While the crypto market is in little turmoil because of the correction that has been happening in the first month of 2021, there is no less enthusiasm in the investors to look for new cryptocurrencies and crypto exchanges to trade and invest in them.
The correction in the market is not worrying the real crypto traders and the aspirants who are looking for starting their investment in the same. However, in a market condition like this, choosing the right crypto exchange becomes more important, isn’t it?
So, we have come up with a list of the top ten cryptocurrency exchanges that are most probably going to rule in 2021 and the upcoming years as well. Before we jump into the list and discuss the features of the exchanges.
Table of contents
- Factors to look for While Choosing a Cryptocurrency Exchange
- Let us now check the top ten exchanges and see which one offer the best features –
Factors to look for While Choosing a Cryptocurrency Exchange
Firstly, you need to look for the trading charges that the exchange levies on your trades. It is one of the most important criteria for choosing the exchange. The fees should never be very high that can reduce your profit margin. However, it shouldn’t be too low to exclude important features that an exchange is supposed to offer.
Security and Safety:
Then comes the security factor. On a Cryptocurrency exchange, an investor always looks for security. This is because there are high chances of hacking and cybercrime on crypto exchanges. So, it is crucial to check what type of security the exchange is offering.
The next factor is options available for making payment. Since it is a complete online trading and investment platform, the payment options are also online. You need to see whether there are UPI, Net Banking, and other payment options that you can avail of or not.
Reviews and Ratings:
Always choose the exchange after reading its review and ratings given by the users and investors of the same platform. It is highly recommended because that will help you understand the real features and benefits and also the drawbacks of the platform.
Finally, we have verification or KYC as a factor as it is now an almost mandatory thing on any crypto platform. Always try to choose the one which asks for KYC as that would help you to secure your funds on the platform from frauds and hackers.
So, now you know on which grounds, we have chosen the cryptocurrency exchanges.
Let us now check the top ten exchanges and see which one offer the best features –
This cryptocurrency exchange is the world’s largest and leading exchange at present. It was incorporated by Changpeng Zhao in the year 2017. In just these few years, it became the leading platform for trading cryptos in the world because of its exceptional features which include –
- Global Platform: You can assess it from anywhere in the world. It is a completely global platform for cryptocurrencies. It offers the facilities of trading crypto to all the investors of the asset across the globe.
- Staking: You can stake your crypto assets on Binance without even knowing much about Staking. This platform offers a return on point of sale and also on the Decentralised finance tokens available with the investors/ traders.
- Crypto Loans: You might be amazed but you can get loans against your crypto holdings from Binance. It is provided in the form of stablecoins such as USDT or similar ones.
- Fees: They charge only 0.1% as fees for trading. For the Futures platform on Binance, the fees are even lower at 0.02% for the makers while the takers pay only 0.04%.
- Lowest Charges
- Globally Known Platform
- Hundreds of Cryptocurrencies available on the platform
- 2-step authentication for better security
- Not for beginners
- Inefficient Customer Care
Since 2012 Coinbase is there in the crypto arena and making its presence count. It is one of the most popular cryptocurrency exchange in present times. It was founded by Brian Armstrong and Fred Ehrsam almost a decade ago. It has more than 35 million crypto investors trading and investing with them which is a huge portion of the whole crypto market. Let see the reasons behind this huge popularity –
- Hassle-free Trading: On Coinbase, you get the option to trade without any hassle. As here you can trade with Coinbase directly without involving any other traders. The price you get is a good bet as well. There is also a platform of Coinbase known as Coinbase Pro where you can trade with other traders as well.
- Facilities for the Merchants/Vendors: Many of the Crypto-enthusiast believe that digital currency is the future of the world and so is Coinbase. Thus, it provides different solutions for merchants to accept payments in cryptocurrencies. This enables many vendors to provide ease of payment and multiple payment modes to the customers as well.
- User-Friendly Platform: The platform is one of the most user-friendly platforms in the market at present. It offers very easy to use features.
- Fees: The fees charged by Coinbase Pro Exchange is 0.5%. There is another charge which is greater than a flat fee or a certain percentage of the value of the transaction is also charged by the exchange. Overall, the charges come around 1.5% but if you are using your credit card to purchase the cryptocurrencies directly then it can cost up to 4% as well.
