Best cryptocurrency exchange Somalia 2021

A cryptocurrency exchange is a virtual place where you can exchange or redeem virtual coins for fiat money;

These exchanges are characterized by well-developed features and offer investors the opportunity to make money;

The world's first digital currency, bitcoin, was created relatively recently, in 2009. It is distinguished from traditional finance by its anonymity, high execution of transactions, low transaction costs and a special mining algorithm. As its popularity grew, user demand for dedicated platforms - the best exchanges for cryptocurrencies - increased. On these resources, people could exchange one cryptocurrency for another, or trade a cryptocurrency for fiat money. Miners mine crypto-currency and then transfer the mining to a special service through conversion.

Coinbase

Coinbase is a very large and popular exchange. It was established in 2012, just a few years after the rise of bitcoin. This exchange is based in the US and strictly adheres to all established rules, making it a proven and reliable exchange. They offer two different accounts - regular and business.

Coinbase has quite high commissions unless you use their professional account. With this professional account, you can also get more different charts and even some additional indicators that track subtle changes in the currency market. However, they do offer a number of different types of cryptocurrencies, so there is plenty to choose from.

Coinbase is intuitive, so it should be easy to learn, even for beginners. There are now more than 10 million customers using the platform.

  • 23 types of digital coins.
  • The rates charged for all operations under $200 are as follows: $ 0.99 - $ 2.99 - for operations from $ 0 to $ 200; for over $ 200, a fixed interest rate comes into play. Its size depends on the payment method.
  • Free mobile and online wallet. The advantage of this wallet is that transactions can be made off-blockchain.
  • You can pay funds that can be deposited and withdrawn using a bank card, transfer and a range of payment systems. SEPA transfers are available for EU residents.
  • Two-factor authentication. All website traffic is encrypted using the SSL cryptographic protocol.
    All wallets keys are protected by AES-256 encryption. Only 2% of her clients' cryptocurrency funds are stored online, and they are insured in case of loss.
  • Android and iOS app.

Binance

The exchange first opened in 2017. Being a fairly new company, it has still managed to expand its portfolio significantly. Perhaps the biggest strength of this exchange is that it has deliberately focused on a wide range of cryptocurrencies. There are even some options in fiat currency, but they are much more limited.

The number of currency pairs, the wide range of trading instruments and the trust of millions of users, which is particularly important in the cryptocurrency market, all work in its favor. Its variety of assets and low commissions have made it more than competitive worldwide.

Users can make deposits with any crypto or fiat currency that Binance allows. This is an often overlooked benefit that facilitates access for customers around the world. Perhaps the only real drawback to this exchange is that it has a slightly more complicated schedule than some other exchanges, and may be best suited for those with experience with similar cryptocurrency systems:

  • 740 different crypto and fiat pairs, including own token BNB.
  • Binance offers competitive trading fees (commissions): 0.1% on each side of the trade, or 0.075% if you are using your Binance tokens (BNB).
  • Trust Wallet mobile application.
  • Bank transfer, debit/credit cards, various P2P payment channels.
  • The exchange launched CryptoSafe Alliance (CSA). This initiative will bring together exchanges, blockchain protocols, cybersecurity experts, and regulatory compliance companies. It is the first comprehensive threat monitoring and protection tool in a decentralized data exchange environment.
  • A free app is available in Google Play Store or the App Store.

Kraken

Kraken is one of the oldest exchanges in the industry and among the current leaders. Officially launched on July 28, 2011 in San Francisco, public beta testing began in May 2013, and the exchange was open to a large number of traders by September.

Kraken has managed to gain the trust of its users. No successful hacker attack on the exchange has yet been reported.

After a relatively quick establishment, the company quickly grew into one of the most popular exchanges in the European market. They are highly rated and offer a good mix of altcoins and fiat currencies to trade.

Kraken is a self-regulated exchange, meaning it develops its own security policies and business rules. However, it complies with the rules and regulations of many supported jurisdictions.

