Cryptocurrency exchanges are online platforms that enable users to trade cryptocurrency for other assets. Examples include digital and fiat currencies. These exchanges act as a negotiator between buyers and sellers and earn money through commissions and transaction fees. In simple words, crypto exchange allows users to buy and sell crypto.
An example of an exchange could be 100$ worth of bitcoin exchanged for litecoin of equal value.
Below are ten top exchanges that you can use for trading cryptocurrency.
Coinbase is one of the most popular crypto exchanges in the world. It was found in 2012, initially for only bitcoin trading but started to accept other cryptocurrencies over the years. Its extensive list includes Etherium, Litecoin, BTC and XRP.
Now it has over 43 million registered users and operates in over 100 countries all over the world.
It is useful for beginners as it offers an easy-to-use interface. A user can easily register the account and can also learn about cryptocurrency from the program it offers.
It has high liquidity that prevents loss during volatility. Its security is top-notch, and they even provide users with insurance.
It comes with a premium version as well and also provides crypto wallets to the users.
Binance exchange only hosts crypto-to-crypto trades. It means Binance does not deal with fiat currencies such as U.S dollars. It is much newer as it started operating around 2017 in China.
Currently, Over 100 cryptocurrencies available for trading on binance, and a majority of them are alt-coins. There are lots of options for the users to choose from and start trading.
It has a low fee as they only charge 0.1% per trade. Deposits do not cost money with binance, only withdrawals do. The fees vary according to the coin value.
Binance does not compromise on security, that is why it is one of the largest crypto exchanges. It is a secured and safe platform for trading.
More than 1 million transactions are recorded every second. It indicates that binance is a reliable crypto exchange.
Its interface can be a bit tricky for a beginner, that is why people with prior experience in trading fancy binance.
Gemini is a cryptocurrency exchange based in the U.S. They offer trades for over 20 cryptocurrencies, including their own Gemini dollars.
The main focus of Gemini is tight security around the trades. It is reported that it has been never hacked before, that once happened with coinbase.
The interface and tools suit beginners and experts both. A user can easily store, buy and sell crypto on this platform. It also has a mobile app from where users can trade on the go.
It is worth mentioning that the exchange is only available in 50+ countries and has limited payment methods.
4) Coin Mama
The exchange is based in Israel. It facilitates the user to purchase crypto from a debit/credit card. As of now, it only offers trades on a limited amount of cryptocurrencies.
It provides users with extensive security and online 24/7 support. Overall it is safe to use.
The interesting thing about Coinmama is that when users are buying or selling on the platform, users are trading with Coinmama directly.
The fee, however, is very high compared to other exchanges. Most experts do not opt for it to save the fee, which can rise to 5%.
eToro was found in 2007 and currently has over 17 million users from 100 different countries.
With eToro, trading of 15 different crypto can be done 24/7, with access to bitcoin, Etehrium and XRP.
It has a user-friendly interface that is easy to use. Moreover, users can learn from the community of traders and follow their trades.
The minimum purchase for any cryptocurrency is $25, so it can be difficult to invest in a variety of coins.
It offers trade for over 50 cryptocurrencies with a relatively lower fee. Kraken is easy to use due to its straightforward platform.
It also has a mobile app and 24/7 customer support to help users with any quarries.
Kraken fee depends on base currency.
Customer support is only available through live chat. There is no other alternative such as email or phone support.
It provides a platform to over 160,000 users monthly. It recently partnered up with Bitmart to bring in top 20 cryptocurrencies and real-time trading.
It provides a wide variety of payment methods and a responsive support forum. Its user feedback is pretty impressive too.
The cons of using Paxful include high exchange rates. There is also a possibility of a broker scam, so users should research before investing.
Cex.io began its operations in 2013 in London. Since then, it is a platform for over 3 million users worldwide.
It is well-known for its easy web-design and app. Users trade without any distractions like pop-up ads.
It has a responsive support team and will assist the user with any request or complaint.
The drawbacks of this platform include a small amount of coins to trade. That means there is not much choice for the users.
They also charge a higher fee compared to other crypto exchanges.
Bithumb was created in 2013, which makes it one of the most established platforms available. It charges a low fee for withdrawals and offers a large trading volume with high liquidity.
The chat support is available 24/7 that helps users resolve matters.
Overall security is decent, and it’s ideal for any trader.
However, the exchange has a history of being hacked. It happened in 2017 and was investigated next year.
Fiat currency exchange is only available for south Koreans and not users from other parts of the world.
It was found way back in 2012, almost ten years ago in Hong Kong.
Bitfinex offers top-notch security for the users that prevents hacking.
Its system design is easy to use and has a professional charm in it.
Bitfinex does not support altcoins and small crypto coins. The number of coins on the platform is relatively less. The credit card option is not available, and you must wire a bank account with it.
With so many exchange platforms available on the internet, it is detrimental to choose the right one. A wrong choice can cause substantial loss as scammers and hackers are always ready to pounce on an opportunity.
While making a choice, a user should consider the history and popularity of the exchange platform.