Founded in 2014 by the creators of aftermarket.pl, BitMarket is a Polish cryptocurrency exchange that finds itself at number 18 on BlockExplorer’s top 25 cryptocurrency exchanges of 2017 list. This exchange offers 6 trading pairs, all of which are crypto/fiat.

BitMarket has some moderate activity, with almost 100 BTC traded in a single day on its BTC/PLN trading pair. It is recommended for all polish traders, especially those looking for a mid-volume market with a robust API for programmatic trading.

 

BitMarket

bitmarket cryptoURL: BitMarket.net

Launched: 2014

Trading pairs: 6, all fiat/crypto

Deposit Fees: Yes

Withdrawal Fees: Yes

Trading fees: Yes 0.0% – 0.45%

Verification: Yes, three levels

Margin Trading: Yes

Registration

Registration on BitMarket requires a first and last name, an email address, a password, and a current physical address. Once the information is filled out, there are four checkboxes that are required, one of which links to a document that seems to only be available in polish.

Verification

BitMarket has three verification levels, none of which are required unless you want to deposit or withdraw fiat, or are trading more than 15000 EUR in a year.

Verification level one is the simplest to acquire. You are required to send BitMarket a scanned ID that states your current address, or a scanned ID and some proof of residence. For level two, a verification code is sent to your stated address via post. The last verification level is required if you wish to use instant bank transfers to fund your account. Each bank account you want to transfer from has to be verified individually by way of a 1 PLN transfer to BitMarket.

Fees

BitMarket uses the usual Maker/Taker scheme that most exchanges use to structure their trading fees. Specifically, BitMarket bases its fees off of your last 30 days of trading. BitMarket does not state exactly when your current fee bracket is updated. On the low end, makers pay 0.15% for between 0 and 99.99 EUR traded, while takers pay 0.45 for the same. For the high end, over 500,000, makers pay no fees, and takers pay a fee of 0.30%. Margin trades follow the same fees above, with opening a position taking the maker’s fee, and closing a position taking the takers fee. After opening, margin trades pay a daily fee outlined on BitMarket’s fees page

For deposit and withdrawal, the fees you pay depend on the currency and the method of transfer. Cryptocurrencies have no deposit fees and have a small withdrawal fee. For fiat deposit, there is no fee for PLN, while EUR deposits cost between 2 and 5 EUR. Both PLN and EUR pay withdrawal fees, PLN ranging from 2 PLN to 20 PLN, while EUR is a flat 2 EUR.

Limits are set at 100,000,000 PLN or equivalent daily on deposits, aside from cryptocurrencies. And there is a limit of 100,000,000 or equivalent daily for withdrawal on all currencies.

Interface

BitMarket’s interface overall is a very bright white with green and blue accents. There is no dark mode available, meaning that late night trading could be a source of eye strain.

The trading interface feels quite simplistic, with a chart, order submission, order book, and trade history all stacked vertically. The chart itself while informative feels sluggish when changing settings, and overall seems somewhat blurred.

Security

BitMarket seems to have some very trigger happy bot protection in the form of a captcha via Cloudflare. I found myself solving one at least once every three page loads. Otherwise, BitMarket offers Two Factor Authentication by way of Google Authenticator.

Binance is a China-based cryptocurrency exchange that launched in July 2017 and is at #15 on BlockExplorer’s top 25 cryptocurrency exchanges of 2017 list. After its launch, Binance rapidly expanded to serving over six million users across the world.

Binance’s 267 crypto/crypto trading pairs and over 6 million users make it an extremely large exchange, suited for traders looking for high liquidity and rapid trades, though only if they do not require fiat trading pairs. The addition of an API also makes it suited to traders looking for programmatic trading opportunities.

Binance

binance cryptoURL:  binance.com
Total Trading Pairs: 267
Deposit Fees: No
Withdrawal Fees: Yes
Trading Fees: Yes, 0.1%
Margin Trading: No
Verification: Yes, for higher withdrawal limits

Registration

Registering with Binance is rather simple, it requires an email address and a password. Note that you cannot use a ‘+’ in your email address. Once you have submitted the registration form you will receive a confirmation email that includes your IP address.

