Despite a wildly volatile exchange rate cryptocurrencies like bitcoin and XRP seem like they’ll be around for a bit longer to say the least. In fact, the cryptocurrency “industry” has a combined market cap of over $289 billion, according to CoinMarketCap.
There are more than 1,600 cryptocurrencies in circulation today and investors around the world are eager to trade in this rapidly-growing space.
For those brave investors wishing to get into trading crypto, there are a ton of choices for exchanges and wallets. A slew of cryptocurrency platforms has developed to meet the requirement for infrastructure to support the exchange of digital currencies.
So you want to trade cryptocurrencies? Check out this guide to the best cryptocurrency exchanges with updated ranking. First, let’s understand what’s cryptocurrency exchanges!
A cryptocurrency exchange is an exchange that offers investors to buy, sell and trade various cryptocurrencies usually bought with fiat currencies – government legal tenders like the dollar or the Euro.
Cryptocurrencies are in that shaded space between currency and stock – and, given that investors have remarked crypto fluctuating in tandem with the stock market, many seem to argue it may be more of security. Still, cryptocurrency exchanges work essentially the same service as regular exchanges on the stock or bond market – they offer people to buy or sell cryptocurrencies.
There is a number of cryptocurrency exchanges that trade a kind of coins, including Bitcoin, Litecoin, Ethereum and many, many more. While not all exchanges permit you to buy coins with U.S. dollars, those that do offer you to use your own cash to purchase coins or trade various coins – like buying bitcoin with Litecoin and so on.
The Best Cryptocurrency Exchanges
A good cryptocurrency exchange is essential to the beginning of your journey to investing in cryptocurrency. Today there are a host of platforms to choose from, but all exchanges are not created equal.
Here, we’re listing some of the best cryptocurrency exchanges based on user reviews as well as a host of other criteria such as user-friendliness, accessibility, fees, and security.
Coinbase is known as the “most beginner-friendly exchange,” it has a lot to offer and trades in four different cryptocurrencies.
The Coinbase platform makes it easy and secure to buy, use, store and trade digital currency. Users can purchase bitcoins, Ethereum and now Litecoins from Coinbase through a digital wallet available on Android & iPhone or through trading with other users on the company’s Global Digital Asset Exchange (GDAX) subsidiary.
Additionally, the exchange-slash-wallet allows fiat and has a typical fee of 1.49% to 3.99% per investment (for $1,000 of bitcoin, that would be about $14.90). However, you can’t short-sell or margin trade on Coinbase exchange.
Malta-based major cryptocurrency exchange OKEx has launched a new crypto secondary product, according to a press release on Dec2018. It is currently the world’s second-largest crypto exchange by set daily trade volume, seeing over $1 billion in trades on the day.
It is a virtual derivative that lets users speculate on the future value of BTC/USD, according to OKEx’s index. OKEx expects to launch more swap agreements with several tokens as well in future.
China-based Binance is the world’s biggest cryptocurrency exchange, that concluded its ICO a few months back.
One of the main bonuses of Binance is its low transaction fee – about 0.1%. And, with over more than 130 tradeable currencies, Binance has got pretty much everything a crypto enthusiast could want.
Additionally, you can set your trading mode based on your experience and as a different feature. The exchange also has its own coin (called “Binancecoin” or BNB) that comes with a discount (on fees) when crypto-to-crypto trading. According to data from CoinMarketCap, the token’s market cap is at around $1.6 trillion.
Huobi is an international cryptocurrency exchange that started in China but now has moved across the world to serve a maximum amount of investors. It is based out of Singapore and has been operating in this space strongly for the last five years.
As we speak, it occupies the #3 spot on CoinMarketCap’s list of exchanges by volume and has more than 244 cryptocurrency pairs. Hence, no need to say, of this, you will never face liquidity problems on this exchange.
They also offer mobile apps for both Android and iOS for users who want to trade cryptos on the go.
BitMex is high volume crypto exchange created by a talented team of economists from Hong Kong, A large number of traders and web developers for the crypto community.
Here you will never find any concern regarding the liquidity of your cryptocurrencies. The exchange has certainly gained notoriety among bitcoin enthusiasts, reportedly doing over $2 billion in transactions over 24-hour periods.
The primary currency traded on this exchange is Bitcoin and its future promises.
Aside from Bitcoin contracts, you can also play around with future contracts for altcoins such as Bitcoin Cash, Ethereum, Cardano, Litecoin, Ripple.
Korea based Kucoin is also the best cryptocurrency exchange, that has a wide variety of cryptocurrencies for sale. It has its own token similar to Binance (Kucoin shares). That grant its holders a section of the exchanges total trading fees. Kucoin’s trading fee is .1%.
It holds contests and other improvements similar to Binance making it a famous exchange to have an account on. Kucoin is an attractive exchange as many of the altcoins listed on the exchange are exclusive or on a small number of exchanges.
In order to start with KuCoin, you can deposit any crypto of your choice ex: BTC and start trading.
Changelly is one of the simplest ways to get ahold more than 35 cryptocurrencies along with fiat pairs such as USD/EUR. It uses a different approach to be an exchange.
However, it’s a product of the mining pool, MinerGate, which has a proven track record of consistently good products being put out into the crypto-space. With Changelly, you don’t need to go through any lengthy verification or registration process. You just need to log in with your email ID (or any email ID) and start exchanging!
Founded in 2011, Kraken is reportedly one of the largest Bitcoin exchange in euro volume and liquidity and is a partner in the first cryptocurrency bank. It lets you buy and sell bitcoins and trade between bitcoins and euros, US Dollars, Canadian Dollars, British Pounds and Japanese Yen.
Kraken trades more than 17 coins, accepts fiat currency, allows for margin trading and short selling and has a maker and taker fee of around 0% to 0.26%.
Bitfinex, founded in 2012 and headquartered in Hong Kong, is also available to trade cryptocurrencies. It has also been the subject of extensive scrutiny in recent months thanks to a high-profile hack and price-manipulation scandal.
Bitfinex users are not required to verify their identities before trading cryptocurrencies, but they must do so at the time of deposit or withdraw fiat currencies.
On Bitfinex, if you are a pro-trader, you will find excellent trading tools such as limit orders, stop orders, trailing stop, fill or kill, TWAP, and others, along with various market charts.
Gemini is an exchange based in New York, the US which is open to both individual and institutional investors and accepts fiat currency. It largely trades three currencies: US dollars, Bitcoin and Ethereum.
Gemini also provides FDIC insurance for cash and for many investors, this is a huge plus. Recently, it also added support for more cryptocurrencies such as Zcash. Gemini does not have margin trading or short selling, which in turn is regulated by the New York State Department of Financial Services.
The Bottom Line
Choosing a cryptocurrency exchange will depend largely on your location and particular needs. For example, if you are U.S.-based, your benefits will automatically be more limited.
You will have to make decisions based on your trading level, as many exchanges have novice or advanced options and platforms.
**Note: Information contained in this guide is not an offer or solicitation to buy, hold, or sell any security. We’re not financial advisors and are simply providing information for educational purposes. Investing in ICO involves a high degree of risk and should be considered only by persons who can afford to sustain a loss of their entire investment.
Investors should consult their financial advisor before investing in ICOs. Furthermore, the SEC has warned investors residing in the United States and other jurisdictions that ICOs may constitute securities.
If you have any query, feel free to tell us in the comment section. We are happy to help you.