The easiest and most convenient way to exchanging Balancer to Shiba Inu or other cryptocurrency is through a specialized exchange. Although in this case, the crypto exchange will have to pay a commission.
How does a cryptocurrency exchange work
The cryptocurrency exchange algorithm is simple. The seller creates an order to sell bitcoin (or any other coin), and the buyer creates an order to buy. These orders go to the so-called order book, where information is recorded about how much and at what price someone wants to make a deal.
When the trading interests of the buyer and the seller coincide, the corresponding orders cover each other and disappear from the order book. The transaction is completed – the funds have been credited to the users’ accounts.
In most cases, the interests of the parties, coinciding in the price of the cryptocurrency, do not coincide in the volume of sold/purchased coins. In this case, the remainder of the order simply remains in the order book and is then covered in full by other offers. That is, the seller’s cryptocurrency can be redeemed in small shares. All this happens automatically.
The cryptocurrency exchange platforms determine in real-time whether there is an intersection of price interests in the order book, and if there is, the orders cover each other, a transaction takes place.
“This process is the same for all cryptocurrency exchanges. There is no set value for bitcoin or any other cryptocurrency, it differs on each exchange, ”Binance explains.
Therefore, when you look at the cost of bitcoin on information resources, it is not its objective price, but the price on one of the largest, or (most often) the average price of several of the largest platforms.
Since prices on different exchanges differ, theoretically you can make money on this: buy on one resource for cheaper and sell on another for more. But given the fees for transferring cryptocurrencies between exchanges, this is not an option for novice traders. Only experienced traders can make money on this.
Binance
The company was founded not so long ago – in 2017, and already in 2018 it became the largest crypto-exchange in the world. Now the daily volume of transactions here exceeds $ 42.5 billion.
In total, 351 cryptocurrencies are presented on the platform.
The commission for buying and selling cryptocurrency on the spot market is 0.1%. That is, if you bought, for example, an asset for UAH 1,000. And soon sold it – you will lose 0.2% of your money or 2 UAH.
Huobi
The company ranks third in the ranking of the largest crypto exchanges with a daily turnover of $ 9.7 billion. It has been operating longer than the previous one – it was founded in China back in 2013. True, since that time she changed her registration and moved to the Seychelles. Therefore, the current “persecution” of cryptocurrency in the Celestial Empire does not affect Huobi’s activities.
The crypto exchange offers the opportunity to trade 50 fiat currencies. This is more than any other exchange in our review.
Whitebit
This crypto exchange is noticeably smaller than the previous ones:
- The volume of daily trading on it is $ 916 million.
- Whitebit is a relatively young platform.
- She began her activity in 2019.
- The stock exchange is registered in Estonia.
- Whitebit is the only crypto exchange from our review where you can fund your account with a bank card without commission.
Exmo
The Exmo crypto exchange can be called regional, its activities are focused on the countries of Eastern Europe and here it is considered the largest. The hryvnia, Russian ruble, Kazakhstani tenge and Polish zloty are circulated here. The daily trading volume is much more modest than on the above platforms – $ 85.6 million.
