Below is a list of all current and future potential Electroneum exchanges, updated daily as new ones become available. You can read more about Electroneum over at Electroneum101.com.
Also read: How to buy Electroneum on Cryptopia
Have I missed anything? Please comment below and let me know!
What is Electroneum?
Electroneum is a new cryptocurrency that allows users to mine coins with a mobile phone. Read more at Electroneum101.com.
What is an Exchange?
An Exchange is an entity that brings together buyers and sellers of a particular item – Electroneum in our case. Users of the exchange create offers to sell or buy a certain amount of Electroneum at a certain price. The exchange then matches buy orders to sell orders of the same price. The price at which the transaction takes place determines the market price of Electroneum (the price you see on the ticker).
Which Currencies Can I Buy With on an Exchange?
Exchanges typically operate according to a base currency (or currencies) which you can deposit into and withdraw from the exchange. The most commonly accepted fiat currencies are USD, EUR, and GBP. Local exchanges that are based in a particular country will typically accept the local currency of that country.
Certain exchanges, known as cryptocurrency exchanges, only accept cryptocurrency deposits and withdrawals. This means you will typically deposit Bitcoin into the exchange, and offer to buy a set amount of Electroneum for a set amount of Bitcoin. You can buy Bitcoin for USD at exchanges like Coinbase, Cex.io, Bittrex, or Localbitcoins.
What Does It Cost?
Exchange typically charge a trading fee when converting one currency to another. These fees range from 0.2% – 1% of the currency you are exchanging from. Some exchanges also charge a withdrawal fee to withdraw money/cryptocoins. Check your exchange website to view their current fee structure.
Keep in mind that Bitcoin transactions should typically include a small mining fee to entice a miner to include it in his/her list of transactions. Exchanges will typically deduct this fee when transferring cryptocoins to a separate wallet/address.
What are Some Safety Concerns When Dealing With Exchanges?
From the time that you deposit money/cryptocoins into an exchange until the time you withdraw it, the safety of your money/cryptocoins is in their hands. It is therefore important to choose an exchange that makes an effort to safeguard your money.
Cryptocurrencies work in such a way that any person in possession of the public address and private key of a wallet can the spend the money in that wallet. While you are trading on an exchange, your cryptocoins are held in a wallet for which the exchange holds the public/private key. In addition, they also hold the wallet keys of thousands of other traders around the world. Exchanges are therefore a honeypot for hackers. Any hacker that manages to access the system will be able to transfer the money in all their wallets within minutes – with no way to get it back.
For this reason, exchanges often make use of “hot” and “cold” wallets – “hot” being a wallet whose private keys are currently being used on the exchange, and “cold” being a wallet whose private keys are stored offline in a vault. Cold wallets are unhackable and are the best ways to store your wallet keys. The exchange continually transfers coins between the cold and hot wallets as needed. Make sure your exchange uses cold wallets to store unused cryptocoins.
In addition, do not leave your cryptocoins on an exchange when you are not trading. Rather transfer your cryptocoins to a secure online wallet or personal offline wallet. You can always transfer it back to the exchange later when you want to trade again.
Exchanges typically operate via a browser where you login with a username/password. Any person that knows your username/password can therefore login and trade/withdraw. Many exchanges therefore offer two-factor authentication, in which they send a code to your phone number or email whenever you login, and require you to enter that code to proceed. A fraudster will then need to be in possession of your login details and phone/email account to access the system.
It is preferred that your exchange supports two-factor authentication. If not, make sure you use a different password than you use anywhere else. Make it difficult to guess by using numbers, punctuation marks, and lowercase/uppercase letters in no logical order. Keep your password in a safe place – do not store it on your phone or in an email!
Please leave a comment with any further questions you might have!