Table of Contents Hide
- What Should I Look for in a Crypto Exchange?
- #1. How secure is your money?
- #2. Is this a well-designed and user-friendly platform?
- #3. What is the state of liquidity?
- #4. Is there a fund for Insurance?
- #5. Do I have to pay any fees? How high or how low do they go?
- What is the total number of currencies on this crypto trading platform?
- #7. Which countries can participate?
- What are the different payment options?
- Best Crypto Exchange
- #1. Binance: Overall Best Crypto-Exchange
- 2. Coinbase: Best Place To Buy Bitcoin for Beginners
- #3. Kraken: The Best Crypto Exchange in terms of Customer Support
- #4. eToro: The Best Crypto Exchange & FOREX Trading Platform
- 5. Crypto.com: The Best Welcome Bonus
- #6. Coinmama: Best Bitcoin Brokerage Service
- #7. Bisq: The Most Secure Decentralized Cryptocurrency Exchange
- #8. Robinhood – The Most Cost-Effective Trading Platform
- #9. Trade Station – The Best Option for an Extensive Range of Trading Options
- #10. Gemini: Best Cryptocurrency Exchange for US Traders
- Crypto Exchange FAQ
- What is the most accurate crypto exchange?
- What are the 3 main types of crypto exchanges?
- What is the best cryptocurrency exchange for beginners?
In recent times, cryptocurrency’s rapid growth has been a trendy discussion on Wall Street, with investors eager to cash in on the digital currency’s lucrative returns. However, some crypto trading platforms have been met with skepticism, particularly given how easy it is to hack some of them. No one likes the idea of their Bitcoins or cryptos getting stolen as a result of cyberattacks. This article reviews the 10 best crypto exchanges on the market right now, —including in the US— whether you’re an experienced crypto investor or a novice looking for more information on crypto trading. It also goes over some important factors you should consider when you are confused about making a decision. Let’s begin with that!!!
NOTE: Even though it is almost impossible to find all of these factors checked in one exchange, what matters most is your ability to figure out your priorities. What factors are most important to you? This will help you make your decision-making process faster and more efficient too. In any case, these factors have been considered in the picks on this post. This is why they are listed in categories, aligning with these factors.
What Should I Look for in a Crypto Exchange?
When it comes to cryptocurrency exchanges, there are at least eight things to think about.
#1. How secure is your money?
When deciding on a cryptocurrency exchange, the safety of your funds should be top priority.
It’s crucial to ensure that the crypto exchange hasn’t been hacked or attacked in the past.
So basically, you might want to give special attention to exchanges that freely identify their management, regulatory licenses, firm location, and staff should be given priority.
Read Also: The Playbook of Long-Term Stock Investing
#2. Is this a well-designed and user-friendly platform?
The user interface and functionality are two of the most significant factors for the ordinary cryptocurrency trader.
A clear design and pleasant user experience make operations on the exchange more informed and efficient for visitors or regular users. This is regardless of whether you are an experienced cryptocurrency trader or purchasing crypto for the first time.
And because user experience is subjective considering that various people value different things, ensure you discover a UI you enjoy before totally committing.
#3. What is the state of liquidity?
BTC is traded on a market where buyers and sellers of the currency hunt for opportunities to buy and sell it. As a result, it’s critical to think about the exchange’s liquidity.
The ability to sell or buy an asset without significantly affecting prices is referred to as liquidity in this case. This literally means prices are likely to decrease.
Quick Tip; there is more liquidity when there are more buyers and sellers.
#4. Is there a fund for Insurance?
Insurance funds are safe havens for traders who want to safeguard themselves against unforeseen losses that could result in them losing more money than they made.
These funds are intended to prevent shared losses, perhaps providing you with additional peace of mind that no unforeseen disasters will occur.
In other words, when trading with a well-capitalized insurance fund, traders don’t have to worry about shared losses.
#5. Do I have to pay any fees? How high or how low do they go?
Transaction fees are an important aspect of cryptocurrency trading, especially when you are a frequent trader. So, understanding the different fee structures used by cryptocurrency exchanges might save you a lot of money.
On cryptocurrency exchanges, trading fees are often calculated based on the order types delivered to the market. Taker and maker fees are what they’re called.
In any case, ensure these pieces of information are readily available on the platform or better still source for them yourself from their customer representatives. Absence of these information often means something is up.
What is the total number of currencies on this crypto trading platform?
Whether it’s in terms of cryptocurrencies or crypto contracts, you want to find an exchange that offers a comprehensive range of coins.
