Kucoin Vs HitBTC 2023: Choosing Between Cryptocurrency Exchanges

In the cryptocurrency industry, one of the most frequently asked questions is between Kucoin vs. HitBTC. In this comparison guide, we help you understand how these two exchanges stack up against each other in terms of fees, ease of use, and advanced options.

What Is Kucoin?

Kucoin is the second most valuable cryptocurrency exchange by 24-hour trade volume. Launched in China in 2017, its goal was to create an exchange that would be more secure and friendly than other major exchanges such as Bittrex and Poloniex. Kucoin's focus is on ease of use and security, so it may not be as advanced as other exchanges.

It has a mobile app for iOS and Android. You can buy coins directly from the platform with fiat currency. Coin transactions are done via smart contracts, which help reduce trading fees substantially – it charges 0.1% for asset trading pairs and 0.05% for bitcoin/ether trading pairs. Has a referral program where you get 20% of the fees from your referrals.

It has a daily withdrawal limit of 2 BTC equivalent for cryptocurrencies and 500 USD equivalent for tokens. Your tokens will be held in cold storage to prevent loss or theft.

How Does Kucoin Work?

Kucoin is a cryptocurrency to cryptocurrency exchange, which means it does not accept fiat currencies. It has over 180 available cryptocurrencies and tokens you can trade, and the interface makes for easy navigation between them.

How To Create A Kucoin Account online?

Step 1:

Go to kucoin.com.

Step 2:

Enter your email id and password, then click on the LOGIN button. Check your mail for a confirmation link from Kucoin or sign up using your Google account if you do not have an email id.

Step 3:

After successful login, you can see a wallet address. Here you can see two kinds of wallets : 

1. Bitcoin Wallet
2. Ethereum Wallet

In this guide, we will use the BTC wallet.

Step 4:

Now Send Bitcoins from the exchange or wallet where you have bitcoin to your newly created Kucoin wallet address. ( It may take 30-60 minutes to credit your BTC in the newly created Kucoin wallet)

Step 5:

After successfully sending Bitcoins, you can see the amount in your Kucoin Wallet. Now go to the Markets tab. Here, you will find the BTC market along with other markets like ETH and NEO, etc.

On the Market, select BTC from the drop-down menu. In this example, we have selected BTC. Here you will see all the available Buy and Sell orders.

Now enter the price at which you want to buy Bitcoin and click the BUY button after setting a limit order. If your order gets filled, then your amount will be credited to your account.

Step 6:

Go to the Deposit tab, where you can see all the coins in which you have Bitcoins. Here you will find BTC. Now, click on the deposit menu and enter the amount of BTC that you want to send to Kucoin.

Step 7:

After a successful transfer, it may take 30 minutes or more to credit your coins to the Kucoin wallet. Now you can see your balance in Wallet Tab.

Step 8:

Hereunder the Account tab, you can see all your transaction history.

How To Make A Deposit:

1. You must have an active Kucoin account
2. Deposit funds into your account
3. Select 'Deposit' from the 'Assets' navigation bar
4. Search for the asset you want to deposit and select it from the drop-down list
5. Specify the number of funds you want to add
6. Verify that all transaction information is correct
7. Click 'Confirm'

How To Make A Withdrawal:

1. You must have an active Kucoin account
2. Select 'Assets' from the navigation bar
3. Search for and select the asset you wish to withdraw
4. Specify the number of funds you want to withdraw
5. Click 'Withdrawal'

What Are The Advantages Of Kucoin?

Low Fees:

Kucoin offers some of the lowest fees available, with 0.1 percent for both makers and takers. It's incredibly cheap compared to other exchanges such as HitBTC, which charge up to 0.25% depending on the trading volume of the user.

Easy To Use:

Kucoin is very simple to use, which makes it great for beginners who are new to cryptocurrency trading. This also enables experienced traders to trade quickly and easily at all times.

