Best trading platforms Somalia 2021

A cryptocurrency exchange is a virtual place to convert virtual currency or exchange it for fiat money. 

Such exchanges are characterized by advanced features and provide opportunities for investors to make money. 

The world's first digital currency, Bitcoin, appeared relatively recently, in 2009. It is distinguished from classical finance by its anonymity, high execution of transactions, small transaction costs and special production algorithm. As its popularity grew, so did the users' need for special platforms - the best cryptocurrency exchanges. At these resources, people could trade one crypto for another, or exchange the crypto for fiat money. Miners would mine the cryptocurrencies and then transfer the mining by converting it into a special service.

Coinbase

Coinbase is a very large and highly sought after exchange. It was established in 2012, just a few years after the rise of bitcoin. This exchange is based in the United States and strictly adheres to all established rules, making it a reliable and trustworthy exchange. They offer two different accounts - regular and professional.

Coinbase has quite high fees if you do not use their professional account. With this professional account, you can also get more different charts and even some additional indicators that track the subtle changes in the currency market. However, they do offer a whole range of different types of cryptocurrencies, so there is a lot of choice.

Coinbase is intuitive, so it shouldn't be hard to get used to even for beginners. Now more than 10 million customers 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  • You can pay funds that can be deposited and withdrawn using a bank card, transfer and a range of payment systems.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

It went public for the first time in 2017. Being a fairly new company, it has still managed to expand its portfolio significantly. Perhaps the main highlight of this exchange is that they have deliberately focused on a wide range of cryptocurrencies. There are even some options in fiat currency, but they are much more limited.

It is played to its advantage - the number of currency pairs, a wide range of trading instruments, and the trust of millions of users, which is especially important in the crypto market. Its variety of assets and lower costs have made it more than competitive worldwide.

Users can deposit contributions with cryptocurrencies or fiat currencies that Binance allows. This is an often overlooked benefit that gives customers around the world easier access. Perhaps the only real disadvantage of this exchange is that it has a slightly more complicated layout than some of the other exchanges, and may be best suited 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 among the current leaders. The exchange officially went public in San Francisco on July 28, 2011, public beta testing began in May 2013, and by September the exchange was open to a large number of traders.

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

After their relatively quick founding, the company has quickly become one of the most popular exchanges in the European market. They are very well priced and offer a good mix of both altcoins and fiat currencies to trade.

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

It is certainly a good exchange that has all the features you need for more advanced users. One notable drawback is that there are not many payment methods available to fund your account. This can be overcome, but for some, it remains inconvenient:

  • 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 experts in the field of cyber security. Although Bittrex Inc. is a US 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 offers storage and transactions with more than 200 tokens, the number of which is constantly growing. The exchange also works with euros and dollars and allows withdrawal of funds on bank cards. 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 began its history in 2014 and has grown very quickly with attractive offers for margin trading. BitMex is the largest Bitcoin platform, offering Bitcoin futures contracts with up to 100x leverage. This environment is perhaps best suited for more experienced traders.

BitMex offers perpetual and fixed contracts with different expiration dates. But all contracts are paid 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. The interface of BitMex looks quite functional. The user can freely change the different widgets available depending on 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

Founded in late 2012, this exchange is one of the first exchanges. It was originally a peer-to-peer platform for margin loans on BTC, but later other cryptocurrencies became available and Bitfinex developed into an exchange. From the beginning, the platform aimed to attract users from the United States. The exchange is now used internationally.

One of the reasons for its success is a fairly simple interface. Despite its versatility, the exchange is quite easy to use. The combination of this ease of use and the variety of features makes the exchange suitable for both experienced and novice traders. Users can customize the interface, create their own market information layouts, 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 launched in Finland in 2012. It is headquartered in the capital of Suomi - Helsinki. LocalBitcoins - P2P exchange firms buy bitcoin for 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 through many convenient methods.

With citizens from over 200 countries working with this exchange, it is one of the largest exchanges for cryptocurrency.

There is no such thing as other exchanges. No common global exchange rate is used. Bidders decide at what price to sell or buy Bitcoin, and choose the exchange methods themselves:

  • 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, the exchange has over 100 currency pairs and a daily turnover of over $13 million. Initially, the exchange focused on the U.S. market, but its overall popularity and high trading volumes have attracted altcoin traders from around the world.

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

Interaction with the interface of the Poloniex exchange leaves only the best impressions. Moreover, good liquidity and a large choice of forks are undeniable advantages. The feature Borrowing will not leave the proponents of a small but stable passive income indifferent. But Poloniex is also not without some shortcomings, such as the lack of a mobile app 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 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 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 degree of protection for your assets. Transactions are fast enough, and withdrawals happen almost instantly:

  • 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 the principles of KYC - know your customer and anti-money laundering.

The exchange fully lives up to its slogan: customer satisfaction is a top priority. The resource site is fast and works as a debugging mechanism.

A big advantage is working with fiat and a wide choice of ways to deposit and withdraw money. The service offers a wide choice of payment methods. Here cryptocurrencies can be purchased via Visa / MasterCard, payment systems and via bank transfers.

Cryptoservice is concerned about customer safety. Therefore, it has implemented a two-factor authentication system and constantly monitors crypto investors' activity. And to prevent hackers from accessing cybercurrencies, Bitpanda stores 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 Exchange, founded in 2013, 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 sites on the market made with an emphasis on novice investors.

Coinmama is not an easy exchange. Since you can only buy currency on it, it can also be considered a currency exchanger. The site does not have a built-in digital wallet. All purchased goods are transferred to the address specified by the user. This can be inconvenient for some users. This exchange is known for its three-level verification. This indicates that its creators care about 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 automated payment service and attracting referrals. Paxful was founded in 2014. Today, the site allows you to exchange digital assets for fiat in 400 ways, and it works with almost all national currencies.

Paxful is a very powerful platform. If you are faced with the task of finding 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 people just starting out.

One of the features of this platform is that it allows its users to sell gift certificates for BTC to various retail chains, online auctions, 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

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

The site offers users over 500 currency pairs to trade. The ability to work with fiat money is available.

It is worth noting that this is a convenient and simple platform for trading digital currencies. Over the course of its existence, it has established itself as a reliable and secure exchange. A large selection 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 numerous exchanges, and the choice is an individual matter. 

However, the most important criteria to look out for when choosing a trading platform are the following:

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

 Using the information summarized in the article, you can make the right choice for yourself.