With so many cryptocurrency exchanges available, it can be hard to choose the right one for you. While some people may be attracted to the newest exchanges offering special deals to attract customers, there is something to be said for exchanges that have been around for a long time. Today we’ll compare two long-running top crypto exchanges: Bittrex and Bitstamp, using their Cointelligence ratings as a benchmark for their quality.
Bittrex: Run by tech industry veterans
Bittrex is a highly respected US-based cryptocurrency exchange. Their headquarters is in Seattle and their founders are veterans of some Seattle-area tech giants you might have heard of: Microsoft and Amazon.
Bittrex has gained a good reputation among the crypto community for being self-policing and having excellent security procedures. In the past, they have delisted over 80 cryptocurrencies that were not compliant with their rules, showing a clear preference for providing a quality exchange over having the largest quantity of coins.
A closer look at Bittrex reveals a lot to attract investors, such as low fees and an above-average number of trading pairs, even after delisting so many “shitcoins.” Bittrex is FDIC insured, however, by US law they are not a regulated securities trading platform.
Traders looking for a secure, robust trading platform, especially those based in the US, may find themselves happy using Bittrex. For Cointelligence’s complete Bittrex exchange review, click here.
Bitstamp: Established in 2011, still standing!
The crypto world is a volatile place, and not every exchange that was founded in the early days of bitcoin has stuck around. But Bitstamp has been offering cryptocurrency exchange services since 2011 and is still considered one of the top crypto exchanges.
But why does this Bitstamp exchange review offer such a low rating? Despite being a reliable exchange backed by an excellent team, they get low marks for customer service. Support can take a long time to respond to queries, which can be especially upsetting to customers who are new to the volatile crypto market.
Likewise, while Bitstamp is a good exchange, it does little to differentiate itself from its competitors. Their biggest advantage is that they allow crypto-to-fiat trading with EUR deposits and withdrawals, making them popular with European traders. They also get high security marks for storing the majority of their funds off-line.
Users who are looking for easy EUR/crypto trading may find that they like using Bitstamp. It is a relatively stable platform, so anyone who is comfortable figuring things out for themselves may be OK with the support situation. Traders who want to know they can count on a quick response to their questions may want to look elsewhere. For a complete review of Bitstamp, click here.
How do you know if an exchange is right for you?
Bittrex and Bitstamp represent only two of the numerous crypto exchanges out there. Only you can tell which exchange is the best place for you to trade your crypto. For instance, if you’re the sort of person who never contacts support, Bitstamp may be the best platform for you. If security is your primary focus, knowing that Bittrex was founded by security expert may make them attractive in your eyes.
Or maybe neither of these exchanges is right for you. Luckily, you can find reviews of other crypto exchanges online. These can help you compare the pros and cons of different exchanges until you find the one that hits the right button for you.
Even veteran cryptocurrency traders can benefit from reading crypto exchange reviews. You may be perfectly happy with the exchange you’re on, but what happens when your less tech-savvy cousin comes to you for advice on trading cryptocurrency? You’ll want to help them find a beginner-friendly platform with excellent support that will help them (even though you know half the time, they’ll just call you for support).
It seems like every day we hear of another exchange being hacked, or founders being charged with misconduct, or an exchange having to fold due to non-compliance with local regulations. Exchange reviews can help you find cryptocurrency exchange platforms with reliable teams, regulatory compliance, and a long history of security and happy customers. That’s why so many people turn to the established exchanges like Bitstamp and Bittrex. These companies have years of experience in this new field, and one can easily research their history and see whether they’ve been attacked and if so, how they’ve responded.
When researching exchanges, look for a review site like Cointelligence, which examines as many metrics as possible. The more complete a picture you have, the more confident you can feel about your decision. Do your due diligence, and you’ll find the right exchange for you — or your crypto newbie cousin. To see Cointelligence’s complete list of exchanges, click here.