Fast Withdrawals:

Kucoin withdrawals are incredibly fast compared to other exchanges. This makes it extremely easy to get your cryptocurrency out of the exchange for storage in a personal wallet where you have full control over your funds.

Large Selection Of Coins:

Kucoin offers an extensive selection of both popular and rare cryptocurrencies, with all of the biggest names like Bitcoin, Ethereum, Litecoin, and Monero available. This gives the platform a wide appeal to both novice and experienced traders alike.

Excellent Customer Support:

Kucoin's customer support is some of the best around, which is rare among cryptocurrency exchanges. They offer support through Telegram 24/7, as well as thorough documentation for any issues that you may encounter with the trading platform.

What Are The Disadvantages Of Kucoin?

Low Trading Volume:

Kucoin is still pretty small compared to other exchanges. This makes it difficult for users to trade larger sums at high volume, which can be a problem for experienced traders who are looking for huge profits.

Unknown Team:

Kucoin's team has not been officially disclosed yet due to their ongoing ICO phase. This can raise some red flags about the legitimacy of the company.

How Does The Kucoin Platform Look Like?

The interface of the Kucoin exchange is very simple and user-friendly. Within a couple of minutes, you have got an overall understanding of what this trading platform is all about. The trading chart on the top left side gives a quick overview of upward or downward price movements.

New orders can be created by clicking on the market price in the center of the trading screen. All the necessary information about your open orders, the Market, recent trades, and wallets are available on the sidebar. It doesn't get easier than that!

How Do Kucoin Wallets Work?

The Kucoin wallet system is very easy to use for beginners while also offering advanced security features for experienced traders who want to take their trading to the next level.

You can easily deposit money in your wallet by using cryptocurrencies like Bitcoin, Ethereum, and Litecoin or fiat currencies like the US dollar. You can also withdraw funds directly to an external cryptocurrency wallet.

All transactions are displayed on the transaction history page, which keeps track of all trades, deposits, and withdrawals made within the platform.

What Are The Deposit Fees?

Kucoin deposits are free of charge. There is, however, a minimum amount depending on the currency you use to deposit funds. For example, Bitcoin has a 0.001 BTC minimum which is much higher than that of other cryptocurrencies like Litecoin, which has a 0.1 LTC minimum for deposits.

What Security Features Does Kucoin Have?

Kucoin uses the industry-standard two-factor authentication system to keep your account secure. It also requires email confirmations for all withdrawals.

The platform has a hot wallet with security features like multi-level storage in addition to cold wallets, which are offline and can be used to store large amounts of cryptocurrency safely for an indefinite period of time. The hot wallet is used for making immediate transactions, and the cold wallet is used as a reserve that can be accessed at any time.

What Other Features Does Kucoin Offer?

Kucoin offers these additional features:

Dividends

Get dividends from the platform's daily exchange fees and Kucoin Bonus.

Referral System

Invite your friends and get 20% of their trading fees in return.

KCS (Kucoin Shares)

This is a token that reduces trading fees by 50%, pays dividends, and offers buy-back opportunities.

Trading Pairs

Offers more than 300 trading pairs for BTC, ETH, NEO, and USDT cryptocurrencies. The number of cryptocurrency assets is expected to increase in the future.

What Is HitBTC?

 HitBTC is one of the world's longest-running cryptocurrency exchanges. It launched in early 2014 and is a security-focused exchange that aims to protect users from theft, hacks, and other security breaches.

You can deposit and withdraw fiat currency. It has a daily withdrawal limit of 100 BTC equivalent for cryptocurrencies, 5K USD equivalent for tokens, and 50K USD equivalent for fiat currency.

How Does HitBTC Work?

HitBTC offers hundreds of cryptocurrencies for you to buy or sell. There is also a substantial number of ICOs listed on the platform, as well as advanced trading tools.

How To Create A HitBTC Account Online?

Step 1:

Go to HitBTC.com and click on Sign up at the top right corner. Enter your email id and password and click on the SIGNUP button.

Step 2:

After successful login, you can create a PIN for additional security or use 2FA (2-factor authentication). You can also change your language from English to Spanish or Russian.

