By Nathan Ferguson
The purpose of this article is to educate people regarding the best, convenient, reliable, and trusted cryptocurrency exchanges for trading, investing, and usage of cryptocurrency. I’ll come to the point, but before directly addressing the said topic, I’ll briefly explain the basics of cryptocurrency, exchanges for novice persons and then will explain a few of the best exchange options available in the market. You are advised to go through this detailed article to get skillful and tenured remarks which will help you to opt for the best option to work with your digital assets and for earning via this platform. This article will not only help you opt the right exchange, but it will also educate you and make you familiar and aware of the basics of the crypto industry.
What is cryptocurrency?
In technical terms, cryptocurrency is a virtual or digital currency secured by means of cryptography which makes it unique in the sense that it can’t be double-spend or counterfeit. Cryptocurrency lets you trade, earn, sell or buy services or goods for the sake of financial and other benefits. Now there are almost more than 6,700 cryptocurrencies circulating in the market by means of exchanges. Now the question arises that what is a cryptocurrency exchange? Why do we need it, and how does it work? I am going to answer these questions in this article along with elaborating on the best crypto exchanges as well.
What is a cryptocurrency exchange?
A cryptocurrency exchange or also known as the Digital Currency Exchange (DCU), is simply a trading platform that enables people to use cryptocurrencies to meet their requirements. Or in other words, crypto exchange is a sort of market where you can buy, sell, trade, or invest your cryptocurrencies online, i.e., Ripple (XRP), Ethereum (ETH), Bitcoin (BTC), and many others. There are many cryptocurrency exchanges in the market like Coinbase, PrimeXTB, Binance, and a wide range of other exchanges.
Why do we need cryptocurrency exchanges?
At first, trading or investing in cryptocurrencies could be so intimidating and fascinating, but it could result in the worst results if you are not educated enough and get in the hands of scammers by becoming the victim of the fraud. There is numerous news out there in the market about scams and frauds, leaving people with nothing but loss. The prime concern of the people is the security and safety of their crypto assets while purchasing or trading cryptocurrencies. People seek a secure platform that enables them and allows them to trade or invest with full confidence. Even at the initial steps, clients would need some sort of convenient and trusted cryptocurrency exchange for buying, selling, trading, or investing the cryptocurrencies.
Types of Exchanges
There are two significant types of cryptocurrency exchanges: decentralized exchanges (DEX) and centralized exchanges. Centralized Exchanges are easy to use, simple, and more efficient as they are run by some central companies. Most of the traders feel more confident working over centralized exchanges like Binance, eToro, Gemini, and Coinbase, along with few other exchanges. Centralized cryptocurrency exchanges handle your currency of the blockchain, and transactions are cheaper and faster.
While on the other hand, Decentralized Exchanges (DEX) are expensive and complicated than prior ones but still, it is being admired among a lot of traders and investors due to some of its unique benefits. DEX allows the customers to invest or trade directly from their cryptocurrency wallet in a trusted and permissionless way. Clients do not 3rd party for trading, and more interestingly, you don’t have to experience the lame and complicated verification processes for using DEX. Unlike the centralized exchanges, DEX isn’t controlled by any company. Rather it is only controlled by the investor who owns the crypto assets. AirSwap, Bartrdex, io, and Blocknet are few prominent examples of decentralized exchanges.
Selecting A Cryptocurrency Exchange
You should set goals before selecting the right crypto exchange based on your requirements and needs being as a crypto trader or investor. Exchange fees, security, safety, backend support, reliability, validity, and profit ratio should be on the priority list while opting for the cryptocurrency exchange. Either you are intended to buy, sell or hold the cryptocurrencies for a long time or to trade frequently, look for privacy or anonymity and the feasible exchange which offers an easy-to-use platform where you can invest and trade crypto assets confidently.
Top 15 Cryptocurrency Exchanges
For your ease, I have put together my research and experience in the crypto field in this article which will aid you in opting for the best and suitable exchange to meet your requirements. This article will elaborate the evaluation of the top 15 crypto exchanges and will focus on the various factors, including fees, crypto assets, distinguished features, security and safety concerns, user interface, and few other things which will help you to opt for the right crypto exchange to meet your requirements.
1. Binance
Binance is at the top of my priorities list as it offers the best overall services with very low fees. It is known as one of the best exchanges for cryptocurrencies and offers a wide range of cryptocurrencies that exceeds the number of 150 virtual assets. This online exchange is also supported by Application Programming Interphase (API), which integrates your recent trading application.
Binance is well-known for its wide range of trading tools available for customers for online trading. This application is on the top of the priority list of most of the clients due to its dedication to the clients as it is supported by 24/7 customer support. This crypto trading platform is compatible and adaptable with PC, Android, iOS, and Websites as well. This platform is unique of its kind as it offers not only a basic but also an enhanced exchange interface for online trading. More interestingly, this exchange does more than 1.2 bn average trading volume on a daily basis with more than 1.4 million transactions within seconds.
