Emerging Cryptocurrency Exchanges and Marketplaces to Watch for
As more countries begin to recognize cryptocurrency legally, many new exchanges are opening. The Asian market in particular is experiencing a surge in activity as regulators begin to catch up and open doors in a bid to cash in on this rapidly growing and extremely lucrative economy, and this wave is expected to give rise to even more companies.
Competition is unsurprisingly tough as fledgling companies try to take on established industry giants. To boost their customer base, new cryptocurrency exchanges offer perks and giveaways to users—which makes checking them out worth the trouble for users. But one of the biggest problems with testing out new exchanges is that you may fall victim to some that aren’t legitimate.
To save you the trouble, we have listed a few newcomers to the space that are worth checking out.
QUOINE is a Japan-based firm that has three different exchanges: QUOINEX, QRYPTOS, and Liquid. QUOINEX is their crypto to fiat platform, while QRYPTOS only allows trading between different cryptocurrencies. QUOINE was founded in 2014 but is still a budding exchange—users interested in their Liquid exchange are still on the waitlist.
This Hong Kong-based cryptocurrency exchange is one of the newest, most interesting entries in the space. The platform accepts fiat deposits and enables spot trading and pledge financing. The exchange also offers market-maker services and has plans to integrate ETF index funds as well as futures and contract for difference (CFD) trading. One interesting thing to note is that they are launching what they call a Robo-Adviser, an intelligent investment mode service for traders.
CoinEx ruffled some feathers last month after it launched its own token, CET, along with a new business model. Despite only being launched in December of last year, it was able to overtake Binance—an established exchange–in global trade volume after CoinEx’s volume shot up by 24,000% within a 24-hour period. CoinMarketCap shows that CoinEx’s volume rose From $5 million to a whopping $1.24 billion.
How did this happen? CoinEx launched what they call “trade-driven mining” and “dividend distribution.” They promised 3.6 billion CET tokens for free to CoinEx users and 80% of their daily transaction fee income to those who hold at least 100 CET. Disgruntled competitors aside, this was a very tempting perk.
Created by online investment brokerage Robinhood, Robinhood Crypto is a new exchange that amassed over a million sign-ups—before they even launched—in January, and those numbers have probably increased since then. Robinhood Crypto is especially appealing because they offer zero-commission trading.
A product of Coins, CX was launched in February this year and rebranded as Coins Pro in July. Coins has been in the space since 2013, initially offering Bitcoin (BTC) wallets exclusively, but recently they’ve expanded their services to accommodate Bitcoin Cash (BCH) and Ether (ETH). They currently operate in Thailand and the Philippines, with plans to expand throughout Southeast Asia.
Although not really an exchange, Paxful makes the list since it utilizes different mechanics to trading. They’re a marketplace, much like eBay, but for cryptocurrencies. The advantage of peer-to-peer marketplaces like Paxful is that you usually get better rates than exchanges offer since you’re dealing directly with the individuals selling cryptocurrency and don’t have to worry about an exchange adding hefty fees on top of transactions.
Recent and ongoing regulatory developments in different jurisdictions all over the world are sure to usher in more players into the industry; this helps make the space safer for consumers, plus the competition will drive exchanges to offer better service, benefits, and more competitive rates. Overall, this is a win for cryptocurrency users as the experience will only get better.