- Great Platform – User-friendly and Intuitive
- An abundance of Crypto assets to choose from
- Newbies can easily use this platform
- Hassle-free registration and KYC process
- Expensive than the peers
- Slows down when prices are volatile
- Ineffective customer service
3. Cash App:
This exchange allows you to buy and sell Bitcoins directly on its app. This is one of the exchanges and applications that deals only in Bitcoin but provides a great platform for those who only trade in this cryptocurrency. The features of the platform are as follows –
- Peer-to-Peer Money Transfer: You can send money using this platform easily. There is a peer-to-peer money transfer facility.
- Direct Deposit and Withdrawal: You can directly deposit and withdraw the Bitcoins from this platform. There is no need to involve any broker or any other exchange. You can just use the app of Cash App and buy and sell Bitcoins and withdraw as well.
- Fees: The fees are variable and it is disclosed only when the purchase of Bitcoin is made. It is displayed when the transaction is about to complete, that is before the payment processing.
- Easy Money Transfer
- Nominal Fees
- User-friendly Platform with a great interface
- Up to 3% charge if you are using a credit card to purchase the Bitcoins
- Limited Withdrawal
- Only supports Bitcoin
This is a cryptocurrency exchange where you hardly have to think about your funds and information getting hacked. Yes, you heard that right. This platform is one of the few which is having FDIC protection. It has never been hacked to date. It is based in the United States but provides services in different parts of the world. Let us take a look at its features –
- Excellent security: As mentioned above, this platform is having FDIC Protection. This is for USD and thus the platform is highly secure and so are your funds lying with it.
- Multiple Currencies: The platform supports over twenty cryptocurrencies. There is Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and many others.
- Minimum Deposits: There are no minimum deposits required by the investors to deposit with Gemini. You can deposit any amount and invest. However, for trading, there are certain guidelines such as the minimum Bitcoin trading starts from 0.00001 BTC. Similarly, for Ether, the minimum is 0.001 ETH.
- Different Payment options: You can pay or deposit money via ACH which is free. Then you can use Wire Transfer or use the cryptocurrencies as well.
- Fees: There is a convenience fee of 0.50% which is changed above the market rate. Then the transaction fee is variable and it increased as the number of transactions increases. Supposedly, the fee for a transaction of $10 and less is $0.99. Then for a transaction between $10 and $25 is $1.49 and so on so forth.
- Unparalleled Security
- Multiple currencies
- A mobile app is available
- Nominal fees
- No Debit or Credit Card Payments accepted
One of the oldest platform being established in the year 2011. It is having a presence over many geographies. The platform is known for its abundance of crypto choices. Let us take a dig into the features of this platform –
- Highly Advanced Platform: The platform is having the most advanced tools used for spot and margin trading. These technical tools are not frequently available with most of its peers.
- Dark Pool Order Book: How about an order book that the traders and investors from other platforms cannot see? Isn’t it great? Of course, it is. You get an upper hand in the market by knowing some of the crucial orders that are lying in the order book and you can play your bait accordingly.
- Staking: Yes, the platform also offers a staking facility. Kraken is proving great returns on your holdings of crypto assets with them.
- Fees: Sport trading fees are 0.26% which can be nil as well. For trading stablecoins, you need to pay 0.2%. Sometimes depositing and withdrawals may also come up with some charges but that is a rare case.
- Ample of features
- Advanced tools
- Dark pool
- Intuitive interface
- Not for beginners
- The registration and verification (KYC) process is slow
If any platform is known for its ease of use then it would be Cex.io. It is one of its kind of platform just like its name. It is one of the oldest platforms for trading Bitcoins as well.
- Margin Trading: You can do margin trading on this platform. It is known as ‘Cex.io Broker’ but it is the margin trading facility.
- Multiple crypto assets: There are ample cryptocurrencies and assets to choose from.
- Fees: The charges are high like 7% and around that. It has multiple hidden charges which increase the fees levied by this platform.
- Multiple investment options
- Great interface
- Better trading exposure – higher limits
- Exponential fees
- High Withdrawal charges
It is also one of the veterans in the crypto world. It is a platform that started as free but due to market changes and high competition, now it charges its customers. However, the costs of trading are pretty low here and the other features are –
- Hassle-Free Trading: It offers an intuitive platform that is easy to use. The investors and traders have multiple features to ease their trading and investing experience no Robinhood.
