Insofar as finding the most convenient cryptocurrency exchange is concerned, things could get somewhat arduous. A good number of the best cryptocurrency exchange platforms are just recently online. This basically implies that the exchanges have barely had enough time to put the word out regarding their services and commodities/products. Most likely, that the fact that you are reading this post means you are interested in getting started with cryptocurrency trading. Well, welcome aboard as this is a good starting point for you.
Among the very first things to put into consideration when choosing a cryptocurrency exchange that best suits you is the platform’s security. A cryptocurrency exchange platform that is trustworthy is one that provides transparent data regarding cryptocurrencies in cold storage. It is as well advisable to check out if an exchange supports your fiat currency as this will be convenient in the event you are not able to acquire crypto coins for exchange. Arguably, below are the best 10 cryptocurrency exchanges.
Top 10 Best Cryptocurrency Exchanges
Binance is an expeditiously growing cryptocurrency exchange whose ICO was concluded in 2017. Since the exchange’s ICO to date, it has grown tremendously and is at the moment ranked the top ten BTC exchanges globally. As much as it is based outside China and does not serve its native country, it is open to virtually every country around the globe. Given that it is a centralized cryptocurrency exchange, Binance has taken a distinctive take to augment its business operations as well as provide decent discounts for day traders.
Binance is renowned for its acutely high processing speeds of up to 1.4M orders per second. The exchange as well boasts its multilingual support, a track record of success, and its android and iOS mobile application. What’s more, the exchange is among the few crypto exchange platforms that charge the lowest fees insofar as crypto trading is concerned particularly for users who pay in BNB.
A major drawback of this exchange platform regards the fact that it does not allow the use of fiat currency for trading. Furthermore, its payment options are limited.
2. Coinbase (GDAX)
Based in the United States, Coinbase is among the most renowned exchanges that trade bitcoin. The exchange platform has one of the tidiest interfaces. In addition, their state-of-the-art mobile apps for both android and iOS makes it easier for users to trade BTC and Ether from their mobile devices. The exchange is operational in several countries and is convenient for all users including beginners.
All factors considered, listed below are among the reasons you should consider Coinbase as your cryptocurrency exchange platform of choice:
- Coinbase offers a wide variety of options for fiat deposits and withdrawals including credit cards.
- The exchange offers mobile as well as online wallet services.
- Coinbase guarantees insured BTC deposits.
- They have an interface that is not only very user-friendly, but intuitive as well.
- The exchange boasts instantaneous transfers of assets between its users.
- The platform is secured with both multi-sig and 2FA security options thus preventing unauthorized manipulation of funds.
Even with robust technological advancements, the tech industry is still faced with a number of pain points that can’t be left unaddressed. The crytpo world is no exception. Consequently, listed below are among the major drawbacks of Coinbase:
- There is lack of anonymity for Coinbase users as its accounts are regularly monitored.
- There are cases of transaction delays with Coinbase.
- The exchange does not support many cryptocurrencies.
- Slow support.
Headquartered in Las Vegas, US, Bittrex is a crypto coin exchange platform that provides its users with an alternative of trading over 190 crypto coins concurrently. It is renowned for its elegant design and easy-to-use interface. It is well regulated and in compliance with the present US laws and rules. Consequently, users can rest assured that their assets are kept safe. The exchange manages one of the largest BTC trading volumes globally.
In addition to offering a state-of-the-art easy-to-use user interface that is convenient for all users (even beginners), Bittrex as well provides a host of robust tools, for instance, candlestick charts and crosshairs which are quintessential for traders in advanced levels. It as well is reputable, as aforementioned, for its advanced security and compliance with the United States regulations as far as crypto trading is concerned.
The exchange is known to at times have long verification processes. Moreover, their turnaround time as far as customer service is concerned can at certain times be slow-going.
Established by the Winklevoss twins, Gemini is fully regulated certified Bitcoin and Ether exchange platform. It holds its deposits in US dollars at an FDIC-insured bank. It is among the very few Bitcoin exchange platforms that are regulated by the NYSDFS (New York State Department of Financial Services).
The Gemini exchange is renowned for its easy-to-use platform with high liquidity as well as good analytics.
A major drawback of the Gemini exchange is that its trade is restricted to particular geographic regions. What’s more, the exchange supports a limited number of crypto coins and doesn’t offer margin trading.
Founded in September 2017 and headquartered at Hong Kong, Kucoin has so far not been a victim of scams or any fraudulent activities. Nonetheless, considering its recent entry into the marketplace, Kucoin still has got to evince itself as a long-term secure exchange. The exchange’s explosive growth in defiance of being passably new on the market is attributed to not only its low withdrawal fees, but also its referral program, Kucoins, through which clients are able to earn passive income.
As an affordable cryptocurrency exchange with low transaction fees, Kucoin has set up a solid interface as well as a bank-level security for its crypto assets. The organization offers 24/7 customer service via its website, hot line, and email. It is as well renowned for being a cryptocurrency exchange that speedily supports the most recent altcoins.
A major drawback of the Kucoin exchange is that it doesn’t support cryptocurrency purchases using conventional or rather fiat currencies. What’s more, the fact it only supports English as its language of operations poses a challenge for non-English speaking users.