The following are examples of common crypto coins:
- Bitcoin (BTC)
- Litecoin (LTC)
- Ethereum (ETH)
- ChainLink (LINK)
- Bitcoin Cash (BCH)
- Tezos (XTZ)
Although the list is endless. Here is an exhaustive list.
I am not saying the crypto exchange should cover all of these coins but then the more they offer the more opportunities at your disposal.
Basically, having a wide range allows you to diversify your trading alternatives, which is especially crucial now that cryptocurrencies are gaining popular attention.
#7. Which countries can participate?
While it may appear obvious, not all cryptocurrency exchanges are available worldwide and in all countries/states.
This is due to the fact that local banking rules severely regulate the bitcoin business.
Even while a cryptocurrency exchange situated in Australia accepts AUD, NZD, and USD deposits, a New Zealand investor is frequently unable to do so.
What are the different payment options?
The process of purchasing cryptos varies based on the site.
Some exchanges need bank transfers, while others allow PayPal, credit cards, and debit cards, while still others exclusively accept Bitcoin.
If you don’t have any cryptocurrencies before joining an exchange, you’ll need to find a platform that allows you to engage in the market using fiat currency (USD, EUR, GBP, etc.). But it will be a plus if the crypto exchange you pick allows a range of fiat currencies for deposits and withdrawals.
Best Crypto Exchange
The following are some of the best crypto exchanges in different categories
#1. Binance: Overall Best Crypto-Exchange
Binance is a crypto exchange that lets you buy, sell, and trade cryptocurrency for 0.1 percent. You can earn interest on your coins by staking them for a period of time and earning a rate of interest ranging from 0.5 to 10%.
Binance, based in Malta, was founded in China in 2017 and is one of the world’s most popular cryptocurrency exchanges. It’s a crypto exchange for residents of the United States, debuted in San Francisco in 2019.
For the most part, there are a variety of payment methods available, including bank deposits, bank transfers, and credit/debit cards. Meanwhile, debit card purchases incur a steep 4.5 percent fee.
Binance has a security fund as insurance in case user funds are stolen, as well as a two-factor authentication system (2FA); though the authentication system has been plagued in the past by bugs according to user reviews.
Nonetheless, Binance offers over 50 coins, giving you tons of choices if you want to trade Bitcoin, Ethereum, or a variety of other cryptocurrencies.
- More than fifty different crypto options.
- Fees are affordable
- Website interface is simple to use.
- A safe environment
- Seven states in the United States do not have access to this product.
- A little complicated for Beginners.
- Customer service is substandard, according to reviews.
2. Coinbase: Best Place To Buy Bitcoin for Beginners
Coinbase, which began operations in 2012 in San Francisco, California, has grown to over 30 million users in 103 countries.
The crypto exchange focuses on inexperienced investors looking to trade cryptocurrency. They make the platform ideal for beginners who want to learn the ropes without being overwhelmed by graphs and data.
Also, they cover a range of payment options. These include; bank deposits, bank transfers, PayPal, and credit/debit card transfer payments. However, the exchange has fairly high fees, ranging from $0.99 to $2.99 for purchases under $200 and an additional 0.5 percent fee based on the amount traded.
In terms of security, Coinbase has FDIC insurance. This ensures that users recieve fair compensation if the company goes out of business. Furthermore, according to information on their website, cold storage is used to store 98 percent of user funds, implying that only 2% of your money can ever be stolen.
- All of your coins will be displayed in one convenient location.
- Beginner-friendly UI.
- Insurance Coverage
- It is simple to purchase Bitcoin.
- Several altcoins are available.
- In comparison to other cryptocurrency exchanges, it is quite pricey.
- Custodial wallet
- Paying options are limited.
#3. Kraken: The Best Crypto Exchange in terms of Customer Support
Kraken was founded in 2011 and relaunched in 2013. It is based in the United States. There are more than 50 cryptocurrencies available on the exchange right now, so you’ll have plenty to choose from.
Beginner, intermediate, and pro accounts are available from Kraken. For the beginner account, deposits, exchanges, and withdrawals of cryptocurrency are all possible.
So if you’re new to cryptocurrency, like Coinbase, this may be a great option.
Fees on trades range from 0.9 percent to 1.5 percent, depending on the size of the transaction. As a result, it’s one of the very affordable crypto exchanges with a good track record.
On the downside, despite the fact that customer service claims to be available 24/7, the service has received a few negative feedbacks here and there.