2. Coinbase
Coinbase cryptocurrency exchange is overall good and best suitable for beginners. This is one of the most convenient and reliable online crypto exchanges, which is best for selling, buying, investing, staking, and trading cryptocurrency around the globe. It offers its services in more than 100 countries.
This platform is best not only for selling and buying cryptocurrencies but also for maintaining the records of overall transactions in one place. It also stores the funds in secure vaults for the sake of security purposes. It is best suitable for Android and iOS devices and is known to be one of the largest crypto exchanges in the world. Coinsebase also facilitates the customers to schedule their crypto trading on a weekly and monthly basis as well.
3. Crypto.com
Crypto.com is one of the advanced applications and is considered to be the world’s rapidly growing cryptocurrency platform. It is also known as a one-stop crypto shop due to its admirable diversified services. It is acknowledged to be a low-fee crypto exchange, but interestingly it offers online crypto service over more than 100 cryptocurrencies for more than 10 million users around the world.
This platform also offers a backend customer support secure platform which enables the customers to trade, invest the cryptocurrencies, and apart from gaining profit on buying and selling, customers can even get the interest profit by means of staking at this platform. This platform can be accessed with a low amount of fee and offers easy and convenient money conversion.
4. Kraken
Kraken is well-acknowledged around the globe due to its wide and diversified list of cryptocurrencies or coins and distinguished customer support services. This platform offers surprisingly quick withdrawals for several banks around the world with low fee charges. Usually, the fee depends on the withdrawal amount, and Kraken entertains with the lowest fee as compared to other exchanges.
Kraken is on the top of the list if you are looking for customer support services, and it is truly devoted to clients’ concerns. Kraken cryptocurrency exchange offers its services worldwide and has gained a strong reputation in the crypto market.
5. OKCoin
Okcoin is a licensed cryptocurrency exchange of the United States well known for legit business practices which involves trading and investing of fiat and cryptocurrencies significantly Ethereum, Litecoin, Bitcoin, and a list of other trending cryptocurrencies. Okcoin is an advanced, trusted, and secured crypto platform for trading cryptocurrencies and one of the best online trading options available in the market.
This application is best known for its high liquidity and safety concerns around the crypto world. This platform is very beautifully designed by keeping in mind the convenience and reliability of usage of services. Moreover, it is also supported by 24/7 customers support services and advanced trading tools, and types specially carved out for the tenured traders who seek to yield the maximum profit ratio.
6. KuCoin
Kucoin appears to in the list of the leading cryptocurrency exchanges as it offers the secure, latest, and advanced platform for trading cryptocurrencies. Moreover, it offers 24/7 customer support services and market updates daily. It has increasing demand in the market is considered to be one of the top cryptocurrency exchanges as it offers the most secure way for selling and purchasing Bitcoin (BTC). Kucoin’s account can be created n lesser time as compared to other exchanges as it offers a very convenient registration process and let the customers have an easy and quick way of online trading.
7. Coinone
South Korean-based Coinone Crypto exchange is acknowledged as one of the biggest crypto hubs for the trading of cryptocurrencies. It was founded in 2014 and proved itself a friendly user platform that enables the clients to have secure and reliable online crypto trading as its interphase is quite simple and services are quite intimidating.
At the time of launch, it started its services only for Bitcoin, but with the passage of time, it enhanced its services to meet the requirements of the customers, and right now, its trading services are being implemented over a wide range of cryptocurrencies. Coinone focuses on convenient and practical services for online trading. Services of Coinone can be accessed with minimal and cheaper fee charges as compared to other exchanges. Moreover, it utilizes two-factor authentication (2FA) and ID verification for security concerns signing into the account.
8. Huobi Global
Huobi is considered to be one of the biggest crypto exchanges catering to the Asian crypto market by offering the most advanced services to traders. It offers its services over a wide range of stablecoins and altcoins for the sake of investing, trading, buying, and selling to yield maximum profits. This platform even has its token, which distinguished it from many other crypto exchanges.
Huobi is the parent company that also deals with trading over different countries. This application is aimed at distinguished trading tools and types to facilitate the client in yielding profit ratios. Huobi Global is currently offering more than 300 cryptocurrencies. It supports 24/7 customer support services and keeps the clients up to date with the market trends on a daily basis.
9. Poloniex
Poloniex is unique of its kind for the sake of online purchasing, selling, trading, or investing the cryptocurrencies as it is equipped with access to airdrops and advanced projects. Or simply, we can call it the distribution of coins, tokens, or cryptocurrencies, which we can utilize for our online trading purposes. It provides its online services to over 60+ cryptocurrencies.
