Over the past 10 years, cryptocurrency has been going up in popularity across the globe. Today’s investors want to make money from the comfort of their homes with digital currency. However, a lot of people have been skeptical about the credibility of crypto trading platforms. This is because some of these trading platforms are easy to hack. After all, nobody wants hackers to steal their Bitcoin. Whether you are a beginner or an experienced crypto investor, we suggest that you read through this article. This will help you opt for the best crypto exchanges.
First of all, if you want to purchase or sell cryptocurrencies, make sure you choose a cryptocurrency trading platform. Often, these online services work just like a stockbroker. They allow you to access tools to purchase and sell your desired digital currencies, such as Bitcoin, Ethereum, and Altcoin.
One clear sign of a good Crypto exchange is that it allows you to trade your currencies at low fees. Plus, these platforms offer a set of strong security features to ensure you don’t lose access to your crypto coins.
Before you go with the best crypto exchange trading platform for covering your needs, we suggest that you consider a set of some important factors, such as supported currencies, fees, withdrawal options, and security features.
Without further ado, let’s take a look at some popular and reliable cryptocurrency exchanges.
Coinbase and Coinbase Pro
If you are looking for a safe way of buying and selling cryptocurrencies, you can choose coinbase and coinbase Pro. Their fees structure is transparent and security features are up to the mark.
When it comes to charts and indicators, coin base Pro features lower fees structure and many more features.
- Highly liquidity
- Simple user interface
- Several altcoin choices
- Coinbase has higher fees than Coinbase Pro
- You can’t control the wallet keys
In the cryptocurrency industry, you may come across numerous fraudulent coins and exchanges. But Coinbase is not surrounded by any controversy at all. This platform is an easy-to-use exchange, which makes it easier for you to make your investment. You won’t be convoluted or confused.
For token storage, Coinbase comes with insured custodial wallets for both traders and investors. This platform is insured against hacking and breaches. Your cash will be deposited in the insured bank accounts with FDIC.
If you want to get your feet wet, you can go for these custody accounts as they are quite user-friendly. However, the downside is that the private keys are owned by the platform and not the investor.
There is also a Coinbase Pro version, which features a lower fees structure and provides more options as far as charts and indicators are concerned. As you gain more experience, you can check out Coinbase Pro as it allows you to access more features. In other words, Coinbase Pro is designed for advanced users.
If you are looking for a platform that allows you to withdraw to your desired crypto wallets conveniently, you can try Cash App.
- It allows peer-to-peer money transfer, just like Zelle and Venmo
- Allows you to withdraw Bitcoin
- Simple user interface
- Does not support any currency other than Bitcoin
- Transfer through credit card cost 3%
- Limits on daily and weekly withdrawals
Like Venmo, Cash App is an ideal peer-to-peer money platform. With this service, you can separate food, make rent payments to your roommate or place your order at an online retailer that allows payments through a cash app.
Basically, this platform is like a bank account that allows you to use your debit cards. Apart from convenience, this platform offers a number of other features. For example, it allows you to invest in Bitcoin, ETFs, and stocks. The interface supports mobile phones and is easy to use for first-time investors.
Although the primary service of the platform is money transfer, it also offers are fundamental crypto investment features like Robinhood. The good thing is that you can withdraw your cryptocurrency into your wallet. This is an ideal option for you if you want to purchase Bitcoin as a beginner in the world of cryptocurrency.
According to most cryptocurrency buyers and sellers, one feature that they need the most is the ability to withdraw cryptocurrency. In other words, you may be looking for a platform that allows you to withdraw your cryptocurrency from the exchange without any trouble.
Although you can use Robinhood to invest in your desired cryptocurrency for trading, you have limited options when it comes to withdrawing and spending. The good news is that Cash Apps allows you to do so.
But cash app has one major drawback: It does not allow you to control your private keys. The same is the case with Coinbase. In the realm of the crypto community, traders and investors say that if the keys are not in your control, you are not the owners of the coin.
In other words, if you don’t control the private keys to the coin holding wallet, you are not the owner of the coins.
Binance supports a range of currencies, not just the most popular ones. This is what makes Binance one of the best cryptocurrency exchanges you can access these days. This platform offers several advantages over other platforms you can find these days.
- Lower fees structure
- Support for a number of trading pairs and cryptocurrencies
- Advanced charts
- Designed for advanced users
- Unlike the international version, this platform supports fewer trading pairs
- In the US, some states don’t support Binance
Established in 2017, this Bitcoin exchange was launched with a focus on a popular cryptocurrency called an altcoin. The idea was to give a boost to the trading of an altcoin. Binance allows you to choose from more than 100 trading pairs of different cryptocurrencies. Besides, it allows you to choose from a number of fiat-crypto pairs for your convenience.