Step 3:

Here in the Deposit section, you can see all the main cryptocurrencies listed in which you have bitcoins. Click on any of them, and in this example, we have selected BTC.

Here you will find various trading pairs listed in the BTC market like ETH/BTC, EOS/BTC, etc. We use only BTC Market in this guide.

Step 4:

Now click on the BUY button, enter the price at which you want to buy Bitcoin, and set a limit order. If your order gets filled, then your amount will be credited to your account.

Step 5:

To send Bitcoins from an exchange or wallet where you have bitcoins to HitBTC, go to the Withdrawal tab, click on the Deposit menu and enter the amount of BTC that you want to send.

After a successful transfer, it may take 30 minutes or more to credit your coins to the HitBTC wallet. To check your balance go to the Balance section, where you can see all your transactions listed.

How To Make A Deposit:

1. You must have an active HitBTC account
2. Go to 'Account' and select 'Deposits & Withdrawals' from the drop-down menu
3. Search for and select the asset you wish to deposit
4. Specify the number of funds you want to add
5. Click 'Deposit'

How To Make A Withdrawal:

1. You must have an active HitBTC account
2. Go to 'Account' and select 'Deposits & Withdrawals' from the drop-down menu
3. Search for and select the asset you wish to withdraw
4. Specify the number of funds you want to withdraw
5. Click 'Withdrawal'

What Are The Advantages Of HitBTC?

Regulated Company:

HitBTC is a regulated cryptocurrency company that operates within strict Know Your Customer and Anti-Money Laundering guidelines. This ensures that you will be able to have an uninterrupted trading experience without worrying about anything going wrong with your account or assets.

Diverse Coins:

HitBTC offers a diverse array of cryptocurrencies and an impressive number of trading pairs, with most mainstream coins like Bitcoin, Ethereum, Litecoin, and Monero available.

There are also alternative cryptocurrencies such as Ripple (XRP), Dash (DASH), IOTA (MIOTA), and Zcash (ZEC) available, which makes the platform very attractive for cryptocurrency traders.

First-Class Security:

HitBTC takes security extremely seriously and makes sure that all of its users' data, funds, and information are secured with the latest technology possible. All sensitive operations are double-checked before executing any action, which ensures that your account will remain safe at all times.

API:

HitBTC provides an extensive and powerful Application Programming Interface (API) that can be used by both novice traders unfamiliar with programming as well as professional traders who need access to the most important trading features.

Demo Account:

HitBTC has a demo account that lets you try out the trading platform without having to risk any of your own funds. This is an excellent way for users who are new to cryptocurrency trading to get familiar with the system and its many features.

What Are The Disadvantages Of HitBTC?

Poor Customer Support:

While HitBTC does provide a decent selection of coins and an API, their customer support is lacking. It seems like they don't care to help traders who are having problems with the site, and there has been evidence that some people's issues have not even been addressed at all.

High Fees:

Compared to other cryptocurrency exchanges such as Kucoin

Slow Withdrawals/Deposits:

HitBTC does have fast funding processes, but their withdrawals can take a very long time. This is why it's recommended to keep the majority of your cryptocurrency funds on your own personal offline wallet instead of holding them on an exchange.

Slow Verification Process:

HitBTC has a slow verification process that can take up to two weeks. This is due to the fact that they are very strict about adhering to Know Your Customer and Anti-Money laundering laws which are implemented for security purposes.

How Is The Customer Service Of Kucoin And HitBTC?

Kucoin offers customer service through email inquiry that is submitted via the website. There is no way to contact them directly using a phone or other means of communication.

As the cryptocurrency market becomes more competitive, exchanges will need to provide superior customer services if they want to stay relevant in the long run.

HitBTC offers 24/7 customer support, and users can get in touch with them via email and Skype. HitBTC also provides a knowledge base on their website where users can find user guides, tutorials, tips, and other information related to trading.

What Does The HitBTC Platform Look Like?

