Reliable Bitcoin Trading Sites

What are crypto exchanges?

A bitcoin exchange (also called cryptocurrency exchange) is a digital marketplace or business where traders can buy or sell different cryptos such as BTC, ETH, EOS, XRP, LTC and others using dollars, euros or any other currency. An exchange is essentially the intermediary between buyers and sellers of the cryptocurrency.

Crypto exchanges are very similar to stock exchanges, and traders can opt to buy or sell crypto by placing a bid or ask order. The exchanges will often charge a service fee or take a commission for executing trades.

Risks of bitcoin trading 

Bitcoin and other altcoins are generally private and inherently unregulated in nature, so the problem of fake crypto exchanges is widespread.

• Everything is digital, so there is a high risk of hacks, malware attacks and phishing attempts
• Regulatory oversight is low, and the Bitcoin world is often like the wild west
• Exchanges face considerable jurisdictional issues, as cryptocurrency is not legal everywhere
• Crypto exchanges or any other entity cannot reverse bitcoin transactions, so there are no refunds

How to recognize an exchange fraud?

The bitcoin world is rife with fake exchanges and trading apps that appear and disappear overnight. They look highly convincing, especially because there are very few indicators of them being a fake platform. Here are some warning signs that we have come across:

• Promises guaranteed returns, risk-free or zero risk offers. If the offer is too good to be true, it is most likely a fake.
• Be wary of unsolicited calls, emails and other communication for investment
• Scammers have been known to use social engineering tools, with some scams running for months before actual payment is made.
• Pushing you to buy right now, or hurrying with the money transfer process
• Scammers may set up fake support teams and contact the investors. Remember, the exchange never asks for your personal details or credentials over a call or email.
• An exchange is a likely fraud if they levy hefty commissions, withdrawal charges, or ask for payments not disclosed before investing  
• Lastly, stay up to date as exchanges on the verge of bankruptcy have a tendency of holding user’s funds.

Readers of Scamadviser often write to us regarding their experiences, you can view that here.

What are some reliable cryptocurrency exchanges?

We have compiled a list of reliable and legitimate bitcoin exchanges, that are regulated and popular within the cryptocurrency community. All these exchanges are centralized, and crypto transactions can be scrutinized. Please note that some countries exclusively regulate cryptocurrency, while many others have no regulations in place.

Disclaimer: Due to the nature of cryptocurrencies, readers should exercise caution before investing. Always check if a site is regulated by a reliable government stay up to date with the news and conduct due diligence before investing.

*Number of cryptocurrency pairs available for trade. Eg: USD for BTC.

** Alexa rank is a measure of a website’s popularity and performance.