Best trading platforms Somalia 2021

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

These exchanges feature advanced capabilities 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 mining algorithm. As Bitcoin grew in popularity, so did users' demand for specialized platforms: the best cryptocurrency exchanges. On these platforms, people could exchange one cryptocurrency for another or trade cryptocurrencies for fiat money. Miners would mine the cryptocurrencies and then transfer the mined money through a special service.

Coinbase

Coinbase is a very large and popular 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 regulations, which makes it a reliable and trustworthy exchange. It offers two different accounts: regular and professional.

Coinbase has quite high commissions, unless you use a professional account. With this professional account, you also get more different charts and even some additional indicators that track subtle changes in the forex market. However, Coinbase offers several types of cryptocurrencies, so you have a lot of options.

Coinbase is intuitive, so even beginners will find it easy to navigate. 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  • You can pay funds that can be deposited and withdrawn using a bank card, transfer and a range of payment systems.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 stock exchange did not open until 2017. Being a fairly young company, it has nevertheless been able to expand its portfolio considerably. Perhaps the most notable thing about this exchange is that it has deliberately focused on a large number of different cryptocurrencies. There are even some options for fiat currencies, but they are much more limited.

The number of currency pairs, the wide range of trading instruments and the trust of millions of users, especially important in the cryptocurrency market, play in its favor. The variety of assets and lower commissions make it more than competitive worldwide.

Users can contribute in cryptocurrencies or fiat currencies, which Binance allows. This is an often overlooked advantage that facilitates access to customers from all over the world. Perhaps the only real disadvantage of this exchange is that its structure is a bit more complex than other exchanges, and it may be more suitable for those who have 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 one of the current market leaders. The company 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 succeeded in gaining the trust of its users. There have been no successful hacking attacks against the exchange.

After a relatively quick creation, the company quickly became 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, 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 you can use to fund your account. This can be overcome, but it is still a drawback for some people:

  • 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, United States. Bittrex was founded by cybersecurity experts. Although Bittrex Inc. is a U.S.-based company, it has recently expanded its operations and opened an international subsidiary.

The exchange is constantly changing and updating, and Bittrex is entering into new partnerships.

It offers storage and transactions with more than 200 tokens, the number of which is constantly increasing. The exchanger also works with euros and dollars and allows withdrawing money to 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 in 2014 and has grown quite rapidly thanks to its attractive margin trading offers. BitMex is the largest bitcoin platform and offers 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 trading costs and minimal deposit requirements. Registration in 30 seconds. The BitMex interface is very functional. The user can freely modify the 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 at the end of 2012 and is one of the first exchanges. Initially it was a peer-to-peer platform for margin credits in BTC, but later other cryptocurrencies started to be offered and Bitfinex evolved into an exchange. From the beginning, the platform focused on attracting U.S. users. In the meantime, the exchange is used internationally.

One of the reasons for its success is its rather simple user interface. Despite its versatility, the exchanger is quite easy to use. The combination of ease of use and variety of functions makes the exchange easy to use for both experienced traders and beginners. Users can customize the interface, create their own layouts for 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 founded in Finland in 2012. It is based in Helsinki, the capital of Suomi. LocalBitcoins is a P2P exchange for buying bitcoin for offline fiat money, online e-money and some altcoins. It is considered a reliable platform for direct and decentralized exchange between transaction participants. It allows you to buy Bitcoin quickly and through a variety of convenient methods.

With citizens from more than 200 countries using the exchange, it is one of the largest cryptocurrency exchanges.

Unlike other exchanges, there is no common global exchange rate. Bidders decide for themselves at what price they want to sell or buy Bitcoin and choose the method 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 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 high trading volume have attracted altcoin traders from all over the world.

It offers a large number of pairs, allowing experienced traders to create a large portfolio of their choice in a short time.

Interaction 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 anyone indifferent with a small but stable passive income. However, Poloniex is not without some drawbacks, such as the lack of a mobile application and a 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 started trading in May 2017 and is already very popular among traders. It is a third-party exchange where you can buy, sell and exchange various cybercurrencies.

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

KuCoin is very popular among new virtual currencies that have gone through ICOs, which means you can buy their coins when 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 assets. Transactions are quite fast 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 startup specialized in buying and selling digital currencies. It strictly complies with KYC - Know Your Customer principles and anti-money laundering laws.

Exchange lives up to its slogan: customer satisfaction is the top priority. The resource page runs fast and works like an artificial machine.

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

Cryptoservice cares about the security of its clients. That's why it has introduced a two-factor authentication system and constantly monitors crypto-investors' activities. And to prevent hackers from accessing cybercurrencies, Bitpanda keeps 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

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

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

Coinmama is not a simple exchange. Since you can only buy currency there, it can also be considered an exchange. There is no digital wallet built into the site. All purchased goods are transferred to an address specified by the user. This may be inconvenient for some users. This exchange is known for its three-step verification. This shows that the developers 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. Currently, the site offers 400 ways to exchange digital assets for fiat money and works with almost all national currencies.

Paxful is quite a 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 straightforward, which is especially important for starters.

One of the features of this platform is that it offers its users the opportunity to sell gift certificates for BTC to various retailers, online auctions and 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

HitBTC has been around since 2013 and is a beautifully designed website with a fast engine, multi-currency support and the ability to trade a variety of cryptocurrencies as well as tokens.

You can trade more than 500 currency pairs. 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 range of currency pairs, simple user interface and low commissions make the platform a good choice for both beginners 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 a number of trade-offs, and the choice is an individual matter.

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

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

Based on the brief information in this article, you will be able to make the right choice for you.