In July 2021, this exchange was on top of the Global Exchange space. It has a grade share as far as daily crypto trading volume is concerned. For international uses, this exchange allows deposits in US dollars only through Swift.
However, you have the liberty to use your credit card or debit card to purchase your desired pair of cryptocurrencies from a select few. In this case, you don’t need to send your money through Swift, which is a great convenience. You can use 12 fiat currencies to make deposits, which includes the Euro as well.
If you want to invest or trade in not-so-popular altcoins, we suggest that you go with Binance. With this cryptocurrency exchange platform, you can choose from more than 50 cryptocurrencies for trading.
If you are looking for more advanced charts, Binance is your best bet. The reason is that this trading platform has a lot of features, data, and charting abilities. Once you have created your account, you can benefit from all of these features.
The fee structure is also quite impressive. So, no matter how much you trade or invest, you won’t have to pay heavy fees. This is another reason why you should go for Binance.
Bisq is another great cryptocurrency trading and investment exchange. What makes it different from other platforms is the decentralization. Besides, it is an open-source platform and comes with no KYC requirements.
- Non-KYC, decentralized exchange
- Over 25 payment options
- The mobile app of the platform supports both iOS and Android
- The transaction processing can be a bit time-taking
- Trading volume may not be that high
- May not be an ideal choice for active trading
One of the great things about Bitcoin is that it allows you to access a unit of account for free of charge. On the other hand, banking products have a lot of legal requirements, restrictions, and limitations.
For instance, if you want to open and use a checking or savings account, you must produce your government-issued identity card. This is a requirement that you need to meet if you want to use your account on a regular basis for sending or receiving.
The good thing about Bitcoin is that you don’t need to fulfill this type of requirement. No matter which location or nationality you belong to, you don’t need to show your identity to use your wallet. In other words, you can enjoy complete privacy.
According to some people, this type of accessibility may allow criminals to misuse the system. However, the same argument is valid about the use of hard cash as well. Cryptocurrency is a great choice for those who come from countries where the banking system is not developed yet.
According to statistics, millions of people across the globe don’t have bank accounts due to the lack of infrastructure in their countries. This is the reason they cannot trade in crypto. Due to the lack of strong financial infrastructure, millions of potential investors are kept away from this type of lucrative investment opportunity.
If you are from any of these underdeveloped countries of the world, you can invest in Bitcoin using one of the best decentralized exchanges such as Bisq. As a matter of fact, this platform can be an ideal solution if you want to trade in cryptocurrency.
The beauty of Bisq is that you can download this software program on your mobile phone. This crypto exchange is an ideal peer-to-peer decentralized platform. Just like Bitcoin, it is extremely difficult to take down Bisq as it features no central failure point.
Another great advantage of Bisq is that it is non-custodial. Therefore, only you will be able to access or control your funds. And no one else will be able to get access to your funds.
On the other hand, the story is completely different in the case of centralised exchanges, such as Coinbase. In the case of Coinbase, the platform can access the funds of the trader or investor in the custodial account. The user does not have the private keys to control their custodial account.
So, what happens is that the currency exchange platform can seize your account and the funds stored in it if they think that you are using your account for suspicious activity. Even if that activity is legal in your state or country, you cannot regain access to your account. In other words, you will lose all of your funds stored in your account. This is a major disadvantage of centralized exchanges, such as Coinbase.
The beauty of Bisq is that it is instantly accessible to users as long as they have a computer smartphone. You don’t wait to go through any registration process or follow any KYC rule. Therefore, if you are looking for complete privacy and total control of reserve fund and account or you are in an underdeveloped or oppressive regime, you can use Bisq and make a lot of money trading cryptocurrency.
As far as supported cryptocurrencies and regular currencies are concerned, you can choose from a lot of options offered by Bisq. Since this is a powerful peer-to-peer light platform, you may experience slow transactions and lower trading volume. However, for some traders and investors, these flaws are not important. For them, the advantages outweigh the disadvantages of the platform.
Long story short, if you want to get started in the world of cryptocurrency investing or trading, we suggest that you do your homework and go with the best exchange to cover your goals. You have a lot of options to choose from regardless of your desired options and features, such as great user experience, low transaction fees, and supported currencies. So, if you want to invest or trade in your first cryptocurrency, we suggest that you consider the advantages and disadvantages of each platform on your list. This will help you make an informed decision.