Best Crypto Exchange – When trying to choose the best cryptocurrency, don’t just sort by volume or make general comparisons based on fees, availability, trading tools, or other common features.
“Most exchanges aim to support a specific type of customer based on location, experience, payment method, and anonymity, but very few are full exchanges designed for those who don’t do not exist.”
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For example, if you are in Europe or the United States and you are using cryptocurrency for the first time, you can start with Coinbase or Kraken. If you live in Asia, you can choose Bitfinex. If you already own Bitcoin, you can choose Binance if you want to buy altcoins. If you want to trade with margin, you can choose Bitmex, Bitfinex, FTX or Binance.
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That’s why we decided to present a list of the best Bitcoin and cryptocurrency wallets to meet the needs of all our readers.
We’ll cover the major ones that offer a wide range of services and some smaller ones that focus on more specific types of customers.
This way, each reader can find the best cryptocurrency or bitcoin exchange for their unique needs.
With the Federal Reserve injecting billions of dollars into the U.S. monetary system in the coming weeks, now is a great time to buy Bitcoin and other cryptocurrencies. After all, Bitcoin doesn’t participate in quantitative easing, does it? Let’s start with our list of the best exchanges.
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We have compiled all the relevant information about each exchange below so you can decide which exchange is best for you. Here is our selection of the best cryptocurrency trading platforms:
Coinbase has established itself as the most trusted name in cryptocurrency and is unrivaled in the market.
Coinbase is regulated as a US financial institution and complies with major EU financial regulations, including FDIC insurance for US deposits of $250,000 or less. Coinbase is also backed by large institutional investors such as banks and investment funds.
This level of trust makes Coinbase the exchange of choice for new cryptocurrency investors and offers a simple design to accommodate this customer base.
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Coinbase recently listed on the Nasdaq and ended its first day of trading at $328.28, giving it a market capitalization of over $85 billion. You can see the current COIN stock price from Coinbase here.
Unfortunately, this focus on trust means that Coinbase only trades a limited number of cryptocurrencies, even if it only trades under specific names. Consumers are also limited to a small number of countries originating in North America, Europe and Oceania.
Coinbase has an excellent security record, with only 2% of customer funds held online at any given time. Along with the insurance policy, this makes Coinbase one of the safest places to use for users looking to buy cryptocurrency.
Recently, Coinbase has been proactive in adding new digital assets and supporting more aggressive trading pairs, especially for European and UK customers.
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For example, Coinbase announced trading support for Algorand, Chainlink, and Tezos, and added trading pairs for GBP and EUR.
Coinbase leverages one of the biggest trends in digital assets today, the emerging form of decentralized finance (DeFi). Coinbase recently added Compound Trading (COMP), which gives customers access to the most exciting projects in crypto.
“At Coinbase, our priority is to provide the most secure and compliant digital exchange system in the world.”
Binance was founded by Changpeng “CZ” Zhao, a Chinese software developer who previously built systems for the Tokyo Stock Exchange and developed future trading software for Bloomberg’s trading portfolio.
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According to a recent Bloomberg article, CZ has amassed $96 billion, making him the richest among the cryptocurrency elite. Some estimates of a person’s wealth are greater than the individual’s own.
Although originally based in China, the backlash against cryptocurrencies led to an exchange moving to Japan. However, Binance decided to move to Malta after being warned by the Japanese FCA.
Binance is the exchange of choice for coin-to-coin cryptocurrency trading with the largest number of currency pairs available and the largest trading volume in the industry. However, it has added many new features since this article was first written, and many people now use it for margin trading and derivatives. A year ago you had to use Bitmex or Bitfinex to do this, but now you can do it all without leaving an exchange.
Binance has also added fiat currency trading to its exchange, meaning it is not a crypto-based exchange. Users can now trade and pay in 15 fiat currencies.
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Binance also offers low fees for transactions and withdrawals. Trading fees are waived if the client holds Binance Coin (BNB).
Binance was the exchange with the highest trading volume in 2017, mainly due to the large number of crypto assets available for trading. To continue its impressive growth, Binance introduced margin trading available for BTC, ETH, XRP, BNB, ETH and TRX in March 2020.
Binance has made some interesting acquisitions over the years, including Trust Wallet in 2018 and CoinMarketCap in April 2020.
In July 2020, Binance purchased $1 billion in trading volume of Binance USD (BUSD), a US dollar-denominated stablecoin. The $1 billion bid for BUSD is a testament to the popularity of Binance trading products, as BUSD is an easy way to enter and exit positions.
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CEX.
Or, experienced investors new to cryptocurrencies use CEX.io for a trading style they are familiar with using traditional securities and platforms.
CEX.io allows free bank transfers for verified accounts and charges a small fee for unverified accounts using Visa or MasterCard. CEX.io has low trading fees.
Many CEX.io users are attracted to the advanced trading features that traditional cryptocurrencies typically do not offer. CEX.io also offers margin trading, essential for many trading strategies.
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CEX.io has a limited supply of cryptocurrencies, but includes all major coins. It also allows for many non-tradable currency pairs including EUR, GBP and RUB.
Bitfinex is one of the most advanced fiat-to-crypto and crypto-to-crypto trading platforms, with the highest liquidity and peer-to-peer trading volume.
When it comes to cryptocurrency traders looking to implement advanced trading methods and trade in large volumes, Bitfinex has few rivals.
Bitfinex offers a full suite of features traders expect from a platform, including advanced order types, margin trading, and multiple coin and currency pairs.
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Bitfinex also offers low fees aimed at high-value traders, with fees dropping significantly as trading prices increase. It is very popular among leading traders in Asia and has the most comprehensive order books of any cryptocurrency.
Bitfinex faced two major hacks in the past due to its high volume of targeting, but has since returned all losses to customers and significantly improved its security measures to become the best in the industry.
Bittrex is everyone’s leading crypto-to-crypto exchange. Bittrex is one of the few to be founded and operate in the United States. It is therefore a viable option for US traders and is fully compliant with US laws.
Bittrex was created by a team with over a decade of security experience working for leading software developers such as Microsoft and Amazon. Bittrex keeps most of its clients’ funds in cold storage (not accessible to hackers) and has a robust auditing system.
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In addition to security, Bittrex focuses on offering a wide range of crypto-to-crypto trading pairs. It used to be the highest production volume in the industry, but today it’s really lagging behind and losing its first-mover advantage.
While Bittrex may not be the first choice for experienced cryptocurrency traders looking to sell mainstream coins, it is the best exchange for selling lesser-known coins.
Bittrex has slightly higher trading fees than most exchanges and accounts can only be funded with Bitcoin, Ether or Tether.
Coinmama is a simple cryptocurrency broker allowing users to quickly and easily purchase coins with currency without having to store them on a third-party exchange.
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Coinmama is perfect for people who want to buy cryptocurrencies without delays, interruptions, long registrations or the risk of hacking.
Often, people purchase an initial cryptocurrency using Coinmama and then deposit the coins from their personal wallet onto a crypto-to-crypto exchange.
For the first time, it announced a loyalty program for its highest volume users, which offers a way to reduce fees by up to 25%. CoinMama offers a three-way loyalty program