Cryptocurrency isn’t as simple as many make it seem. There are numerous terminologies to familiarize and trading concepts that are way over a lot of heads. The process is often made more difficult by some cryptocurrency exchange platforms. Everything’s not straightforward with chances for mistakes mounting at each minute you’re carrying on a transaction. This isn’t always the case, though. As the crypto market is expanding, more and more cryptocurrency newbies are pulled in. A lot of new and emerging cryptocurrency exchanges rise up to the challenge of offering intuitive platforms that are for everyone.
What makes these cryptocurrency exchanges standout are the features that make cryptocurrency trade exchanges easier for entry-level traders and users. And at the top of this list are three cryptocurrency exchanges that are making names for themselves in the industry in the past months. These exchange platforms are Kucoin, Binance, and Bibox. But what features are we talking about?
Kucoin, Binance, and Bibox all have these features or their own take in delivering a similar experience:
- Beginner-friendly user interface (intuitive, easy navigation, standard)
- Fixed and fair fee structure
- Multiple payment options
- Transparent and easily-accessible transaction and currency data
- A wide array of currency pairs
- High level of security
- Efficient performance
- Friendly customer service
- Positive overall user experience
- Countries supported?
Let’s look closer on how these three cryptocurrency exchanges implement these features to make their platform and their service some of the most beginner-friendly in the industry.
The Top 3 Most Beginner-Friendly Cryptocurrency Exchanges and Their Strategies
Kucoin: The People’s Exchange
Kucoin was launched in September 2017. It is a young Hong Kong-based exchange platform. So far, it exceeded expectations and is steadily rising up from comparisons with Binance.
- Beginner-friendly user interface – intuitive
Kucoin’s user interface is straightforward and intuitive. The interface’s main focus is to deliver a convenient yet highly functional cryptocurrency trade exchange platform.
- Fixed and fair fee structure – competitive
Deposits are free of charge while withdrawal fees vary depending on the currency. Some currencies like NEO and GAS don’t have any withdrawal fees. The trading fees are fixed to 0.1 percent of the traded assets. Users that hold at least 1,000 KCS tokens can also avail of a 1 percent trading fee discount.
- Multiple payment options – no fiat deposits
Kucoin is a crypto-to-crypto exchange platform.
- Transparent and easily-accessible transaction and currency data – markets
Kucoin’s trading pair markets give users necessary insight on currency trends including real-time analysis, historical price, and trading volume. Trading View-powered advanced charting is used. One downside is that Kucoin doesn’t offer margin trading. There was an announced plan on the inclusion of margin trading in the future but no projected timeline was specified. Currencies also have high liquidity.
- A wide array of currency pairs – ahead of the curve
Kucoin is known for listing currency pairs long before other platforms do. The platform uses an underlying technology that enables it to support almost an infinite number of trading pairs. Aside from that, Kucoin makes it easier to find unique and rarer altcoins compared to bigger cryptocurrency exchanges. Trading pairs are categorized into six trade exchange markets: BTC, ETH, NEO, USDT, KCS, and BCH. The best part about this though is that even with a smaller trading volume, some currencies like Revain gain the highest total trading volumes compared to the volume they receive in any other cryptocurrency exchanges
- High level of security – advanced security
Kucoin has advanced security that exceeds industry standards. The platform using bank-level encryption and industry-standard transfer protocols. Its multi-clustered and multilayered financial system architecture was the inspiration behind the core exchanging system. Google’s 2-factor authentication is also utilized for an additional layer of security.
- Efficient performance – state-of-the-art
Transactions are processed after just a couple of seconds. All pre-pay and withdrawal transactions are inspected by an AI algorithm to ensure the safety and validity of all transactions. Kucoin’s technical performance is backed by a state-of-the-art memory matching technology that has a peak order-making value of more than 2 million orders per second and a peak order-processing value of more than 1 million orders per second.
- Friendly customer service – 24/7 support
Customer support is always available via email, website chat support, and email. Replies don’t exceed 10 minutes for non-voice channels. Kucoin also has an official English-language Twitter account that is updated regularly.
- Positive overall user experience – bonuses galore
Kucoin’s native cryptocurrency, Kucoin Shares (KCS) tokens give users an opportunity to diversify their cryptocurrency portfolio and earn passive income in the process. KCS holders can earn a share of 50 percent of the total 24-hour trading fees. Kucoin also redistributes another 40 percent of the trading fees through its referral program.
- Countries supported – focused on the international cypto market
The Chinese government had recently restricted local IPs from accessing cryptocurrency services. This was after ICOs were banned in the country. Cryptocurrencies like Kucoin were able to continue operation by instead focusing their attention solely to international traders.
Binance: Exchange the World Indeed
Binance first gained popularity with its wide array of Initial Coin Offering listings and low trading fees. Also operating from China, Binance’s ICO’s issuance was announced in June 2017. Binance had experienced some setbacks in the past months, including a halt to new registrations, trade exchange stoppage, and incessant hacking rumors. But Binance remained strong performance-wise amidst all these setbacks. Its popularity continues to soar.
Here’s what users like most about Binance:
- Beginner-friendly user interface – a bit tricky
There’s a learning curve for Binance’s interface but it has a similar structure to other cryptocurrency exchange platforms. The platform offers two trade exchange options – basic and advanced. One needs to have a basic background in cryptocurrency trade exchanges.
