Investing money always involves some risk. However, according to experts, the simple method to minimize this risk is not to leave all the funds in one place. In short, investing in various asset classes can encourage you if one of your investments isn’t paying off. Cryptocurrencies are relatively new to the investment industry. However, a lot of investors have started utilizing it. All this is due to digital platforms and apps for cryptocurrencies.
Cryptocurrency exchanges represent the main way to trade, buy and sell digital currencies. But where to start and choosing a reliable crypto exchange or investment platform can be tricky. There are over 300 crypto exchanges due to the growing popularity of cryptocurrencies. But how do you know which one best suits your investment needs?
However, we have listed the top five cryptocurrency exchanges to make your decision easier.
1. Binance – Lowest fee Crypto Exchange
Binance is one of the world’s giant cryptocurrency exchanges by trading volume. Headquartered in Malta, the exchange was founded in 2017. It serves over 120 million registered users globally. The exchange supports multiple digital currencies such as BTC, ETH, and several altcoins. Moreover, it is famous for low fees, a fast trading process, and robust security.
Exchange also offers helpful services and tools such as fiat-to-crypto conversion and Binance Coin (BNB). You can get discounts on trading fees and enjoy other benefits with BNB. Moreover, Binance Academy is another great feature for those looking to safely dive into the crypto industry.
Binance offers 350 cryptocurrencies. However, it became one of the top-rated crypto exchanges among investors. Notably, not all cryptocurrencies available on the platform are accessible to users in the US. Built exclusively for US citizens, Binance.US offers about 150 cryptocurrencies.
- Trading fee 0%–0.1000% depending on trading volume, account balance, and type of user
- $0 fees for BTC and ETH trading in the US
- Straightforward sign-up process
- Support for credit and debit cards
- Large selection
- Extremely quick transactions
- Considerable withdrawal fees
- Low trading fee
- Numerous extra services
- Offer Binance Visa Card
- Advanced tools and beginner tutorials
- Major regulatory concerns
- Does not accept US dollars
- Non-transparent corporate structure
2. Coinbase – Best For Beginners
Headquartered in San Francisco, the crypto exchange was launched in 2012. Coinbase is a convenient and user-friendly cryptocurrency investing and trading platform. It allows users to buy, sell and trade over 250 cryptocurrencies. The most popular coins on the Coinbase are ETH, BTC, and LTC. It serves about 108 million verified users in over 100 countries. Unlike other exchanges, the platform has never been hacked throughout its history.
Coinbase does not disclose its fees and prices. The exchange recently deleted the full fee schedule from Coinbase’s online support section. However, the fee is shown on the transaction screen when performing a transaction.
The company operates two different platforms – Advance Trade and Coinbase. Trading on Coinbase is ideal as it is the best crypto exchange for newcomers. You can easily use it with only basic computer skills. With its dashboard, you can easily monitor your Coinbase portfolio. However, with a few clicks, you can enter the screen where you can purchase and sell cryptocurrencies.
Advanced Trade on Coinbase is launched for experts. It offers unique features to make smart trading choices. You can use interactive charts powered by TradingView to analyze data. Moreover, Advance Trade’s users also access other features offered by Coinbase, such as Borrow, staking, dapp Wallet, and Card.
- Trading charges range from 0.5% to 4.5%
- 3.99% deposit fee to buy crypto with a credit or debit card
- Buy, sell, and trade over 250 cryptocurrencies
- Earn crypto for free with Coinbase Learn
- Advanced and simple trading options are available
- Quick crypto withdrawals
- Offers Coinbase debit card
- Educational content
- Offer self-custody wallet
- Complex fee structure
- High fees on certain transactions
- Limited staking and interest opportunities
- Some complaints about customer service
- Up to 35% commission on staking rewards
3. Gemini – Best Crypto Exchange For Security
Gemini presents itself as the most secure crypto platform. Headquartered in New York, the exchange was launched in 2014. According to CoinMarketCap, Gemini is ranked number 10 among cryptocurrency exchanges. Notably, it’s accessible in Washington D.C. and all 50 US states.
