COMPARISON OF MAJOR CRYPTO EXCHANGE [CRYPTO WALLET]

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In its initial stages, it would have been difficult to imagine crypto assets becoming widespread over time. Nonetheless, current advancements in blockchain technology imply that, shortly, cryptocurrencies will become as much a part of the global financial system as fiat currencies are now. BTC or altcoins rather than a credit card are now used to purchase daily items.

The first and most important question when it comes to storing money is security. With the growing rate of cybercrime, the security of storage services of many platforms is becoming increasingly important. As a result, cryptocurrency wallets and their ability to provide the highest level of security are becoming hot topics for discussion. Other factors like cost (gas fees) and speed of transactions will also be talked about in this comparison.

A cryptocurrency wallet is a piece of software that lets you store money, manage your funds, and conduct financial transactions. The blockchain, on the other hand, is in charge of direct control of digital assets. A private seed key serves as a secure password for signing and confirming transactions. As you might expect, it is crucial that your key is kept safe and that no one else has access to it but you.

These are recorded to be the safest cryptocurrency of 2022 according to BTC PEERS;

  • Binance
  • Blockchain
  • Kucoin
  • Coinbase
  • Phemex

1. BINANCE

Binance began as a cryptocurrency exchange platform that allows users to trade over 150 different cryptocurrencies.

Furthermore, your cryptocurrencies are exclusively accessible to you. There is never any personal information collected or stored. As a result, your privacy is safeguarded. Within the wallet, the software also allows you to exchange cryptocurrency.

BINANCE GAS FEES AND TRANSACTION SPEED

Binance does not charge a deposit fee.

For each withdrawal, a fee is paid by users to cover the transaction costs of moving the cryptocurrency out of their Binance account.

The withdrawal rates are determined by the blockchain network and can fluctuate without notice due to factors such as network congestion.

2. BLOCKCHAIN

Blockchain is one of the most well-known and tried and true wallets available today. In 2011, the Blockchain wallet was created. Its platform has processed over $1 trillion in cryptocurrency transactions.

The majority of coins are kept in cold wallets via blockchain. They are housed in secure facilities that specialise in the physical protection of sensitive data. The multi-signature verification procedure ensures that no one may access funds. Hardware Security Modules, where cryptocurrencies are stored, never distribute private keys.

The Wallet and the Exchange use two-factor authentication, AES-256 encryption, and FIPS 140-2 certified hardware to store private keys for custodial money.

BLOCKCHAIN GAS FEES AND TRANSACTION SPEED

Blockchain.com doesn't charge any fees for incoming tokens, but the mining network will still get paid for the transaction.

To guarantee that your withdrawal is completed and your funds are available as soon as possible when you withdraw cryptocurrency from your blockchain exchange account, your transaction will automatically choose the best network cost.

Transactions with blockchain.com are fast and reliable.

3. KUCOIN

KuCoin is a large crypto wallet that offers the ability to buy, sell, and trade cryptocurrencies. The platform also enables margin, futures, and peer-to-peer (P2P) trading in addition to conventional trading choices. Users can also earn incentives by staking or lending their cryptocurrency. KuCoin has cheap trading fees when compared to some of its competitors, making it an appealing alternative.

SECURITY

Although KuCoin provides KYC verification and industry-standard security features, the exchange was hacked in 2020. Hackers took more than $280 million in cryptocurrency from consumers' hot wallets. Although the assets were fortunately insured by an insurance fund, a security compromise of this magnitude is nonetheless alarming.

KuCoin provides users with a distinct password for trading in addition to security features such as multi-factor authentication and encryption. This password is required in addition to the user's standard login information for making trades or withdrawing funds. It adds an extra degree of security and is a somewhat uncommon security feature among cryptocurrency exchanges.

KuCoin currently employs several layers of security, including micro-withdrawal wallets.

