Best Cryptocurrency Exchange In Armenia : Free Guide & Its Features

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What Is Cryptocurrency

Cryptocurrency is a digital or virtual currency that uses cryptography for security and operates independently of a central bank. Cryptocurrencies use decentralized technology called blockchain, which is a distributed ledger that records all transactions and ensures their validity without the need for a central authority or intermediary.

Cryptocurrencies such as Bitcoin, Ethereum, and Litecoin are created through a process called mining, which involves solving complex mathematical problems to validate transactions and secure the network.

Unlike traditional currencies, cryptocurrencies are not backed by any physical assets or government guarantees and their value is determined solely by supply and demand on digital exchanges. While they have gained popularity in recent years as an alternative investment option, cryptocurrencies remain largely unregulated and their prices can be highly volatile.

What is a Crypto Exchange?

A crypto exchange is a platform where people can buy, sell, and trade cryptocurrencies, such as Bitcoin, Ethereum, and Litecoin. Similar to traditional stock exchanges, crypto exchanges act as intermediaries between buyers and sellers, facilitating the exchange of cryptocurrencies for fiat currencies (such as US dollars or Euros) or other cryptocurrencies. Some exchanges also offer additional services such as wallet storage, margin trading, and market analysis tools.

There are two main types of crypto exchanges: centralized and decentralized. Centralized exchanges are operated by a company or organization, and they require users to deposit funds and trade on the exchange’s platform. Decentralized exchanges (DEXs), on the other hand, allow users to trade cryptocurrencies directly from their own wallets, without the need for a central authority or intermediary. DEXs operate on a peer-to-peer network, using smart contracts to facilitate trades.

When choosing a crypto exchange, it’s important to consider factors such as security, fees, user interface, and the selection of cryptocurrencies available for trading. It’s also important to do your own research and due diligence before investing in any cryptocurrency, as prices can be highly volatile and there is a risk of losing your investment.

Best Cryptocurrency Exchange In Armenia

Wirex Exchange

Wirex Limited (CRN 09334596), whose registered office is 9th Floor, 107 Cheapside, London,  EC2V 6DN, United Kingdom. Wirex Limited is authorised by the Financial Conduct Authority (FRN: 902025) under the Electronic Money Regulations 2017 for the issuing of electronic fiat money and payment instruments. The Financial Ombudsman Service or the Financial Services Compensation Scheme do not apply to the cryptoasset activities carried on by Wirex Limited.  

Wirex Exchange

 Wirex (Registration Number: 305118023) whose registered office is  Perkūnkiemio g. 13 – 91, Vilnius, Lithuania. UAB Wirex is an authorised distributor of UAB Payrnet (CRN 305264430), whose registered address is Girulių g. 20, 12123, Vilnius, Lithuania. UAB Payrnet is authorised by the Bank of Lithuania (Authorisation Code LB001994) as an e-money institution. The Bank of Lithuania Deposit Insurance System does not apply to the cryptoasset activities carried on by UAB Wirex. Cryptoasset services are not provided by UAB Wirex. 

Pros:

  1. Cryptocurrency integration: Wirex is one of the few platforms that offers cryptocurrency integration with traditional financial services. Users can buy, sell, and exchange cryptocurrencies such as Bitcoin, Ethereum, and Litecoin.
  2. Wide range of currencies: Wirex offers more than 20 fiat currencies and 10 cryptocurrencies, which makes it easy for users to manage their funds and make international payments.
  3. Low fees: Wirex offers low fees for transactions, and the company does not charge fees for inactivity or account maintenance.
  4. Mobile app: The Wirex app is available on both iOS and Android, and it is easy to use for managing your finances on the go.
  5. Security: Wirex takes security seriously, and the platform uses multiple security measures to protect user data and funds.

