Security on the WEB

Top 3 Bitcoin Exchanges

Posted by on Aug 21, 2015 in New Tech |

Top 3 Bitcoin Exchanges

There are a number of Bitcoin exchanges cropping up as this new currency finds its way into more and more aspects of our daily lives. Add to this that Norway is likely headed toward being one of the first totally cash-less countries by 2020, and the move toward crypto currencies seems both widespread and inevitable.

Bitfinex is perhaps one of the most advanced trading platforms for Bitcoins. A number of the trading tools they offer for trading in this currency are exactly the same that are available to stock traders. They offer margin trading, short selling and even liquidity swaps on their Bitcoin exchange. This exchange is relatively new, having been launched in 2013, but it has grown immensely in that short period of time, becoming one of the largest volume trading platforms in existence. Currently being beta tested, when they emerge from this phase the plan is to add even more advanced trading options.


Some call Bitcoin trading murky as of yet, hardly complimentary when one considers this is indeed a form of money. That being said, one of the reasons why Bitfinex has had a lot of success is because they refer to themselves as being hyper-paranoid about security issues in this evolving atmosphere. To this point, almost all of their assets are in cold storage, with less than 1% being held in wallets. The reason they even have any funds held in wallets is because there needs to be liquidity for transactions. Aside from that very small amount of exposure to the forces of risk, their assets are protected. Essentially if they were an old brick-and-mortar bank, they would be putting most everything in their vault, just like it was done back then. They also take measures to backup their database, which is then encrypted and sent to different locations so as to provide an additional level of security. Their very comprehensive security measures at Bitfinex are likely to keep them a mainstay in this space that is filled with carnage of those companies that failed to accurately assess, and put measures in place, to adequately respond to the numerous threats in the crypto currency exchange arena.

Cryptsy is a another popular crypto currency trading platform. In addition to Bitcoin trading, this is also where the derivative variant of Bitcoins, called altcoins, can be traded. The derivatives trading option does separate them from a number of other platforms that do not offer this option. The proliferation of Bitcoin has spawned a number of startups in the crypto currency markets, and on Crytpsy, over 200 types of different crypto currencies currently trade. The name of this exchange does lend that it is a more varied platform where trading in several of these currencies is accommodated. This exchange, headquartered in Florida in the United States, is registered with the main regulatory body, and has been around since 2013. Their plan is to try to develop more relationships with merchants who are amenable to accepting crypto currencies. This would mean that instead of getting gas with your credit card, perhaps you might use your Litecoin card. This is an interesting, and evolving new dimension of this payment-processing system that is quite ripe for immense growth. Cryptsy is likely to be fundamental to making these currencies slightly more mainstream, or at least that is their plan.

Coinsetter is another Bitcoin exchange in these currencies that is known for its fast deposits and withdrawals, which is almost unheard of in this industry. Coinsetter, much like Bitfinex, offers advanced trading order features, like stop-loss and trailing stop limit features. More sophisticated traders are very comfortable on Coinsetter, but that is not to say that this is also not a good place for neophytes to begin trading. In fact, it is perhaps a reason why people who are new to this type of trading should get started on such an exchange. In this way, as they become more adept at trading, garnering a better understanding of the market, the platform where they got their start will be the same exchange where they grow. They trade in about 6 different crypto currencies, including Bitcoin, and accept Euros, US Dollars and the South Korean Won as forms of payment.