The world of cryptocurrencies is currently booming, so you probably want to get in on the action. If so, the question in your mind is probably: what is the best platform to buy and sell cryptocurrency?
Well, you’re in luck because there’s something for everyone on the list below.
These online services are comparable to stockbrokers in that they allow you to purchase and sell digital currencies. I’m talking about Bitcoin, Ethereum, and Dogecoin.
With minimal costs and solid security features, these cryptocurrency exchanges simplify purchasing and selling the currencies you prefer.
It’s vital to consider supported currencies, pricing, withdrawal choices, and security when choosing the best cryptocurrency exchange for your needs.
I considered all these factors when I compiled this list of the best cryptocurrency exchanges. Continue reading to find out which cryptocurrency exchange is perfect for your needs.
The Top Platforms To Buy and Sell Cryptocurrency
Coinbase: The Best For Novices
Coinbase, founded in 2012 in SF, California, now has upwards of 30 million users from 103 different nations.
This platform mainly caters to new investors trying to trade cryptocurrencies. If you’re a novice wanting to learn the ropes, this is an excellent starting point.
Bank transfers, bank deposits, PayPal, and credit/debit card transfer payments are all accepted by Coinbase.
However, the exchange charges high fees for purchases under $200, ranging from $0.99 to $2.99. Transactions are also subject to an additional 0.5% fee depending on the amount transferred.
This exchange offers FDIC insurance, which ensures that customers are appropriately paid if the company goes out of business. Cold storage is utilized to store 98% of user assets.
So theoretically, only 2% of your money might be taken at any time.
If you’re new to cryptocurrency, there’s no better place to start than Coinbase.
Binance: The Best Overall
Binance, based in Malta, was founded in China in 2017. It’s one of the most prominent crypto trading exchanges in the world.
Binance US was launched in San Francisco in 2019 for residents of the United States.
This platform is a cryptocurrency exchange that allows you to buy, sell, and trade cryptocurrencies for a fee of 0.1%.
You can accumulate interest on your coins by staking them for a while. You can also make money and enjoy for a rate within a range of 0.5% and 10%.
It’s possible to buy cryptocurrency with bank deposits, bank transfers, and credit/debit cards, so many options are available.
Note that debit card purchases, on the other hand, are subject to a hefty 4.5% fee.
Binance offers a security fund as insurance if user funds are stolen and a two-factor authentication system (2FA).
However, there have been reports that noted authentication system flaws.
Nonetheless, Binance supports over 50 coins, giving you plenty of alternatives if you want to trade a variety of other cryptocurrencies.
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Kraken: The Best Customer Support
Kraken, based in the United States, first launched in 2011 and then rebooted in 2013. There are presently more than 50 cryptocurrencies available on the exchange, so you’ll have lots of options to trade with.
Kraken has Starter, Intermediate, and Pro accounts available. Fortunately, trading, deposits, and withdrawals of bitcoin are all possible with the Starter account.
So if you’re a cryptocurrency newbie, this is ideal!
On average, trade costs range from 0.9% to 1.5%, based on the size of the transaction. Consequently, it’s one of the more affordable crypto exchanges with an excellent reputation.
Even though customer service claims to be available 24/7, the platform has received some negative feedback.
To verify your account, you must submit identification for each deposit, which is ideal for security. There are seven fiat currencies accepted right now (EUR, USD, GBP, CAD, GBP, JPY, CHF, and AUD).
Crypto.com: The Best Signup Bonus
Crypto.com, based in Hong Kong and founded in 2016, is a prominent cryptocurrency trading, buying, selling, and spending platform.
The exchange business is well-known for its highly cheap fees, which range from 0.04% to 0.20%.
Crypto.com provides you the option of having a non-custodial DeFi wallet with its own app. It allows you to sync that account to your main one for easier money transfers.
Users can also participate in the Crypto Earn program. This program allows them to stake their coins for a renewable term of 1 or 3 months. During this period, you can enjoy up to 12% interest.
The lengthier you stake, the more interest you can expect to earn.