Cons:

  1. Limited availability: Wirex is not available in all countries, so it may not be an option for everyone.
  2. Customer support: Some users have reported issues with customer support, including slow response times and difficulty resolving issues.
  3. Card delivery: Some users have reported long wait times for receiving their Wirex debit cards.
  4. Limited features: While Wirex offers a range of financial services, it may not be as comprehensive as some other platforms.
  5. No interest: Unlike some other digital payment platforms, Wirex does not offer interest on balances in user accounts.
Visit Wirex

CEX.IO

CEX.IO is a cryptocurrency exchange that allows users to buy, sell, and trade a variety of cryptocurrencies, including Bitcoin, Ethereum, Ripple, Litecoin, and others. The exchange was launched in 2013 and is based in London, UK.

CEX.IO offers a range of features for both novice and experienced traders, including advanced trading tools, margin trading, and a mobile app. The platform supports various payment methods, including credit cards, bank transfers, and cryptocurrency deposits, making it easy for users to deposit and withdraw funds.

CEX.IO

CEX.IO has also implemented a number of security measures, such as two-factor authentication, SSL encryption, and cold storage of user funds. Additionally, the exchange is fully compliant with AML/KYC regulations, which helps prevent fraud and money laundering. Overall, CEX.IO is a reputable and reliable cryptocurrency exchange that has been operating for several years, with a strong focus on security and ease of use for its users.

Pros:

  1. User-friendly interface: CEX.io has a simple and easy-to-use interface that makes it accessible for beginners.
  2. Wide range of cryptocurrencies: CEX.io supports a wide range of cryptocurrencies, including Bitcoin, Ethereum, and Ripple, among others.
  3. Margin trading: CEX.io allows users to trade on margin, which can increase potential profits.
  4. Staking: CEX.io offers staking services for some of the supported cryptocurrencies, which can provide users with additional passive income.
  5. High liquidity: CEX.io has high liquidity, which means that users can easily buy and sell cryptocurrencies.

Cons:

  1. High fees: CEX.io has relatively high fees compared to other exchanges, especially for credit card purchases.
  2. Limited deposit options: CEX.io only supports a limited number of deposit options, such as bank transfers, credit/debit cards, and some e-wallets.
  3. Limited availability: CEX.io is not available in all countries, which can be a limitation for some users.
  4. Limited customer support: Some users have reported slow response times from CEX.io’s customer support team, which can be frustrating in case of issues or questions.
  5. Limited security options: CEX.io only offers two-factor authentication (2FA) as a security measure, which might not be sufficient for some users.

Overall, CEX.io can be a good option for users looking for a user-friendly platform with a wide range of cryptocurrencies and margin trading options, but it may not be the best fit for those who prioritize low fees or require more deposit and security options.

Coinbase

Coinbase is a popular digital currency exchange and wallet service that allows users to buy, sell, and store various cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and others. It was founded in 2012 and is based in San Francisco, California.

Coinbase is one of the largest cryptocurrency exchanges in the world, and it has gained a reputation for being a safe and reliable platform for buying and selling digital currencies. The platform offers a user-friendly interface, making it easy for beginners to get started in the world of cryptocurrency.

Coinbase

Coinbase has also implemented a number of security features, including two-factor authentication, SSL encryption, and offline storage of user funds. The platform is also fully compliant with AML/KYC regulations, which helps to prevent fraud and money laundering.

In addition to its exchange services, Coinbase also offers a digital wallet that allows users to store their cryptocurrency securely. The wallet is available as a mobile app and a web-based service, and it supports a variety of digital currencies.

Pros:

  • User-friendly interface: Coinbase has a user-friendly interface that is easy to navigate, making it a great option for beginners who are new to the world of cryptocurrency.
  • Large selection of cryptocurrencies: Coinbase offers a wide range of cryptocurrencies for users to buy and sell, including Bitcoin, Ethereum, Litecoin, and many others.
  • High liquidity: Coinbase is one of the largest cryptocurrency exchanges in the world, which means that it has high trading volume and high liquidity, making it easier for users to buy and sell cryptocurrencies at a fair price.
  • Strong security features: Coinbase has implemented a number of security features, including two-factor authentication, SSL encryption, and offline storage of user funds, to help protect users’ assets from theft and hacking.
  • Mobile app: Coinbase has a mobile app that allows users to easily buy and sell cryptocurrencies on the go.

