Crypto Services Reviews
This page is dedicated to reviewing various crypto exchanges, trading brokers, wallets, service providers. We are testing each service and generate detailed description with pros and cons list. You will find many service providers here and we are waiting for your feedback, to help us improve our content. After all we all have the same mission, to make crypto market safer and better to users.
The first Bitcoin exchange BitcoinMarket.com was opened in 2010, although it is no longer open, but expanding of the crypto market led to the creation of countless numbers of cryptocurrency exchanges over time. This led market to wild capitalism, where scams and high profile manipulations occurred often. People lost money because of that and governments (USA and EU primarily), trying to end these manipulations released many regulations on crypto exchanges and the market itself. On one hand regulations helped to protect people, on the other hand it restricted freedom of the market.
Cryptocurrency exchange is basically a service provider that lets its users to exchange either crypto to other crypto or fiat money to crypto. Exchanges could work as market maker that only operates as mediator in crypto transactions and taking spreads as commission, or they could be a matching platform that charges commission for transaction.
Most of the crypto exchanges are centralized, this meaning that they are basically are working as a middle man in the transactions adding layer of security to buyer and seller. In fact, decentralized platforms, or peer to peer platforms has lost interest over time due to safety issues. Think about centralized crypto exchanges as bank that you are trusting to manage your assets.
Crypto wallet is a place where you hold your cryptocurrency. It could be both, digital or physical wallet. The purpose of wallets is to let you make crypto transactions faster, cheaper and easier.
Crypto Trading brokers
There are only few trading brokers dedicated just to trade cryptocurrency. Services of trading crypto are mostly taken by forex trading brokers. What is the biggest difference between broker and exchange? Well there are a few, the first is margin trading. Margin trading is trading method that allows traders to buy a financial asset using borrowed funds, this could lead to increasing profits so as losses. The second difference is that you are not buying crypto from a broker, you are making contract for difference. In other words you won’t be able to do any transactions with crypto you’ve just “bought”. After you close the contract broker will pay the price difference between order opening price and closing price.