Top 10 Best Cryptocurrency Exchange Platforms

As cryptocurrency trading heats up, new crypto traders need to find the best cryptocurrency trading platform.

Cryptocurrency is the most recent trend in the finance world, with bitcoin and Ethereum dominating the space whereas alternative coins like Dogecoin nailing the punchlines.

With the increasing number of cryptocurrencies, investors now have more options to exchange their Fiat money for decentralized digital money. However, how do you trade your favorite cryptocurrency?

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Today, the internet is filled with dreadful stories of cybercriminals swindling crypto traders of their gains from the poorly protected crypto exchanges, which makes it more important to carefully choose the most secure cryptocurrency trading platform even before you make an investment. Therefore, which of the available cryptocurrency exchange platforms is best for you?

There are several factors that can influence your final decision: trading fees, ease of use, security measures, and the available number of coins.

To help find the best cryptocurrency exchanges that fully meet your needs, here are 10 options you can choose from.

  • Binance
  • Coinbase
  • Gemini
  • Robinhood
  • Kraken
  • Forex.com
  • Abra
  • CEX.IO
  • Bitstamp
  • Bittrex
  • eToro
  • Bisq

1. Binance

It should come as a surprise that Binance; one of the most popular cryptocurrency exchanges in the world, tops this list of the best cryptocurrency trading platforms. Cryptocurrency traders have been using Binance. Although it has only been around for a few years, Binance has taken the crypto world by storm.

It’s one of the largest crypto exchanges, with over 500 cryptocurrencies across the globe, and it’s available in over 180 countries. Binance has become increasingly popular because it allows cryptocurrency traders to trade with other alternative coins available in the market. Traders can trade cryptocurrency on Binance for as little as $1.

Furthermore, Binance comes with a unique feature, Binance Academy, where new crypto users can learn about blockchain and cryptocurrency through video tutorials.

Although new crypto traders will find this trading platform simple to use, typically it may be best for the cryptocurrency day traders – strong charting tools, low trading fees, and a user-friendly mobile app allow for simple crypto trading. With these great features, it’s easy to understand why Binance is one of the best crypto exchanges.

Pros And Cons

Pros

  • High cybersecurity ranking
  • Many cryptocurrencies available for trading
  • Low costs for general and spot trading

Cons

  • Currently not available in some US States including New York and Texas

2. Coinbase

Another popular cryptocurrency trading platform, Coinbase has been around since 2012, and the site has significantly improved with age. It’s without a doubt one of the best crypto exchanges for novices. It’s a platform that’s very easy to use when storing, selling, or buying cryptocurrency. Also, it’s an incredible platform to stay up to date with new crypto projects, alternative coins, and everything happening in the market of digital assets.

A free $5 worth of bitcoin for a newly opened account, a straightforward onboarding process, and an easy-to-use interface make Coinbase a superb site for the new crypto trader looking to get started.

More experienced traders can use the Coinbase Pro, which comes with advanced crypto trading tools and charts.

Supporting hundreds of Altcoins and digital currencies, Coinbase users have an extensive range of great options to choose from.

Pros And Cons

Pros

  • Strong user reviews & security ratings
  • Easy purchase process
  • Beginner-friendly interface
  • New users get a free $5 worth of bitcoin for opening an account

Cons

  • Higher fees for the convenience

3. Gemini

Founded back in 2014 by the Winklevoss twins, Gemini has over the years become one of the most trustworthy names in the cryptocurrency world. Gemini is a fully licensed crypto exchange platform that prides itself on compliance and security. While Gemini’s main coins are Ethereum and Bitcoin, today users can trade over 50 cryptocurrencies on the exchange, including Gemi dollars (GUSD) and Bitcoin Cash.

As a fiduciary, the Gemini website is fully insured by the FDIC (Federal Deposit Insurance Corp). This shows Gemini doesn’t take chances when it comes to security. In a crypto market that’s faced with many regulatory difficulties, Gemini goes through constant bank assessments and is also subject to different cybersecurity audits.

Fees are usually charged on a sliding scale largely depending on the frequency of crypto trades, encouraging the power users to regularly use the platform. Unfortunately, this leaves one-time traders paying a higher fee.