The HitBTC trading platform is very easy to use for cryptocurrency beginners as well as advanced traders who are looking for specific features that can boost their trading.

There is also an expandable graph on the market screen with information about trading volume, price change, and 24-hour price change percentages. This makes it easy to quickly glance at this information and assess the overall health of a cryptocurrency in addition to viewing your own trades.

All cryptocurrencies available on the platform are displayed with clear buy and sell buttons. Clicking these buttons will direct you to a page with more in-depth information about that particular currency, including all of its technical specifications, latest news, and price predictions.

There is plenty of information available from the HitBTC support team in their extensive FAQs and knowledge base articles.

How Does HitBTC Wallet Work?

With this platform, you can deposit and withdraw funds in your wallet, much like Kucoin. The only difference is that the minimum amount for a withdrawal request to be sent to the blockchain is a lot higher.

For example, it costs 0.009 LTC to withdraw, which is high compared to other cryptocurrency exchanges. This makes it difficult for users who have just started trading with HitBTC to withdraw their funds.

The wallet page is very basic and only displays your total number of open orders, the amount in each currency you are currently holding, and your daily volume. No technical information whatsoever, which could be a problem for more experienced users who need specific data for successful trading.

What Are The Deposit Fees?

Like Kucoin, HitBTC deposits are free of charge. There is, however, a minimum amount depending on the currency you use to deposit funds. For example, Bitcoin has a 0.001 BTC minimum which is much higher than that of other cryptocurrencies like Litecoin, which has a 0.1 LTC minimum for deposits.

What Security Features Does HitBTC Have?

The two-factor authentication system is very easy to set up, and they also support email confirmations for certain activities like withdrawals.

The platform also uses an elastic two-stage wallet system with separate wallets for active assets and hot wallets that can be used for immediate payments at any time without a need to store a large number of funds on the exchange. This prevents a person from withdrawing a large amount of currency at once and the platform from being hacked.

What Other Features Does HitBTC Offer?

HitBTC has many platform tools that traders will find helpful such as:

Arbitrage

This tool shows price differences between different currency pairs so you can take advantage of price fluctuations.

Market Scanner

This tool allows you to scan all markets for specific criteria and automatically creates a list of trading opportunities.

Indicators

Provides multiple technical indicators like Bollinger Bands, OBV, and Fibonacci Retracements, as well as trend indicators like Moving Averages, MACD, RSI, and Stochastic.

OCO (One Cancels the Other) Order

This tool allows you to place two orders simultaneously on one trading pair. For example, if you want to buy coin A and then sell coin B with the profits, this option lets you do that easily.

What Is The Difference Between Kucoin And HitBTC?

While both exchanges are popular, they have different features that make them unique.

Regulation:

Kucoin uses a decentralized model, which allows it to operate without involvement from a central authority. Although this method is often encouraged by the cryptocurrency community, it is highly regulated in most countries around the world.

In contrast, HitBTC is fully regulated and licensed to offer exchange services. It also works closely with regulators and has a large team of compliance experts.

Deposit Fees:

Kucoin does not charge any withdrawal or deposit fees. On the other hand, HitBTC charges both deposit and withdrawal fees for various cryptocurrencies. For example, it has an average withdrawal fee of 0.001 BTC for bitcoin, 0.0008 to 0.001 ETH for Ethereum, and so on.

Withdrawal Limits:

Kucoin's daily withdrawal limit is 2 BTC equivalent for cryptocurrencies, 500 USD equivalent for tokens, and 50K USD equivalent for fiat currency. Meanwhile, HitBTC has a 100 BTC equivalent withdrawal limit per day.

Account Verification:

For basic accounts at Kucoin, you do not need to provide any documents for identity verification. In the event, you want to withdraw more than 2 BTC equivalent per day, or if you want to deposit and trade fiat currency on Kucoin, you will need to verify your account first.

In contrast, HitBTC requires all users - particularly those who want to utilize fiat currency - to undergo a rigorous verification process. After that, the withdrawal limits are set on a per-user basis.

