In this article, you will get to explore the list of the best cryptocurrency exchanges where you can buy and sell Bitcoin or altcoins. These crypto exchanges have their own pros and cons, but they bring a plethora of benefits that allows for seamless and fast transactions in today’s rapidly advancing digital world. When deciding on the exchange to use, there are some factors that need to be taken into account. The factor like trading volume, fees, accessibility, trading tools, among others is worth considering.
Most of the crypto exchange platforms support particular sets of clients based on their location, payment method, anonymity, etc. However, only a small number of exchanges offer broad services to crypto traders. For instance, if you reside in the USA or Europe and are a newbie in the crypto business, Coinbase or Kraken may be the best to start with.
Asians may want to start trading with Bitfinex. If you prefer doing business with altcoins, then you may consider Binance. For margin traders, they may prefer to trade with Bitmex, Bitfinex, FTX, or Binance.
Therefore, you can see that selecting a cryptocurrency exchange can be confusing. There are a lot of factors involved but you don’t need to worry as this article has got all your needs covered. Concurrently, this list elaborated in this article provides you with the top exchanges for ease of doing business. We have designed it in such a way so that every reader finds the most suited Bitcoin and altcoins exchange for him/her.
So, before we dive into the best cryptocurrency exchanges, we need to understand what an exchange is. Also, at this point, it is necessary to state that this article primarily focuses on centralized cryptocurrency exchanges.
What is a Cryptocurrency Exchange?
A cryptocurrency exchange is a platform where you buy, sell, or exchange digital currencies for another. The digital currency in this case may be like Bitcoin, Ethereum, Monero, etc. If you want to become a professional cryptocurrency trader, you will need an exchange with a good trading tool. Meanwhile, if you only make occasional, straightforward trade, there are exchanges for such as well. WIthout a cryptocurrency exchange, you will not be able to buy or sell digital assets.
Types of Cryptocurrency exchanges
Generally, there are three types of exchanges. You can choose any of them to purchase, buy, or swap your cryptocurrency. However, it is based on the trading or buying/selling option that suits your purpose. They have been illustrated below:
They are exchanges that connect buyers and sellers. The parties often use order book methods to determine price and trading terms. The exchanges collect some percentage of the trading assets as fees.
P2P Or Direct Trading
They provide a direct person to person trading where people from different countries exchange currency from their bank account. These direct trading exchanges don’t have a fixed market price. Each seller is permitted to set his/her exchange rate. You can call such exchanges peer-to-peer exchanges.
These are websites that you can visit to buy cryptocurrencies at prices set by the broker. Cryptocurrency brokers are akin to foreign exchange dealers.
When choosing a Cryptocurrency Exchange; Look Out for These!
It would be best if you perform your due diligence and conduct proper research before settling for any of the cryptocurrency exchanges out there. Here are a few things to consider before choosing any of the cryptocurrency exchanges:
What is the reputation of the exchange?
Finding the reputation of the exchange is quite tricky. However, you can check reviews from sites like Trust Pilot and study the social media engagements of the platform. You can research such reviews from plenty of authority websites. Also, you can read up on users’ social media attestations for your due diligence. Once you are satisfied with the credibility of the exchange, then you can proceed ahead with it.
The trading fees
Trading fees are charges that are required to be paid for every trade you execute. They are often a percentage of your trading volume and as such included in the trade. Consequently, you are advised to check for trading fees before signing up on any exchange. Meanwhile, trading fees include deposit, transaction, and withdrawal fees. However, fees vary from one exchange to another, so you have got to have that in mind. You can do the comparison and select the one that fits within your budget.
Methods of payment
While depositing or withdrawing the digital assets from the exchanges, you will have to consider the methods of payments. Such methods determine how you get the fiat equivalent of the asset. Therefore, it is necessary to ask the following questions;
- What are the methods of payment available on the crypto exchange?
- Do they permit credit cards, debit cards, PayPal, or wire transfer through your bank account?
Consequently, if a cryptocurrency exchange has limited payment options, you should avoid such platforms. However, it is vital to note that buying cryptocurrency with your credit card requires you to verify your identity. Identity verification comes with a premium price because there is a higher risk of fraud and higher transaction fees. Buying through wire transfer will take a longer time for banks to process the transaction.