Crypto.com provides 24/7 customer service by in-app live chat, email, and phone if you have any questions.
However, slow customer service has been one of their most common complaints, with some users claiming unanswered calls or delayed services.
Crypto.com is only available through mobile apps, so you’d best be a mobile trader!
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eToro: The Best For ForEx
A popular social trading exchange, eToro, was founded in 2007 in Tel Aviv, Israel. With 17 million users spanning across 100 countries, it now has its base in London.
eToro began operations in the United States in 2018 with a cryptocurrency-only platform.
For investors, the exchange offers six crypto coins: Litecoin, Bitcoin, Bitcoin Cash, Ethereum, XRP, and XLM.
Sure, it may not seem like much, they are the most popular crypto coins that most people want to trade.
eToro gives away a $50 bonus on cryptocurrency purchases of $1,000 or more. Although, depending on the trade size, eToro charges a high 0.75 percent -2.90 percent trade fee.
There is no perfect platform!
With merely one standard currency, the USD, deposits take around seven days to clear before they can be used.
Since all foreign currency deposits and withdrawals incur fees, it’s better if you’re a US trader.
eToro can be the cryptocurrency exchange for you if you want a simple and trusted system.
Bisq: The Best Decentralized Crypto Exchange
Bisq, a decentralized exchange with servers located all over the world, was founded in 2014. In other words, someone stealing your money is virtually impossible.
The platform takes over 120 cryptocurrencies, plus a variety of fiat currencies.
Unlike other exchanges, Bisq does not require personal information from users and does not demand authentication.
Determined by your motivations, this might be both positive and negative.
To function, a crypto trader either places an order with another trader or takes an order from another trader. In spite of the numerous payment choices available, traders must agree on the form of payment before funds are received.
Any trader who places an order pays a 0.1% commission.
On the other hand, a trader who accepts the offer pays a 0.3% charge, totaling around 0.00005 Bitcoins in fees.
Coinmama: The Best Bitcoin Brokerage Service
Coinmama, a cryptocurrency brokerage based in Tel Aviv, was founded in 2013. The platform now has 2 million consumers in 188 countries.
Unlike exchanges, brokerages sell their crypto to clients. Coinmama deals with a total of ten cryptocurrencies (including Bitcoin) that they can sell to you at a discount.
You can also pay using a debit/credit card, a bank transfer, a wire transfer, or Apple Pay.
Nonetheless, all deposits and purchases are subject to a 5% and 5.5% fee, respectively.
It’s convenient, but at a price.
Users, however, will receive a private e-wallet key to protect themselves from hackers when it comes to security.
Therefore, your money is significantly less vulnerable to attacks. So you can rest easy knowing that your digital currency is safe.
Trade Station: The Most Varied Trading Options
Based in Florida, Trade Station started in 1982.
This exchange has grown in popularity as a result of its longevity and credibility. It is trendy among crypto investors who are advanced and intermediate.
While best known for stock trading, Trade Station now allows users to purchase, sell, invest, trade, and earn cryptocurrencies. You’ll have only four options: Bitcoin Cash, Litecoin, Bitcoin, and USD Coin.
So, on the coin front, it’s a little limited.
Nevertheless, this brokerage offers a 6% interest rate that accrues daily and is paid monthly.
You’ll be allowed to trade assets and deposit as much as you want while earning a reasonable return.
Their mobile app has an easy-to-navigate design that you can tailor to your tastes.
They claim to have 24/7 customer service, yet many reviews claim that customer service is shoddy.
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Robinhood: Best For Low-cost Trading
Robinhood, founded in 2013 and based in the United States, began as a stockbroker. In 2018, it began selling crypto services, primarily to inexperienced investors who wanted to try their hand at crypto trading.
You’re probably familiar with it, thanks to the GameStop debacle.
The crypto exchange, which now supports seven significant cryptocurrencies, is best known for its user-friendly mobile app layout. Robinhood also doesn’t charge any fees for crypto exchanges.