Trading Fees:

Kucoin does not charge any fees for trades, deposits, and withdrawals. However, HitBTC charges both trading fees and withdrawal fees. It has an average trading fee of 0.1% for takers and no fees for makers.

Supported Cryptocurrencies:

Kucoin supports a large number of cryptocurrencies. The list includes Bitcoin, Ethereum, Litecoin, and over 300 different tokens which you can buy or sell using fiat currency. You can also trade all supported cryptocurrency pairs with other cryptos or tokens on this exchange.

In contrast, HitBTC currently supports bitcoin, Ethereum, Litecoin, and over 200 different cryptocurrencies. You can use fiat currencies to trade a limited number of cryptocurrencies on HitBTC.

Exchange Volume:

Kucoin's average daily turnover is around $56 million USD. Meanwhile, HitBTC has an average daily turnover of over $100 million USD.

Site Language:

Both platforms are available in multiple languages. Kucoin only supports English and Chinese currently, while HitBTC provides services in English, Russian, Spanish, French, German, Italian, Portuguese (Brazilian), Polish, Japanese and Arabic.

Customer Support:

Kucoin provides customer support through an email ticketing system and social media platforms. HitBTC provides customer support through email ticketing only.

Website Availability:

Kucoin is available worldwide, while HitBTC is not available in the US and some other countries.

Security:

Since Kucoin uses a decentralized architecture, it does not hold users' funds or information which means that if the platform gets hacked, users will not lose their money. In this regard, users' accounts and information are stored on a separate, highly secure infrastructure.

In contrast, HitBTC's architecture is centralized, which means that it holds everything of value in a small number of controlled locations. In the event that one or more servers get hacked, you risk losing your money and valuable information.

Trust:

Both Kucoin and HitBTC are considered to be reliable cryptocurrency exchanges due to their strong teams and high volume of trading. However, it is worth noting that there have been a few negative reviews about HitBTC's withdrawal limit and dealing fees on some forums.

Competition:

Although both Kucoin and HitBTC provide online crypto-to-crypto and fiat-to-crypto exchange services, they are not direct competitors of each other. HitBTC focuses more on the western Market, while Kucoin aims to attract users from Asian countries.

Margin Trading:

Kucoin does not support margin trading due to the decentralized structure. While HitBTC has no limit for margin trading, it is important to consider that it charges both interest and fees on short-selling.

Advanced Tools:

Kucoin provides a user-friendly interface and real-time order books. It is not suitable for advanced traders and investors since it does not support stop orders and margin trading.

In contrast, HitBTC provides advanced tools such as stop loss, trailing stops, take profit, and pending orders, which are only viewable in the platform's web version.

Coins Available For Trading:

Kucoin only supports a few popular cryptocurrencies, while HitBTC has an extensive list of coins and tokens.

Charting Tools:

Kucoin's charting tools are not advanced. Users can only view candlesticks and order books on its platform. In contrast, HitBTC provides real-time charts with different indicators.

It also has a separate web interface that is better suited for traders who prefer using technical analysis to predict market movements.

Ease of Use:

Kucoin is simple and easy to use, while HitBTC has a complicated user interface.

User Experience:

Kucoin offers faster withdrawal processing than HitBTC. It also provides 24/7 customer support. However, there have been complaints about its servers' inability to handle high traffic volume during peak hours.

Deposit Methods:

Kucoin only accepts cryptocurrencies, while HitBTC supports wire transfers, credit cards, and other payment methods along with cryptocurrencies.

Withdrawal Methods:

Both platforms allow users to withdraw funds using cryptocurrencies or fiat currencies.

Taker Fees:

Taker fees are charged when you place an order that gets filled immediately. Kucoin charges 0.1% for taker fees, while HitBTC has a flat fee of 0.1%.

Maker Fees:

Maker fees are charged when you place an order that is not immediately matched. The maker fee of Kucoin is zero, which means that market makers are not charged any fee. On the other hand, HitBTC charges 0.01% as a maker fee.