Cons:

  • Fees: Coinbase charges fees for its services, including transaction fees and deposit/withdrawal fees, which can be higher than some other cryptocurrency exchanges.
  • Limited payment options: Coinbase has limited payment options compared to some other exchanges, which may make it more difficult for some users to deposit funds.
  • Customer service: Some users have reported difficulties reaching Coinbase’s customer service team, which can be frustrating if you encounter any issues while using the platform.
  • Limited features for advanced traders: While Coinbase has some advanced trading features, such as margin trading, it may not be the best option for experienced traders who require more advanced tools and features.
Visit Coinbase

Paybis Exchange

Paybis is a UK-based cryptocurrency exchange founded in 2014. It offers a platform for buying, selling, and trading a wide range of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and many others.

Paybis Exchange

One of the main features of Paybis is its ease of use, with a simple and user-friendly platform that makes it easy for novice users to buy and sell cryptocurrencies. The platform also offers a range of payment options, including credit and debit cards, bank transfers, and various online payment methods, making it easy for users to deposit and withdraw funds in their preferred currency.

Paybis also offers a fast and efficient verification process, allowing users to quickly start trading on the platform. The platform also offers a range of security features, including two-factor authentication, encryption of user data, and offline storage of user funds, to protect user funds and personal information.

Pros of Paybis:

  • User-friendly platform, easy to navigate and use for both novice and experienced traders
  • Wide range of payment options, including credit and debit cards, bank transfers, and various online payment methods, making it easy for users to deposit and withdraw funds in their preferred currency
  • Fast and efficient verification process, allowing users to quickly start trading on the platform
  • Strong commitment to security, with two-factor authentication, encryption of user data, and offline storage of user funds
  • Offers a range of educational resources to help users learn more about cryptocurrencies and trading strategies
  • Good customer support options, with both email and live chat support available
  • High liquidity, making it easy to buy and sell cryptocurrencies quickly

Cons of Paybis:

  • Limited range of cryptocurrencies available for trading compared to some other exchanges
  • Higher transaction fees compared to some other cryptocurrency exchanges
  • Limited availability of customer support options outside of business hours
  • Limited availability of some payment options depending on the user’s location or jurisdiction
  • Not regulated by any major financial authority, which may raise concerns for some users.

Kraken Exchange

Kraken is a US-based cryptocurrency exchange platform founded in 2011. It is one of the oldest and largest cryptocurrency exchanges in the world, serving clients in over 190 countries. Kraken allows users to buy, sell, and trade a wide range of cryptocurrencies, including Bitcoin, Ethereum, and many more.

Kraken Exchange

Some of the key features of Kraken include a wide range of trading pairs, including fiat-to-crypto and crypto-to-crypto pairs, a low transaction fee structure, and high liquidity, which makes it easy for traders to buy and sell cryptocurrencies quickly and efficiently. The platform also offers advanced trading tools, such as margin trading and stop-loss orders, that are designed to help experienced traders manage risk and maximize profits.

Kraken has a strong commitment to security and compliance, and the platform is regulated by various financial authorities, including the Financial Crimes Enforcement Network (FinCEN) in the United States. The platform also employs various security measures, such as two-factor authentication, multi-sig wallets, and encrypted data storage, to protect user funds and personal information.

