There are several crypto exchange platforms out there and it can be challenging to know the best ones to get started with. The crypto exchange platform you choose can make or break your crypto trading career. So, you must choose wisely.
How to Choose the Best Cryptocurrency Exchange
Keep in mind that your mileage may vary when picking an exchange. You might want to look for an exchange that offers trading pairs, certain altcoins, and other features like margin trading or OTC (over-the-counter) deals. Once you've found an exchange that satisfies your basic requirements, consider the following also:
Security
Past performance
Fees
Liquidity
User experience
Markets
You can check out our other blog post on the factors to consider before choosing an exchange here.
Best Cryptocurrency Exchange Platforms
Based on the factors mentioned above, here are the best crypto exchange platforms. These platforms offer the lowest fees possible, fast trades and payouts, a wide selection of altcoins, and excellent customer support that is available 24/7.
1. Binance or Binance.US (for those in the United States) – Best overall, low fees
Binance's headquarter is in Malta, but it has branches all around the world. It is an excellent choice for both beginners and experts. The Binance platform contains around 200 coins in total. Coins available on this platform range from popular ones like Bitcoin (BTC) to Binance Coin (BNB), which is the native coin of Binance.
Binance provides a variety of services, including futures trading, margin trading, and much more. On most transactions, their fee remains at 0.1%, but a credit card brokerage service is also available at a higher fee for a more convenient sale and purchase of cryptos.
Pros
Native Binance Coin (BNB)
Secure Asset Fund for Users (SAFU)
Roughly 200 cryptos to trade
Cons
Residents of the United States must use Binance.us, which only has 80 cryptos available.
There may be complications with ID verification.
Customer service is slow to respond
2. Kraken – Best customer service
Kraken takes pride in providing incredibly fast bank withdrawals, charging low fees, and being accessible in most parts of the world. The fees range from 0 to 0.36 percent, depending on your type of trading and your trading volume over the previous 30 days. You’ll pay less fees if you trade more.
Another reason for Kraken’s popularity is its dark pool feature, which allows for discreet trading. However, when compared to other platforms, you will see that the user experience is not the best. A little bit of tweaking is needed to make the platform’s user interface more user-friendly.
Pros
Excellent customer support
Strong reputation
Available worldwide
Fast bank withdrawals
Significantly low transaction fees
Cons
The number of altcoins available isn’t very large
Not so friendly UI
3. Coinbase – Best for beginners
Coinbase is without a doubt one of the top Bitcoin exchange platforms available online. Many newbies who are seeking to get their hands on cryptos use it. As a result, it is a popular platform for people looking to deposit and withdraw Bitcoin, the most popular cryptocurrency on the market.
In addition to supporting several payment methods and fast deposits, Coinbase offers a user interface that is near perfect and easy to grasp. Popular cryptos like Bitcoin, Litecoin, Ethereum, and others can all be traded on this platform.
Pros
Best platform for Bitcoin purchase
Intuitive UI for newbies and experts alike
Wire transfer, debit cards, and credit cards are all accepted
Cons
Customer support is sluggish
Trades are being closely monitored
The fees are a little on the high side
More Crypto Exchange Platforms
Below are some other crypto exchange platforms you can consider.
Bittrex – Best for security
Conclusion
To be honest, crowning one site as the best for crypto exchange is nearly impossible. That takes into account the fact that the best platform will differ depending on a person's location, the features that are most important to them, the coins they wish to buy, and other factors.
As mentioned in this guide, Coinbase is an excellent platform for beginners. Binance is the best option for users who are interested in trading practically any type of crypto, altcoins included.
As such, individuals should first determine their preferences, needs, and expectations for the ideal platform, in their opinion. It will be easy for you to choose a platform that meets your needs and is the best for you once you’ve identified what you want.
DISCLOSURE
Comments here are not of the author's opinion. Users are responsible for their comments.
