Best cryptocurrency exchange Somalia 2021

A cryptocurrency exchange is a virtual place where virtual currencies are exchanged or converted into fiat money;

Such exchanges are characterized by advanced features and offer investors the opportunity to make money. 

The world's first digital currency, Bitcoin, appeared relatively recently, in 2009. It differs from the classical financial world by its anonymity, high transaction execution, low transaction fees, and special production algorithm. As Bitcoin's popularity grew, so did users' need for dedicated platforms - the best cryptocurrency exchanges. On these platforms, people could exchange one cryptocurrency for another or exchange cryptocurrencies for fiat money. Miners mined the cryptocurrencies and then transferred the mined money through a special service.

Coinbase

Coinbase is a very large and highly sought after exchange. It was founded in 2012, just a few years after the emergence of Bitcoin. This exchange is based in the United States and operates in strict compliance with all established rules, which makes it a reliable and trustworthy exchange. It offers two different accounts - a regular account and a professional account.

Coinbase has quite high fees if you don't use the professional account. With this professional account you also get more different charts and even some additional indicators that track the subtle changes in the currency market. However, Coinbase offers several different types of cryptocurrencies, so you have a lot of choice.

Coinbase is intuitive, so even beginners should have no trouble finding their way around. More than 10 million customers now work with this 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  • You can pay funds that can be deposited and withdrawn using a bank card, transfer and a range of payment systems.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 stock market only opened in 2017. Being a fairly new company, it has nevertheless managed to expand its portfolio considerably. Perhaps the biggest highlight of this exchange is that it has deliberately focused on a large number of different cryptocurrencies. There are even some fiat coin options, but they are much more limited.

It is played in its favor - the number of currency pairs, a wide range of trading instruments, as well as the trust of millions of users, which is particularly important in the crypto market. The diversity of assets and lower fees make it more than competitive globally.

Users can make contributions in cryptocurrencies or fiat currencies, which Binance allows. This is an often overlooked benefit that allows easier access for customers around the world. Perhaps the only real disadvantage of this exchange is that its structure is a bit more complicated than some of the other exchanges and may be more suitable for those who have experience with such 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 a current market leader. It officially opened in San Francisco on July 28, 2011, public beta testing began in May 2013, and by September the exchange was open to a wide range of traders.

Kraken has managed to gain the trust of its users. No successful hacker attacks have been recorded on the exchange.

After its relatively quick establishment, the company quickly became one of the most popular exchanges on the European market. They are very well priced and offer a good mix of altcoins and fiat currencies for trading.

Kraken is a self-regulated exchange, which means that it develops its own security policies and operating rules. However, it adheres to the rules and regulations of many supported countries.

It is definitely a good exchange that has all the features you need for advanced users. One notable drawback is that there are not many payment methods that you can use to fund your account. This can be overcome, but is still inconvenient 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 headquartered in Seattle, Washington, USA. Bittrex was founded by cybersecurity experts. Although Bittrex Inc. is an American company, it has recently expanded its activities and opened an international branch.

The exchange is constantly being changed and updated, and Bittrex is entering new partnerships.

It offers storage and operations with over 200 tokens, the number of which is constantly increasing. The exchange also works with euros and dollars and allows funds to be withdrawn on bank cards. In addition, the exchange has extensive security features and technologically advanced software that protects 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 started its history in 2014 and has grown very quickly with attractive margin exchange offers. BitMex is the largest bitcoin platform and offers bitcoin futures contracts with up to 100 times leverage. This environment is perhaps best suited for more experienced traders.

BitMex offers open and fixed contracts with different expiration dates. But all contracts are paid out in bitcoin.

BitMex offers the highest market liquidity of any exchange. Ultra low trading costs and minimum deposit requirements. Ability to register in 30 seconds. BitMex's interface is very functional. The user can freely change various widgets available according to his 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

This exchange was founded in late 2012 and is one of the first exchanges. Originally, it was a peer-to-peer platform for margin lending in BTC, but later other cryptocurrencies became available and Bitfinex developed into an exchange. From the beginning, the platform was geared to attract users from the United States. However, the exchange is used internationally.