Meanwhile, for account verification, you must provide identification for any deposit, which is excellent for security, and at the time of writing, seven fiat currencies are accepted (USD, EUR, CAD, GBP, CHF, JPY, and AUD).
- Features that enhance security
- User interface that is visually appealing
- Upto seven different fiat currencies available.
- More than forty different cryptocurrencies available.
- Some Beginners may find it a little complex.
- Verification of accounts is pretty slow.
#4. eToro: The Best Crypto Exchange & FOREX Trading Platform
The social trading exchange eToro was founded in 2007 in Tel Aviv, Israel. With 17 million users in over 100 countries, it now has its headquarters in London. It launched a crypto-only platform in the United States in 2018.
The exchange covers six cryptos which include Bitcoin, Bitcoin Cash, Ethereum, XRP, Litecoin, and XLM. While it may not seem like much, these are the most popular crypto coins, so it makes sense.
eToro offers a $50 bonus on crypto transactions of $1,000. However, depending on the trade amount, eToro charges a high fee of 0.75 to 2.90 percent.
With only one standard currency, USD, deposits take about 7 days to be cleared for use. There are fees associated with all foreign currency deposits and withdrawals, so if you’re a US trader, this is the best option.
Meanwhile, eToro might be the best cryptocurrency exchange for you if you want a simple and reputable system that allows you to trade the most popular coins.
- Cryptocurrency has no commission.
- User interface is simple to use.
- Signing up as a United States resident is simple.
- Covers major cryptocurrencies
- Trading commissions are too high
- Customer service is substandard according to reviews
- Accepts only one fiat currency
5. Crypto.com: The Best Welcome Bonus
Crypto.com, the popular cryptocurrency trading platform based in Hong Kong was founded in 2016. The exchange platform is well-known for its incredibly low fees, which range from 0.04 to 0.20 percent.
You can create a non-custodial DeFi wallet on Crypto.com, which comes with its own app. You can use it to link that account to your main account, making money transfers easier.
Users can also participate in the Crypto Earn program, which allows them to stake their coins for a renewable period of one or three months and earn up to 12% interest.
The longer you stake, the more interest you can typically earn.
Furthermore, if you have any questions, Crypto.com offers live chat, email, and phone support 24 hours a day, seven days a week. However, one of their most common complaints has been about slow customer service, with some users reporting about unanswered calls or delayed services.
Meanwhile, only mobile apps are supported by Crypto.com, so you'd better be a mobile trader!
- A safe environment
- Pretty Affordable Fees
- A massive collection of crypto coins
- Sign-up bonus of up to $50
- Promotions on a regular basis
- App system is complex.
- Customer service is substandard according to reviews
- Inadequate security
- Financing is unknown
#6. Coinmama: Best Bitcoin Brokerage Service
Coinmama, a cryptocurrency brokerage based in Tel Aviv, was founded in 2013 and now has 2 million consumers in 188 countries.
Brokerages, unlike exchanges, sell cryptocurrency to investors. So for now, Coinmama has a total of ten cryptocurrencies (including Bitcoin) that they can sell to you for a good price.
Furthermore, to make payments you can use a debit/credit card, a bank transfer, a wire transfer, or Apple Pay. All deposits and purchases, however, are subject to a 5% and 5.5 percent fee.
But then, you need to obtain a private e-wallet key to protect yourself from hackers when it comes to security. As a result, your money is far less vulnerable to attacks, allowing you to rest properly knowing that your digital currency is safe.
- Customer service is outstanding according to reviews
- Simple-to-use web interface
- Pricing is updated as needed.
- Direct sale of bitcoin
- There are several languages available.
- Yet to design a mobile app
- Fees are really high.
- Does not allow crypto-to-crypto currency trades.
- Without a bank account in the European Union, it’s impossible to sell Bitcoin.
#7. Bisq: The Most Secure Decentralized Cryptocurrency Exchange
Bisq is a decentralized exchange that has servers all around the world rather than a central location. To put it another way, fr someone who plans to steal your money is practically impossible.
Bisq has over 120 cryptocurrencies to choose from, as well as a large number of fiat currencies.
Bisq does not require personal information from users and does not require authentication, unlike other exchanges. But then, depending on your goals, this is both beneficial and disturbing.
How Does it Work?
A crypto trader either sets an order with another trader or accepts an order from another trader in order to work. Despite the fact that there are numerous payment choices accessible, traders must agree on a payment method before cash may be accepted.
