Compare your Top 3 Bitcoin Exchanges
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Provider
Pro and Contra
Has been hacked?
Fees
Security
Trading
US Friendly!
88 88
Pro
  • Low fees
  • Excellent liquidity in both USD and EUR markets
  • Margin and futures trading supported
  • Only exchange platform selected to support investigation into Mt. Gox's stolen Bitcoins
Contra
  • Sometimes has uptime problems when market gets hot.
  • Verifications take time.
  • Unlike many other Bitcoin exchange platforms, it does not work as crypto wallet.
  • Although it is not solely a Bitcoin exchange for US, Kraken has a lot of restrictions for a wide range of countries, specially for credit card purchases.
Has been hacked? No Fees
Deposit Fees:
10 USD for FedWire (Silvergate) 5 USD for FedWire (Synapse) 10 USD for SWIFT (Silvergate Bank) 3 USD for SWIFT (Bank Frick) 3 EUR for SWIFT (Bank Frick) 1.25 CAD + 0.25% of the transaction for In-person cash or debit (Canada Post) 1.5% of the transaction for Interac e-Transfer 3 CAD for SWIFT (Bank Frick) 21 GBP for CHAPS (ClearJunction) 3 GBP for SWIFT (Bank Frick) 0.75 CHF for SIC (Bank Frick) 0.75 CHF for SWIFT (Bank Frick)
Withdrawal Fees:
Yes
Trading Fees:
0.00%-0.26%
Security Excellent Trading
Futures? Yes
Derivatives? Yes
Margin Trading? up to 5x
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80 80
Pro
  • “Real” Decentralized Exchange
  • Anonymous
  • Account creation is fast and very easy (not required to complete KYC/AML)
  • Accepts Fiat payments
Contra
  • In Business only since 2016
Has been hacked? No Fees
Deposit Fees:
No
Withdrawal Fees:
No
Trading Fees:
Yes
Security Excellent Trading
Futures? None
Derivatives? No
Margin Trading? None
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High Volume
76 76
Pro
  • High liquidity
  • Low fees
  • Full package of order types, margin trading and lending market
  • Hack has been solved professionally and innovative, paid back all the losses from the hack (!)
Contra
  • Not a transparent company
  • Has been hacked multiple times
  • Controversial connection to Tether
Has been hacked? Yes Fees
Deposit Fees:
No (only for FIAT)
Withdrawal Fees:
Yes
Trading Fees:
0.10%-0.20%
Security Ok Trading
Futures? Yes
Derivatives? Yes
Margin Trading? up to 10x
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90 90
Pro
  • Fast account creation
  • Real-time auditing
  • High leverage
Contra
  • Only Bitcoin and Ethereum trading
  • Not user-friendly
  • Website design is confusing
Has been hacked? No Fees
Deposit Fees:
No
Withdrawal Fees:
Depends
Trading Fees:
-0.01%-0.05%
Security Excellent Trading
Futures? Yes
Derivatives? Yes
Margin Trading? up to 100x
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80 80
Pro
  • Easy account creation
  • No minimum deposit
  • Awesome interactive website
Contra
  • Unregulated
  • Some negative reviews
Has been hacked? Yes (2016, but only email system) Fees
Deposit Fees:
No
Withdrawal Fees:
No
Trading Fees:
No
Security Excellent Trading
Futures? No
Derivatives? No
Margin Trading? up to 500x
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Great for Credit Card
82 82
Pro
  • A lot of different payment method
  • Strict security standards
  • Trustpilot reviews
Contra
  • Verification needeed for full access
  • Some US states are not supported
Has been hacked? No Fees
Deposit Fees:
Yes (for Credit Card Payments)
Withdrawal Fees:
Yes
Trading Fees:
N/A
Security Trading
Futures? No
Derivatives? No
Margin Trading? No
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Anonymous P2P
90 90
Pro
  • Many coins and payment methods supported
  • Multi-blockchain P2P exchange
  • Transparency about company background
Contra
  • Reliability of service is depending on the sellers on the platform
  • Too many options to choose from can paralyze users
  • High crypto prices
Has been hacked? No Fees
Deposit Fees:
No
Withdrawal Fees:
Yes
Trading Fees:
1.00%
Security Medium Trading
Futures? No
Derivatives? No
Margin Trading? No
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88 88
Pro
  • Low fees
  • Futures trading options
  • Leverage up to 100x
Contra
  • Lack of real user experience online
  • No social media activity (Twitter suspended)
  • Users from the US are excluded
Has been hacked? No Fees
Deposit Fees:
No
Withdrawal Fees:
No
Trading Fees:
0.005%-0.060%
Security Good Trading
Futures? Yes
Derivatives? Yes
Margin Trading? up to 100x
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80 80
Pro
  • using Meta Trader 5
  • lot of different coins are supported
  • leverage up to 20x
Contra
  • very new exchange with no real track record
  • only crypto deposits are available
  • can be confusing for newbies
Has been hacked? No Fees
Deposit Fees:
Free
Withdrawal Fees:
Miner fee
Trading Fees:
0,2%
Security High Trading
Futures? No
Derivatives? Yes
Margin Trading? up to 20x
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86 86
Pro
