Hello and welcome to my cryptocurrency exchange review. Choosing the right exchange for your intended goals can be overwhelming and is often a task that requires an experiment or two before it starts to click. Remember that my opinions are simply opinions and that beginning to trade with small amounts of cryptocoins can be an excellent way to learn (without getting burned) before throwing down the big bucks.
This is the first exchange that I ever used. Transferring Bitcoin into BTC-E was simple and processed at a reasonable speed. When you first sign up, remember to verify your email address because later on down the road, this is necessary to withdraw your funds without having to wait a required grace period (two or three days). I have never seen any new cryptocurrencies added to BTC-E (that includes DOGE), but if you are interested in trading one of the listed cryptos, this is an excellent site.
Orders are simple and quick to place with little to no delay. Notifications and noise-based alerts are almost always accurate and I have not experienced any trading errors on BTC-E. The simple, clean interface is very smooth compared to other exchanges and if you are completely new to trading in a bid/ask or buy/sell format, BTC-E is a great place to start.
Other than the small number of trading options, I only have a few complaints about BTC-E. I have heard horror stories about trying to withdraw fiat from this site and have not attempted these actions myself (I’m not even sure if it is possible to withdraw USD). As long as you stay in crypto, withdrawals are quite smooth, but for Bitcoin the fee is a little steep. 0.001 BTC can be a significant amount for a new trader without much invested. I have also transferred Litecoin from this exchange and the fee is more reasonable, only 0.01 LTC.
Overall, I am very impressed with BTC-E and I consider it’s prices to be gold standards when it comes to most of the major cryptocurrencies. I encourage any newcomer to use it as a place to learn, just watch out for the significant BTC withdrawal fee.
When I first started trading, this site was very slow and did not receive very good reviews from my cryptocurrency mentors. As it improved and trading became less-sluggish, I was enticed to use Cryptsy because of the massive number of cryptocurrencies that were listed. Now that Cryptsy has become more reputable, new coins are added less often and those listed are usually not scam coins destined for complete failure.
Deposits and withdrawals in and out of Cryptsy can be slow. You can read horror stories about this recurring problem and the development team is constantly trying to keep up. I have never had any funds lost in a transfer, but I have had to wait a few hours which has caused a kink or two in some of my trading plans. The one time I opened up a support ticket, Cryptsy communicated well and resolved the issue in less than 24 hours.
Trading on Cryptsy can be a very pleasurable experience when everything is working well, but high trading volumes sometimes bog things down a bit. Keeping this in mind you can properly calibrate your expectations and have a generally good experience. Graphs are slightly delayed, but contain good information and are very useful to examine, especially at longer time-scales. This site has many bots (computer programmed robots) performing trades so prices are evened out fairly fast and drastic price changes are usually based on news or human orders.
I think of Cryptsy kind of like a middle-aged truck with a few issues. At best, it can get you to hard-to-reach places and help complete specialized work like a champion. At worst, it can break down at the worst time possible leaving you stranded and unable to complete your intended job. With such a large number of tradeable cryptocoins, it will be tough to stay away from Cryptsy once you have taken the plunge into the realm of trading.
This exchange is still undergoing growing pains, although it continues to successfully navigate each pitfall. If you are looking for pump and dumps or scam coins, you have come to the right place. Also, forgetting a zero or entering the wrong trading value can have dire consequences on Cryptorush so be careful.
Transfers in and out of Cryptorush have been very speedy. The withdrawal fees are typically reasonable, but can sometimes be very over-priced and are not always consistent with their displayed values so again, be careful. Trading has been smooth despite downtime and glitches, but so far none of these issues have amounted to any major trade dilemmas on my end.
Some lesser known coins have found an initial home here and stuck. It only takes 0.250 BTC to have a coin listed on this exchange so many coins are listed purely for early miners to dump. This low listing fee is interesting, however, because it has given a few legitimate coins a chance to hit the market and hang around as their practical use improves.
Poloniex continues to impress me more and more while the BTC volume traded on the site continues to increase as well. New cryptocurrencies of actual interest are consistently added instead of boring scam coins that users or robots vote in. Trading is lightning fast, similar to BTC-E, and withdrawal speeds are quick with fees identical to the network transaction cost (the lowest withdrawal fees of any exchange).
