founded by the user “dwdollar.” This is how the market life of bitcoin began.
A bit of history: Mt Gox
Despite the fact that Mt Gox no longer exists, it is impossible to ignore it as the largest exchange in the history of cryptocurrencies. Mt.gox was founded in 2007 and at the initial stage it was engaged in trading the Magic the Gathering game cards, which is the origin of the name - Magic The Gathering Online eXchange. Since 2011, it began to be converted to cryptocurrency, and by August 2013, about 47% of all transactions in the Bitcoin network passed through Mt Gox. In January 2014, the exchange ranked third in terms of trading volume on the market, and the exchange rate of bitcoins was significantly more profitable than on other platforms. By the end of February 2014, the exchange closed due to the fact that from its accounts funds of users and owners of the exchange in the amount of about 700 thousand bitcoins were unauthorized, which at the rate of theft was $ 350 million at the time of the theft.
Bitstamp
The Bitstamp cryptocurrency exchange is one of the oldest exchanges registered in Europe (Slovenia), it is one of the ten largest exchanges in the world. The daily turnover for October 2015 isabout 15,300 BTC. In 2014, it was hacked and suspended trading for several days, after which its security system underwent serious reforms. Among the features of the exchange are its account verification rules: to create a profile, you need to confirm the identification data, including, as proof of your residency, you may be asked, for example, for electricity bills written in your name. The exchange’s selectivity in currency combinations can be attributed to the exchange’s characteristic features: Bitstamp supports only one trading pair - BTC / USD. The exchange is the gateway of Ripple. The initial commission for services is 0.5% and decreases with increasing trade volume to 0.15%. The registered office of the exchange is registered in Luxembourg.
Cryptsy
Cryptsy- One of the most significant exchanges trading altcoins, including cross rates. The list of altcoin names is constantly updated. The exchange was registered in May 2013, in the USA. Today, its daily turnover is about 400 BTC. In 2014, Cryptsy issued shares guaranteeing dividends on commissions. In total, 100,000 shares were issued with a par value of 0.05 VTS for a total of 5,000 VTS, which at current rates is more than 1 million US dollars. In the form of dividends, shareholders receive up to 20% of the income. Account verification is required only for work with USD, for starters, you can go through a simple registration by specifying an e-mail. However, verified users have a higher limit for depositing and withdrawing funds, and the priority of transaction execution. A complete list of cryptocurrencies, with which the exchange works more than 100 altcoins (BTC, DRK, LTC, DOGE, XRP, NXT, PPC, ZRC, POG, XPY, RDD, UTC, POT, DGB, etc.). Commission for the purchase is 0.2%, for sale - 0.3%.
Kraken
Kraken is an exchange founded in 2011 by Kraken from San Francisco. Its daily turnover currently stands at more than 6, 100 BTC. Kraken promotes alternative bitcoin exchange symbol - XBT. To carry out exchange operations, you will have to go through several stages of verification: with an increase in the level, new opportunities for trading, entering and withdrawing fiats open. Operations with the following fiat are made on the exchange: USD, EUR, JPY, GBP; and cryptocurrencies: BTC, LTC, NMC, NSP, XDG, XVN. Commission - 0.2%, with an increase in the turnover of the trader, it will decrease.
Bitfinex
Bitfinex is the largest exchange among traders for dollars, with a large number of additional features, including margin trading, exchange and swap liquidity. The daily turnover at the time of writing is 10.305 BTC. To enter and withdraw USD, account verification is required, while the conditions are quite strict. Of fiats, the exchange recognizes only dollars, of cryptocurrencies - BTC and LTC. Commission for transactions is 0.15%.
Russian-speaking exchanges
That is, projects that have a basic Russian-language interface - but at the same time they may not be in Russian jurisdiction. Trading volumes on most of them are inferior to the main international exchanges, however, they also have their own advantageous features.
