Picking the best crypto exchange is no simple matter.
As the number of cryptocurrencies in the market continues to grow, investors have more options than ever before to exchange their hard-earned cash for decentralized digital money. The way to access cryptocurrencies is through crypto exchanges, where users can buy, sell and store their crypto. There are myriad factors that will influence your decision on which crypto exchange to choose: security measures, ease of use, trading fees and the number of coins available for trading all play a part in helping you determine the top crypto exchange for you. To help you find the cryptocurrency trading platform that meets your needs, here are several options to choose from that will suit a variety of cryptocurrency investors.
Coinbase
Crypto traders have been using Coinbase — operated by the publicly traded Coinbase Global Inc. (ticker: COIN) — since 2012, and the crypto exchange has only gotten more user-friendly with age. Coinbase is one of the best cryptocurrency exchanges for beginners. Its platform is easy to use when buying, selling and storing cryptocurrencies. It also is a great place to stay up to date with alternative coins, new crypto projects and what’s happening next in the world of digital assets. An intuitive interface, straightforward onboarding process and free Bitcoin (BTC) for opening an account make Coinbase an excellent place for new traders to get started. For more experienced traders, Coinbase offers Coinbase Pro, with advanced charts and cryptocurrency trading tools. With hundreds of digital currencies and altcoins supported on Coinbase, users have a range of options to choose from.
Robinhood
In 2018, Robinhood Markets Inc. (HOOD) rolled out cryptocurrency trading. In the years since, the company has built up the crypto side of its app. Robinhood hosts some of the most popular cryptocurrencies: Bitcoin, Ether (ETH), Dogecoin (DOGE), Litecoin (LTC), Ethereum Classic (ETC), Bitcoin Cash (BCH) and Bitcoin SV (BSV). This beginner-friendly selection is best for users just starting their crypto journeys who want to add exposure to the most traded cryptocurrencies on the market. With the company’s mobile-first mindset, Robinhood has built an incredibly easy-to-use app, and has no commission fees for trading, which means the barriers to entry are extremely low. You can start trading crypto with as little as $1. As for security, Robinhood keeps cryptocurrency secured through a combination of hot and cold storage. Hot storage is connected online to the crypto exchange, whereas cold storage is offline. A majority of users’ crypto is held in cold storage for additional protection. Robinhood has no minimums for deposit.
Binance
Another of the best crypto exchanges, Binance offers hundreds of cryptocurrencies and fiat pairs on its platform. Binance has risen in popularity because it allows crypto traders to transact with nearly any alternative coin on the market. The trading platform also has a feature called Binance Academy, where novice crypto traders can learn about cryptocurrency and blockchain technology through short videos. While new cryptocurrency traders will find Binance simple to use, the exchange is also one of the top options among crypto day traders — low trading fees, strong charting tools and an easy-to-use mobile app allow for fast, simple cryptocurrency trading. With all these strong features, it’s not hard to understand why Binance has become the largest cryptocurrency exchange in the world. U.S. users have to go to Binance.us, which is a U.S.-regulated crypto exchange where they can buy and sell more than 60 cryptocurrencies.
Gemini
Founded by the Winklevoss twins in 2014, Gemini has established itself as one of the most trusted names in crypto. Gemini is a regulated cryptocurrency exchange that prides itself on security and compliance. The two crypto leaders of Gemini are Bitcoin and Ether, but today the exchange allows users to trade more than 70 cryptocurrencies, including Terra (LUNA), Tezos (XTZ) and fiat-backed stablecoins. Gemini is a fiduciary, and the site is insured by the Federal Deposit Insurance Corporation. This means security is paramount for Gemini. In a market that has been faced with regulatory challenges, Gemini undergoes regular bank exams and is subject to cybersecurity audits. Gemini is also known for its safety. Cryptocurrency held online in Gemini’s exchange wallet is insured, and most of the coinage on the exchange is held in cold storage. If your primary concern is safety and security for your crypto, trading via Gemini is an excellent choice.
FTX
One of the fastest-growing crypto exchanges on the market, FTX is a U.S.-regulated cryptocurrency exchange built by traders for traders. This exchange offers its users margins and futures trading, which are associated with higher market risks and best suited for professional traders. There are more than 1 million users on the FTX platform who use FTX for its security, advanced trading features, liquidity and fee structure. An attractive feature for FTX users who trade in large volume is its fee model. Many crypto exchanges make users pay high fees for each individual transaction, and these fees can add up. On FTX, if you hold and stake its own token, FTT — a way of strengthening the blockchain in exchange for an income stream — you get discounts on transactions. The more FTT you hold, the higher the discount on FTX fees. FTX also has an NFT platform for users to buy, sell and create nonfungible tokens. If you are an advanced trader looking for technical features on a crypto exchange, FTX is an option for you.
Crypto.com
Crypto.com is another fast-growing crypto app, boasting more than 10 million users in 90 countries. This exchange has a more extensive list of cryptocurrencies than other exchanges on the list, allowing users to trade more than 250 cryptocurrencies with more than 20 fiat currencies using bank transfers or your credit card. The exchange also offers competitive fees through its volume-based trading. This means users get more discounts as trading volume increases. You can even stake CRO, Crypto.com’s native cryptocurrency, to pay for your trading fees and add to your earnings. Crypto.com has a flexible crypto lending platform where users can borrow in cryptocurrency.
Kraken
Kraken has proven itself to be a trusted, secure crypto exchange since its founding in 2011. While this exchange has basic features for newer traders, Kraken’s Pro site is where you can take your crypto investments to the next level. Advanced tools such as margin trading and crypto futures attract advanced users, while staking appeals to set-it-and-forget-it crypto investors. Kraken can be used by a range of people, from novice crypto investors to institutional clients. The exchange provides crypto guides and a resource center to help newbies easily get started with crypto. Kraken also caters to institutional clients including family offices, brokers and high-frequency traders. Users can buy more than 65 cryptocurrencies and get started with as little as $10.
Best cryptocurrency exchanges to use.
— Coinbase
— Robinhood
— Binance
— Gemini
— FTX
— Crypto.com
— Kraken
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7 Best Cryptocurrency Exchanges originally appeared on usnews.com