Most of the exchanges require some identity verification before you can make deposits and withdrawals. However, some exchanges allow you to remain anonymous. Such verifications perform a dual purpose; to protect these exchanges against kinds of money laundering activities and scams as well as securing your identity.
Depending on modus operandi, exchanges have different rates. Exchange rates could vary as to location, volume, etc. Therefore, if you wish to save up some cash, it is better to shop around before making your choice. There are cases where rates can fluctuate up to 10% and higher. Always compare rates before setting for any of these cryptocurrency exchanges.
Best Cryptocurrency Exchanges To Buy/Sell Bitcoin and Altcoins
This list of exchanges is in no particular order. You can refer to the list below to learn more about the top cryptocurrency exchanges.
Binance, upon concluding an initial coin offering in 2017, is one of the top exchanges. It is no surprise that they raised $15M as early as 2017. The exchange is legally registered in Malta and provides users with a great means of crypto exchange. Currently, it can boast of more than 200 altcoins listed, and the numbers are increasing day by day.
Initially, it started as a centralized exchange before launching a decentralized exchange. Binance exchange expands in its business by providing a native token called BNB on the platform. Therefore, providing additional utility while securing the exchange. The exchange also offers a discount for crypto traders that use BNB on their platform. The Binance exchange is good for everyone, and it has the highest liquidity in the market. They have a 0.1% standard trading fee, and you can reduce the fee if you pay in BNB.
Registration on the Binance exchange is quite straightforward and fast. You only need your email ID to create your Binance account and start trading in crypto. It is one of those crypto exchanges that provide traders with a mobile app for iOS and Android. Register With this link to get 20% off on Binance trading fees forever.
Binance also has enticing features like multilingual support, mobile apps, the Binance lending program, the community coin per month, etc.
- It is a general-purpose platform and easy to transact with. You can easily access it from any part of the world.
- The platform is fast and processes the orders within seconds.
- It offers high liquidity to the registered users.
- The consumer service is excellent.
- There is no fiat trading, and it has limited payment options.
- The choices for the coins and trading pairs is limited.
This is one of the best Bitcoin and altcoin exchanges to transact with. Since its inception in 2011, it has built up a loyal customer base. It offers a two-step authentication and multi-sig technology for its wallet and completely insured cold storage. Bitstamp has a multilingual user interface, and it is easy to get started on the platform.
Once you are done with the registration, you can commence trading immediately.
- It has a good reputation in the crypto community with high-level security.
- It is a robust crypto trading platform.
- Worldwide availability
- High liquidity.
- Low transaction fees and is very good for large transactions.
- The platform is not beginner-friendly and has high deposit fees.
- Bitstamp has limited payment methods.
Bitfinex is one of the largest and most popular cryptocurrency exchanges available to crypto traders. They are based in Hong Kong and have been in operations since 2014. Users can trade in different digital currencies such as Bitcoin, Bcash, Dash, Ethereum, Zcash, Monero, Litecoin, Ethereum Classic, OmiseGO, EOS, IOTA, Santiment, and Ripple, etc.
You can trade on the Bitfinex platform using the USD with a wire fee that is not less than $20. There are advanced trading tools like a limit order, stop orders, trailing stop, fill or kill, TWAP, and different market charts. To get started, you will need to verify your ID and register on the platform. It takes a maximum of 20 working days after you have submitted your ID proof before you are accepted on the platform.
- It has a user-friendly interface
- The verification is easy
- There is no deposit or withdrawal fee for cryptocurrencies.
- The only fiat currency supported on the platform is USD.
- It was recently hacked, and there is doubt about its security.
It is a high volume cryptocurrency exchange, and it offers users high liquidity. You can play around with altcoins’ future contracts like Bitcoin Cash, Ethereum, Cardano, Litecoin, and Ripple. The registration process on BitMex is straightforward and simple as you only need your email ID to register.
- It offers users with different order types, and you can select the one that suits you.
- The platform protects its users from price manipulation that can be triggered by pumps or dumps.
- High volume exchange.
- A wide range of derivative products
- The platform is only suitable for high position trades and is ideal for only professional margin traders.
- The fiat payment is not supported.
