As the crypto market continues to evolve, exchanges must adapt to new regulations and customer demands. To survive, these firms need to embrace decentralized finance and build hybrid centralized and decentralized models that protect their customers.
The exchanges below are a few examples of ambitious cryptocurrency exchanges that are stepping up to meet the challenge.
Cryptocurrency exchange KuCoin
KuCoin is an ambitious cryptocurrency exchange that offers a wide range of features and options. Its desktop site and mobile apps allow users to buy, trade, and lend crypto.
The exchange also offers a number of advanced trading features, such as margin and futures trading. It also has a staking and lending platform, which allow users to earn passive income from their crypto holdings.
Like most cryptocurrency exchanges, KuCoin charges a maker/taker fee that varies depending on the amount of trade volume and coin classification. It also has a low minimum trade volume and no fees for individual traders with a monthly trade volume greater than 2000 BTC.
The exchange has a strong focus on user security, offering opportunities to set up two-factor authentication, safety phrases, and trading passwords, all of which help to protect user accounts. It’s a proactive approach to reducing vulnerabilities and improve trust with its user base.
Cryptocurrency exchange Stellar
Stellar is a decentralized network for currencies and payments that was launched in July 2014. Founded by Jed McCaleb, the former founder of Ripple, it aims to make international remittances less expensive and quicker than traditional banks.
To achieve this, the network uses a token called lumens (XLM) that serves as a bridge for currency exchanges. This allows users to send and receive virtually any currency in the world, and it also eliminates high fees associated with sending and receiving fiat.
This makes it an ideal platform for developing cross-asset and low-cost value transfers. In addition, it features a built-in decentralized exchange, or DEX.
The network uses a consensus protocol called the Stellar Consensus Protocol (SCP). It differs from the Federated Byzantine Agreement (FBA) consensus mechanism in several ways. Among them, the SCP is decentralized – anyone can be a validator on the network. It is fast – compatible trades can resolve in seconds.
Cryptocurrency exchange Bybit
Bybit is an ambitious cryptocurrency exchange that offers a wide range of trading tools and derivative products. It also provides cold storage for over 90% of its digital assets, which protects users’ funds against hacks.
For beginners, Bybit has a straightforward and user-friendly interface that displays all essential information on one page. This makes it easy to navigate and understand, as it showcases prices, graphs, trade history, and market trends in a single panel.
Traders can place limit and market orders to buy or sell coins. The fees for spot and futures trading are determined by a maker-taker model, with makers paying less than takers.
The company allocates 10% of all trading fees into its Secure Asset Fund for Users (SAFU), which protects users in extreme cases. These funds are kept in separate cold wallets, and can be tracked here.
As a US-based crypto exchange, Bybit https://www.bybit.com/en-US/ is dedicated to keeping its platform secure and safe for its users. In addition, it has a strict KYC process for futures trading.
Cryptocurrency exchange Okex
OKEx is an ambitious cryptocurrency exchange with a global ambition. The exchange uses blockchain technology to provide advanced financial services to traders on a worldwide basis.
It’s a centralized exchange and wallet platform that serves millions of users worldwide. They offer a wide range of products, including basic trading, derivatives and futures trading.
One of the biggest benefits of using OKex is that it allows you to trade government-issued money for cryptocurrencies, which isn’t possible on other exchanges. This is a great way to save on trading fees and can help you diversify your portfolio.
In addition, the exchange offers a number of other features, such as staking, which allows you to earn passive yields from crypto assets. Currently, it supports 55 different digital currencies. These include EOS, AVAX, FTM, ETH 2.0 and more. You can choose flexible or fixed staking terms, and receive between 1.5% and 45% APY.