Fees

For trading, Binance charges a flat 0.1% fee on all trades. Withdrawal fees differ per currency and are changed often. There are no fees for deposits.

Simple and Advanced Exchanges

Binance has two different interfaces for its exchange. One is a simple interface for novice traders, and the other is a more advanced interface that has more information available for those that understand it.

Interface

Binance’s interface is different depending on whether you use the simple or advanced trading platforms. For the simple one, the interface is a bright white with yellow highlights and black text. And the advanced trading platform has a dark grey background with light grey text. Both feature a chart, order submission form, trade history, and order book. Though the advanced interface has a more complex graph and a different layout. Specifically, a chart on the left with various histories below it, and an order book, trade histories and order submission form on the right.

Verification

There are three verification levels on Binance.

Verification level 1 is set by default on new accounts and has a 2 BTC or equivalent withdrawal limit.

You cannot start the process of gaining level 2 without having configured 2FA on your account. Otherwise, level 2 requires some personal information and a few pictures. Specifically, you must submit your full name, gender, country, the number on your government ID, a scan of the cover of your government ID, a scan of the identifying page of your government ID, and a selfie of you holding your ID and a note with the date and the phrase ‘Binance’ on it. Level 2 has increased withdrawal limits, specifically, 50 BTC or equivalent.

Level three requires contacting Binance directly, and its benefits are not posted.

Security

Binance’s security practices are very good. Otherwise, there is a popup explaining basic security practices that you are required to read when you log into your account for the first time. After which there are constant reminders to set up Two Factor Authentication, which is available via Google Authenticator.

The Global Digital Asset Exchange (GDAX) is a trading platform launched by Coinbase.com in May of 2016. GDAX trades Bitcoin (BTC), Ether (ETH), and Litecoin (LTC), and accepts USD, EUR, and GBP Deposits. GDAX owned by the Coinbase Inc, which is based in San Francisco, California.

GDAX is suited to the needs of traders with mid-level experience in crypto trading, as well as institutional and professional investors. GDAX is fairly easy to understand once you get the hang of it, but may be slightly confusing for a first time trader. Customer USD funds in GDAX are FDIC insured, meaning your balance up to $250,000 is protected.

GDAX currently ranks #3 on the BlockExplorer Top 25 Cryptocurrency Exchanges List.

GDAX Bitcoin Exchange Summary:

gdax cryptoName: GDAX
URL: https://www.gdax.com/
Total trading pairs: 9
Founded: 2016
Deposit fees: no
Withdrawal fees: no
Trading fees: 0.00% – 0.25%
Margin trading: yes
USA accepted: yes
Verification levels and withdrawal limits:

Verification Level

Limits

Verified Algorithmic

GDAX Exchange Verification Process:

Users who are already registered on Coinbase don’t have to create an account from scratch and can log in with their Coinbase credentials.

GDAX has two levels of verification. Note: They do not have an unverified tier available for use. Verification is required, and users are not allowed to deposit or trade until the verification is completed.

The verification process is straightforward and is different depending on the country. This is due to the differing regulatory atmospheres in different countries. Some are friendly and some are not. In fact, in some countries, like the United States (US), there are differing regulations depending on state.

US users will need to provide a copy of their driver’s license, residential address, and SSN. Please note that GDAX isn’t currently allowing every American state so they won’t accept US passports as an identification document, they need to see and verify what state you are living in to be compliant. As noted previously, some American states are not allowed. US states not yet supported by GDAX include Wyoming, Hawaii, and Minnesota.

UK users will need a photo of an ID card, driver’s license or Passport as well answers to several identity questions

Users from other countries such as Singapore, Australia, Canada and European countries are required to provide a photo of an ID card, driver’s license or Passport and another photo of a different ID document.

Once you are verified: Happy trading!