Every cryptocurrency trader is always looking for the “perfect” exchange to trade with. Who doesn’t want to trade with the best cryptocurrency exchange available? Different platforms exist with different features and incentives, hoping to attract the vast majority of traders to their platforms.
With different perks on offer, traders must carefully scrutinize the cryptocurrency exchanges available and the services that suit them best. This brings varying opinions on the topic of “The best cryptocurrency exchange”, with different traders putting their weight behind diverse cryptocurrency exchanges.
For the readers of this article, you may have your opinion on the best cryptocurrency exchange, and that is perfect. Your own experiences in trading shape and define what you perceive as a reliable trading platform, however, for other readers who don’t have an opinion, I have got you covered. I will look at different topics and give you the best cryptocurrency exchange under each topic, based on popular opinion and from top financial and trading sources. Stick with me on this one.
Best Cryptocurrency Exchange For Day Trading
Day trading is a form of speculation in securities in which a trader buys and sells a financial instrument within the same trading day so that all positions are closed before the market closes for the trading day, that’s according to Wikipedia. It simply involves trading an asset (cryptos in this context) within a single trading day. So, if you buy bitcoin and sell it the same day you bought it, you have performed a day trade. A good proportion of cryptocurrency traders are day traders and are the likeliest to know the best cryptocurrency exchange for day trading.
In cryptocurrency trading, spot and futures trading are the forms of crypto trading that day traders mostly use, with the latter being more popular due to its nature. The best cryptocurrency exchange for day trading is a hot topic that many websites and journals have given their say to. We will look at the choices of three different sources and the reasoning behind their decisions.
#1. Yoreoyster
Yoreoyster has Capital as the overall best cryptocurrency exchange for day trading, with Crypto.com and CoinSmarrt making up its top three rankings. The reasons behind naming Capital as the best crypto exchange currency for day trading are below:
- 0% trading fees.
- 100+ cryptocurrencies to choose from.
- Up to 2x leverage for crypto trades.
- Very tight spreads (0.1% – 0.3%).
- Great desktop and mobile app platforms.
- A demo account to practice and perfect your trading strategies.
You can follow up here if you are interested in reading more about the cryptocurrency exchanges they have chosen.
#2. Business2Community
For Business2Community, they have Bitstamp as their overall best cryptocurrency exchange for day trading in 2022, with eToro as their leading day trading platform for the lowest fees. There are other cryptocurrency exchanges that make up their list and you can view them in full here. If you are curious about what made Bitstaamp their top pick, these points should be a sufficient answer:
- Established in 2011, an established and trusted name
- Caters to over 4 million customers worldwide.
- Offers over 50 cryptocurrencies for trading.
- 0.5% fee per trade, very low in the industry.
- Minimum trade position of $10 or 0.0002 BTC, very ideal for day traders.
- ACH deposits and withdrawals with 0 fees.
- Great web and mobile app platforms.
- Features a ‘tradeview’ platform that gives experienced traders an edge in their trading.
#3. TradingPlatforms
In my opinion, they are the most reliable of all the sources. You should trust trading platforms if you don’t trust others. They have done practical research on over 50 cryptocurrency exchanges and delivered their results. Overall, they chose eToro as the best cryptocurrency exchange for day trading. They do mention other cryptocurrency exchanges and what they excel at, but eToro passed the general best test.
Some of the features that make eToro stand out include:
- Super user-friendly online broker and trading platform.
- Trade thousands of assets with tight spreads.
- 100% commission-free.
- You can also trade stocks, indices, ETFs, cryptocurrencies, and more.
- Deposit funds with a debit/credit card, e-wallet, or bank account.
- Social trading and copy trading.
- Accepts PayPal.
- Regulated by the FCA, ASIC, and CySEC, and registered with FINRA in the US.
Their research is very compelling and will help you, as a day trader, find a day-trading cryptocurrency exchange that will work well for you.
Best Cryptocurrency Exchange For Beginners
If you are just getting your crypto trading journey underway, you must know that a lot of exchanges offer great perks for traders, however, these perks may not be ideal for you as a beginner. You need simplicity, security and ease of use to be your top priorities when identifying the best cryptocurrency exchange for you.
I will help you out here, as your educator, because I went through this process and know how tedious it can be. There are two crypto exchanges I recommend to you and these are the best cryptocurrency exchanges for beginners, they fit the criteria I mentioned earlier and are hugely popular among cryptocurrency traders globally. They are Binance and Coinbase.
Binance
Founder: Cheng Zhao
Year Established: 2017
Native Cryptocurrency: Binance Coin (BNB)
Binance is my top pick for the best cryptocurrency exchange for beginners because of my personal experiences on its trading platform. An easy registration process, simple trading methods and a generally great user experience.
