There are a lot of scam sites that pretend to be cryptocurrency exchanges. These sites exchange nothing and are available online for the sole purpose of duping people of their sweat. For beginners as well as intermediate traders who are just starting the cryptocurrency trading game, you’ll find the best cryptocurrency exchanges in this article.
Cryptocurrency exchanges allow exchanging one cryptocurrency for another, the buying and selling of coins, and the exchange of fiat money (local currency) into crypto. Crypto exchanges set the rate of the cryptocurrencies.
Types Of Exchanges
1 Trading Platforms:
Trading platforms connect buyers and sellers and take a fee from each transaction made. Most of the exchanges listed in this article fall’s under trading platforms.
2 Broker Platforms
Are websites that anyone can visit to buy cryptocurrencies at a given price set by the broker. Brokers are similar to foreign exchange dealers.
3 Direct Trading:
Direct trading platforms offer direct peer to peer trading where individuals from different countries can exchange currency.
The Top 10 Best Cryptocurrency Exchanges
Here are the top 10 best cryptocurrency exchanges:
1. Coinbase Pro
This is an incredible platform. It is one of the best and most popular. With Coinbase Pro, you can buy Bitcoin, Litecoin, Bitcoin Cash and other cryptocurrencies for free (no fees). Coinbase is the parent body of Coinbase pro. To use Coinbase pro, you have to create a Coinbase account.
The difference between Coinnbase and Coinbase Pro is that – Coinbase is a place for consumers to buy, sell, and store cryptocurrency. While Coinbase Pro (formerly GDAX) is an exchange for professionals as well as intermediates to trade cryptocurrencies.
The Coinbase interface might be a little confusing at first. However, it won’t take time for you to get used to it. If you plan on getting a lot of crypto and trading them for profit then you have gotten the right platform.
The second is Binance. And it is on this position because Binance is an exchange that is bent on the security of its customer’s funds. As a result, Binance introduced SAFU (Secure Asset Fund for Users), an insurance program that takes 10% of all trading fees the exchange earns. To give back to the customers, should there be a hack.
Additionally, Binance is the largest crypto-to-crypto exchange in the world by volume. It also has its own coin Binance coin, which can be used to trade cryptocurrencies as well as pay for fees within the Binance exchange.
Luno is a global exchange that supports Europe and other countries like South Africa, Nigeria, Malaysia, Singapore, and Indonesia. Europeans can buy via SEPA (Single Euro Payments Area) transfer. Users from the other countries listed can buy using local bank transfer.
Luno comes with a simple interface, which is easy for you to trade as well as give you an amazing trading experience. You can make deposits directly from your bank account. However, Luno supports only three cryptocurrencies at the moment. Bitcoin, Ethereum and Bitcoin Cash.
Check Out: The Biggest Cryptocurrency Hacks
Kucoin is a cryptocurrency exchange based in Korea. And there are a ton of cryptocurrencies to exchange in this exchange. It has its own token similar to Binance called Kucoin shares. Which gives its holders a percentage of the exchanges total trading fees. Kucoin has lots of altcoins listed on the exchange that are exclusive or on a small number of exchanges.
Additionally, if you use Kucoin shares while trading on the platform you won’t have to pay any trading fees.
Fees: 3.98% (Purchase fee)
Bitpanda is a European based cryptocurrency exchange. Bitpanda sells Bitcoin, Ethereum, Litecoin, IOTA, Dash, Ripple, Komodo and more. It also supports the following currencies; US Dollars, Euros, British Pounds, and Swiss Francs.
Bitpanda has several payment methods such as bank transfers, credit cards, debit cards, Skrill e.t.c.
Fees: 0.25% (Purchase fee)
Bitstamp is a bitcoin exchange based in Luxembourg. It allows trading between USD currency and bitcoin cryptocurrency. It allows USD, EUR, bitcoin, XRP, Ethereum, Litecoin, or bitcoin cash deposits and withdrawals. Bitstamp is popularly known for its high trading volume which gives you more liquidity. Furthermore, it has a very friendly user interface which makes it easy to carry out trades.
They have a wide variety of trading pairs and cryptocurrencies available to execute trades.
Gemini is a New York-based crypto exchange company. It provides high security to customer’s digital assets. Gemini was founded in 2014 and is regulated by the New York State Department of Financial Services. The system stores information offline, access controls, and provides multi-factor authentication.
In general, it only trades three currencies which are: US dollars, Bitcoin and Ethereum.
Gemini is a great exchange for those who value security above all else. This makes it well-suited for those exchanging large amounts of fiat currency for either Bitcoin or Ether.
Fees: 5% (for debit and credit card purchases)
CoinMama is a Bitcoin broker. This exchange gives you an easy way to buy bitcoins with credit cards or cash deposits through MoneyGram and Western Union. CoinMama uses Simplex, a credit processor that allows you to buy up to $5,000 daily and $20,000 monthly. This purchasing limit is higher than that of Coinbase. CoinMama also has high exchange rates due to chargeback issues, and it uses credit or debit cards as means of payment.
Fees: Low (0% – 0.26%)
Kraken is a highly respected and reliable cryptocurrency exchange with a very low transaction fee. This platform was created in 2011. Additionally, Kraken is highly rated as a top Bitcoin exchange by different media platforms.
Kraken is a global Bitcoin exchange and supports European residents. Along with residents of the United States, Canada, and Japan. This exchange offers excellent liquidity as its average daily volume is around 10-12 million euros. So if you want to buy large amounts of bitcoins, Kraken is a good option.
Kraken is the first Bitcoin Terminal to be listed on the Bloomberg Terminal. In addition, Kraken is almost similar to Bitstamp in its pros and cons.
This exchange offers its users a large altcoin selection with up to 230+ options to choose from. Bittrex is currently one of the leading reliable cryptocurrency exchange. Its reputation is built upon a good user interface followed by its strong security. The interface allows users to easily expand their portfolios with access to over 250 coins.
Although, Bittrex is one of the most secure exchanges. Users can still lose funds. On 7th December 2016, hackers compromised Bittrex user accounts without 2FA verification and stole an unknown amount of currency.
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