One of the reasons why cryptocurrencies are popular is that they are perceived as private. However, this is not entirely true. For instance, anyone on the Bitcoin blockchain can see what the coins were used to purchase. This feature of the blockchain can affect the coin’s fungibility. If someone sees that the coin was used to buy something illegal, that person may not accept it.
Monero may not be as flashy as Bitcoin, but it has several advantages. For one, it is entirely private; no one can disclose the transaction’s participants. This feature is highly desirable among those who value their right to a reasonable level of commercial privacy. Those interested in owning this coin have many options when it comes to finding an exchange.
Binance is a well-known exchange that has several benefits that make it desirable among traders. It has a high daily trading volume valued at $28 billion, and it can support over a million transactions per second. All of this is rounded off by 24/7 customer support and an informative blog with tips on using Binance successfully.
Additionally, the platform has two versions. Binance Pro is for professional traders and experienced users. It provides all the tools and features traders need to grow their existing assets. Binance Lite does not have as many features, but it is easier to navigate and ideal for novice users.
Godex is an entirely anonymous exchange. It is a crypto-to-crypto service that allows users to exchange digital currencies. Users do not have to create an account to execute trades. They enter their cryptocurrency addresses and the amount they want to exchange. Once this is done, users can exchange BTC for XMR or any other cryptocurrency — there is a selection of more than 200 digital coins. It will take only 5 to 30 minutes (depending on the speed of confirmation) to process a transaction. Additionally, they have low fixed rates and do not impose volume ceilings.
Evonax is similar to Godex because it does not have registration requirements and is anonymous. Users do not have to pay fees, and the exchanges are conducted quickly. It has a handy feature that allows traders to track the progress of their transactions. It is a simple exchange that is easy to use.
Evonax supports dollars, but only through PayPal. Evonax’s other disadvantage is that it only supports 11 cryptocurrencies, but this number includes most big-name coins and tokens.
Huobi has several features that make it a viable option for serious traders interested in Monero and other coins. The exchange’s top feature is the ability for users to engage in spot trading and leverage their assets up to x5. Second, Huobi provides cold wallets with multi-signature protection as well as a reserve fund worth 20,000 BTC. Traders can use their Visa cards to buy cryptocurrency. Finally, they have a mobile app compatible with Android and iOS. The app allows users to conduct transactions anywhere and anytime. This exchange’s biggest con is that they ceased operations in the US in 2019.
Bitfinex is another highly trusted exchange where users can buy Monero and almost 200 other coins. Users can make purchases with fiat if they can provide proof of identification. The identity verification process is demanding, but it is worth it.
They have incorporated several security features, likely in response to a 2016 hacking attack. These features include two-factor authentication, email encryption, and the monitoring of withdrawals by IP address. An added perk is that the majority of user funds are kept in cold storage.
There are some significant disadvantages to using this exchange, though. First, they have been experiencing declining trading volume for some time. Second, they do not operate in the United States.
Many excellent exchanges include Monero in their lists of currencies. All of them have unique advantages and benefits. Some also have significant disadvantages. But these pros and cons are relative to each customer. Potential users should carefully look at each exchange on this list. This is the surest way of determining which exchange is best.
The best exchanges have the following characteristics in common: reliability, transparency, and security. Always be sure your exchange meets those three requirements.