In terms of commissions, a trader who places an order pays a 0.1 percent commission, and a trader who accepts the offer pays a 0.3 percent commission, for a total fee of around 0.00005 Bitcoins.
- Exchange without a central authority
- a safe environment
- Payment choices are varied.
- Fees are affordable
- There aren’t any restrictions based on where you are in the world.
- Open for fraud
- Liquidity constraints
#8. Robinhood – The Most Cost-Effective Trading Platform
Robinhood was founded in 2013 and is based in the United States. It began as a stockbroker. However, in 2018, it began selling crypto services, primarily to young and inexperienced investors who wanted to try their hand at crypto trading.
The crypto exchange, which now supports seven major cryptocurrencies, is best known for its user-friendly mobile app layout and the fact that it charges no fees for crypto trades.
Robinhood also boasts good security features, like two-factor Google authentication to keep hackers at bay and a device management system that lets you disable access to devices you don’t permit.
On the downside, while the majority of the services are free, some users have reported hidden fees, claiming that fees levied by middlemen firms are passed on to the consumers.
And, despite its popularity among crypto newbies, Robinhood hardly allows you withdraw your crypto funds. This literally forces you to transfer assets to other accounts.
- User-friendly interface
- There is no commission cost.
- Good Security.
- Cash deposits are available immediately.
- Permits a variety of fiat currencies.
- The funds are readily available for withdrawal.
- There are only seven available cryptocurrencies.
- There will be no anonymity.
- Real charges aren’t disclosed
#9. Trade Station – The Best Option for an Extensive Range of Trading Options
Trade Station, based in Florida and commenced operations in 1982. It has grown in popularity since then as a result of its persistence and credibility. The platform is unusually popular among intermediate and advanced crypto investors.
Trade Station, while best known for stock trading, now allows users to purchase, sell, invest, trade, and earn cryptocurrencies, with only four options: Bitcoin, Bitcoin Cash, Litecoin, and USD Coin.
So, con-wise it’s a little limited.
Nonetheless, this brokerage offers a 6% interest rate that accrues daily and is payable on a monthly basis, allowing you to deposit and trade assets as you deem fit while earning a reasonable return.
The mobile app has an easy-to-navigate design that you can tailor to your tastes, as well as 24/7 customer service, even though many reviews claim that customer service is tacky.
- High-quality educational materials
- Community of cryptocurrency traders
- Tools for advanced users
- Solid Reputation
- There are only four cryptocurrencies.
- Customer service is lacking.
- Pricing structure is hazy.
- This isn’t a cryptocurrency-specific exchange.
#10. Gemini: Best Cryptocurrency Exchange for US Traders
Gemini is a crypto exchange with 20 cryptocurrencies and over 25 fiat currency options. It was founded in the year 2014 in New York.
This cryptocurrency exchange gives users a $10 bonus when they sell or buy $100 worth of Bitcoins, and it also has a Gemini Earn promotion that allows users to earn up to 3.5 percent interest on their Bitcoins when they save them.
Gemini accounts, on the other hand, have a $5,000 daily deposit limit and a $30,000 monthly deposit limit, making them unsuitable for high rollers. Plus you’re only allowed to withdraw up to $100,000 every day.
Trades are further subject to a 0.50 percent cost, while transfers are subject to a fee ranging from 0.99 percent to 1.49 percent. That’s competitive with some of the best crypto exchanges, although there are better deals available.
Meanwhile, assets are kept in cold storage for protection, and user funds are insured by the FDIC.
- Reasonably High Security.
- Interface is pretty simple to use
- There are no deposit costs.
- Liquidity in abundance
- Only a few countries are served.
- It necessitates a great deal of personal information.
- Fees are high in comparision with crypto exchanges.
Crypto Exchange FAQ
What is the most accurate crypto exchange?
Judging from the platform that has, sort of, the highest liquidities in the industry, Binance and Coinbase are top on the list. These platforms are the most used, so it’s also safe to say that they are the most accurate.
What are the 3 main types of crypto exchanges?
The majority of exchanges are primarily focused on helping you swap a cryptocurrency like Bitcoin into other digital currencies like Ethereum, Litecoin, and so on. There are three types of exchanges now available: centralized (CEX), decentralized (DEX), and hybrid (HX).
What is the best cryptocurrency exchange for beginners?
Coinbase focuses on inexperienced investors looking to trade cryptocurrency. They make the platform ideal for beginners who want to learn the ropes without being overwhelmed by graphs and data.