It is certainly a good exchange, with all the features you need to support more advanced users. One notable drawback is that there are few payment methods available to fund your account. This problem can be overcome, but it remains annoying for some:

  • 8 tokens are available for.
  • Transactions under 50,000 units of a particular currency are subject to a commission of 0.16% for the seller and 0.26% for the buyer. For sums over 50,000 units, commissions are reduced to 0.14% and 0.24% respectively.
  • No crypto wallet is offered on the site.
  • Crypto wallets and money transfers via bank transfer. Deposit/withdrawal via bank cards is not available.
  • The exchange offers users two-factor authentication, PGP encryption, and global settings lock, which prevents any account changes within a certain period of time.
  • Kraken Pro and Kraken Futures applications.

Bittrex

Bittrex Inc. was founded in 2014 and is based in Seattle, Washington, USA. Bittrex was founded by cyber security experts. Although Bittrex Inc. is a US-based company, it has recently expanded its operations and opened an international subsidiary.

The exchange is constantly being modified and updated, and Bittrex is forging new partnerships.

It stores and trades more than 200 tokens, a number that is constantly growing. The exchange also works with euros and dollars and allows credit card withdrawals. In addition, the exchange has extensive security features and technologically advanced software that protect these online wallets and the platform itself:

  • 250+ trading pairs are available.
  • Topping up your euro account is available via SEPA credit transfer,international bank transfer,bank card. Fiat funds withdrawal is possible to a bank account using an international bank transfer, and for euros, a SEPA credit transfer is supported. The withdrawal commission depends on the chosen currency: in bitcoin, it is 0.0005 BTC, in Ethereum - 0.00600000 ETH.The site has a fixed trading fee of 0.25% of the total value of the order.
  • No crypto wallet.
  • Bank transfers, credit/debit cards.
  • Two-factor authentication (2FA),IP check, which requires an email confirmation of entry from a new IP-address, IP whitelists, Cold storage for 80%-90% assets.
  • There are two apps for Android and iOS respectively: Bittrex Global and Bittrex.

BitMex  ;

BitMex was founded in 2014 and has grown quite rapidly thanks to its attractive margin trading offers. BitMex is the largest Bitcoin platform offering Bitcoin futures contracts with up to 100x leverage. This environment is probably best suited for more experienced traders.

BitMex offers open-ended and fixed-term contracts with different expiration dates. But all contracts are paid in bitcoins.

BitMex offers the highest market liquidity of any exchange. Ultra-low transaction fees and minimum deposit requirements. Ability to subscribe in 30 seconds. The interface of BitMex seems quite functional. Users can freely change various widgets available according to their preferences. Overall, this exchange has become one of the most popular options, especially for margin trading:

  • 55 trading pairs.
  • BitMEX does not charge any fees for deposits or withdrawals. When withdrawing BTC, a minimum Bitcoin Network commission is applied; commissions for takers are 0.075% of the total order value, while makers are paid an additional 0.025% for each trade.
  • Crypto BitMEX wallet.
  • Beyond virtual currencies, BitMEX does not accept any other deposits.
  • Funds are stored in cold wallets; Two-factor authentication; Registration via SMS notifications; Multi-signature wallets for transactions; Email communications are encrypted using PGP encryption.
  • BitMEX Mobile launched in September 2020.

Bitfinex

Founded in late 2012, this exchange is one of the earliest. Originally it was a peer-to-peer platform for margin loans in BTC, but later other cryptocurrencies became available and Bitfinex turned into an exchange. From the beginning, the platform aimed to attract users from the US. Today, the exchange is used internationally.

One of the reasons for its success is its rather simple interface. Despite its versatility, the exchange is quite easy to use. The combination of this ease and the variety of features makes the exchange suitable for both experienced traders and beginners. Users can customize the interface, create their own layouts of market information, change the colors of interface elements, etc. Both the mobile and web versions of the site are convenient:

  • Over 140 coins and 300 trading pairs.
  • No additional payments for deposits and withdrawals in digital coins. When you deposit USD, you will have to pay a commission of 0.1%, but not less than $ 20;Minimum fee for withdrawing fiat money is $ 60; With the minimum currency turnover per month, the trading fee is 0.1% for the maker and 0.2% for the taker.
  • Users are offered three wallets to choose from - Exchange Wallet, Margin Wallet, and Financing Wallet.
  • In addition to digital currencies, bank transfers and card withdrawals are available to users.
  • Only 0.5% of crypto assets are kept online to support daily transactions. The rest of the coins are kept in cold wallets out of the reach of hackers. For these wallets to become available, manual authorization of several members of the management team is required.