The advantages of using Binance as a beginner include
- Low fees compared to other exchanges.
- 25% trading fee discount if you pay fees with BNB.
- Educational resources are available at Binance Academy.
- Identity verification process.
- Tax statement portal to help prepare crypto taxes.
With all good things, there are bad things that come in tandem, some of the cons associated with Binance are:
- Not available in all states within the US.
- $10 minimum is needed to place a trade.
- Lack of information on security
- History of regulatory scrutiny
- Limited customer service options.
It is still the best cryptocurrency exchange for beginners who want exposure to more cryptocurrencies and a complete trading experience.
Coinbase
Founder(s): Brian Armstrong and Fred Erhsam
Year Established: 2012
Native Cryptocurrency: None
Coinbase is a straightforward cryptocurrency exchange to use. Any beginner would have an easy time navigating the Coinbase trading site. Coinbase opts for simplicity and top security for its users. Beginners should register an account with the site.
Coinbase offers its users the opportunity to earn free cryptocurrency, is very easy and simple to use, provides an impressive array of educational material and provides services to both seasoned and beginner traders alike. If you want more information on Coinbase and its pros and cons, you can find it here.
Best Cryptocurrency Exchange Apps
Mobile applications give users quicker access to the cryptocurrency exchanges they use and allow users to manage their assets in real-time. All top cryptocurrency exchanges have mobile app versions that cater to their user base. Most of these apps are truly impressive and have great user interfaces. To pick the best cryptocurrency exchange app is not an easy task, as it depends on the personal opinion of the writer (me) and the source materials cited.
Based on experience, I can give you 3 cryptocurrency exchanges that have great mobile applications, possibly making them some of the best cryptocurrency exchange apps.
#1. Crypto.com
#2. Coinbase
#3. Binance
These three have the best cryptocurrency exchange apps A special mention to other exchanges like Kraken, Huobi and KuCoin, these cryptocurrency exchanges have great mobile apps, but I picked the former three based on experience with the apps.
Best Cryptocurrency Exchange For US Residents
US residents have access to the best cryptocurrency exchanges, despite the strict regulations that these exchanges have to comply with. The best cryptocurrency exchange for US residents must be industry-regulated, easy to use, offer more than just crypto trading services and provide top-notch security for their users’ accounts. Popularity among industry professionals also plays an important role in determining the best cryptocurrency exchange for US residents.
With all that in mind, only one cryptocurrency exchange tops the lot, and that is Coinbase.
Coinbase is the most popular cryptocurrency exchange in North America and for good reason. It ticks all the boxes in the criteria above and goes even more. Founded in the US, Coinbase first opened its platform to US residents and has seen immense growth since then, giving US residents better services tailored specifically to their needs.
Get started by opening an account with coinbase now.
Where Is The Safest Place to Buy Cryptocurrency?
A regulated centralized exchange, preferably one ranked most trustworthy by a crypto tracking site like CoinGecko or CoinMarketCap. The regulations they follow ensure they provide the best security framework for their users, as well as insure their assets against loss. Click the links to see which exchanges are trusted the most by these platforms.
What Crypto Exchange Has The Lowest Fees?
According to Forbes, five of the best cryptocurrency exchanges with the lowest fees are Kraken, Gemini, Crypto.com, KuCoin and Coinbase. You can find fees as low as 0.2% on some of these exchanges.
What Is The Safest Cryptocurrency Exchange?
Coinbase is the safest cryptocurrency exchange as it keeps over 95% of its users’ assets in offline cold storage, giving its users the highest form of security. Coinbase also mandates users to activate 2FA (Two-factor authentication) on their accounts. Gemini and Kraken are two other exchanges that are also very safe for cryptocurrency users, with the latter rivaling Coinbase in terms of safety.
Which Is The Better Exchange: Coinbase or Binance?
The answer is relative to a user’s preference. For example, Binance is the better exchange for users who want exposure to various cryptocurrencies. Coinbase will be the better exchange for users who want the highest levels of security protecting their assets.
Which Is Better: Coinbase or Crypto.com?
These two exchanges are closely similar in operation. Coinbase has a higher fee percentage on its primary trading platform than the fees on the crypto.com trading platform. Each forum has perks that make it stand out over the other ones.
Cryptocurrency exchanges are always on the hunt for new ways to improve their products and services, serve their customers better, and draw more users in. The title of “Best Cryptocurrency Exchange” will always switch hands and be subject to the opinions and experiences of users. You must decide what you want your ideal cryptocurrency exchange to offer. Choose the exchange you will use to trade after you have created the criteria you want and expect.
Always remember that trading speculative assets carry risks of loss. Be careful, plan your actions meticulously and never trade anything you do not understand.
Until the following article, do take care.
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