Poloniex application can be connected and accessed with banks and cards. Apart from trading, Poloniex also offers to stake over cryptocurrencies like BTC, Eth, etc. With this application, bigger returns are also possible by trading over a range of crypto pairs, and better results can be generated by following the trading strategies of this application.
10. Bitfinex
If you are a professional and tenured crypto trader and looking for advanced and veteran crypto exchange, then Bitfinex is the right choice for you as this application is specially designed for the professionals who are even willing to take risks for yielding maximum profit margins by means of online trading and lending cryptocurrencies. Apart from the US, it is the best platform for advanced traders.
This platform is well-known for its vast trading services, trading pairs, and few others. It is a very convenient and reliable operation-based application that costs very minute withdrawal and trading fee charges. Moreover, Bitfinix offers reliable and deep liquidity in the ecosystem of cryptocurrency.
11. Gemini
Among various cryptocurrency exchanges, Gemini has carved out its distinguished status in the crypto market for its strong and valid security features. Gemini has got a good reputation in the United States and is best suitable for US citizens. It is important to note the Gemini was the platform that sued Mark Zukerberg by claiming that he stole the idea of Facebook. This application is well-renowned for its lowest fee charges and strong trading security.
Gemini is an insured USD account best suitable for US Citizens and known to be an easy-to-use trading exchange of cryptocurrencies. Security is of its unique quality, which is the innate source of its popularity. It offers its services with the most affordable which is only ranges from 0 to 1 percent.
12. Bithumb
Bithumb is a South Korean-based cryptocurrency exchange with a diverse trading platform. This platform is quite simple and offers friendly user interphase, which allows the customer to access via any web browser regardless of any particular application. This platform is best suitable for beginners as this platform is easy-to-use and self-explanatory. Bithumb is offering to trade various financial assets like Bitcoin Gold (BTG), Bitcoin Cash (BCH), Bitcoin (BTC), Litecoin (LTE), Ethereum (ETH), DASH, and many more.
The unique thing about this platform is that it offers three different trading modes which entertain the customers according to their needs. Traders can trade and earn profits by using their relevant mode from easy trade, secondly general trade, and finally the reserved trade. Bithumb also offers BTC gift vouchers which can be easily converted into the BTC of equivalent worth.
This platform is supported with live support, which gives maximum confidence to the trader to trade large volumes by using this reliable platform.
13. Bittrex
Bittrex is well known for its top-notch security measures, attractive and huge trading volumes. This platform is being run under the supervision of former tenured and professional employees of Microsoft and Blackberry, and its roots got a stronger grip in the following years of 2013.
This platform is one of the best platforms, well-known for secured and reliable online trading of cryptocurrencies as it is well-acknowledged that during these all years, Bittrex never had to face any security beach which is its self-explanatory evidence of its being a secure and reliable platform. Secondly, this platform has been the hub of huge trading volumes which has the attention of the traders since the beginning. It offers its online trading services over a wide range of currency pairs and is known to be a laws-compliant US platform.
14. Bitstamp
Bitstamp is known to be unique as it offers the best of best analytical tools which aid both traders, i.e., novice and tenured ones. If you look for the best cryptocurrency exchange, Bitstamp is acknowledged as the cloud-based application in the crypto market. This platform allows you to purchase and sell various cryptocurrencies, which also include credit cards.
Bitstamp is a more popular cryptocurrency exchange among traders as it offers limitless withdrawal. Trader’s financial assets are being secured in cold storage, which is a plus point for the trader’s security concern. It offers 24/7 customers support service by means of live chat, phone, or email.
15. OKEx
OKEx is a Hong Kong-based cryptocurrency exchange renowned for its diversified list of crypto assets which are more than 400 registered altcoins and stable coins. It facilitates traders across the globe as Asian traders also get benefitted by using this platform as this service is not so common in comparison to many other platforms.
This platform maintains data in a professional way that important data remains hidden, and the rest projects get monitored all the time by professionals. Digital assets can be easily accessed using this platform via Application Programming Interphase (API) and the software provided by OKEx. Moreover, this application can be installed into an iOS phone by simply scanning the QR code of OKEx. OKEx keeps its clients up to date with the market fluctuations and 24/7 customer support.
Conclusion
After this detailed review of the top and trending cryptocurrency exchanges, I have chosen the exchanges that I believe are secure, trustworthy, reliable, and have proven to be well-reputed due to their quality services. You are highly advised to do proper homework by reading the detailed article and cross-match your requirements with the exchange’s features and then register to yield the expected profit ratio. Security of your assets, customer support services, transaction and exchange registration fee, and reputation of the exchange should be on the top of your priority list before registering and start trading.