Gemini offers over 100 coins, including BTC, ETH, LTC, and CHAIN. The platform is available in 60 countries. Moreover, the company also has a basic version for new investors and an Active Trader platform for experts. Crypto Exchange enables investors to buy, sell and hold over 90 cryptocurrencies. Besides this, users can also buy and sell NFTs and get crypto rewards with their Gemini credit card.
- 1.49% charges for orders of $200 and over
- Trading fees range from 0%–0.40% depending on the 30-day trading volume
- Easy-to-use mobile app
- Assets backed by digital asset insurance
- Available in all 50 states
- Separate platforms for beginner and advanced traders
- Pro-level features with ActiveTrader
- A full suite of products is available
- Limited customer support
- Limited crypto selection compared to other exchanges
- Fees are complicated and comparatively high
4. Crypto.com – Best For Crypto Card Rewards
It focused on enhancing the experience of purchasing and selling crypto assets. The crypto exchange was founded in Hong Kong in 2016. Since then, it has served over 10 million individuals in 90 countries. Crypto.com offers a wide variety of 250 cryptocurrencies.
In addition, the exchange offers relatively low trading fees. Exchange also offers a standalone crypto wallet, crypto debit card, and an NFT marketplace. You can earn up to 14.5% interest by staking crypto assets on the platform.
Crypto.com also has its native token, called CRO. If you have a large stake in a CRO, the exchange will increase rewards credit cards, charge you lower fees for trading, and increase your rate of return on stake. Moreover, you can earn up to 5% rewards by staking CRO with your card. Popular cryptocurrencies on the platform include BTC, DOT, DOGE, and ADA.
- Trading charges range from 0.04%-0.20%
- Purchasing with a card incurs a 2.99% fee
- Low fees for CRO stakers
- High credit card rewards for CRO stakers
- Up to 250+ cryptocurrencies are available
- One of the best crypto firms for margin trading
- Transparent fee schedule
- Noncustodial wallet app for Android and iOS
- Limited customer support
- Higher fees for users who don’t stake CRO
- High charges on debit/credit card payments
5. Kraken – Best Crypto Exchange For Experts
Headquartered in San Francisco, Kraken was established in 2011. It claims to be one of the biggest BTC exchanges in terms of euro and liquidity volume. Kraken serves people from 190 countries worldwide.
Whether you are an expert or a beginner, the exchange has something for everyone. The main platform is easy and simple, suitable for beginners. There is Kraken Pro with advanced margin and staking features for expert investors. Moreover, Kraken offers seven fiat currencies and a wide selection of over 185 cryptocurrencies.
Kraken has some of the lowest and most transparent fee structures of all major BTC exchanges. Your charges depend on your trading volume for the last 30 days.
- Spot trading fees vary from 0% to 0.26%
- Stablecoin trading fees range from 0% to 0.2%
- Low fees on Kraken Pro
- Supports 180+ cryptocurrencies
- Margin and derivative trading available
- 24/7 customer support
- Offers advanced trading tools
- It can take up to 5 days for fiat deposits
- Complex for new traders
- Poor selection of educational materials
- 3.75% charge on card payments
Key Factors To Consider When Selecting A Cryptocurrency Exchange
There are some essential things to understand before getting involved with a crypto exchange. The trading platform for your needs depends on your geographic location and how and which cryptocurrency you want to trade. All exchanges are almost the same in terms of funding and trading. Users create an account, complete verifications, fund their accounts, and then proceed to trade and withdraw funds.
Check out our guide for more detailed points to help you make a smart decision while choosing a crypto exchange.
Choosing a reliable exchange is an essential step before buying crypto online. However, investors should choose a platform with low fees and a secure and safe trading environment.
If you are a professional trader and require robust trading interface functionality, Binance or Kraken can provide the necessary tools. New crypto investors, however, can take advantage of the simple trading interface offered by Crypto.com and Coinbase.