Changelly was founded in 2013 and has its headquarters in Czech Republic. It stands out from the rest of the crypto exchange platforms in the sense that it compiles aggregates of a variety of exchange rates to come up with the most convenient rates to its users. This feature is as well integrated into such crypto exchange platforms as Bittrex and Poloniex.
Advantages of using Changelly
Changelly boasts an easy-to-use user interface that is convenient even for beginners. In addition, it offers comparatively low fees for its transactions.
Even though Changelly’s transaction fees are passably low, compared to other exchanges, these charges are somewhat high in the event you intend to purchase cryptocurrencies directly.
Shapeshift is renowned for being the exchange of choice for crypto traders who want to quickly and anonymously carry out cryptocurrency trades. The platform’s users are in a position to carry out trades without the need of signing up for a trade account. Be that as it may, there have occurred quite of instances where users complain about losses of their funds. Most noteworthy, in 2016, the organization suffered a momentous hack with up to a 200,000 dollar loss of its users’ funds. This as a result gravely tarnished the organization’s reputation. In a bid to mitigate this, Shapeshift has since announced plans to augment its security by making it AML/KYC imperative by the end of this year.
Advantages of using Shapeshift
A major advantage of Shapeshift regards its low transaction fees. Besides offering low transaction fees to its users the organization boasts being a popular option for cryptocurrency traders who intend to speedily and anonymously carry out trades.
As a result of the 2016 hack as aforementioned, security could be a major concern for its users. Even more, the fact that the exchange allows users to trade anonymously and is as such void of verification procedures and passwords, the platform could become vulnerable to security breaches. Another drawback worth noting is the fact that Shapeshift does not support trading using fiat currencies.
Founded in 2011 with its headquarters in the European Union, Bitstamp is among the first-generation Bitcoin exchange platforms that has built up a loyal customer base. The exchange has instilled trust in a vast majority of crypto traders and is renowned as a highly secure exchange platform.
Subsequent to signing up for a free account on the exchange and making a deposit, users can immediately commence trading.
Advantages of Bitstamp:
- State of the art security.
- Low transaction fees.
- Highly reputable.
- Available globally.
- Convenient for large transactions.
- Has limited payment methods.
- Not beginner friendly.
- Has high deposit fees.
- The UI is not as friendly.
Poloniex is a San Francisco headquartered cryptocurrency exchange platform that provides its users with the opportunity to perform margin trading. Significantly, the platform suffered a hack in 2014. Consequently, the organization suffered losses that equaled to approximately 12.3 percent of all bitcoins. The organization accounted for the loss and repaid all the users who had lost their funds in full. In a bid to mitigate the breach, the exchange has since taken to storing most of its deposits in cold storage as well as monitoring traders’ activities 24/7. In February 2018, Circle, a highly esteemed cryptocurrency business, acquired Poloniex. Most recently, the organization announced the incorporation of USDC, an utterly collateralized US dollar stablecoin to their platform. It is bolstered with robust security features, for instance, a 2-step verification system, multi-sig technology for its wallet, as well as a cold storage system that is fully insured. The exchange further boasts a multi-lingual user-friendly UI that is convenient for all users.
The exchange enjoys the advantage of giving traders an opportunity to trade an ample variety of crypto coins. It as well provides traders with state-of-the-art analysis tools, an opportunity to trade on margin as earlier mentioned, and good liquidity.
The exchange has fallen victim to negative reviews insofar as lack of customer service and its slow website are concerned.
Founded in 2007, eToro is a highly renowned Fintech startup, an Israeli social trading broker. The exchange offers services to UK-based clients in compliance with an FCA regulated entity, and Australian clients in compliance with Australian entity. The rest of the clients are offered services in compliance with a Cypriot entity. eToro has no listing on any cryptocurrency exchange, keeps its annual report undisclosed on its website, and bears no bank parent. What’s more, it is among the top five best cryptocurrency exchange platforms in the European Union.
eToro is deemed safe, given that its UK arm is under the regulation of a top-tier. Moreover, it is a well-known startup of Fintech organization. It is elementally a broker for the CFD. CFDs are multiplex instruments and come bundled with a high risk of losing money rapidly owing to leverage. Of all retail investor accounts, 65 percent of them lose money while trading CFDs utilizing this provider. As such, as a trader, you ought to put into consideration whether you have the wherewithal for taking the peril of losing your funds.
- It is an enjoyable cryptocurrency trading platform.
- Signing up for an account on the platform is seamless.
- Social trading experience.
- Customer services are poor.
- Vulnerable to trading platform outages.
- Its product range is limited (majorly CFDs)
Every other day, new cryptocurrency exchanges are emerging on the web. This as a result makes competition even stiffer and so we can anticipate to see a lot more of them with even better capabilities and features.
A word of caution
Be sure not to use these exchanges as your wallet. Much as they are convenient for purposes of crypto trading, in the event you want to hoard your crypto assets, it is highly recommended that you either utilize a mobile-based or hardware wallet. Such wallets include, among others, Trezor or the LedgerWallet. Hardware wallets are particularly most preferable as with them you get to store your crypto assets offline, thus not vulnerable to hacks and other fraudulent activities.