This is a cryptocurrency exchange registered in the United States. The platform serves a global audience, and it is beginner-friendly. It offers great speed and reliability during crypto trading. With Coinbase, you can easily buy and sell your cryptocurrency. They also have an app for both iOS and Android, hence giving you the comfort to exchange cryptocurrency from anywhere. Register With this link to get 10$ free on CoinBase
Coinbase has enterprise-grade security, and it is available in almost all the continents across the world. It also supports some popular stable coins like DAI and USDC
- It has strong security.
- The trading volume is high.
- Easy for beginners to use.
- The trading fees are reasonable.
- All stored digital currencies are covered by Coinbase insurance.
- It allows fiat currency trading; hence novice users can easily buy and sell cryptos on the platform.
- The user interface is friendly.
- The payment method is limited.
- The trading fees are high.
- The website becomes unresponsive sometimes.
This is another great and efficient cryptocurrency exchange. It was launched in September and the exchange already boasts of about 5 million registered users from more than 200 countries. Users are grace with great UI/UX web and fully functional mobile apps for both Android and iOS.
The exchange is based in Seychelles and provides users with multi-language and 24 hours customer service. Its advanced API provides users with an easy and efficient way to develop a secure and programmatic trading strategy. The efficient matching engine supports about 1 million transactions per second without any overload. However, KuCoin was hacked recently, but the CEO has stated that hackers have been traced and about $200 million recovered. The platform is gradually getting back to normal operations.
- The platform supports a wide range of cryptocurrencies.
- The trading fees are incredibly low.
- Anonymous trading is allowed.
- The trading volumes as well as liquidity levels are high.
- The trading interface of the platform is not suitable for beginners.
- The offline wallet is not offered to the users.
- The live chat option sometimes consumes additional time to exchange response.
- The fiat currency deposit is not supported.
This is one of the crypto platforms where you can get hold of different cryptocurrencies with ease. On ChangeNOW, a crypto-to-crypto exchange takes a maximum of 20 minutes. There is no fee for trading on the platform; the amount you see is exactly what you will get in the end.
Meanwhile, you will need to have a VISA or MasterCard and a wallet to receive your coins.
It is registration-free and offers limitless cryptocurrency conversions. You don’t have to create an account before you can conduct your trading on ChangeNOW.
- The registration is free, and you dint need to have an account before trading on ChangeNOW.
- There are more than 170 cryptocurrencies listed on this exchange and over 36000 trading pairs.
- An interesting thing about ChangeNOW is that there is no “maximum exchange amount.”
- There is a mobile application for iOS and Android users.
- The transaction time is very less and allows users for faster trading.
- The platform does not offer leveraged trading on cryptocurrencies.
- The tools for convenient trading are limited.
This cryptocurrency exchange originated in China but is currently providing its services to people in some parts of the world. It occupies the number three position on coinmarketcap’s list of exchanges by market volume. Huobi Pro has about 244 cryptocurrency pairs. Therefore, you will never encounter liquidity problems in this exchange. They also have mobile apps for both iOS and Android if you want to trade crypto on the go.
The registration process is pretty simple and straightforward, so you can easily conduct your transaction.
- It offers high-quality analytics,
- The platform provides high liquidity
- The platform boasts great customer support service.
- A good range of education material is provided to the users.
- Only available to the United States and Chinese residents
It is the largest cryptocurrency exchange in Euro volume and liquidity, and it is also a partner in the cryptocurrency bank. Kraken allows you to trade between cryptocurrencies and fiat. You can buy and sell Bitcoins, trade between Bitcoins and Euros, US Dollars, Canadian Dollars, British Pounds, and Japanese Yen. Users can also trade other altcoins like Ethereum, Monero, Ethereum Classic, etc. Experience crypto traders can also enjoy margin trading on the Kraken exchange.
Although they are based in the United States, they have one of the largest Euro-to-crypto markets globally. The platform is available to people living in the United States, Canada, Japan, and other European countries. Currently, Kraken does not accept payment deposits through credit cards, PayPal, debit cards, or other similar services.
In 2014, Kraken was the leading exchange in the world in terms of Euro trade volume. Kraken also pioneered the first verifiable cryptographic proof of reserves audit system. In the same year, it was listed by Bloomberg Terminal. However, Kraken has a strong but non-beginner-friendly crypto trading platform.
- Kraken has a good reputation with an easy to use platform.
