comparison several crypto exchanges according to my own experience

Posted by Howard on December 5, 2017

Everyone knows that you need to exchange fiat currencies to such intermediates as Bitcoin, Ethererum, Litecoin in order to trade other cryptocurrencies. This needs the help of centralized exchange to accomplish. There are a bunch of crypto exchanges, so it is really a painful stuff to choose one to use, since what we pursues are low commission, simplification in ID certification, bondage with bank card or credit card, safety.

I have been deal with four exchanges and would like to share my personal experience here with my steemian friends. The first one I once used was ‘Coinbase’, the identification certification process was very simple, I just need to submit my Australian driving license. It is very convenient to trade in coinbase, however, I have weekly AUD300 limit,what’s more, the commission fee is too high for me, for trade value above AUD100, it cost 3.99%, there was foreign exchange rate 2.5% on my bank card, so the price of any cryptocurrencies should rise at least 6.5% to make up for my loss at the very beginning.

Then I got to know an exchange called ‘GDAX’, it was acquired by Coinbase. In this exchange, when you send out ‘limit order’ to liquid the market, it will be FREE, FREE, FREE, I repeated that three times because I believe it is a paramount thing for everybody. However, GDAX has its cons, although it is now a part of Coincase, it still asks you to submit at least two IDs for certification purpose, as for me, I need to submit my passport and you can only do this by webcam, after being rejected several times, you need to wait another 24 hours for the next certification process. How miserable! I once wanted to do this via coinbase and submit my copy of passport, however, it was said my nationality in passport is not consistent with my Australian driving license, how stupid! Many people in Australia are holding AU driving license while not nationality of Australia! I have contacted them for this mistake and it is still under process, I will update you guys updated following up this thread.

‘Brighton peak’, who announces themselves as the most popular exchange in Australia in their website, is the most ridiculous exchange I once visited. I went up to sign up, however there was no response, neither failure nor success, no emails and no text messages. I seriously suspected if this was a scam or the exchange has been closed.

I have also tried ‘Independentreserve’, which was declared low cost and premium service exchange. The commission was about 0.5%, and it supported bank card bondage. The registration process went smoothly. After submitting driving license, I was requested to wait for one business day and they will post me a confirmation letter. I will update in the thread subsequently.

Somebody told me “LocalBitcoins”,which is a p2p exchange. It is an exchange linking private bitcoin sellers and buyers and many scams there. Beholding this review, it is not a safe place for people like me to trade cryptocurrencies.

This is a comparison with several ‘huge’ exchanges in an Australian website for your reference, however, you won’t know exactly until you use them.

update: I have been using indepentreserve for a while and it is very good and worth recommendation:

https://www.independentreserve.com?invite=KHJGHV

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