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ShareOur ongoing series of articles that compare different cryptocurrency exchanges aims to offer individuals interested in digital assets with comprehensive and in-depth insights into various platforms. Our goal is to provide detailed information regarding the similarities and differences between these exchanges to help our readers make informed decisions.
In this blog post, we'll be conducting a side-by-side comparison of two popular cryptocurrency exchanges: Cryptal and Mycoins. Our analysis will delve into their similarities and differences, as well as the types of assets that each platform supports, including both traditional and digital currencies. Additionally, we'll provide insights on the coin buying and selling process, giving our readers a comprehensive overview of both exchanges.
What methods can be used to trade cryptocurrencies?
Both Cryptal and Mycoins provide the ability to purchase coins and crypto assets, albeit with different methods.
Cryptal offers a variety of trading options for its users, including both Spot Trade and Convert. With Spot Trade, users can execute trades at the current market price, while Instant Trade allows for quick and easy purchases of Bitcoin and other cryptocurrencies with just a few clicks. The platform's user-friendly interface simplifies the process of topping up Bitcoin wallets and purchasing other digital assets, making it a convenient option for traders of all levels.
Mycoins offers a streamlined trading experience focused on Instant Trade functionality, enabling users to buy cryptocurrencies quickly at a fixed price. Unlike other exchanges, Mycoins does not provide the option to place buy or sell orders on the exchange, limiting its trading capabilities to Instant Trade.
Is OTC available?
Over-the-counter (OTC) brokers are services that allow users to buy and sell cryptocurrencies and fiat currencies without relying on traditional exchange platforms. Unlike exchange trading, OTC brokers operate through direct negotiations between buyers and sellers, facilitating the transaction process for larger trades and reducing market impact. OTC brokers typically charge a premium for their services, but can provide traders with greater flexibility and privacy when executing trades.
For those seeking a more comprehensive understanding of over-the-counter (OTC) brokers and their role in cryptocurrency trading, we invite you to check out our blog:
Cryptal offers a private broker service for traders who require a more personalized trading experience. To access this service, users can contact the platform directly through here. Mycoins does not currently offer a similar private broker service for its users, instead focusing on its Instant Trade functionality.
What fiats are available?
In most cases, the purchase of crypto assets requires the use of traditional currency, such as USD or EUR, as a means of exchange. Similarly, when selling crypto assets and seeking to obtain fiat currency, traditional currency is typically required.
Three popular assets are available on Cryptal: GEL (₾), Euro (€) and USD ($), which then automatically converts to TOGEL, TOEURO, and TOUSD.
And on Mycoins - GEL (₾) and dollars ($).
How can you Deposit and Withdraw Fiat?
You can deposit into your Cryptal account using several simple methods, including Visa/Mastercard, WallyPay and bank transfer.
Similar methods apply to Mycoins - Visa/Mastercard and bank transfer.
What are Trading Fees?
For traders of all levels, trading fees and spreads are a critical consideration when selecting a cryptocurrency exchange. Trading fees refer to the charges imposed by the platform for executing trades, while spreads refer to the difference between the buy and sell prices for a particular asset.
Mycoins is not an exchange, so a Trading commission does not exist there, while the commission on Cryptal is 0.25% for both Taker and Maker.
As for Instant Trade, i.e. Instant Trade, the spread is +2% when buying on Mycoins, and -4% when selling.
The spread is +2% in case of purchase using the Instant Trade on Cryptal, and -2.5% in case of sale.
Buying and selling USDT on Cryptal has different rates.
If you sell USDT, that is, Tether, you can do this with a commission of 1.8%, and in case of buying, you will receive an additional profit of 0.4%.
What are Deposit Fees?
If you decide to deposit money on Cryptal, you can do it in two simple ways: bank transfer, using Visa and Mastercard cards.
Depositing money by bank transfer to Cryptal is completely interest-free. Using Visa and Mastercard bank cards, you can get 3%.
In the case of Mycoins, the fiat currency deposit is 0% by bank transfer, and 2.5% by using Visa and Mastercard cards.
Withdrawal Fees?
If you decide to withdraw traditional currency from Cryptal, you can use familiar ways - bank transfer or Visa/Mastercard cards.
In case of using bank transfer, the user withdraws his own assets without any interest, while using Visa and Mastercard cards, the commission is 1.2 GEL.
In the case of Mycoins, it is possible to withdraw money at Liberty Bank and Intelexpress branches, at which time the commission is 3%. It is also possible to withdraw money to Smartiv's account with 0% commission and use Liberty Bank's ATM, at which time the user pays a commission of 1.5%.
As for the withdrawal of crypto assets, all crypto assets can be withdrawn without any fees on Cryptal, while the 1% fee on Mycoins applies only to BTC withdrawals, and 0% for all other coins.
How Many Cryptocurrencies are Supported?
Cryptocurrencies on Cryptal
A wide selection of popular cryptocurrencies are available for trading on Cryptal - Bitcoin (BTC), Ethereum (ETH), USDT, Ripple (XRP), Ave (AAVE), Cardano (ADA) and more. A total of 26 crypto assets.
Cryptocurrencies on MyCoins
There are 13 cryptocurrencies available on Mycoins, such as Bitcoin, Ethereum, etc.
How to Contact Support?
In the fast-paced world of cryptocurrency trading, access to timely and reliable customer support can be crucial to successful trading. At our platform, we understand the importance of providing fast and comprehensive support to our users.
Please note that Cryptal support team working hours are 10:00 - 00:00. and Mycoins - 10:00 - 19:00.
Security on Cryptal
In the contemporary era, particularly in the realm of cryptocurrencies, safeguarding assets in one's wallet is crucial.
Cryptal adheres to the global CCSS security benchmark for digital currencies, ensuring total data encryption.
Moreover, the platform mandates 2FA authentication, providing dual-level security.
Summary
For those considering entering the world of cryptocurrency trading, choosing the right exchange platform can be a critical decision. A range of factors, including trading fees, spreads, payment options, and customer support, can all impact the trading experience and overall profitability. By carefully researching and comparing different platforms based on these factors, traders can make an informed decision and select the exchange that best meets their individual needs. Whether you are a seasoned trader or just starting out, understanding the importance of these key considerations is vital to success in the exciting and dynamic world of cryptocurrency trading.
Wish you successful Trading!