Localbitcoins

LocalBitcoins was launched in Finland in 2012. It is headquartered in Helsinki, the capital of Suomi. LocalBitcoins is a P2P exchange for buying bitcoins for offline fiat currency, online e-money and some altcoins. It is considered a reliable platform for direct and decentralized exchange between parties to a transaction. You can use it to quickly buy bitcoins through various convenient methods.

Citizens from more than 200 countries work with the exchange, making it one of the largest cryptocurrency exchanges.

It is not like other trade. No common global exchange rate is used. Bidders decide the price at which they want to buy or sell bitcoins, and choose their methods of exchange:

  • The service does not charge a commission from the buyer.  For sellers, there is a set commission of 1% on each sale.
  • Bank transfers, banking cards, electronic systems.
  • The security of the transaction is ensured by the escrow method, which has proven to be highly effective; User accounts are protected by two-factor authentication.

Poloniex 

Poloniex is one of the largest cryptocurrency exchanges in the world, founded in 2014 by Tristan D'Agosta. At the time of this writing, there are over 100 currency pairs on the exchange, with a daily trading volume of over $13 million. Initially, the exchange focused on the U.S. market, but its overall popularity and large trading volumes have attracted altcoin traders from around the world.

It offers a large number of pairs, allowing experienced traders to build an excellent portfolio of their choice in a short period of time.

Interaction with the Poloniex stock market interface leaves only the best impressions. Moreover, the good liquidity and the large choice of ranges are undeniable advantages. The loan function will not leave anyone indifferent to a small but stable passive income. But Poloniex is not without its drawbacks, such as the lack of a mobile application and the cumbersome website:

  • 100+ currency pairs.
  • All deposits are allowed without any additional charges; The withdrawal fee is fixed, and it depends on the type of the currency; commissions are from 0 to 0.25%.Maker commission is from 0% to 0.15%; taker commission is from 0.1% to 0.25%. The higher is the volume of completed transactions in one month, the lower is the commission for all subsequently completed transactions.
  • Own Wallet.
  • Replenishment of an account with a bank card or withdrawal to a card are not available for users of some countries.
  • The administration highly recommends to add two-factor authentication to your account.
  • Mobile application.

Kucoin

KuCoin is a Hong Kong-based exchange that launched in May 2017, and has already gained popularity among traders. It is a third-party exchange that allows you to buy, sell and trade various cyber currencies.

The main feature of KuCoin is its own cryptocurrency, KuCoin Shares (KCS).

KuCoin is very popular with new virtual currencies that have gone through ICOs, meaning you can buy their coins while they are still in the early stages. You can access KuCoin through your desktop computer, as well as through the Kucoin app on Android and iOS.

This exchange is an excellent platform that guarantees a high degree of protection for your assets. Trading is quite fast and withdrawals are almost immediate:

  • 200+ coins and 450+ trading pairs.
  • All deposits are free on the site, and there is a fixed fee for withdrawals; KuCoin offers a flat commission of 0.10%, which is less than the industry average.
  • Inner site crypto wallet.
  • A variety of payment methods supported by P2P fiat services.
  • The exchange offers you the option to set up two-factor authentication by Google Authenticator.
  • Mobile application .

Bitpanda

Bitpanda is an Austrian startup specializing in buying and selling digital currencies. It strictly adheres to KYC - know your customer - principles and anti-money laundering laws.

The fair is true to its slogan: customer satisfaction is a top priority. The website works quickly and like a finely tuned machine.

A major advantage is working with fiat currency and a wide range of deposit and withdrawal options. The service offers a wide choice of payment methods. Cryptocurrencies can be purchased here via Visa/MasterCard, payment systems and bank transfers.

The cryptocurrency is concerned about the security of its customers. Therefore, it has implemented a two-factor authentication system and is constantly monitoring crypto investors' activity. And to prevent hackers from accessing the cybercurrencies, Bitpanda keeps the funds in "cold" storage, i.e. offline :

  • Bitcoin, Ethereum and 30+ digital assets.
  • The trading commission of the service depends on the type of currency and the nature of the transaction. When buying bitcoins, you pay 1.49%, when selling - 1.29%.
  • Commission for replenishment and withdrawal is fixed for each coin and is debited from the account.
  • Bitpanda crypto wallet.
  • You can make a deposit either by bank transfer, credit cards or electronic payment systems.
  • Bitpanda refers to systems that independently manage user wallet keys.Besides, the following security measures are offered: fund cold storage session control. Every login attempt from a new device requires two-factor authentication confirmation, authentication and validation via email.

