Where to Buy Bitcoin Cash? The Top 3 Cryptocurrency Exchanges
Apparently, you know what Bitcoin Cash is. It appeared with the launch of Bitcoin hard fork on August the 1st. But who really uses this upgraded version of the First Cryptocurrency? As of today, Bitcoin Cash is a great tool for crypto investors and traders all over the world.
It is mostly used as a hedging instrument. Have you ever recognized any patterns in how specifically Bitcoin and Altcoins react to market fluctuations? Sometimes they fall and skyrocket together. But sometimes you could see two opposite trends: Bitcoin and all the others. So, when Bitcoin soars up, many coins fall, and vice versa, Bitcoin crashes while the others go up.
Bitcoin Cash is very often the coin that’s in the lead of these ‘others’. No trader’s portfolio can go without this ‘opposite trend’ coins. Accordingly, it turned out that in 2018, there’s a great demand for the cryptocurrency exchange where you can trade Bitcoin Cash, in particular. So, here are top 3 platforms where you can do that safely, easily and relatively fast.
CEX.IO is a UK-based cryptocurrency exchange. It has been on the scene since far 2013. Not so long ago, you could only trade Bitcoin and Ethereum there. But, now it offers quite a lot of altcoins, including Bitcoin Cash. In fact, CEX.IO was one of the first exchanges to announce the support of the fork. More than that, one of the first to grant users with Bitcoin Cash wallets and, accordingly, the same amount of BCH coins as of Bitcoin (under the condition that their Bitcoins were deposited before August 1st).
The exchange requires identity verification. Some consider it a disadvantage, but in fact the tendency for regulation will only continue gaining momentum in the cryptocurrency sphere, so very soon you won’t find any reliable platform without the need for verifying yourself.
Although trading volumes are not of the highest, the two key benefits of this specific platform are:
- Ease of use. You can purchase Bitcoin Cash directly from the exchange (Buy/Sell section). This option is perfect if you’re a newcomer, because it’s no harder than buying stuff on ebay. You can also trade BCH to USD, EUR, GBP and BTC using the Trade section. Still, it’s much easier to grasp rather than with some other professional trading platforms. The fees are moderate. You can find all the precise information about how much money you pay when you trade, deposit/withdraw or use margin trading, in their fee schedule.
- Credit Card accepted. Indirectly, this is also why CEX.IO is truly easy in use. Once you’ve linked your Bank card, you can purchase and sell cryptocurrencies instantly. Unfortunately, today there are not so many exchanges that are PCI DSS compliant, which gives them the possibility to operate with bank cards.
Conclusion: CEX.IO has their audience, which is quite wide — over a million users. Although, the exchange can’t boast of an extremely high liquidity, but, probably, that’s the price of such peculiar user-friendliness. So, it’s up to everyone to decide what properties are of the highest importance for you. To conclude, CEX.IO is one of the best options to buy Bitcoin Cash worldwide via a bank card.
This one is more of a professional trading platform, based in the US. One of the greatest advantages of Poloniex is its wide base of Altcoins available for trading, which is more or less than 99 cryptocurrencies. Another hallmark is that you won’t find any fiat currencies (national money, like USD or EUR) on the platform.
Bitcoin Cash is available for trading with USDT, BTC and ETH. NOTE: USDT is a cryptocurrency, the rate of which is always almost equal to that of USD. This is how Poloniex basically replaces dollars. Kind of a disputable issue, but the popularity and user base speaks for itself.
Not so long ago, one of the advantages of Poloniex among the community was the lack of any identity verification. But, as it was stated, regulation is steadily moving towards the cryptocurrency sphere, so now you need to verify yourself even on Poloniex.
The interface is as understandable as it can possibly be when we speak of a website containing advanced charts and a lot of other useful trading data. The fees are not higher than the average. But it seems they don’t have a deposit/withdrawal fee schedule on the website, so the only way you can see it, is post factum when you’re about to withdraw or deposit money.
Conclusion: From the perspective of a trading platform, which Poloniex basically is, it’s highly estimable. It shows the most advanced and authentic charts, with all the required data and analysis tools. It works best for true crypto-enthusiasts who prefer accurate trading with cryptocurrencies only.
Kraken is the oldest among the two above mentioned. This San-Francisco-based cryptocurrency exchange has been operating since 2011. It has over 15 cryptocurrencies available for trading. Bitcoin Cash can be traded against USD, EUR and BTC (or XBT, it’s the ticker for Bitcoin on Kraken). So, as you can see, the exchange includes fiat currencies, which is already an advantage, unlike Poloniex. Another good thing about Kraken is that it is considered as one of the largest cryptocurrency exchanges in the world, so the trading liquidity is corresponding.
Like all reliable exchanges, Kraken demands ID for verification. You should provide the information about your name, city and residential address. If you wish to increase the deposit/withdrawal limits, you will be asked to furnish photos of your documents. That’s not a hard one, and again, this is what every trusted exchange will ask you for today.
In terms of fees, Kraken is no more expensive than any other exchange. They have very detailed schedules for withdrawals, deposits and trading with all the available pairs. Unfortunately, you cannot link you bank card on Kraken, meaning that the only way to withdraw or deposit you money is via bank transfers, such as (Swift, SEPA, etc).
Conclusion: The two main attributes of Kraken is high liquidity and ability to trade Bitcoin with over 15 Altcoins and fiat currencies as well. The platform best fits those who’re all about cryptocurrency trading but still prefer to exchange cryptocurrency into fiat when the time comes. It is not really recommendable for novice users, however it’s still hard to say that interface is obscure or incomprehensible. So, the lack of credit card payment option is probably the only substantial disadvantage of this exchange. Regarding the rest, it is stable, respectable and trustworthy.