- Fixed and fair fee structure – highly competitive
Binance offers trading fee discounts with its Binance token (BNB). Traders can enjoy a 50 percent discount on the 0.1 percent trading fee if they pay using BNB. There are no deposit fees but withdrawal fees vary from currency to currency. GAS and NEO also enjoy free withdrawal fees. There are no transfer limits but level 1 users have imposed withdrawal limits. Binance frequently updates their withdrawal fee rates.
- Multiple payment options – no fiat deposits
Just like Kucoin, Binance is a crypto-to-crypto exchange platform.
- Transparent and easily-accessible transaction and currency data – basic and in-depth
The basic trading dashboard offers insightful graphs and charts on the trading pairs. Users’ order books and trade exchange history are also available through this dashboard. The advanced dashboard, as the name implies offer more insights include a real-time trading volume and historical price.
- A wide array of currency pairs – regular additions to listings
There are nearly 200 altcoins in Binance’s listing with around 80 currency pairs. This number continues to grow to this day. There are options for BTC, ETH, BNB, and USDT trading pairs.
- High level of security
Binance uses 2-factor authentication for currency exchanges. On the operational level, Binance is secured by a multi-tiered security system.
- Efficient performance – high order volume support
Binance is capable of handling around 1.4 million orders per second. There’s a downside though, Binance currently only generates limit and market orders. Though a lot of users expect more advanced trading options, this will be enough for beginners.
- Friendly customer service – very visible in social media
A lot of users look into social for updates and news about cryptocurrency exchanges. Binance users can connect with the exchange platform through Facebook, Twitter, WeChat, and Weibo. There are limitations on their website’s support, though. Only registered users can access customer support and only via website support ticket form. Replies are sent through email.
- Overall positive user experience –
Binance’s website doesn’t lag, making all transactions a breeze. Account verification is only needed for level 2 accounts. Level 2 users have a daily withdrawal limit of 2BTC. Level 1 accounts have 2BTC daily withdrawal limit.
- Countries supported – multi-language support
Just like Kucoin, Binance caters to the international crypto market. Binance moved from Shanghai to Hong Kong with servers hosted in Korea and Japan. Binance also supports different languages.
Bibox is another Chinese cryptocurrency exchange platform. Bibox employs AI algorithms, encryption, modules, and smart tools that facilitate the optimal performance of all transactions. The Bibox team is composed of top Chinese blockchain and cryptocurrency personalities. One of the team members being the co-founder of OKCoin, another from HuoBi.com – two of the largest Bitcoin exchanges from China.
- Beginner-friendly user interface – knowledge base
The Bibox website’s interface is straightforward and minimalist. Navigation is direct-to-the-point with the coin marketplaces shown right on the homepage. The token marketplace and transaction interface has a very similar interface with Kucoin.
Bibox isn’t just an exchange platform, it also serves as a repository of information for newbie investors and traders with its “Token Introduction”.
- Fixed and fair fee structure – competitive
Deposits are free and withdrawals are charged with a network transaction fee. Trading fees vary according to the “Taker and Maker” (taker 0.10 percent, maker 0.00 percent) rules. The use of BIX to pay trading fees is subject to diminishing discounts after the first year of Bibox’s operation (50 percent in the first year to 0 percent in the fifth year).
- Multiple payment options – token trade exchange
Bibox is focused on token trade exchange.
- Transparent and easily-accessible transaction and currency data –
Bibox processes a large amount of crypto market entry and exit data. The platform filter said data to provide the best current investment deals to users.
- A wide array of currency pairs – token support
A wide array of ERC20 tokens are supported with the current system supporting OmiLayer and EOS. There are plans to include fiat currencies like CNY, EUR, HKD, and JPY in the near future. Bibox also had a native token, BIX coins.
- High level of security – safe microtransactions
Bibox employs micro-service splitting. This system is designed to facilitate the breakdown of large transactions into microtransactions, ensuring that each transaction is carried out successfully and securely.
This platform is one of the most invested in minimizing and preventing risks. Bibox has an anti-fault mechanism in the form of an AI system that addresses core system faults in real time. API interfaces like RESTful, WebSocket, and Fix are also used to minimize the risk of sudden currency swings and losses.
- Efficient performance – seamless
Bibox utilizes a memory matching system similar to the system used by Kucoin. This system enables the platform to deliver orders and other transactions at speeds ranging to several megabits per second. This allows the platform to a large throughput of a couple of millions of users. Bibox also deploys a new distributed cluster framework for an overall seamless user experience.
- Friendly customer service – knowledgeable
There had been many user reviews praising the Bibox’s team’s deep knowledge of the blockchain technology, financial processes, and AI algorithms. Bibox costumer service is carried on through support email and is also available through Wechat.
- Positive overall user experience – integration
Bibox has integration capabilities that enable it to seamlessly integrate with other cryptocurrency exchange platforms and services.
- Countries supported – open for the foreign crypto market
Just like the first two cryptocurrency exchanges, Bibox’s operation is limited in their home country.
Cryptocurrency seems like a whole new world even for seasoned traders. The promise of profits continues to pull people towards like a gold rush. Investment options are continually rising with new emerging cryptocurrencies. This also means that new cryptocurrency exchanges pop into existence left and right, some of them only leading newbie traders to a disappointing start in the industry. Thankfully, there are cryptocurrency exchange platforms that make it easier for everyone. With more than 1,200 active trading altcoins, the crypto market is indeed a diverse ecosystem.