Mobile App:

HitBTC does not provide a mobile app, while Kucoin has a mobile app that is available for Android and iOS devices.

Verification:

HitBTC has an extensive verification process which can take up to 48 hours. Users need to provide their email address, phone number, full name, and country for verification.

However, you can use the basic version of the platform without verifying your account. Kucoin does not require any form of registration or KYC.

Copy Trading:

Copying is a strategy that allows users to follow top traders and mirror their cryptocurrency trades. HitBTC has a feature called social trading, which allows users to follow top traders, view their performance, and place the same trades. In addition, it also displays how many followers a trader has.

Kucoin does not provide this feature, but you can still share your trade history with other users in forums. It will enable them to know when and what you trade and also follow your strategy.

Demo Account:

A demo account allows users to learn how cryptocurrency trading works without using their real money. They can also test various strategies to see which one performs well before generating actual revenue. Both platforms have a demo account, but it is only available for HitBTC's web version.

API:

API stands for Application Program Interface. It allows developers to connect their cryptocurrency exchange program with other third-party applications like charting tools, copy trading apps, and wallets.

HitBTC provides an API that enables users to build different types of applications that can be used in conjunction with the HitBTC platform.

Kucoin does not offer any third-party integration, but it has a clean and well-documented API that can be used to integrate market data into third-party tools.

What Types Of Orders Do Kucoin And HitBTC Offer?

Both offer limit, Market, and stop-limit orders. This gives users more options to use when trading different cryptocurrencies.

Limit Order:

A limit order is an order to buy a certain amount of cryptocurrency that you set at a specific price or lower. This helps people who may want to get into a position but do not want to pay more than a specific price for it.

Market Order:

A market order is the direct purchase of cryptocurrencies with no restrictions/limits on the trading platform. This option is best for those who want to buy as soon as possible and sell ASAP, which can be very risky as the order may not get filled if the price shoots up as soon as you put your order.

Stop Limit Order:

A stop-limit order is similar to a regular limit order, except it has two prices along with the amount of cryptocurrency that is to be purchased. The first price is the stop price, and the second price is the limit price.

This order type is helpful in limiting losses or locking in profits, as once a certain stop price has been reached, a stop market order will trigger at your specified sell limit.

This option lets you buy when the asset hits a certain price. You can also set a stop-loss trigger that will automatically sell for you when the asset hits a certain price. This is helpful in protecting your trades from going into the red if an asset takes a sudden turn after reaching a certain high.

Kucoin offers all three types of orders, which are better than HitBTC does, but it seems their website could use some improvements when it comes to looking professional.

What Factors Need To Be Considered Before Choosing A Crypto Exchange?

Fiat Currencies:

A fiat currency exchange is one that allows you to utilize traditional payment methods such as credit cards, wire transfers, and others. Such platforms often offer a variety of additional features when compared with their crypto counterparts, which can make them attractive when considering your options.

Limits:

How much can you deposit and withdraw? Some exchanges require a minimum limit which may be a turn-off for those who do not want to make a contribution of that size.

Fees:

There are different fees associated with every exchange, and they vary from one platform to the next. Some charge per transaction, while others levy a flat fee per month. It is important to understand these fees before you begin trading.

Customer Support:

Is there a quick way to resolve issues, or do you need to wait for days? This can be an important factor when considering your choice of platform.

Payments Methods:

Can you deposit via credit card, wire transfer, cash, etc.? Having more options is generally better when it comes to cryptocurrency exchanges because they cater to a wider audience.

Security:

Does the website offer additional security protocols such as two-factor authentication and others? These methods can be key in protecting your assets and account information.

Language:

Is the site user-friendly and easy to navigate even if you do not speak the native language? This is important for those who want to use the platform but do not understand the native tongue.

Liquidity:

How liquid is an exchange? Liquidity is an important factor to consider, especially when you wish to trade large volumes and do not want to move the Market with your trades.