KUCOIN GAS FEES AND TRANSACTION SPEED

Kucoin boasts exceptionally low trading fees, starting at just 0.1% and if you pay fees with a KCS coin [Kucoin’s token], you can get a 2% discount. The trade costs are now merely 0.08% for every transaction.

Kucoin doesn’t charge deposit fees, but it does have withdrawal fees that depend on the crypto token’s market situation, although GAS and NEO are both free, nevertheless, its withdrawal fees remain to be one of the lowest in the market.

Withdrawal of kucoin normally takes 30 minutes. This is because kucoin typically takes that long to complete each transaction. However, processing time could be prolonged if you withdraw a substantial sum. This is classified by kucoin as being greater than 100,000 times the processing charge.

4. COINBASE

Coinbase is a secure online exchanger where you may buy, sell, transfer, and store digital currency. It was launched in 2012 in the United States, and at first, it exclusively supported Bitcoin. It supports a wide variety of the most promising cryptocurrencies, including Ethereum, Litecoin, Bitcoin Cash, XRP, and others. That is one of the major disadvantages of Coinbase not listing meme coins.

To prevent theft or loss, the Coinbase crypto-wallet offers offline storage and several security features. These procedures include disconnection of sensitive data from the internet and geographical dispersal of bitcoin in safe deposit boxes and vaults around the world. Data is also redundancy segregated, AES-256 encrypted, and transferred on FIPS-140 USB drives and paper backups.

2FA (two-factor authentication) is another security precaution that is available for all types of accounts. You must enter a code delivered to your mobile phone to log in to your Coinbase wallet.

COINBASE GAS FEES AND TRANSACTION SPEED

On coinbase gas fee varies, the amount of congestion on the Ethereum network at the time of a transaction determines gas fees. Gas fee costs vary because congestion is influenced by the volume of transactions taking place on the network at any particular time.

Coinbase payments are usually available in your coinbase account as soon as they are cleared, because coinbase works with a variety of payment service providers in different parts of the world, the timing will fluctuate depending on your location and payment method.

5. PHEMEX

Phemex is a cryptocurrency trading and management platform that allows contract and spot trading in over 40 currencies. Released in 2019, It now boasts of a membership of over 2 million people and a daily trade volume of more than $10 billion. Phemex's market commissions are lower than the industry average even if you don't have a premium account. A generous welcome bonus (up to $100) is also available, and the exchange hosts frequent promotions and tournaments for both newcomers and experienced traders. There are also weekly campaigns where Phemex users can earn rewards on the platform.

SECURITY

Phemex developed and implemented a Hierarchical Deterministic Cold Wallet System, which assigns each user a cold wallet deposit address. All deposits are held in the firm's multi-signature cold wallet, which can only be accessed via offline signatures.

Phemex also processes withdrawal requests three times each day, with operators and founders closely monitoring the process. Suspicious activity is quickly discovered, and appropriate measures are taken to protect users and assets. The founders have prior risk management experience on Wall Street. Offline signatures are also used to process qualified withdrawal requests, guaranteeing that all funds are held in a cold wallet system and that all activities are performed offline.

GAS FEES AND TRANSACTION SPEED

Phemex mission is to build a secure, user-friendly, and competitive trading platform. They carefully designed their fee structure.

Are there deposit fees?

No, Phemex does not charge any fees on deposits.

Are there withdrawal fees?

Yes. Even though Phemex does not charge withdrawal fees, there is a minimum bitcoin network fee of 0.00057BTC that is set dynamically based on blockchain load.

Are there fees to trade?

Yes, Phemex rewards makers with a 0.025% trading fee and charges takers a 0.075% fee.

Phemex transaction speed is calculated per second, transaction per second [TPS] refers to how many transactions the network can process in a second, followed by how rapidly the network can confirm a trade or an exchange and it has been recorded that transactions with Phemex are fast.

FINAL THOUGHTS

Regardless of the variety of crypto-wallets and features available, security is always the top priority.

Different degrees of authentication and contemporary encryption (security) technologies should also be considered.

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