Choosing the best cryptocurrency exchange may not be a straightforward task. There are many competing crypto exchanges in the market. Which one will be best for you? What should you pay special attention to before investing? Is it 100% safe? This article will help you make the right decision. However, remember to do your research before making a final decision.
Binance – A great asset choice and top Bitcoin exchange.
Coinbase – reliable crypto exchange offering a free wallet.
FTX – beneficial for leverage trading or staking.
Kraken – the best choice for staking.
KuCoin – guarantees increased service security as assets are not stored on the site.
Huobi – a platform with one of the highest liquidities in the market.
HitBTC – supports a significant number of cryptocurrency pairs.
Gate.io – one of the largest cryptocurrency exchanges with a great variety of features.
Crypto.com – offers top level security.
Bybit – one of the most transparent and user-friendly crypto exchanges.
Webull – the best option for casual investors with the cheapest crypto exchange rates.
eToro – is considered to be a leading copy-trading platform that is super-easy to use.
According to CoinMarketCap, there are approximately 17 thousands cryptocurrencies on the market. Choosing the best crypto exchange can be overwhelming - after all, there are over 400 of them. They differ in many factors, including commissions, number of cryptocurrencies supported, liquidity, user interface, KYC verification requirement, and more.
Although there are several thousand cryptocurrencies on the market, only the two most popular ones account for more than half of the market capitalization. Of course, the undisputed king of the entire market is Bitcoin. It was the very first cryptocurrency. Another vital link is Ethereum, which currently boasts the second largest market share. Ethereum is a much more versatile currency, and is constantly being improved and worked on. If you want to buy either of these two currencies, we have good news for you: almost every cryptocurrency exchange will do!
Choosing the best cryptocurrency exchange is very personal, but a few universal factors will be helpful to everyone:
Exchanges are aware of the risks arising from the nature of their business, so each of them has its security system based on various tools. Security issues largely depend on the exchange; however, some security issues are entirely up to you. It is usually impossible to undo a transaction made with cryptocurrencies, so be extra careful. If you don't keep yourself safe, you risk losing your funds irretrievably. Be sure to follow some of the basic rules listed below:
Binance is the largest cryptocurrency exchange in terms of the trading volume.
Fees: 0.1% (maker and taker), please check the full table of commissions and discounts. You have the option to earn interest on your coins by staking them for a while and making a 0.5-10% interest rate.
You can purchase crypto using bank deposits, bank transfers, and credit/debit cards, so there are a lot of payment methods to choose from. However, a 4.5% fee is charged on debit card purchases.
Binance has an asset fund as insurance for security measures if user funds are stolen and a 2-Factor Authentication system (2FA), although reviews have reported glitches with the authentication system.
Coinbase is the second largest cryptocurrency exchange in the world by liquidity. KYC verification is required.
Fees: The biggest drawback is relatively high transaction fees reaching as high as 0.5% (maker and taker). Please check the full table of commissions and discounts.
FTX is a popular cryptocurrency exchange that allows leverage trading or staking.
Fees: the commissions for taker are 0.2% and maker - 0.7%, but you can lower them by storing FTT. Learn more.
Kraken is one of the oldest cryptocurrency exchanges, also has bank status
Fees: Transaction fees start at 0.16% Maker and 0.26% Taker fee in the basic variant, which makes them much lower than, for example, Coinbase. The more you trade, the lower the fees. Learn more.
KuCoin offers a large number of supported currency pairs; it is currently one of the largest in the world in terms of liquidity. KuCoin has such functions as margin trading, investing funds, and trading automation with the help of a trading bot. The withdrawal limit without KYC verification is as much as 5 BTC per day.
Fees: The transaction fees are one of the lowest on the market - in the basic variant, they amount to 0.1% (maker and taker). You can get an additional 20% discount by paying them via KCS. Learn more.
Huobi is a platform with one of the best liquidity in the market. Users of this exchange have hundreds of currency pairs to choose from. KYC verification is not required if you do not withdraw over 0.06 BTC per day.