- The exchange rates are decent.
- The transaction fees are low.
- The starting capital required to initiate the trading is low.
- The transparency is very high. Kraken is the first platform to complete proof of reserves audit.
- The platform has secured a competitive rank.
- Kraken has limited payment methods, as it does not currently accept debit cards, credit cards, Paypal, or similar services.
- The user interface is unintuitive, hence not suitable for beginners.
- The platform stores your crypto keys.
- The account verification process is slow.
It was founded in 2014 and has gone on to become one of the leading cryptocurrency exchanges across the globe. Poloniex provides a secure, cryptocurrency trading environment for traders. It has more than 100 different Bitcoin pairings and advanced trading tools with data analysis for expert traders. As one of the best crypto trading platforms, Poloniex allows users always to close a trade position.
The platform uses a volume-tiered maker-taker fee model. Therefore, trading fees vary, and it depends on whether you are a “maker” or a “taker.” The fees range between 0-0.15% for the makers, and it all depends on the amount of cryptocurrency traded. On the other, the fees for “takers” range from 0.1% to 0.25%. Meanwhile, there is no fee for any withdrawal above the transaction fee required by the network.
The chatbox feature on Poloniex is always filled with essential user information on seamless trading on the platform. You can ask any question, and there will be capable hands to attend to you almost immediately.
- Fast and seamless account creation for beginners.
- It has quality features for advanced cryptocurrency trading.
- The platform offers BTC lending, high-volume trading, a user-friendly interface, low trading fees, and open API.
- It doesn’t offer any fiat support.
- The customer support service is poor.
- The lending interest rate for margin trading is relatively high.
This cryptocurrency exchange provides users with the option to trade more than 190 cryptocurrencies at a time. The exchange is based in the United States, and they are well-regulated and compliant with all US laws. So, you need not worry about the safety of your funds. Bittrex is in charge of one of the largest BTC trading volumes out of all the exchanges in the world.
The buyers and sellers determine the rates in which they want to trade, while Bittrex charges them a small service fee of 0.25% for providing the platform. To get started on Bittrex, you will have to register and login through your email and ID. Meanwhile, before you can withdraw funds, you will need to do a KYC by submitting your ID documents and phone number. You will also be required to enable two-factor authentication for higher limits.
One of the pros of Bittrex is that account verification happens very fast. There are two types of accounts that are supported on Bittrex:
- The basic account- Allows the withdrawal of funds worth up to 3BTC/day
- Advanced Account- Allows the withdrawal of funds worth up to 100BTC/day.
It is a crypto-only exchange and doesn’t permit the deposit of fiat currencies.
- The platform is regulated and legally compliant.
- It is great for arbitrage.
- It also provides 1-minute charts.
- It is easy to calculate the fees on Bittrex.
- The verification process is seamless.
- The waiting time is high because of low liquidity.
- Margin trading is not allowed.
It is a peer-to-peer Bitcoin exchange with buyers and seller distributed across the world. Using LocalBitcoin, you can meet up with people within your locality to buy or sell Bitcoin; you can pay with cash, send payment through PayPal, Skrill, Dwolla. Trading partners can also arrange for cash deposits at a bank branch.
For the protection of traders, LocalBitcoin rates every trader on the platform and publicly displays traders’ past activities. Meanwhile, once there is a trade agreement between members, the money is held up on the LocalBitcoin’sLocalBitcoin’s escrow service. Once the seller confirms that the trade is completed, the funds will be released.
In any bad transaction between traders on the platform, the LocalBitcoin’sLocalBitcoin’s resolution team is always ready to mediate and resolve any dispute. For extra security, the platform uses a two-factor authentication process.
- You don’t need an ID to become a member of this platform.
- It is beginner-friendly.
- The service is available worldwide.
- The escrow service is available.
- The reputation rating is competitive.
- It isn’t easy to buy a large amount of Bitcoin through this platform.
- Only bitcoin trading is allowed and no other altcoins.
- In illiquid markets, the Bid/Offer spread can be very vast.
Choosing the best cryptocurrency exchange can be quite challenging. Remember always to follow this guide as it will help you make an informed choice when picking your preferred exchange for crypto trading. Always look at the fees, reputation, security, verification process, and geographical availability. Also, note that you can use more than one exchange for your trading activities.
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