What is the best open source option for a Bitcoin exchange?

What is the best open source option for a Bitcoin exchange?

The buzz around Bitcoin doesn’t seem to be taking a halt. If you want to get into digital currency, the first step is to buy it. When we are talking about digital currencies then, Bitcoin is the pioneer and is the most popular one. The coin came into existence in the year 2008. Despite being as low as $.01 initially, it has grown multiple folds. It has given considerable returns to its investors and thus, the most profitable cryptocurrencies in the current time.

If you own Bitcoin, you would know about Bitcoin exchange platform. Many such platforms are in operation today. But, choosing the one which is authentic and real is a daunting task. In this blog, I will be highlighting what the different points that you should take into account, various aspects so that you are safe from fraud.

How to choose the right Bitcoin exchange platform?

Choosing the one from the many Bitcoin exchange platform can be a difficult task. It’s essential that you must do proper research before giving away your hard earned money to any company on the internet. Since these exchanges are online, it becomes even more important to do thorough research.

The first step is to make sure that the Bitcoin service providers have been in the business for around 4-5 years. Such companies won’t shut down their business in a day. Thus, your money is in safe hands.

Here are some other points that you must take into account :

Exchange fees- It’s crucial that you must take into account the exchange feed. Make sure the company that you have chosen has the exchange fee is not exorbitant as compared to the market.

Transparency- The platforms which are authentic will have their cold storage address /audit information on how to verify their Bitcoin reserves. The Bitcoin audit is a great way to prove to customers that the company has liquidity.

How soon will you get the Bitcoin? – It’s always good to know when will you receive the cryptocurrency after you make a purchase. You need to check if the exchange offers you the locked-in pricing.

Anonymity is important  – Make sure that the exchange follows Anti-Money Laundering (AML) laws, Know Your Customer (KYC). If the exchange supports it, then they must send them before buying.

Security – This is very important, make sure that the exchange site is HTTPS which ensures that the website is safe and secure. An HTTPS website is always reliable for any online transactions. So, make sure that you check the website URL before going ahead with the exchange.

Different types of open source Bitcoin exchange :

As mentioned above there are various Bitcoin exchange platform available today, but only a handful of them can guarantee you authentic exchange. Here I have enlisted a few popular ones:

Coinbase- Well, your search for an excellent and efficient digital currency exchange platform comes to an end with Coinbase.  It offers an exchange for Bitcoin, Ethreum, Litecoin and other digital assets with fiat currencies in 32 nations. It provides Bitcoin transactions and storage in 190 countries.

Bisq- This is yet another popular open-source Bitcoin exchange platform. It is a desktop application which allows you to buy and sell Bitcoin in exchange for national currencies or alternative cryptocurrencies. It is perfect for this who do not wish to reveal their control or privacy to any central authority for trading. You don’t need approval from the central body. It is safe as it doesn’t hold the funds. Furthermore, no one gets you detail except for the trading partner. All these features make Bisq a great platform.

1BTCXE- This is a popular choice for open-source cryptocurrency exchange. The company has also come together with Crypto Capital Corp. It makes use of their banking platform. It provides users to exchange cryptocurrencies against 30 different fiat currencies.
Apart from this, there are various other in the leagues, the likes of which include the following:

Bitcoin Exchange
BitMex
CryptoFacilities.
Coinmate.io
LocalBitcoin.com
Bitbond.com
AvaPartner.com
The Bottom Line-

Well, as you can see that there are some platforms available in the market but, the trick is in finding the right one. It should fulfill all the safety and security parameters to make sure that you vest your money in the right company.

 

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I am a Blockchain Researcher, Developer & Consultant. Founded Allchains, Blockchain-as-a-Service Company. Earlier founded SaaS-based mobile application security company Wegilant (Appvigil). I am very passionate about new technologies like Blockchain, IOT, Application Security, AI etc. I am also the part of Forbes 30 Under 30 list of 2016 in Technology.