- Instance Access: You have immediate access to the cash you have deposited on this platform. There is no long process to access the same.
- Fees: The platform has no commission fee and no deposit fee as well. You can trade cryptocurrencies just with minimal transaction charges.
- Exceptionally low fees
- Easy and intuitive platform
- Multiple cryptocurrencies
- Slow platform – delayed quotes, order flow, etc.
- Hardly any tools or research recourses are available.
8. Block Fi:
If you are investing in cryptocurrency, then this platform is great for you as it can provide up to 8.6% on your holdings of crypto assets with them.
- Borrowings: You can take a loan against your crypto holding in the Block Fi account.
- Multiple cryptocurrencies: You can trade and invest in different cryptocurrencies. There is Bitcoin, Litecoin, Ether, USDC, PAX, and many such assets.
- Maintenance Fees: There are no maintenance fees charged by this platform.
- Fees: There is a minimum fee of $10 for the incoming wires. Then there are withdrawal fees as well which varies like 0.0025 BTC for each 100 BTC in 7-days. This accounts for a total of $30. Similarly, for ETH, the withdrawal fee is 0.0015 ETH for each of the 5000 coins in seven days.
- Earn Huge interest
- Borrowing facility
- Zero Monthly Fees
- Limited Withdrawals
- No FDIC insurance
This platform for crypto trading and investments is one of the main crypto platforms in the EU. It has more than fifteen cryptocurrencies to trade and invest in.
- Easy to use: This platform is one of the hassle-free clean platforms. It is preferred by both US and UK investors because of its effectiveness with simplicity.
- Copy Top Traders’ Trade: This is a unique feature that is available with e Toro. This helps you imitate the trade of the top traders. Supposedly, a top trader is buying ETH at a certain price, you can copy the trade and do the same.
- Multiple Investment options: There are around fifteen crypto assets that you can trade on this platform.
- Fees: The trading fees range between 0.75% and 2.9%. It mainly depends on the bid-ask spread of the coins. There is a minimum investment requirement of $50 as well.
- User-friendly interface
- Multiple coins
- The fees are on a little higher side.
Finally, we have Bittrex, a platform that puts the security of the investors and traders at the first position.
- High Security: So, if you are looking for an exchange that can safeguard your cryptocurrencies from hackers then this is the right platform. It has multiple security layers and stores the crypto assets safely.
- Advanced and fast: Due to technological advancement, it has multiple tools for better trading and investment.
- An abundance of cryptocurrencies: There are more than two hundreds of digital currencies available for trade with Bittrex.
- Fees: The fee this platform charges are 0.25% and it is fixed for every trade.
- Exceptional safety of funds
- Quick trades and transactions
- Huge variety of investment options
- Poor customer support
- Little difficult for the newbies
To conclude, we can say that while choosing the exchange for your crypto trading needs, always compare multiple exchanges. Check their features, fees, and other aspects and shortlist a few that fits your requirement. Then do a final comparison and scrutiny before selecting the one that suits them best.
Cryptocurrency Exchange is a platform that allows crypto traders and investors to buy and sell cryptocurrencies. You can trade, invest, hold cryptocurrencies on a crypto exchange.
The cryptocurrency exchanges work on a very basic principle and that is demand and supply. The demand created by the buyers of crypto and the supply provided by the sellers of the same in the whole cryptocurrency market. The price is determined by the demand-supply equation.
The security of your cryptocurrency left on the exchange depends on the security measures of the exchange. Most of the exchanges are having private key options that lie only with you. This enables you to keep full control over your holdings on the exchange. On top of that, if the exchange is secure by FDIC prevention, then hardly hackers can hack the exchange.
Most of the exchanges accept fiat for purchasing cryptocurrencies. However, there are a few which only allow you to buy cryptocurrencies against other cryptocurrencies. Generally, all kinds of payment modes are accepted by crypto exchanges.
However, it depends on the specific exchange whether they accept a certain mode or not. In general, you can pay with UPI, Net Banking, Debit or Credit Card, Wire Transfer, ACH, and cryptocurrencies as well.