RH also boasts good security features, like two-factor Google authentication, which keeps hackers at bay.
The platform also has a device management system that lets you disable access to devices you don’t authorize.
Unfortunately, while the majority of the services are free, some users have reported hidden fees. Apparently, fees imposed by middleman companies are passed on to the consumers.
Plus, despite its popularity among crypto newbies, Robinhood does not let you withdraw your crypto funds.
You might have to transfer assets to other accounts, which isn’t ideal.
Gemini: The Best For US Traders
Gemini, a crypto exchange dealing in 20 cryptocurrencies and over 25 fiat currencies, was founded in 2014 in NYC.
This cryptocurrency exchange gives users a $10 bonus when they sell or buy $100 worth of Bitcoins. It also has a Gemini Earn promotion that allows users to earn up to 3.5% interest on their Bitcoins when saved.
Gemini accounts have a $5,000 daily deposit limit and a $30,000 monthly deposit limit. These limits make the exchange unsuitable for high rollers.
Also, note that you can also withdraw up to $100,000 every day.
Assets are kept in cold storage for protection, and the FDIC insures user funds.
Trades, on the other hand, are subject to a 0.50% cost.
Transfers are subject to a fee ranging from 0.99% to 1.49%.
That’s competitive with some of the best crypto exchanges, although there are better deals available.
What Is A Cryptocurrency Exchange Anyway?
A cryptocurrency exchange is an online platform where users can buy, sell, and trade bitcoin is known as.
Users can deposit fiat currency (like US dollars) and use those funds to purchase cryptocurrencies on a cryptocurrency exchange.
It works the same as online brokerage. Folks can also swap their cryptocurrency for other cryptocurrencies.
Most exchanges allow users to earn interest on their bitcoin holdings.
How Do You Choose A Cryptocurrency Exchange?
Of course, there are various factors to consider when choosing a cryptocurrency exchange. You have to consider costs, security, and the types of cryptocurrencies available.
You should also be aware of where your bitcoin is kept and whether you have complete control over it.
It’s vital to make sure that you can transfer it to your own digital wallet.
There are controlled and decentralized cryptocurrency exchanges.
Centralized exchanges rigorously follow government financial rules (like the Securities and Exchange Commission).
Several exchanges will insure your cash deposits and demand confirmation of identity to have access to the site.
These decentralized exchanges are unregulated internet markets that are hosted on user-owned distributed nodes with no centralized regulating authority.
While this may appear alarming, decentralized exchanges provide transparent transactions and fees, as well as a direct peer-to-peer bitcoin exchange.
How Do You Go About Purchasing Cryptocurrency?
The bulk of centralized exchanges allow you to buy cryptocurrencies with funds from your bank account, credit card, or debit card.
The funds can then be exchanged for the cryptocurrency of your choice.
Some exchanges offer a simple “Buy Now” transaction that only allows you to place a market order.
Others allow you to put more complicated order types such as limit and stop orders.
When you buy a cryptocurrency, the exchange usually takes custody of it. Most exchanges hold it in offline “cold storage” to keep it safe.
These exchanges allow you to transfer cryptocurrency to your “hot” or “cold” wallet, along with the private keys for that cryptocurrency.
Are There Any Requirements To Open A Cryptocurrency Exchange Account?
Most cryptocurrency exchanges need you to show proof of identity in order to comply with KYC regulations.
This could include answering personal questions, using an application to verify your identification, or submitting a photo of a valid ID.
You can then deposit money and begin purchasing cryptocurrencies once your account has been approved.
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The most excellent crypto exchanges must contain a little bit of everything positive about different crypto exchanges. Evidently, I tried to include an exchange to accommodate most people’s needs.
Your first dip into the cryptocurrency market will be hectic. You’ll be inundated with trading strategy suggestions in no time.
Keep in mind that there is no such thing as a perfect formula. There has never been, and will never be, a plan that ensures profits. There are, however, risk-reduction techniques.
Get started now that you have the resources! Set out to establish a portfolio and lay the groundwork for your cryptocurrency journey. Have fun!