One of the reasons for its success is the fairly simple user interface. Despite its versatility, the exchange is quite easy to use. The combination of this ease of use and the variety of functions makes the exchange convenient for both experienced traders and newcomers. Users can customize the interface, create their own layouts for the market information, change the colors of the interface elements and so on. 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 founded in Finland in 2012. The headquarters is located in the capital of Suomi - Helsinki. LocalBitcoins - P2P exchange for buying bitcoin against offline fiat money, online e-money and some altcoins. It is considered a reliable platform for direct and decentralized exchange between transaction parties. It allows you to buy Bitcoin quickly and with many convenient methods.

With citizens of over 200 countries using this exchange, it is one of the largest cryptocurrency exchanges.

Unlike other exchanges, no common global exchange rate is used here. Bidders decide for themselves at what price they want to sell or buy Bitcoin and choose the exchange methods:

  • 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 and was founded in 2014 by Tristan D'Agosta. At the time of writing, the exchange has over 100 currency pairs and a daily trading volume of over $13 million. Initially, the exchange focused on the US market, but its general popularity and large trading volume has attracted altcoin traders from all over the world.

It offers a large number of pairs that allow experienced traders to build a large portfolio of their choice in a short period of time.

Interacting with the Poloniex exchange interface leaves only the best impressions. In addition, good liquidity and a wide range of forks are undeniable advantages. The lending function will not leave the followers of a small but stable passive income indifferent. But Poloniex is not without a number of shortcomings, such as the lack of a mobile app and a complicated 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 an exchange in Hong Kong that started operations in May 2017 and is already very popular among traders. It is a third-party exchange where you can buy, sell, and trade a variety of cyber currencies.

KuCoin's main feature is its own cryptocurrency, KuCoin Shares (KCS).

KuCoin is very popular with new virtual coins that have gone through ICOs, which means that you can buy your 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 level of protection for your goods. Transactions are fast enough and withdrawals are almost instantaneous:

  • 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 company that specializes in buying and selling digital currencies. It strictly adheres to KYC - Know Your Customer principles and anti-money laundering laws.

The exchange fully lives up to its slogan: customer satisfaction has top priority. The resource page is fast and works like a mechanism.

One big advantage is that it works with fiat and has a wide range of options for depositing and withdrawing money. The service offers a wide range of payment methods. Here you can buy cryptocurrencies via Visa / MasterCard, payment systems and bank transfers.

Cryptoservice is concerned about the security of its customers. Therefore, it has introduced a two-factor authentication system and constantly monitors the activities of crypto investors. And to prevent hackers from accessing the cryptocurrencies, Bitpanda stores the funds in a "cold" warehouse, 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

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

A trader with any level of education can work with Coinmama. There are not many websites on the market that are specifically aimed at beginners.

Coinmama is not a simple exchange. Since you can only buy coins there, it can also be considered an exchange. The website does not have an integrated digital wallet. All goods purchased are transferred to the address provided by the user. This can be inconvenient for some users. This exchange is known for its three-step verification. This indicates that the creators care about the security of their users' capital and personal data:

  • 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

With Paxful, you can exchange fiat money for digital assets in peer-to-peer mode and earn money by connecting to an automated payment service and collecting referrals. Paxful was founded in 2014. Today, you can use 400 ways to exchange digital assets for fiat money on the website, and it works with almost all national currencies.

Paxful is a very powerful platform. If you are looking for a quick way to buy or sell bitcoin, this site is perfect.

The Paxful website has a user-friendly interface. Everything is very clear and understandable, which is especially important for those who are just starting out.

One of the features of this platform is that it offers its users the ability to sell gift certificates for BTC to various retail chains, online auctions, stores. For example, merchants accept certificates for purchases at 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

The HitBTC exchange has been around since 2013 and is a beautifully designed site with a fast engine, support for multiple currencies, and the ability to trade different cryptocurrencies as well as tokens.

You can trade over 500 currency pairs on the site. The option to work with fiat money is available.

It is worth noting that this is a convenient and simple platform for trading digital currencies. Throughout its existence, it has established itself as a reliable and secure exchange. A wide range of currency pairs, a simple user interface and low commissions make the platform a good choice for beginners and experienced traders alike:

  • 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 is a whole range of exchanges and the choice is an individual matter. 

However, the most important criteria you should look for when choosing a trading platform are as follows:

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

Based on the information summarized in this article, you can make the right choice for yourself.