Pros of Kraken:

  • Wide range of cryptocurrencies available for trading
  • Offers both fiat-to-crypto and crypto-to-crypto trading pairs
  • Low transaction fees compared to other cryptocurrency exchanges
  • High liquidity, making it easy to buy and sell cryptocurrencies quickly
  • Advanced trading features, such as margin trading and stop-loss orders
  • Strong commitment to security and compliance, with multi-sig wallets and encrypted data storage
  • Multiple payment options available, including bank transfers and credit cards
  • Good customer support options, including live chat and email support

Cons of Kraken:

  • Can be difficult for novice users to navigate and understand the trading interface
  • Limited range of deposit and withdrawal options compared to other exchanges
  • Can experience occasional technical glitches and downtime during high traffic periods
  • Limited availability of some cryptocurrencies depending on the user’s location or jurisdiction
  • Verification process can be time-consuming for some users, especially for those looking to increase their account limits.
Visit Kraken

Coinmama

Coinmama is a cryptocurrency exchange platform that allows users to buy and sell various digital currencies, including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and more. It was founded in 2013 and is based in Slovakia.

One of the key features of Coinmama is that it offers a quick and easy way for users to purchase cryptocurrency using their credit or debit cards. The platform supports a variety of payment options, including Visa and Mastercard, making it a convenient option for many users.

Coinmama

Coinmama is also known for its high level of security. The platform uses SSL encryption to protect users’ personal and financial information, and it does not store any cryptocurrency in its online wallets. Instead, all digital currencies are stored in offline, cold wallets that are kept in secure locations.

Another advantage of Coinmama is that it offers a user-friendly interface that is easy to navigate, making it a great option for beginners. Additionally, the platform has a responsive customer support team that can help users with any issues they may encounter.

Pros:

  • Quick and easy: Coinmama offers a quick and easy way for users to purchase cryptocurrencies using their credit or debit cards, making it a convenient option for many users.
  • High level of security: Coinmama is known for its high level of security, using SSL encryption to protect users’ personal and financial information and storing all digital currencies in offline, cold wallets.
  • User-friendly interface: Coinmama has a user-friendly interface that is easy to navigate, making it a great option for beginners.
  • Responsive customer support: Coinmama has a responsive customer support team that can help users with any issues they may encounter.

Cons:

  • Higher fees: Coinmama’s fees can be higher than some other cryptocurrency exchanges, which may make it less appealing for some users.
  • Limited trading options: Coinmama does not offer as many trading options or features as some of its competitors, which may not be ideal for advanced traders.
  • Limited cryptocurrencies: Coinmama offers a limited number of cryptocurrencies compared to some other exchanges, which may not be ideal for users who are interested in trading a wide variety of digital currencies.
  • Limited payment options: Coinmama primarily supports credit and debit card payments, which may not be ideal for users who prefer to use other payment methods, such as bank transfers or cryptocurrency deposits.

Security Tips When You Using Exchange

When using a cryptocurrency exchange, it’s important to take steps to ensure the security of your funds and personal information. Here are some tips to help keep your assets safe:

  1. Use strong passwords: Choose a unique, strong password for your account, and don’t reuse it for other accounts.
  2. Enable two-factor authentication (2FA): 2FA adds an extra layer of security by requiring a second form of verification, such as a code sent to your phone, when logging in.
  3. Verify the website: Ensure you are on the correct website by checking the URL and verifying the website’s SSL certificate.
  4. Check the security features of the exchange: Look for information on the exchange’s security practices, such as SSL encryption, cold storage of funds, and regular security audits.
  5. Keep your computer and software up to date: Make sure your computer and software are up to date with the latest security patches and updates to reduce the risk of malware and hacking.
  6. Use a dedicated email address: Use a dedicated email address for your cryptocurrency exchange account and enable 2FA on that email account as well.
  7. Don’t give out personal information: Avoid giving out personal information such as your social security number or other sensitive data to the exchange or any third-party service.
  8. Monitor your account regularly: Regularly check your account for any unusual activity or unauthorized transactions.
  9. Withdraw your funds to a secure wallet: Once you’ve completed your trading or transactions, consider withdrawing your funds to a secure, personal wallet that you control.

By following these security tips, you can help minimize the risk of losing your funds or having your personal information compromised while using a cryptocurrency exchange.

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