Fees: The base fee rate is 0.2%, but you can reduce fees by storing HT. Learn more.
HitBTC supports a significant number of cryptocurrency pairs. KYC verification is not required if you are not withdrawing over 1 BTC per day or 5 BTC per month.
Fees: The transaction fees are one of the lowest on the market, only 0.09% (maker and taker) in the basic variant. You can reduce them by holding HIT. Learn more.
Gate.io one of the largest cryptocurrency exchanges with multiple features - copy trading, margin trading, NFT support, cloud mining, staking, and much more. Moreover, KYC verification is not required (although no strict limits are given).
Fees: In the basic variant, fees are 0.2% (maker and taker). It's not the lowest rate on the market, but it's not bad either. You can reduce it to 0.15% by paying in GT. Learn more.
Crypto.com is a well-known cryptocurrency exchange aimed mainly at beginners allowing users to buy cryptocurrencies for the fiat currencies.
Fees: the fees are pretty high - 0.4% (both maker and taker). You can reduce them by staking CRO. Learn more.
Besides the standard options (margin trading, staking), Bybit offers a testnet that allows users to practice trading without depositing real money or cryptocurrencies. KYC procedure is only required after you withdraw over 2 BTC per day.
Fees: Trading fees are 0.1% (both maker and taker). Learn more.
All exchanges have their advantages and disadvantages. When choosing, first check if the cryptocurrency you want to purchase is available on that particular exchange. These are our suggestions, but selecting the best crypto exchange is up to you. Test a few that look the most promising, and make an informed choice. We also encourage you to read user reviews of exchanges online, so maybe you'll pick up some essential factors not covered in this article. We hope this article and your own research will help you choose the best crypto exchange.
A cryptocurrency exchange is a website where users make offers to buy and sell cryptocurrencies, such as Bitcoin. Because of the risks involved in online transactions and the very operation of exchanges online, cryptocurrency exchanges have put in place several safeguards to protect users from loss of funds or identity theft. There have been known cases where exchanges have disappeared from the market because of a major hacking attack. A large portion of customers' funds was stolen. Although such cases are rare nowadays, it’s worth checking how long a particular exchange has been operating and what security measures it has put in place.
Most exchanges offer various discounts for commissions, so it's hard to answer this question. HitBTC charges the lowest commissions among the most popular exchanges unless considering the extra discounts - only 0.09%. Check the commissions and fees table first and then make a choice.
Because of regulation, many exchanges have entirely given up doing business in the United States. Of those available, exchanges such as Kraken, Coinbase, and Binance US are top-rated. Also, we recommend paying attention to the Gemini crypto exchange that allows you to check areas of availability . Compare the options offered by each exchange, the fees and choose the one that best suits your needs. The choice of cryptocurrency exchanges in the United States is admittedly limited, but many exciting options are still to consider.
Commonly, the most significant exchanges support the staking of numerous PoS-cryptocurrencies. Binance, for example, usually stakes one's coins for a certain period and then transfers them back (this is called "locked staking"). There are other options available for a limited amount of currencies (usually made available on Binance through third party services).
One can also stake on Coinbase by moving funds into the 'vault.' If a person wants to stake a coin, in the majority of cases, it will lead to locking it for a definite time. Though the staking fees are relatively high, Coinbase is reliable and intuitive.
Kraken makes 'off-chain' staking possible. Thus, one simulates the rewards from an actual 'on-chain' stake. Not all customers can use this option (whether restrictions are applied or not depends on geolocation). As one is not using the blockchain to stake, off-chain staking isn't just limited to PoS crypto.
There is also the possibility to stake Tron, Cardano, or Ethereum 2 on eToro (they also plan to add EOS, NEO, and Tezos). Coins need to be kept on this platform to stake it. Your level of membership will influence the APY. The 'Diamond' Club customers will keep 90% of the yield.