  • No fees
  • No KYC or registration
  • Quick execution
  • Advance Cash is supported to cash out crypto
Contra
  • Higher cryptocurrency prices
  • Too less information in the FAQ section
  • No fiat payment option
  • Limited number of supported coins
Has been hacked? No Fees
Deposit Fees:
No
Withdrawal Fees:
No
Trading Fees:
0%
Security Good Trading
Futures? No
Derivatives? No
Margin Trading? No
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84 84
Pro
  • Safe and decentralized trading
  • Arbitrators
  • 2-out-of-3 multisig security in trades
  • Wide selection of FIAT and Crypto Currencies
Contra
  • They need more aggressive advertising
  • More active development
  • They need to team up with other companies
  • High fees
Has been hacked? No Fees
Deposit Fees:
No
Withdrawal Fees:
Yes
Trading Fees:
0.001% - 0.009%
Security Excellent Trading
Futures? No
Derivatives? No
Margin Trading? No
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Great for EUR/USD
82 82
Pro
  • Has not been hacked
  • Great to buy Bitcoin / Ethereum with FIAT
  • Easy to use exchange interface
Contra
  • No trading platform
  • KYC needed
Has been hacked? No Fees
Deposit Fees:
No (for min. deposits)
Withdrawal Fees:
Yes
Trading Fees:
0.05%-0.15%
Security Excellent Trading
Futures? No
Derivatives? Yes
Margin Trading? No
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86 86
Pro
  • no trading commissions
  • rewards system after open trades
  • offers to trade forex and gold too beyond crypto
Contra
  • no real online presence of the company
  • US users are not accepted
Has been hacked? No Fees
Deposit Fees:
No
Withdrawal Fees:
No
Trading Fees:
0.00%
Security Good Trading
Futures? No
Derivatives? Yes
Margin Trading? up to 50x
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80 80
Pro
  • Good reputation
  • High volume and liquidity
  • Connections in the industry grant it additional legitimacy
  • Easy to use and quick
Contra
  • High Trading Fees if you are trading lower volumes
  • More negative comments in the recent past
Has been hacked? Yes, in January 2015 Fees
Deposit Fees:
No
Withdrawal Fees:
No
Trading Fees:
0.5%-0.10%
Security Very Good Trading
Futures? No
Derivatives? No
Margin Trading? No
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Pro
  • N/A
Contra
  • N/A
Has been hacked? No Fees
Deposit Fees:
TBD
Withdrawal Fees:
TBD
Trading Fees:
N/A
Security N/A Trading
Futures? None
Derivatives? N/A
Margin Trading? None
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80 80
Pro
  • Easy to use website
  • Great features
Contra
  • Verification process is long
  • Focused on Argentinean market
Has been hacked? No Fees
Deposit Fees:
Yes
Withdrawal Fees:
$20
Trading Fees:
0.50%-1.00%
Security Excellent Trading
Futures? No
Derivatives? No
Margin Trading? No
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Best Support
60 60
Pro
  • Superb liquidity, often the best in the world
  • Many advanced trading options
  • Low fees
Contra
  • Sometimes foreign traders have problems with verification
  • Chinese Exchange (PBoC)
Has been hacked? No Fees
Deposit Fees:
In most cases no
Withdrawal Fees:
Yes
Trading Fees:
0.00%-0.10%
Security Excellent Trading
Futures? Yes
Derivatives? No
Margin Trading? up to 3x
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80 80
Pro
  • 2FA
  • Low Fees
  • A wide range of coins
Contra
  • No Fiat Payments
  • Leverage not available yet
Has been hacked? No Fees
Deposit Fees:
No
Withdrawal Fees:
No
Trading Fees:
0.025%-0.075%
Security Excellent Trading
Futures? No
Derivatives? No
Margin Trading? up-to 50x
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82 82
Pro
  • margin trading available in less-known altcoins too
  • option to reduce trading fees
  • native token
Contra
  • not available for US users
  • site is not completely localized for English
  • KYC is needed for withdrawal
Has been hacked? No Fees
Deposit Fees:
No
Withdrawal Fees:
No
Trading Fees:
0,04%
Security Good Trading
Futures? No
Derivatives? Yes
Margin Trading? up to 10x
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Fast Support!
78 78
Pro
  • Competitive fees
  • Good security
  • Accepts many different FIAT currencies
Contra
  • Website could use some improvements
  • Doesn't keep the pace with competition
Has been hacked? No Fees
Deposit Fees:
No
Withdrawal Fees:
Yes, 1% + 5 USD
Trading Fees:
0.00%-0.20%
Security Excellent Trading
Futures? No
Derivatives? No
Margin Trading? No
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52 52
Pro
  • Support for numerous altcoins
  • Fast deposits and withdrawals
  • Competitive fees
Contra
  • Weak liquidity for some of the coins
  • No mobile apps
Has been hacked? No Fees
Deposit Fees:
Yes
Withdrawal Fees:
Yes
Trading Fees:
0.02%-0.18%
Security Good Trading
Futures? No
Derivatives? No
Margin Trading? No
Visit Website
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Best Bitcoin Exchange for Somalia