Overall, if your safety and security is your main concern, trading via Gemini is a great choice.

Pros And Cons

Pros

  • Available in all 50 states in the US including New York, which is a commission omission from other cryptocurrency exchanges.
  • User-friendly interface

Cons

  • Higher fees for one time buyers
  • Doesn’t accept credit and debit card payments

4. Kraken

Kraken has established itself as a secure and trusted cryptocurrency exchange since it was founded in 2011.

Although the website has basic features for novice traders, the Kraken Pro website is where it really excels. Highly advanced tools such as crypto futures and margin trading will definitely attract new power users, whereas the capability to stake your coins – a method of strengthening the blockchain for a better income stream, will be very appealing to one-time users. Kraken is a great crypto exchange platform that can be used by any individual from institutional clients to novice cryptocurrency traders.

With regards to security, Kraken employs an in-house proprietary protection system. According to the company spokesperson, about 95% of Kraken’s deposits are stored in offline, air gripped cold storage. These assets are only moved online when users withdraw or trade them from the site.

Unlike other crypto exchanges with a flat fee, Kraken has a competitive volume-based fee structure, which means regular traders can enjoy lower rates. Nevertheless, the platform’s maker-taker fee system can be a little confusing for newbies.

That said, Kraken is one of the safest crypto exchanges available. It’s a good choice for any trader looking for highly advanced crypto features.

Pros And Cons

Pros

  • High cybersecurity ratings
  • Complex trading features might appeal to experienced users

Cons

  • Might be too sophisticated for new users

5. Abra

Abra is a popular cryptocurrency exchange serving both institutional and individual investors in over 150 countries. Besides the fact that Abra doesn’t charge any fees, the platform also stands out because of its extensive selection of crypto products as well as features. Here you can trade over 100 cryptocurrencies. It also includes interest accounts that allow the trader to earn up to 14% interest on eligible assets, over-the-counter trading, crypto-backed loans, and several educational guides for new traders. Also, its Over Counter (OTC) services give institutional traders access to one on one support, loans, and interest-earning accounts.

You’ll be glad to find that Abra is available on Android and iOS phones.

Pros And Cons

Pros

  • Very user friendly
  • Supports over 70 fiat currencies
  • One spot to invest in cryptocurrency, stocks, and ETFs.
  • 100 new cryptos in the United States and over 200 new cryptocurrencies internationally

Cons

  • MasterCard and Visa transactions attract higher fees

6. CEX.IO

CEX.IO is an international cryptocurrency exchange that supports traders in over 99% of countries around the world. According to the official report, CEX.IO supports 48 US States. Furthermore, CEX.IO gives traders access to Bitcoin and over 80 other cryptocurrency assets.

All CEX.IO users can easily access its crypto-backed loans, staking rewards, mobile app, and instant buy feature (only available for debit and credit card purchases). However, advanced users might opt for CEX.IO margin trading accounts and spot trading features. Businesses and institutions can use CEX.IO’s payment management services.

You should also consider CEX.IO fee schedule. The trading platform has a maker and taker schedule that is based on a 30-day trading volume. No maker order can be executed immediately because there are no other orders available to match with them. Nevertheless, taker orders can be executed immediately.

Its taker fees range from 0.1% to 0.25%, while the maker fees span from 0 to 0.016%. Users can access CEX.IO on Android and iOS devices.

You’ll also have to look out for transactions with credit and debit cards, which can be a little pricey. For instance, for deposits, traders are required to pay a 2.99% fee. On the other hand, withdrawals for users in the United States using visa cards include a 3% service charge plus $1.20 and a commission of $3.80.

Pros And Cons

Pros

  • Various payment methods
  • Mobile app
  • High trading volume
  • Unlimited withdrawals
  • Minimalistic, intuitive, and simple interface

Cons

  • Relatively high fees
  • Only supports a few cryptos as compared to other exchanges

7. Bittrex

If security is your main concern then you should make Bittrex your crypto exchange of choice. Besides the two-factor authentication, Bittrex employs a multi-stage wallet approach to ensure all funds are kept in secure and safe cold storage. Moreover, the site’s transactions fees are significantly lower than other exchanges.