Now we have learned a lot about both the exchanges. Now let us understand what cryptocurrencies are and why they are gaining so much popularity.

What Are Cryptocurrencies?

A cryptocurrency is a decentralized digital currency that is secured by cryptography. Cryptography refers to the use of codes and ciphers to encrypt messages.

In simpler terms, cryptocurrencies can be best described as virtual currencies which are protected with advanced encryption techniques. They do not have a physical form and cannot be held in your hand or kept under your pillow. Instead, they are traded online and serve as a medium for peer-to-peer transactions.

There are many different cryptocurrencies available to invest in today, with each having unique benefits (and disadvantages), which you will need to understand before making your final decision about which ones to buy.

How Do Cryptocurrencies Work?

Cryptocurrencies like Bitcoin and Litecoin work using a technology referred to as the blockchain. The blockchain is a digital ledger in which transactions made in cryptocurrencies are recorded chronologically and publicly.

There are even newer forms of cryptocurrencies, such as Ethereum and Ripple, which use blockchains that allow for smart contracts and decentralized applications (apps contracts). Smart can be referred to as being something that performs a task with minimal or no human input, while decentralized applications are simply apps that are not controlled by any organization or other third party.

How Can You Earn By Cryptocurrencies?

The most common way to earn cryptocurrencies is through exchanging them with other users on cryptocurrency exchanges. Another option is to buy mining equipment and tap into cryptocurrency networks as a miner.

Can You Lose Money By Cryptocurrencies?

Yes, you can definitely lose money with cryptocurrencies. Just like any other investment, there are many factors that determine your success or failure. These include the price of the cryptocurrency you choose, timing your purchase and sale orders, having a good understanding of market trends, and so much more.

Are Cryptocurrencies Safe?

Cryptocurrencies are relatively safe to use, but there is still some degree of risk attached. You can minimize this risk by understanding the risks involved and taking steps to protect yourself against them.

How Do You Pick Which Cryptocurrencies To Buy?

This step is one of the most important because it determines how much profit you will make in your investments. This step also involves researching extensively to understand which cryptocurrencies are the most profitable right now, and this will help you maximize your profits later on.

How Do You Determine When To Buy Cryptocurrencies?

This is determined by supply and demand, along with understanding events that may affect cryptocurrency prices in one way or another. For example, if a cryptocurrency has a unique feature or technology, people are more likely to buy it when they hear about its availability.

Some investors rely on charts and graphs, while others follow discussions in cryptocurrency forums and social media. All these sources can be used to determine which cryptocurrencies will increase and decrease in value over time.

Now that we have covered all the basics of what cryptocurrencies are and how they work, we will now take a look at the top three cryptocurrencies that are gaining popularity and why.

The Top 3 Cryptocurrencies For 2023:

Bitcoin

The first and most popular cryptocurrency in the world is still going strong after nearly a decade since its inception. Its price has been climbing steadily ever since it was released and has recently reached the $20,000 mark for one unit.

Ethereum

This cryptocurrency is most commonly used for ICO (Initial Coin Offering) projects which are similar to IPOs (Initial Public Offerings). The ICO involves selling units of an underlying product or service at a specific price before it is offered to the public, and its value is based on market demand.

Ripple

This cryptocurrency is most commonly used for P2P (peer-to-peer) transactions involving large banks, mainly to facilitate cross-border transfers of funds. The fees are relatively low when compared to other cryptocurrencies currently trading in the Market.

Conclusion

The cryptocurrency market is growing by the day, and there are now more than 1000 cryptocurrencies in existence with a combined market cap of hundreds of billions of dollars.

The number continues to grow as new ICOs enter the scene, and even established businesses can now be seen leveraging blockchain technology to provide better services for their customers.

The main challenge that people face is finding a reputable cryptocurrency exchange to buy and sell cryptocurrencies, as most of the exchanges only support a handful number of cryptocurrencies.

In this article, we have compared Kucoin and HitBTC and given a comprehensive analysis of each to help you choose the best cryptocurrency exchange for your needs.