Another impressive feature of Poloniex is excellent communication. They update Twitter regularly with new market additions and honest assessments of problems that arise. When I have communicated with support, they have been quick to respond and very thorough. Excellent work Poloniex.
Edit: Poloniex claimed it was hacked and took 12% of my Bitcoin after freezing withdrawals and trades. I have drastically lowered my rating for this exchange. USE WITH EXTREME CAUTION OR DON’T USE AT ALL!
If you are a miner, this exchange offers an interesting option in that it is the largest exchange that combines both mining and trading into a single website. Coinex also offers a large number of cryptocurrencies with several market pairings (BTC, LTC, DOGE).
Trading is similar to Cryptsy and can range from being smooth to clunky. Trade volume seems to vary considerably on this site. Its trollbox is entertaining, but when it becomes irritating, having the ability to close it is a nice feature. Keeping track of your balances can be a bit unwieldy on Coinex. Withdrawls are fairly priced and have been fast in my experience.
A relatively new exchange, Mintpal was born in conjunction with Mintcoin as a clever marketing move. Transfers and trades have been smooth, but somewhat slow. In one instance I believe Mintpal made a buy at a value higher than the one I input. I have not traded large volumes on this exchange for this reason.
Another interesting Mintpal feature is a voting page for adding new cryptocurrencies. Users can vote more often than nonusers and BTC can be thrown around to further increase the votes on your target cryptocurrency.
This exchange has a fairly low volume and seems to add new coins that may never make it to the major exchanges. The fee for trading and withdrawals is a straight 0.1%. Occasionally the site slows down and trading can be a little awkward, but overall I have been impressed.
Deposits and withdrawals have been very fast and announcements of problems or downtime have been well explained via Twitter. For a small exchange, Allcoin has been very professional and does not deserve some of the negative criticism I have read on forums.
I have been impressed during my limited experience using this exchange. Most exchanges do not have any sort of mobile option (which is probably a good thing), but SwissCex does a nice job providing a mobile interface.
The trade volumes are small on this exchange while downtime occurrences are similar to those experienced on most smaller exchanges. Downtimes have been explained well on Twitter. Deposits are a little slower than some exchanges because they seem to require more conformations.
One aspect of this site that is very promising is the website interface. It feels very crisp and smooth making for an enjoyable trading experience compared to other exchanges. There are many coins and markets to choose from and with more volume, SwissCex could prove to be an excellent exchange.
I have only transferred Bitcoin in and out of this Vircurex. Trading is very simplified and I have never heard anything bad about this exchange. A small number of cryptocurrencies are represented on a very simple, clean website. What is unique about Vircurex is that it pays interest on some of your holdings. You must meet a required threshold value before accruing rewards (1.0 BTC for example).
Despite reading positive reviews about BTER, I have never actually used this exchange myself. I have heard it is fast and found it offers a medium range of tradeable cryptocurrencies. Fees are pretty standard and prices appear to be typical of the larger exchanges.
This has to be one of the slowest and most awkward exchanges that I have used, but it has got the job done when I was interested in a cryptocurrency that was not widely traded. The website is very slow, but trades and deposits/withdrawals were performed at reasonable speeds (once I was finally able to click through the site). Another positive aspect of Coinedup is the complete lack of trade fees. Logging in can be accomplished using your Google account which made me a little nervous at first, but has actually been quite convenient.
Something about Coinmarket.io makes me nervous, but I can’t quite pinpoint it. There are no graphs on the site and only a limited number of cryptocurrencies are available to trade. Withdrawals and deposits have been quite speedy on this site and it has had limited downtime.
There have been a few instances where a trade has gone though at market value when I was trying to create a new limit order which I believe was an error on the part of coinmarket.io. For this reason I have not traded in large volumes on this exchange. Low withdrawal fees are a impressive, but more improvements would have to be made before I would feel completely comfortable using this website.
Trading cryptocurrencies is risky and there are few constant rules other than math and time. Keep this in mind before you enter the modern-day Wild West and start trading with small amounts to iron out the inevitable kinks you will experience on some of these exchanges. Also, remember to keep an open mind when using each exchange (they are mostly very new) and don’t expect them to behave exactly how you want. Remember: change is the only constant!