BTC-E
BTC-e exchangein terms of capital turnover, it is among the five largest cryptocurrency exchanges in the world and is the largest of the Russian-speaking ones. It was founded in the summer of 2011. The daily turnover of the exchange for October 2015 is about 12,600 BTC. The exchange is in no way connected with Russian legislation, since the main bank with which the exchange cooperates is located in the Czech Republic, the company is registered in Bulgaria, the management company is based in Cyprus, and the founders are two Russian programmers who previously worked in Skolkovo. The exchange has its own trading bot “MetaTrader 4”, as well as a chat (Russian, English and Chinese), but in order to access the chat on the user’s account there must be more than $ 100. BTC-e does not require proof of identity. There is also a daily limit on the amount of cryptocurrencies withdrawn, each currency has its own limit. Deposit and withdrawal of fiat money is possible in many ways, depending on the specific currency. To enter and withdraw all currencies, it is possible to use the BTC-e code, which allows transfers with 0% commission and almost instant crediting. Commission for transactions is 0.2%, except for the pair USD / RUR: 0.5%.
Commissions for the withdrawal of rubles and dollars are presented below:
The exchange recognizes such fiat as: RUR, USD, EUR, GBP, CNH and cryptocurrencies BTC, LTC, NMC, NVC, PPC. Compared to other Russian-speaking exchanges, the BTC-e exchange rate may seem more profitable:
Exmo - a multifunctional platform (exchange, storage, trading) was launched on February 24, 2014. Its daily turnover is 670 bitcoins, but the exchange has already formed a circle of regular and committed users (today it is about 18,000 active users per day). Different types of orders are available to users. The exchange has a 24-hour support service. The exchange supports the following fiats: RUB, EUR, USD, and cryptocurrencies: BTC, LTC, DOGE. The transaction fee is 0.2%.
Russian-language interfaces and certain advantages also have:Livecoin , CEX.IO , BitChanger , eCoin
Exchange Cryptonit - multilingual trading platform for buying and selling cryptocurrency for dollars and euros, which provides its users with high security and a wide variety of ways to enter and withdraw funds. Trading was launched in November 2012 and until the summer of 2013 the exchange worked exclusively with cryptocurrencies. Fiat support was later added: dollars and rubles. Currently the exchange supports: BTC, LTC, NMC, PPC, QRK, DOGE, FTC. On the exchange website there are video tutorials on the basic capabilities of the exchange.
3 chinese whales
In recent years, trading volumes on Chinese exchanges significantly exceed the turnover of funds on the exchanges of the rest of the world. Due to traditional Chinese restraint and language barriers, we still had little that is known about the Chinese exchanges, and in particular, about the three cryptocurrency trading whales that will be discussed today.
BTCchina
BTCchina - meet the world leader in cryptocurrency sales volumes. The daily turnover for October 2015 is more than 100,000 BTC. BTCchina asks users for a phone number, real name, identity card and other information required for registration, in accordance with Chinese law. The commission on the transaction will be 0.3%, moreover, for transactions within the BTCсhina system, commissions will be less.
Trades are conducted only in the national currency btc / cny. BTCсhina was the largest cryptocurrency exchange and had a tremendous impact on the global bitcoin exchange rate until January 2014. Further, the Central Bank of China began to impose restrictions on operations with bitcoins, and then completely banned trading, but the exchange soon resumed operation. There are Chinese and English interfaces. The exchange only works with bitcoins, lightcoins and RMB.
Huobi
Huobi is one of the Big Three exchanges. Huobi ranks third in the world in terms of trading volume. The only major Chinese exchange working with USD (via Hong Kong offshore). Users will have to provide reliable information about their identity: name, email address, identification number. Another feature of the exchange is that for some trading operations no commission is charged at all. Over the past few months, Huobi has noticeably expanded its range of products.
Okcoin
OKcoin - the exchange was registered in Beijing in July 2013, with the support of Tim Draper, estimated in amounts of about $ 1 million. The OKCoin.cn exchange has about 100,000 registered users. Trading commissions start from 0.2%, and may be even lower, depending on the user's exchange activity. Okcoin consists of 2 independent platforms: one in the USA, the other in China. In July 2014, OKSoin added the ability to accept and withdraw deposits in US dollars, but is not going to make an American license. Okcoin offers users a whole arsenal of various tools, such as margin trading, futures trading, peer-to-peer lending, a payment service, and multi-signature wallets.
The number of sites for operations with bitcons is growing every day. In one review, it would be very difficult to talk about all bitcoin exchanges. If you need more detailed information about any segment of exchange bitcoin trading, let us know in the comments.
Start mining bitcoins with us right now