In the same way as CEX.IO, Bittrex uses a maker and taker fee schedule that is based on the trader’s 30-day trading volume. However, unlike other investment platforms listed here, Bittrex doesn’t charge for deposits. For example, USD withdrawals and deposits don’t incur any fees. However, crypto/blockchain withdrawals have a small fee network.

It’s also worth noting that Bittrex offers an Instant Sell & Buy feature that allows traders to smoothly exchange BTC and other crypto assets. Like other popular crypto exchanges, you can access Bittrex on Android and iOS devices.

A major downside to using Bittrex is that it’s not available for residents of Hawaii, Vermont, Connecticut, and New York.

Pros and Cons

Pros

  • Wide range of crypto assets on offer
  • Very high limits
  • Fast withdrawal times

Cons

  • No leveraged trading

Other Crypto Exchanges We Considered

8. eToro

The eToro cryptocurrency exchange offers an easy-to-navigate and highly secure interface that gives traders access to about 16 cryptocurrency assets. Also, the exchange supports traders in over 140 countries. Keep in mind that you’ll need $50 to deposit and at least $25 to start trading. Unfortunately, eToro is currently not available for traders in American Samoa, Guam, Hawaii, Tennessee, Puerto Rico, Nevada, New Hampshire, Minnesota, Delaware, and New York.

Pros And Cons

Pros

  • Social trading: you can match the moves of other traders
  • Lower minimum to find your account and start investing
  • Offers access to over 17 crypto assets
  • Seamless account opening

Cons

  • Only available in 44 US States
  • High non-trading fees

9. Bitstamp

Bitstamp is a great crypto exchange for any trader looking for cheaper trading fees. The platform is also very easy to use, making it a perfect option for all traders from newbies to advanced investors. Bitstamp offers about 20 cryptocurrencies, with more options for institutional and advanced traders.

Pros And Cons

Pros

  • Solid cryptocurrency selection
  • Highly ranked mobile app
  • Advanced platform available
  • Easy to use
  • Competitive trading fees

Cons

  • Lacks major cryptocurrency
  • Hacked in 2015

 

10. Bisq

Bisq is a peer-to-peer decentralized cryptocurrency and exchange with no central point of failure and can’t be taken down. It is non-custodial, which means it’s only the user who accesses and controls their funds.

Bisq is easily accessible to any individual with a smartphone or computer because there is no KYC rule or registration process involved. This makes Bisq a perfect crypto exchange for any person looking for privacy.

Furthermore, Bisq allows users to trade different fiat currencies including Bitcoin, USD, and other crypto assets. Its peer-to-peer and decentralized nature can mean slower transactions or low trading volumes.

Pros And Cons

Pros

  • Low trading fees
  • No KYC rules
  • The user maintains total control over their wallet
  • Supports several currencies

Cons

  • Requires users to make a 0.001 BTC
  • Not very user friendly

Frequently Asked Questions

What’s a cryptocurrency exchange?

A crypto exchange works like an online brokerage for cryptocurrencies and other digital assets. Most of these crypto exchanges offer traders investment options to store, sell or buy digital assets such as Bitcoin, Litecoin, and Ethereum.

Are cryptocurrency exchanges worth it?

It depends on your investment needs and goals. Fortunately, you can choose to invest in cryptos in multiple places. For example, SoFi and PayPal are not strictly cryptocurrency-focused organizations but still offer digital assets.

Furthermore, if you’re interested in cheaper options, you can opt to trade in cryptos with no brokerage fees such as Robinhood and Webull.

Do cryptocurrency exchanges report to the IRS?

Yes, the IRS treats digital assets like property, meaning they are taxed in the same way as stocks. However, if the only thing you’ve done is purchase crypto assets with USD, and the assets have been sitting untouched, then you don’t have to worry about the IRS that year.

How do cryptocurrency exchanges work?

In a cryptocurrency exchange, you can use a fiat currency to purchase crypto or you could trade one crypto asset for another. Also, you can convert your crypto assets into regular fiat currency.

 

 

 

 

 

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