The Somalia Shilling or Somali Shilling (Somali shilin soomaali; Arabic شلن) is the currency of Somalia. It is divided into 100 Centesimi or Senti. The ISO abbreviation of the currency is SOS, the (English) currency abbreviation is So.Sh.

A Schilling is divided into 100 Centesimi or Senti. Today there are practically only 500 and 1,000 Somalia schillings in circulation. One euro currently costs around 1,900 SOS. To find out the current exchange rate before travelling to Somalia, you can also consult a currency converter on the Internet as an alternative to visiting the bank.

Somaliland in the north of the country has had its own currency since 1991, although the area has not yet been recognised as a separate state. However, the Somaliland Shilling is practically unusable beyond the borders of this area.

With the beginning of the civil war in 1991, the Somalia Shilling course collapsed. Numerous warlords printed large quantities of the national currency, so that it lost drastically in value within a few years. Today, in addition to the national currency, US dollars, euros and dirham are also used as means of payment in Somalia. Mainly in the border regions of Somalia, the currencies of neighbouring countries are increasingly used for payment, i.e. the Kenyan Shilling, the Ethiopian Birr and the Djibouti franc.

Currency exchange and other means of payment

Due to the high counterfeit rates, it is not easy to exchange cash for the local currency in Somalia. In addition, the exchange rate is subject to considerable fluctuations. The safest way is to change cash in a larger hotel. The best rates are in US dollars and euros. In general, however, it is not worth exchanging money for the Somalia Shilling, as one can pay practically everywhere in Somalia with Euro or US Dollar.

Credit cards are almost unknown in Somalia. Only in very few hotels one can pay his bill with a credit card, but as this is rather the exception than the rule, one should find out this directly during the booking. Traveler’s cheques are also largely useless in Somalia and there are no ATMs.

Coins and Notes

The coins as well as the 5, 10, 20, 50 and 100 Schilling notes printed in the 1980s are practically worthless. For years, only 1000 Schilling notes have circulated, with the International Monetary Fund estimating the proportion of counterfeit money at up to 98%. Payment transactions in Somalia are therefore often made in foreign currency and in recent years have increasingly been handled via mobile payment. The dominant system is EVC Plus, a service provided by Hormuud, the leading mobile phone provider in Somalia.

History

Some two years after Somalia gained independence, the Somali Central Bank issued the first banknotes of the new Somalia Shilling currency on 15 December 1962. Until then, the Somalo of the Italian trust area Somalia in the south and the East African Schilling from the former British colonial area were still in circulation as means of payment.

After the beginning of the Somali civil war and the collapse of the Somali state in 1991, various warlords had large quantities of 500 and 1000 Schilling notes printed under their own control, which caused the value of the currency to collapse. In June 1990, around 2,000 schillings were obtained on the free market for one US dollar, in August 1991 already 7,000 schillings and in 2002 sometimes up to 25,000 schillings. By March 2006, the exchange rate had recovered to 13,400 Schilling per dollar, but by May 2008 it had fallen again to 30,000 Schilling per dollar.

Due to the chaotic currency situation, various foreign currencies are in use as means of payment in Somalia. Above all the US Dollar, but also the Euro and Dirham of the United Arab Emirates. In border regions one also encounters the currencies of neighbouring countries: Ethiopian Birr, Djibouti Franc and Kenya Shilling.

Somali emigrants returned to the country in search of investment opportunities with a considerable improvement in the local security situation. In conjunction with modest foreign investment, the inflow of funds has contributed to a substantial increase in the value of the shilling in Somalia.

By March 2014, the currency had appreciated by almost 60% against the US dollar in the last 12 months. The Somali schilling was the strongest of the 175 world currencies traded by Bloomberg and rose in the same period by almost 50 percentage points higher than the next most robust world currency.

  • Country: Somalia
  • Subdivision: 100 Centesimi/Senti
  • ISO 4217 code: SOS
  • Abbreviation: SoSh

Following the entry into force of a new federal constitution and the successful holding of elections, the Somali federal government is attempting with growing success to rebuild the state institutions and systems that fell apart during the civil war. In this context, the central bank is expected to issue new, more difficult to counterfeit banknotes and coins in the near future. The Somali authorities are being supported by the International Monetary Fund in their efforts to prepare for currency reform.

The Somaliland Republic, which has been de facto independent since 1991, has introduced its own currency, the Somaliland Shilling, which has only been able to establish itself as a means of payment in the region between Hargeysa and Berbera.