These Bitcoin Platforms Are Using Big Data To Redefine Cryptotrading

Major bitcoin platforms are using big data to redefine cryptotrading and give it a whole new dimension. Here's how it works.

Avatar
May 16, 2019
51 Shares 3,184 Views

Big data is having a huge effect on the future of cryptocurrency markets around the world. A growing number of companies are leveraging big data to streamline cryptotrading and improve security and customer satisfaction. Big Data Made Simple wrote a very helpful post about the benefits of using big data to facilitate the cryptocurrency trading market. Here is an excerpt from that post.

“With the market expanding and beginning to mature, big data is now being used to gain insights about the future of the cryptocurrency market, which is projected to grow to USD 6.70 billion by 2025 at a CAGR of 31.3% during the forecast period. Here is how big data is now being used to gain insights about the future of the cryptocurrency market!”

Many trading platforms have taken their analysis to heart. They are using big data to offer better services to their customers.

Big Data is Being Used by Major Crypto Platforms

The easiest way to get bitcoin and start trading cryptocurrency is to find a digital currency exchange. There are many out there. If you want to get the most out of your trading experience, you will need to find the best site to buy bitcoin for you. This list of the best cryptocurrency exchanges that use big data will tell you the best places where to trade bitcoin right now. You can also find the latest news and read detailed reviews about the top cryptocurrency exchanges on cryptimi.com.

Binance

Binance has risen in prominence over a very short time and is now the largest digital currency exchange on the market. This is a testament to the dynamic service we know it offers. Thus, we would consider Binance the best site to buy bitcoin. This is down to a number of factors. However, what we like most is their versatility to accommodate for both rookie traders and veterans. This is demonstrated by providing guides and easy to comprehend graphs for beginners, alongside more detailed graphs and other services for more experienced traders. As well as this, their selection of cryptocurrencies is huge. Plus, they are constantly expanding and growing their service too, so they are likely to remain as the best site to buy bitcoin for a while. Binance is using big data in a number of ways. They said one of the best benefits is using big data to improve security through facial recognition and other technology.

Exmo

Exmo is a top bitcoin trading site for two types of traders: Newbies and Eastern European traders. Exmo is the most popular exchange platform for the latter, catering their service very much toward this market. Offering numerous Eastern European currencies, such as Russian Rubles and Polish Zloty. They have found that big data has been especially helpful in facilitating international transactions and improving security. While their straightforward service makes them one of the easiest ways to get bitcoin for the first time and makes them ideal for new traders too. Plus, they offer some of the lowest commission rates on the market. The downside is they are slightly limited in the number of cryptocurrencies they offer, This said, they are constantly updating their service so before long this could change.

CoinMama

Launching in 2013, CoinMama has a significant amount of experience over some of the other top bitcoin trading sites on our list. They offer the option to buy coins with a credit card, have high spending limits and have a lot of solid advice for traders in their blog. However, they only offer 10 cryptocurrencies. This includes all of the most popular ones, but you will soon run out of options when you begin searching for more niche coins.

Coinex

CoinEx supports 50+ trading pairs and withdrawals are possible in minutes. Thus, it is set-up for straightforward trading. One of the newest additions to their service, Accelerators, also allows you to claim yourself niche coins and shares in growing blockchain companies for very low prices. Their big data algorithms are vital to ensuring the efficiency of their trades. However, with no way to trade with fiat, you will struggle to get started here if you are new to trading.

Bittrex

Bittrex is ideal for those who have been trading for some time and are now looking to move things up to the next level. However, they are not ideal for those looking for the easiest way to buy bitcoin and their service will be too complicated for those just getting started. For example, while things such as higher leverage on alt-coins when you commit to a contract at Bittrex will be attractive to veteran traders, it won’t mean much to first-time traders.

CEX

This London-based firm is another digital currency exchange with heaps of experience. It also launched in 2013 but offers loads more than CoinMama. They offer advanced order matching and order book liquidity that enables users to conduct high volume orders at a high frequency. They also have very respectable commission rates of between 0% to 0.2%. While this is all great on its own, CEX’s reputability and widespread service is definitely another plus and they have one of the most proven track-records in the business. Hundreds of thousands of satisfied customers from across the world already use their site.

Changelly

Changelley is digital currency exchange all about usability and with players experiences at its core. Hence why getting started on the site is so easy to do with no lengthy site up procedures. As well as being one of the easiest ways to get bitcoin for the first time, it is fully stocked with over 140 cryptocurrencies. It is unique because it is also a middle-man service and connects users with others site to provide traders with the best possible prices. As well as this, it also offers price predictions for many cryptocurrencies, so you can monitor where the smart money should be put. However, all this comes at a price of 0.5% commission when you make trades. Which is more than many top bitcoin trading sites out there.

Big Data is Vital to the Efficiency of Major Crypto Platforms

There are a number of benefits of using big data to improve the efficiency of crypto-trading platforms. They are great for assisting with security and customer service.