Coinmama

Coinmama, founded in 2013, is owned by the investment company New Bit Ventures Ltd, which is legally registered in the State of Israel.

Coinmama can be used by traders of all experience levels. There are not many sites on the market that are made with a focus on novice investors.

Coinmama is not just a currency exchanger. Since it only allows you to buy currency, it can also be considered an exchanger. There is no digital wallet built into the site. All purchased goods are transferred to the address provided by the user. This can be inconvenient for some users. This exchange is known for its three-level verification. This shows that its developers are concerned with the security of the capital and personal data of their users:

  • The website sells Bitcoin, Ethereum. Litecoin, Bitcoin Cash, Qtum, Ripple, Ethereum Classic, Cardano, Tezos and EOS.
  • The use of credit or debit cards implies a service charge of 5%.Besides, the charges 3.90% for buying coins and 0.9% for selling these.
  • No Wallet.
  • Credit/debit cards and bank transfers; It supports SEPA and SWIFT payments.
  • Coinmama is a reputable company with a secure site using Trust Guard and Comodo technologies. Both services have confirmed that 256-bit SSL encryption is actively used on pages containing personal. information
  • Mobile app.

Paxful

Paxful allows you to exchange fiat money for digital assets in Peer-to-Peer mode and earn money by connecting an automatic payment service and referrals. Paxful was founded in 2014. Today, the site allows you to exchange digital assets into fiat assets in 400 ways, and it works with almost all national currencies.

Paxful is a pretty powerful platform. If you are looking for a quick way to buy or sell bitcoins, this site is ideal.

The Paxful website has a user-friendly interface. Everything is very clear and understandable, which is especially important for people who are new to the site.

One of the features of this platform is that it allows its users to sell BTC gift certificates for various retailers, online auctions and stores. For example, merchants accept certificates for purchases from Amazon, Walmart, iTunes and many others:

  • Bitcoin and Tether as assets.
  • Commissions are applied for crypto selling:0.5% for bank transfers; 1% for bank cards and e-payments; 3-5% for gift cards; No commission is charged for buying cybercurrencies; Paxful will charge a transfer fee for sending funds to an external wallet. $ 0 - $ 9.99 = 0.0001 BTC$ 10 - $ 19.99 = 0.0002 BTC;More than $ 20 = 0.0005 BTC.
  • The Paxful Wallet App makes it easy to store and manage coins with your mobile wallet.
  • More than 300 ways to buy coins, including bank transfer, credit and debit cards, PayPal, Western Union, and even Amazon, iTunes or Steam gift cards.
  • The security of the system is ensured by two-factor authentication, depositing and the obligatory verification procedure when working with large amounts.
  • Paxful Wallet for Android and iOS.

HitBTC

Active since 2013, HitBTC is a website with a nice design, a fast engine, support for multiple currencies and the ability to trade all kinds of cryptocurrencies as well as tokens.

The site offers users more than 500 currency pairs to trade. It is possible to work with fiat money.

It should be noted that it is a convenient and simple platform for trading digital currencies. During its existence, it has proven to be a reliable and secure exchange. A wide choice of currency pairs, a simple interface and low commissions make the platform a good choice for both novice and experienced traders:

  • 800 currency pairs.
  • No commissions for deposits and a fixed commission for withdrawals depending on the coin; HitBTC uses a multi-level trading fee calculation system. The more a user trades, the lower his commission will be.
  • No crypto wallet.
  • The HitBTC exchange can be replenished exclusively with digital currency.
  • The platform provides 2-factor authentication, high-end encryption technology and cold storage of funds.
  • No application.

There are many exchanges, and the choice is an individual one.

Nevertheless, the main criteria for choosing a trading platform are the following:

  • Reputation.
  • Commissions.
  • The number of trading pairs.
  • Liquidity.
  • Payment options.
  • Requirements for user verification.

The concise information in this article will help you make the right choice for you.